Range Resources (RRC) Tops Q1 EPS by 4c
Range Resources (NYSE: RRC) reported Q1 EPS of $1.18, $0.04 better than the analyst estimate of $1.14. Revenue for the quarter came in at $987 million versus the consensus estimate of $884.02 million.
Guidance – 2022
Capital & Production Guidance
As previously noted, Range is targeting holding production approximately flat at 2.12 – 2.16 Bcfe per day, with ~30% attributed to liquids production for the full year 2022. Range’s 2022 all-in capital budget is $460 million - $480 million.
Updated Full Year 2022 Expense Guidance
| Direct operating expense: | $0.09 - $0.11 per mcfe |
| Transportation, gathering, processing and compression expense: | $1.56 - $1.64 per mcfe |
| Production tax expense: | $0.03 - $0.05 per mcfe |
| Exploration expense: | $22 - $28 million |
| G&A expense: | $0.15 - $0.17 per mcfe |
| Interest expense: | $0.19 - $0.21 per mcfe |
| DD&A expense: | $0.46 - $0.50 per mcfe |
| Net brokered gas marketing expense: | $10 - $20 million |
Updated Full Year 2022 Price Guidance
Based on recent market indications, Range expects to average the following price differentials for its production in 2022.
| Natural Gas:(1) | NYMEX minus $0.35 to $0.40 |
| Natural Gas Liquids (including ethane):(2) | Mont Belvieu plus $0.00 to $2.00 per barrel |
| Oil/Condensate: | WTI minus $6.00 to $8.00 |
For earnings history and earnings-related data on Range Resources (RRC) click here.