Range Resources (NYSE: RRC) reported Q4 EPS of $0.02, $0.04 worse than the analyst estimate of $0.06. Revenue for the quarter came in at $598.89 million versus the consensus estimate of $497.57 million.

Highlights –

• All-in 2020 capital spending was $411 million, approximately $109 million less than original budget
• Fourth quarter cash unit costs improved by $0.07 per mcfe compared to prior year period
• Company record for lease operating expense of $0.08 per mcfe during the quarter
• Reduced debt in 2020 by $86 million compared to year-end 2019
• All-in 2021 capital budget of $425 million maintains production at ~2.15 Bcfe per day
• 2021 well costs expected to average $570 per lateral foot, or less, lowest in Appalachia
• PV-10 of year-end proved reserves of $8.6 billion, or $22 per share net of debt, assuming NYMEX prices of $2.75 per Mmbtu of natural gas and $50 per barrel of oil
• In January 2021, issued $600 million in 2029 notes extending the Company’s debt maturities and enhancing liquidity to $2.0 billion
• Updated executive compensation framework to enhance alignment with shareholders and support the Company’s focus on financial strength, environmental leadership, cost improvements, safety and generating sustainable returns for shareholders

Commenting on the results and 2021 plans, Jeff Ventura, the Company’s CEO said, “During 2020, Range reduced debt while purchasing over eight million shares, refinanced near-term maturities, lowered well costs, improved our cost structure and delivered our operational plan safely and for less than budgeted. These results reflect the organization’s continuing focus on capital discipline and further strengthening our financial position as we develop the most prolific natural gas and NGL play in North America. Our resilience is further demonstrated by the underlying efficiency of our 2021 capital program that can maintain production at 2.15 Bcfe per day for only $425 million of all-in capital. Further, our corporate sustainability report displays our industry-leading environmental and safety efforts and aggressive emissions targets. Looking forward, I believe Range’s high-quality asset base, capital discipline, operational efficiencies and leading environmental efforts provide a sustainable business generating competitive free cash flow and returns for shareholders.”

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