SEC Filings

8-K
RANGE RESOURCES CORP filed this Form 8-K on 07/31/2018
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-Q

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited, in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2018

 

 

 

2017

 

 

 

%

 

 

 

2018

 

 

 

2017

 

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas, NGLs and oil sales (a)

$

661,390

 

 

$

506,137

 

 

 

 

 

 

$

1,358,019

 

 

$

1,065,587

 

 

 

 

 

Derivative fair value (loss)/income

 

(103,290

)

 

 

111,195

 

 

 

 

 

 

 

(117,299

)

 

 

276,752

 

 

 

 

 

Brokered natural gas, marketing and other (b)

 

97,908

 

 

 

56,016

 

 

 

 

 

 

 

157,663

 

 

 

107,597

 

 

 

 

 

ARO settlement gain (loss) (b)

 

(12

)

 

 

(40

)

 

 

 

 

 

 

(12

)

 

 

(40

)

 

 

 

 

Other (b)

 

188

 

 

 

(197

)

 

 

 

 

 

 

412

 

 

 

(130

)

 

 

 

 

Total revenues and other income

 

656,184

 

 

 

673,111

 

 

 

-3

%

 

 

1,398,783

 

 

 

1,449,766

 

 

 

-4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct operating

 

34,549

 

 

 

30,898

 

 

 

 

 

 

 

72,080

 

 

 

58,397

 

 

 

 

 

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

 

539

 

 

 

522

 

 

 

 

 

 

 

1,130

 

 

 

1,046

 

 

 

 

 

Transportation, gathering, processing and compression  

 

269,910

 

 

 

191,590

 

 

 

 

 

 

 

514,538

 

 

 

369,238

 

 

 

 

 

Production and ad valorem taxes  

 

10,140

 

 

 

9,969

 

 

 

 

 

 

 

20,066

 

 

 

19,132

 

 

 

 

 

Brokered natural gas and marketing

 

102,434

 

 

 

55,469

 

 

 

 

 

 

 

157,743

 

 

 

108,756

 

 

 

 

 

Brokered natural gas and marketing – non-cash
     stock-based compensation (c)

 

313

 

 

 

388

 

 

 

 

 

 

 

598

 

 

 

651

 

 

 

 

 

Exploration

 

7,128

 

 

 

13,970

 

 

 

 

 

 

 

14,096

 

 

 

21,967

 

 

 

 

 

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

 

371

 

 

 

528

 

 

 

 

 

 

 

1,122

 

 

 

1,035

 

 

 

 

 

Abandonment and impairment of unproved properties  

 

54,922

 

 

 

5,193

 

 

 

 

 

 

 

66,695

 

 

 

9,613

 

 

 

 

 

General and administrative  

 

39,114

 

 

 

37,203

 

 

 

 

 

 

 

83,443

 

 

 

73,158

 

 

 

 

 

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

 

8,814

 

 

 

14,279

 

 

 

 

 

 

 

32,725

 

 

 

25,197

 

 

 

 

 

General and administrative – lawsuit settlements

 

1,155

 

 

 

540

 

 

 

 

 

 

 

1,332

 

 

 

1,163

 

 

 

 

 

General and administrative – bad debt expense  

 

(1,500

)

 

 

300

 

 

 

 

 

 

 

(1,500

)

 

 

300

 

 

 

 

 

Termination costs

 

 

 

 

(50

)

 

 

 

 

 

 

(37

)

 

 

2,400

 

 

 

 

 

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

 

 

 

 

(46

)

 

 

 

 

 

 

 

 

 

1,696

 

 

 

 

 

Deferred compensation plan (d)

 

6,615

 

 

 

(14,466

)

 

 

 

 

 

 

(782

)

 

 

(27,635

)

 

 

 

 

Interest expense

 

52,137

 

 

 

46,132

 

 

 

 

 

 

 

102,670

 

 

 

91,455

 

 

 

 

 

Interest expense – amortization of deferred financing

     costs

 

1,725

 

 

 

1,794

 

 

 

 

 

 

 

3,577

 

 

 

3,572

 

 

 

 

 

Depletion, depreciation and amortization  

 

161,026

 

 

 

152,504

 

 

 

 

 

 

 

323,292

 

 

 

302,325

 

 

 

 

 

Impairment of proved properties and other assets

 

15,302

 

 

 

 

 

 

 

 

 

 

22,614

 

 

 

 

 

 

 

 

Gain on sale of assets

 

(156

)

 

 

(807

)

 

 

 

 

 

 

(179

)

 

 

(23,407

)

 

 

 

 

Total costs and expenses

 

764,538

 

 

 

545,910

 

 

 

-40

%

 

 

1,415,223

 

 

 

1,040,059

 

 

 

36

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income before income taxes

 

(108,354

)

 

 

127,201

 

 

 

-185

%

 

 

(16,440

)

 

 

409,707

 

 

 

-104

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax (benefit) expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred

 

(28,518

)

 

 

57,651

 

 

 

 

 

 

 

14,158

 

 

 

170,046

 

 

 

 

 

 

 

(28,518

)

 

 

57,651

 

 

 

 

 

 

 

14,158

 

 

 

170,046

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

$

(79,836

)

 

$

69,550

 

 

 

-215

%

 

$

(30,598

)

 

$

239,661

 

 

 

-113

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income Per Common Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.32

)

 

$

0.28

 

 

 

 

 

 

$

(0.13

)

 

$

0.97

 

 

 

 

 

Diluted

$

(0.32

)

 

$

0.28

 

 

 

 

 

 

$

(0.13

)

 

$

0.97

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, as reported:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

245,880

 

 

 

245,177

 

 

 

0

%

 

 

245,795

 

 

 

244,916

 

 

 

0

%

Diluted

 

245,880

 

 

 

245,335

 

 

 

0

%

 

 

245,795

 

 

 

245,242

 

 

 

0

%

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

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

(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-Q.

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


9