SEC Filings

8-K
RANGE RESOURCES CORP filed this Form 8-K on 02/23/2017
Entire Document
 

RANGE RESOURCES CORPORATION

STATEMENTS OF OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Based on GAAP reported earnings with additional

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

details of items included in each line in Form 10-K

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Audited, in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

 

2016

 

 

 

2015

 

 

 

%

 

 

 

2016

 

 

 

2015

 

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas, NGLs and oil sales (a)

$

458,645

 

 

$

254,043

 

 

 

 

 

 

$

1,197,215

 

 

$

1,089,644

 

 

 

 

 

Derivative fair value (loss)/income

 

(250,057

)

 

 

126,312

 

 

 

 

 

 

 

(261,391

)

 

 

416,364

 

 

 

 

 

Brokered natural gas, marketing and other (b)

 

44,774

 

 

 

30,100

 

 

 

 

 

 

 

163,219

 

 

 

90,922

 

 

 

 

 

ARO settlement gain (loss) (b)

 

54

 

 

 

80

 

 

 

 

 

 

 

40

 

 

 

103

 

 

 

 

 

Other (b)

 

106

 

 

 

192

 

 

 

 

 

 

 

856

 

 

 

1,035

 

 

 

 

 

Total revenues and other income

 

253,522

 

 

 

410,727

 

 

 

-38

%

 

 

1,099,939

 

 

 

1,598,068

 

 

 

-31

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct operating

 

29,755

 

 

 

28,757

 

 

 

 

 

 

 

95,086

 

 

 

133,583

 

 

 

 

 

Direct operating – non-cash stock-based compensation (c)

 

521

 

 

 

631

 

 

 

 

 

 

 

2,302

 

 

 

2,780

 

 

 

 

 

Transportation, gathering, processing and compression  

 

164,338

 

 

 

112,481

 

 

 

 

 

 

 

565,209

 

 

 

396,739

 

 

 

 

 

Production and ad valorem taxes  

 

6,790

 

 

 

7,354

 

 

 

 

 

 

 

25,443

 

 

 

33,860

 

 

 

 

 

Brokered natural gas and marketing

 

46,095

 

 

 

34,553

 

 

 

 

 

 

 

166,851

 

 

 

113,734

 

 

 

 

 

Brokered natural gas and marketing – non-cash

    stock-based compensation (c)

 

376

 

 

 

389

 

 

 

 

 

 

 

1,725

 

 

 

2,132

 

 

 

 

 

Exploration

 

13,055

 

 

 

3,446

 

 

 

 

 

 

 

30,027

 

 

 

18,421

 

 

 

 

 

Exploration – non-cash stock-based compensation (c)  

 

629

 

 

 

814

 

 

 

 

 

 

 

2,298

 

 

 

2,985

 

 

 

 

 

Abandonment and impairment of unproved properties  

 

6,307

 

 

 

11,432

 

 

 

 

 

 

 

30,076

 

 

 

47,619

 

 

 

 

 

General and administrative  

 

44,285

 

 

 

29,476

 

 

 

 

 

 

 

132,104

 

 

 

136,290

 

 

 

 

 

General and administrative – non-cash stock-based
     compensation (c)

 

11,611

 

 

 

11,142

 

 

 

 

 

 

 

49,293

 

 

 

49,687

 

 

 

 

 

General and administrative – lawsuit settlements

 

1,131

 

 

 

1,226

 

 

 

 

 

 

 

2,575

 

 

 

3,238

 

 

 

 

 

General and administrative – bad debt expense  

 

 

 

 

1,700

 

 

 

 

 

 

 

800

 

 

 

2,300

 

 

 

 

 

General and administrative – DEP penalty

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,500

 

 

 

 

 

Memorial merger expenses

 

813

 

 

 

 

 

 

 

 

 

 

37,225

 

 

 

 

 

 

 

 

Termination costs

 

(822

)

 

 

10,283

 

 

 

 

 

 

 

(519

)

 

 

14,853

 

 

 

 

 

Termination costs – non-cash stock-based compensation (c)

 

 

 

 

(1,503

)

 

 

 

 

 

 

 

 

 

217

 

 

 

 

 

Deferred compensation plan (d)

 

(11,013

)

 

 

(21,016

)

 

 

 

 

 

 

19,153

 

 

 

(77,627

)

 

 

 

 

Interest expense

 

46,749

 

 

 

40,849

 

 

 

 

 

 

 

168,213

 

 

 

166,439

 

 

 

 

 

Loss on early extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,495

 

 

 

 

 

Depletion, depreciation and amortization  

 

149,662

 

 

 

127,977

 

 

 

 

 

 

 

524,102

 

 

 

581,155

 

 

 

 

 

Impairment of proved properties and other assets

 

 

 

 

87,941

 

 

 

 

 

 

 

43,040

 

 

 

590,174

 

 

 

 

 

(Gain) loss on sale of assets

 

(470

)

 

 

408,909

 

 

 

 

 

 

 

7,074

 

 

 

406,856

 

 

 

 

 

Total costs and expenses

 

509,812

 

 

 

896,841

 

 

 

-43

%

 

 

1,902,077

 

 

 

2,650,430

 

 

 

-28

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

(256,290

)

 

 

(486,114

)

 

 

47

%

 

 

(802,138

)

 

 

(1,052,362

)

 

 

24

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax benefit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

98

 

 

 

29

 

 

 

 

 

 

 

98

 

 

 

29

 

 

 

 

 

Deferred

 

(95,679

)

 

 

(164,316

)

 

 

 

 

 

 

(280,848

)

 

 

(338,706

)

 

 

 

 

 

 

(95,581

)

 

 

(164,287

)

 

 

 

 

 

 

(280,750

)

 

 

(338,677

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(160,709

)

 

$

(321,827

)

 

 

50

%

 

$

(521,388

)

 

$

(713,685

)

 

 

27

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss Per Common Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.66

)

 

$

(1.93

)

 

 

 

 

 

$

(2.75

)

 

$

(4.29

)

 

 

 

 

Diluted

$

(0.66

)

 

$

(1.93

)

 

 

 

 

 

$

(2.75

)

 

$

(4.29

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, as reported:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

244,362

 

 

 

166,573

 

 

 

47

%

 

 

189,868

 

 

 

166,389

 

 

 

14

%

Diluted

 

244,362

 

 

 

166,573

 

 

 

47

%

 

 

189,868

 

 

 

166,389

 

 

 

14

%

(a)  See separate natural gas, NGLs and oil sales information table.

(b)  Included in Brokered natural gas, marketing and other revenues in the 10-K.

(c)  Costs associated with stock compensation and restricted stock amortization, which have been reflected in the categories associated

          with the direct personnel costs, which are combined with the cash costs in the 10-K.

(d)  Reflects the change in market value of the vested Company stock held in the deferred compensation plan.


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