SEC Filings

8-K
RANGE RESOURCES CORP filed this Form 8-K on 10/24/2018
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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2018

 

 

 

2017

 

 

 

%

 

 

 

2018

 

 

 

2017

 

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas, NGLs and oil sales (a)

$

736,431

 

 

$

507,541

 

 

 

 

 

 

$

2,094,450

 

 

$

1,573,128

 

 

 

 

 

Derivative fair value (loss)/income

 

(34,591

)

 

 

(88,426

)

 

 

 

 

 

 

(151,890

)

 

 

188,326

 

 

 

 

 

Brokered natural gas, marketing and other (b)

 

109,111

 

 

 

61,145

 

 

 

 

 

 

 

266,774

 

 

 

168,742

 

 

 

 

 

ARO settlement gain (loss) (b)

 

 

 

 

104

 

 

 

 

 

 

 

(12

)

 

 

64

 

 

 

 

 

Other (b)

 

274

 

 

 

1,868

 

 

 

 

 

 

 

686

 

 

 

1,738

 

 

 

 

 

Total revenues and other income

 

811,225

 

 

 

482,232

 

 

 

68

%

 

 

2,210,008

 

 

 

1,931,998

 

 

 

14

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct operating

 

30,389

 

 

 

36,371

 

 

 

 

 

 

 

102,469

 

 

 

94,768

 

 

 

 

 

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

 

537

 

 

 

517

 

 

 

 

 

 

 

1,667

 

 

 

1,563

 

 

 

 

 

Transportation, gathering, processing and compression  

 

304,562

 

 

 

191,645

 

 

 

 

 

 

 

819,100

 

 

 

560,883

 

 

 

 

 

Production and ad valorem taxes  

 

9,427

 

 

 

11,993

 

 

 

 

 

 

 

29,493

 

 

 

31,125

 

 

 

 

 

Brokered natural gas and marketing

 

115,677

 

 

 

59,384

 

 

 

 

 

 

 

273,420

 

 

 

168,140

 

 

 

 

 

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

 

403

 

 

 

389

 

 

 

 

 

 

 

1,001

 

 

 

1,040

 

 

 

 

 

Exploration

 

7,894

 

 

 

22,206

 

 

 

 

 

 

 

21,990

 

 

 

44,173

 

 

 

 

 

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

 

405

 

 

 

561

 

 

 

 

 

 

 

1,527

 

 

 

1,596

 

 

 

 

 

Abandonment and impairment of unproved properties  

 

6,549

 

 

 

42,568

 

 

 

 

 

 

 

73,244

 

 

 

52,181

 

 

 

 

 

General and administrative  

 

37,812

 

 

 

36,461

 

 

 

 

 

 

 

121,255

 

 

 

109,619

 

 

 

 

 

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

 

5,607

 

 

 

9,959

 

 

 

 

 

 

 

38,332

 

 

 

35,156

 

 

 

 

 

General and administrative – lawsuit settlements

 

53

 

 

 

5,865

 

 

 

 

 

 

 

1,385

 

 

 

7,028

 

 

 

 

 

General and administrative – bad debt expense  

 

250

 

 

 

750

 

 

 

 

 

 

 

(1,250

)

 

 

1,050

 

 

 

 

 

Termination costs

 

(336

)

 

 

(16

)

 

 

 

 

 

 

(373

)

 

 

2,384

 

 

 

 

 

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

 

 

 

 

(31

)

 

 

 

 

 

 

 

 

 

1,665

 

 

 

 

 

Deferred compensation plan (d)

 

223

 

 

 

(9,203

)

 

 

 

 

 

 

(559

)

 

 

(36,838

)

 

 

 

 

Interest expense

 

53,063

 

 

 

47,366

 

 

 

 

 

 

 

155,733

 

 

 

138,821

 

 

 

 

 

Interest expense – amortization of deferred financing costs (c)

 

1,738

 

 

 

1,813

 

 

 

 

 

 

 

5,315

 

 

 

5,385

 

 

 

 

 

Depletion, depreciation and amortization  

 

164,266

 

 

 

159,749

 

 

 

 

 

 

 

487,558

 

 

 

462,074

 

 

 

 

 

Impairment of proved properties and other assets

 

 

 

 

63,679

 

 

 

 

 

 

 

22,614

 

 

 

63,679

 

 

 

 

 

Gain on sale of assets

 

30

 

 

 

(102

)

 

 

 

 

 

 

(149

)

 

 

(23,509

)

 

 

 

 

Total costs and expenses

 

738,549

 

 

 

681,924

 

 

 

8

%

 

 

2,153,772

 

 

 

1,721,983

 

 

 

25

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

72,676

 

 

 

(199,692

)

 

 

136

%

 

 

56,236

 

 

 

210,015

 

 

 

-73

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred

 

24,137

 

 

 

(71,992

)

 

 

 

 

 

 

38,295

 

 

 

98,054

 

 

 

 

 

 

 

24,137

 

 

 

(71,992

)

 

 

 

 

 

 

38,295

 

 

 

98,054

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

48,539

 

 

$

(127,700

)

 

 

138

%

 

$

17,941

 

 

$

111,961

 

 

 

-84

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) Per Common Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.19

 

 

$

(0.52

)

 

 

 

 

 

$

0.07

 

 

$

0.45

 

 

 

 

 

Diluted

$

0.19

 

 

$

(0.52

)

 

 

 

 

 

$

0.07

 

 

$

0.45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, as reported:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

246,451

 

 

 

245,244

 

 

 

0

%

 

 

246,016

 

 

 

245,027

 

 

 

0

%

Diluted

 

247,166

 

 

 

245,244

 

 

 

1

%

 

 

246,879

 

 

 

245,280

 

 

 

1

%

(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