SEC Filings

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

RANGE RESOURCES CORPORATION

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES AS REPORTED TO INCOME BEFORE INCOME TAXES EXCLUDING CERTAIN ITEMS, a non-GAAP measure

 

 

 

 

 

 

(Unaudited, in thousands, except per share data)

 

 

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2018

 

 

 

2017

 

 

 

%

 

 

 

2018

 

 

 

2017

 

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from operations before income taxes, as reported

$

(108,354

)

 

$

127,201

 

 

 

185

%

 

$

(16,440

)

 

$

409,707

 

 

 

104

%

Adjustment for certain special items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Gain) loss on sale of assets

 

(156

)

 

 

(807

)

 

 

 

 

 

 

(179

)

 

 

(23,407

)

 

 

 

 

Loss (gain) on ARO settlements

 

12

 

 

 

40

 

 

 

 

 

 

 

12

 

 

 

40

 

 

 

 

 

Change in fair value related to derivatives prior to settlement

 

89,015

 

 

 

(107,809

)

 

 

 

 

 

 

111,949

 

 

 

(277,547

)

 

 

 

 

Abandonment and impairment of unproved properties

 

54,922

 

 

 

5,193

 

 

 

 

 

 

 

66,695

 

 

 

9,613

 

 

 

 

 

Impairment of proved property

 

15,302

 

 

 

 

 

 

 

 

 

 

22,614

 

 

 

 

 

 

 

 

Lawsuit settlements

 

1,155

 

 

 

540

 

 

 

 

 

 

 

1,332

 

 

 

1,163

 

 

 

 

 

Termination costs

 

 

 

 

(50

)

 

 

 

 

 

 

(37

)

 

 

2,400

 

 

 

 

 

Termination costs – non-cash stock-based compensation

 

 

 

 

(46

)

 

 

 

 

 

 

 

 

 

1,696

 

 

 

 

 

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

 

313

 

 

 

388

 

 

 

 

 

 

 

598

 

 

 

651

 

 

 

 

 

Direct operating – non-cash stock-based compensation

 

539

 

 

 

522

 

 

 

 

 

 

 

1,130

 

 

 

1,046

 

 

 

 

 

Exploration expenses – non-cash stock-based compensation

 

371

 

 

 

528

 

 

 

 

 

 

 

1,122

 

 

 

1,035

 

 

 

 

 

General & administrative – non-cash stock-based compensation

 

8,814

 

 

 

14,279

 

 

 

 

 

 

 

32,725

 

 

 

25,197

 

 

 

 

 

Deferred compensation plan – non-cash adjustment

 

6,615

 

 

 

(14,466

)

 

 

 

 

 

 

(782

)

 

 

(27,635

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes, as adjusted

 

68,548

 

 

 

25,513

 

 

 

169

%

 

 

220,739

 

 

 

123,959

 

 

 

78

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense, as adjusted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred (a)

 

18,231

 

 

 

9,622

 

 

 

 

 

 

 

57,748

 

 

 

47,250

 

 

 

 

 

Net income excluding certain items, a non-GAAP measure

$

50,317

 

 

$

15,891

 

 

 

217

%

 

$

162,991

 

 

$

76,709

 

 

 

112

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP income per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.20

 

 

$

0.06

 

 

 

233

%

 

$

0.66

 

 

$

0.31

 

 

 

113

%

Diluted

$

0.20

 

 

$

0.06

 

 

 

233

%

 

$

0.66

 

 

$

0.31

 

 

 

113

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP diluted shares outstanding, if dilutive

 

246,692

 

 

 

245,335

 

 

 

 

 

 

 

246,530

 

 

 

245,242

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)  Deferred taxes for 2017 to be approximately 38% and 26% for 2018.

 

    

13