Range Resources (RRC) Misses Q3 EPS by 3c, Revenues Miss

October 29, 2020 4:52 PM

Range Resources (NYSE: RRC) reported Q3 EPS of ($0.05), $0.03 worse than the analyst estimate of ($0.02). Revenue for the quarter came in at $299.35 million versus the consensus estimate of $483.12 million.

Third Quarter Highlights –

Commenting on the quarter, Jeff Ventura, the Company’s CEO said, “Range continued to make steady progress in the third quarter by operating safely, improving our cost structure, reducing debt, extending our maturity runway, and methodically developing our core asset with peer-leading well costs and capital efficiency. As a result of efficient operations, we were able to reduce our capital budget for 2020 while accomplishing our operational objectives, setting us up well for 2021. Looking forward, our shallow base decline of less than 20% and peer leading well costs provide Range a sustaining capital requirement per unit of production that we believe is the best among peers, providing us a solid foundation for generating corporate returns. With an improved price outlook for natural gas and natural gas liquids, Range is well-positioned to generate durable free cash flow, which at today’s stock price equates to a free cash flow yield that competes with any sector.”

For earnings history and earnings-related data on Range Resources (RRC) click here.

Categories

Corporate News Earnings Management Comments

Next Articles