Range Resources (RRC) Tops Q2 EPS by 3c
Range Resources (NYSE: RRC) reported Q2 EPS of $1.27, $0.03 better than the analyst estimate of $1.24. Revenue for the quarter came in at $1.23 billion versus the consensus estimate of $957.95 million.
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 with expectations at the upper end of the guidance.
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 $0.30 to $0.38 | ||
| 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 |
(1) Including basis hedging(2) Weighting based on 53% ethane, 27% propane, 7% normal butane, 4% iso-butane and 9% natural gasoline.
For earnings history and earnings-related data on Range Resources (RRC) click here.