SEC Filings

10-Q
RANGE RESOURCES CORP filed this Form 10-Q on 10/23/2018
Entire Document
 

Our first nine months financial and operating performance included the following results:

 

14% production growth over the same period of 2017;

 

 

liquids production represented 32% of total production on an mcfe basis compared to 33% in the same period of 2017;

 

 

revenue from the sale of natural gas, NGLs and oil increased 33% from the same period of 2017 with a 17% increase in average realized prices (before cash settlements on our derivatives) and an increase in production volumes;

 

 

revenue realized from the sale of natural gas, NGLs and oil (including cash settlements on our derivatives) increased 29% from the same period of 2017;

 

 

trends in forward commodity prices compared to the prior year resulted in downward non-cash derivative fair value adjustments of $283.9 million;

 

 

decreased direct operating expenses per mcfe by 6% from the same period of 2017 (see discussion on page 38);

 

 

decreased general and administrative expense per mcfe 10% from the same period of 2017 (see discussion on page 38);

 

 

interest expense per mcfe was the same when compared to the same period of 2017;

 

 

reduced our DD&A rate per mcfe by 8% from the same period of 2017;

 

 

entered into additional derivative contracts for 2018, 2019, 2020 and 2021; and

 

 

realized $774.9 million of cash flow from operating activities.

 

We generated $774.9 million of cash flow from operating activities in first nine months 2018, an increase of $174.4 million from the same period of 2017 which reflects improvements in realized prices and higher production volumes somewhat offset by higher comparative working capital outflows ($20.3 million outflow during first nine months 2018 compared to $10.0 million outflow in the same period of 2017). We ended the quarter with $452.6 million of available committed borrowing capacity, with an additional $1.0 billion in borrowing base capacity.

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