SEC Filings

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

RANGE RESOURCES CORPORATION

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

 

Twelve Months Ended December 31,

 

 

 

2016

 

 

 

2015

 

 

 

2016

 

 

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(162,771

)

 

$

(321,827

)

 

$

(521,388

)

 

$

(713,685

)

Adjustments to reconcile net cash provided from continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred income tax benefit

 

(93,617

)

 

 

(164,316

)

 

 

(280,848

)

 

 

(338,706

)

Depletion, depreciation, amortization and impairment

 

149,662

 

 

 

215,918

 

 

 

567,142

 

 

 

1,171,329

 

Exploration dry hole costs

 

16

 

 

 

1

 

 

 

18

 

 

 

88

 

Abandonment and impairment of unproved properties

 

6,307

 

 

 

11,432

 

 

 

30,076

 

 

 

47,619

 

Derivative fair value loss (income)

 

250,057

 

 

 

(126,312

)

 

 

261,391

 

 

 

(416,364

)

Cash settlements on derivative financial instruments that do not qualify for hedge

    accounting

 

86,679

 

 

 

171,477

 

 

 

347,336

 

 

 

532,122

 

Allowance for bad debts

 

 

 

 

1,700

 

 

 

800

 

 

 

2,300

 

Amortization of deferred issuance costs, loss on extinguishment of debt and other

 

1,787

 

 

 

1,811

 

 

 

7,170

 

 

 

29,383

 

Deferred and stock-based compensation

 

1,996

 

 

 

(9,732

)

 

 

74,685

 

 

 

(20,411

)

(Gain) loss on sale of assets and other

 

(470

)

 

 

408,909

 

 

 

7,074

 

 

 

406,856

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in working capital:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

(52,571

)

 

 

(14,744

)

 

 

(20,586

)

 

 

64,704

 

Inventory and other

 

6,996

 

 

 

(7,795

)

 

 

6,220

 

 

 

(14,868

)

Accounts payable

 

14,009

 

 

 

(13,039

)

 

 

(27,259

)

 

 

(26,197

)

Accrued liabilities and other

 

(23,049

)

 

 

22,359

 

 

 

(64,763

)

 

 

(32,768

)

Net changes in working capital

 

(54,615

)

 

 

(13,219

)

 

 

(106,388

)

 

 

(9,129

)

Net cash provided from operating activities

$

185,031

 

 

$

175,842

 

 

$

387,068

 

 

$

691,402

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RECONCILIATION OF NET CASH PROVIDED FROM OPERATING ACTIVITIES, AS REPORTED, TO CASH FLOW FROM OPERATIONS BEFORE CHANGES IN WORKING CAPITAL, a non-GAAP measure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited, in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

 

Twelve Months Ended December 31,

 

 

 

2016

 

 

 

2015

 

 

 

2016

 

 

 

2015

 

Net cash provided from operating activities, as reported

$

185,031

 

 

$

175,842

 

 

$

387,068

 

 

$

691,402

 

Net changes in working capital

 

54,615

 

 

 

13,219

 

 

 

106,388

 

 

 

9,129

 

Exploration expense

 

13,039

 

 

 

3,445

 

 

 

30,009

 

 

 

18,333

 

Lawsuit settlements

 

1,131

 

 

 

1,226

 

 

 

2,575

 

 

 

3,238

 

Cash paid to exchange senior subordinated notes

 

 

 

 

 

 

 

6,600

 

 

 

 

Legal contingency/DEP penalty

 

 

 

 

 

 

 

 

 

 

2,500

 

Memorial merger expenses

 

813

 

 

 

 

 

 

37,225

 

 

 

 

Termination costs

 

(822

)

 

 

10,283

 

 

 

(519

)

 

 

14,853

 

Non-cash compensation adjustment

 

56

 

 

 

73

 

 

 

19

 

 

 

709

 

Cash flow from operations before changes in working capital – non-GAAP measure

$

253,863

 

 

$

204,088

 

 

$

569,365

 

 

$

740,164

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADJUSTED WEIGHTED AVERAGE SHARES OUTSTANDING

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited, in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

 

Twelve Months Ended December 31,

 

 

 

2016

 

 

 

2015

 

 

 

2016

 

 

 

2015

 

Basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

247,161

 

 

 

169,371

 

 

 

192,661

 

 

 

169,183

 

Stock held by deferred compensation plan

 

(2,799

)

 

 

(2,798

)

 

 

(2,793

)

 

 

(2,794

)

Adjusted basic

 

244,362

 

 

 

166,573

 

 

 

189,868

 

 

 

166,389

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dilutive:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

247,161

 

 

 

169,371

 

 

 

192,661

 

 

 

169,183

 

Dilutive stock options under treasury method

 

(2,799

)

 

 

(2,798

)

 

 

(2,793

)

 

 

(2,794

)

Adjusted dilutive

 

244,362

 

 

 

166,573

 

 

 

189,868

 

 

 

166,389

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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