Range Resources (RRC) Tops Q3 EPS by 8c
Range Resources (NYSE: RRC) reported Q3 EPS of $0.48, $0.08 better than the analyst estimate of $0.40. Revenue for the quarter came in at $680.2 million versus the consensus estimate of $623.51 million.
Guidance – 2024
Updated Capital & Production Guidance
Range’s 2024 all-in capital budget is $645 million - $670 million. Annual production is now expected to be ~2.17 Bcfe per day for 2024, an increase of approximately 2% over the last three years of maintenance as a result of well performance and optimized gathering and compression. Liquids are expected to be over 30% of production.
Updated Full Year 2024 Expense Guidance
| Direct operating expense: | $0.11 - $0.12 per mcfe |
| Transportation, gathering, processing and compression expense: | $1.48 - $1.50 per mcfe |
| Taxes other than income: | $0.03 - $0.04 per mcfe |
| Exploration expense: | $22 - $28 million |
| G&A expense: | $0.17 - $0.18 per mcfe |
| Net Interest expense: | $0.13 - $0.14 per mcfe |
| DD&A expense: | $0.45 - $0.46 per mcfe |
| Net brokered gas marketing expense: | $8 - $12 million |
Updated 2024 Price Guidance
Based on recent market indications, Range expects to average the following price differentials for its production.
| FY 2024 Natural Gas:(1) | NYMEX minus $0.39 to $0.40 |
| FY 2024 Natural Gas Liquids:(2) | MB plus $2.10 to $2.35 per barrel |
| FY 2024 Oil/Condensate: | WTI minus $10.00 to $13.00 |
(1) Including basis hedging
(2) Mont Belvieu-equivalent pricing based on weighting of 53% ethane, 27% propane, 8% normal butane, 4% iso-butane and 8% natural gasoline.
For earnings history and earnings-related data on Range Resources (RRC) click here.