SEC Filings

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

RANGE RESOURCES CORPORATION

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2018

 

 

 

2017

 

 

 

2018

 

 

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

$

(79,836

)

 

$

69,550

 

 

$

(30,598

)

 

$

239,661

 

Adjustments to reconcile net cash provided from continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred income tax (benefit) expense

 

(28,518

)

 

 

57,651

 

 

 

14,158

 

 

 

170,046

 

Depletion, depreciation, amortization and impairment

 

176,328

 

 

 

152,504

 

 

 

345,906

 

 

 

302,325

 

Exploration dry hole costs

 

 

 

 

161

 

 

 

2

 

 

 

161

 

Abandonment and impairment of unproved properties

 

54,922

 

 

 

5,193

 

 

 

66,695

 

 

 

9,613

 

Derivative fair value loss (income)

 

103,290

 

 

 

(111,195

)

 

 

117,299

 

 

 

(276,752

)

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

     accounting

 

(14,275

)

 

 

3,387

 

 

 

(5,350

)

 

 

(794

)

Allowance for bad debts

 

(1,500

)

 

 

300

 

 

 

(1,500

)

 

 

300

 

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

 

1,064

 

 

 

1,247

 

 

 

2,376

 

 

 

2,557

 

Deferred and stock-based compensation

 

15,640

 

 

 

990

 

 

 

34,167

 

 

 

1,952

 

(Gain) loss on sale of assets and other

 

(156

)

 

 

(807

)

 

 

(179

)

 

 

(23,407

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in working capital:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

(68,338

)

 

 

(8,920

)

 

 

(14,425

)

 

 

(13,610

)

Inventory and other

 

6,090

 

 

 

848

 

 

 

796

 

 

 

3,716

 

Accounts payable

 

(32,838

)

 

 

(5,958

)

 

 

14,615

 

 

 

18,426

 

Accrued liabilities and other

 

43,070

 

 

 

20,515

 

 

 

1,553

 

 

 

(22,866

)

Net changes in working capital

 

(52,016

)

 

 

6,485

 

 

 

2,539

 

 

 

(14,334

)

Net cash provided from operating activities

$

174,943

 

 

$

185,466

 

 

$

545,515

 

 

$

411,328

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2018

 

 

 

2017

 

 

 

2018

 

 

 

2017

 

Net cash provided from operating activities, as reported

$

174,943

 

 

$

185,466

 

 

$

545,515

 

 

$

411,328

 

Net changes in working capital

 

52,016

 

 

 

(6,485

)

 

 

(2,539

)

 

 

14,334

 

Exploration expense

 

7,128

 

 

 

13,809

 

 

 

14,094

 

 

 

21,806

 

Lawsuit settlements

 

1,155

 

 

 

540

 

 

 

1,332

 

 

 

1,163

 

Termination costs

 

 

 

 

(50

)

 

 

 

 

 

2,400

 

Non-cash compensation adjustment

 

1,685

 

 

 

801

 

 

 

1,802

 

 

 

1,092

 

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

$

236,927

 

 

$

194,081

 

 

$

560,204

 

 

$

452,123

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADJUSTED WEIGHTED AVERAGE SHARES OUTSTANDING

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited, in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2018

 

 

 

2017

 

 

 

2018

 

 

 

2017

 

Basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

249,324

 

 

 

247,852

 

 

 

248,952

 

 

 

247,622

 

Stock held by deferred compensation plan

 

(3,444

)

 

 

(2,675

)

 

 

(3,157

)

 

 

(2,706

)

Adjusted basic

 

245,880

 

 

 

245,177

 

 

 

245,795

 

 

 

244,916

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dilutive:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

249,324

 

 

 

247,852

 

 

 

248,952

 

 

 

247,622

 

Dilutive stock options under treasury method

 

(3,444

)

 

 

(2,517

)

 

 

(3,157

)

 

 

(2,380

)

Adjusted dilutive

 

245,880

 

 

 

245,335

 

 

 

245,795

 

 

 

245,242

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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