Range Resources (RRC) Tops Q4 EPS by 12c

Range Resources (NYSE: RRC) reported Q4 EPS of $1.30, $0.12 better than the analyst estimate of $1.18. Revenue for the quarter came in at $998 million versus the consensus estimate of $934.24 million.

2023 Capital Program and Production Guidance

Range’s 2023 all-in capital budget is expected to be $570 to $615 million. The capital budget includes approximately $540 million to $565 million for drilling and completion costs and $30 - $50 million for acreage, leasehold and other investments.

Consistent with recent years, Range’s development plan for 2023 will target a maintenance program that holds production approximately flat. Due to efficiencies gained through second half 2022 and into early 2023, Range expects to have a slight build of in-process well inventory during 2023 that will provide optionality into the 2024 and 2025 planning process. There is approximately $30 million included in the 2023 capital plan for this increased inventory. Range’s 2023 plan is expected to deliver an all-in maintenance capital cost of approximately $0.76 per mcfe, which is expected to be the lowest-cost program in Appalachia.

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

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