SEC Filings

8-K
RANGE RESOURCES CORP filed this Form 8-K on 10/24/2018
Entire Document
 

RANGE RESOURCES CORPORATION

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2018

 

 

 

2017

 

 

 

2018

 

 

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

48,539

 

 

$

(127,700

)

 

$

17,941

 

 

$

111,961

 

Adjustments to reconcile net cash provided from continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred income tax expense (benefit)

 

24,137

 

 

 

(71,992

)

 

 

38,295

 

 

 

98,054

 

Depletion, depreciation, amortization and impairment

 

164,266

 

 

 

223,428

 

 

 

510,172

 

 

 

525,753

 

Exploration dry hole costs

 

2

 

 

 

9,005

 

 

 

4

 

 

 

9,166

 

Abandonment and impairment of unproved properties

 

6,549

 

 

 

42,568

 

 

 

73,244

 

 

 

52,181

 

Derivative fair value loss (income)

 

34,591

 

 

 

88,426

 

 

 

151,890

 

 

 

(188,326

)

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

  accounting

 

(34,922

)

 

 

16,856

 

 

 

(40,272

)

 

 

16,062

 

Allowance for bad debts

 

250

 

 

 

750

 

 

 

(1,250

)

 

 

1,050

 

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

 

1,787

 

 

 

1,627

 

 

 

4,163

 

 

 

4,184

 

Deferred and stock-based compensation

 

7,085

 

 

 

1,985

 

 

 

41,252

 

 

 

3,937

 

Loss (gain) on sale of assets and other

 

30

 

 

 

(102

)

 

 

(149

)

 

 

(23,509

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in working capital:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

(35,288

)

 

 

(26,084

)

 

 

(49,713

)

 

 

(39,694

)

Inventory and other

 

(1,618

)

 

 

(5,220

)

 

 

(822

)

 

 

(1,504

)

Accounts payable

 

(21,144

)

 

 

26,289

 

 

 

(6,529

)

 

 

44,715

 

Accrued liabilities and other

 

35,168

 

 

 

9,368

 

 

 

36,721

 

 

 

(13,498

)

Net changes in working capital

 

(22,882

)

 

 

4,353

 

 

 

(20,343

)

 

 

(9,981

)

Net cash provided from operating activities

$

229,432

 

 

$

189,204

 

 

$

774,947

 

 

$

600,532

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2018

 

 

 

2017

 

 

 

2018

 

 

 

2017

 

Net cash provided from operating activities, as reported

$

229,432

 

 

$

189,204

 

 

$

774,947

 

 

$

600,532

 

Net changes in working capital

 

22,882

 

 

 

(4,353

)

 

 

20,343

 

 

 

9,981

 

Exploration expense

 

7,892

 

 

 

13,201

 

 

 

21,986

 

 

 

35,007

 

Lawsuit settlements

 

53

 

 

 

5,865

 

 

 

1,385

 

 

 

7,028

 

Termination costs

 

(336

)

 

 

(16

)

 

 

(373

)

 

 

2,384

 

Non-cash compensation adjustment

 

41

 

 

 

290

 

 

 

1,880

 

 

 

1,382

 

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

$

259,964

 

 

$

204,191

 

 

$

820,168

 

 

$

656,314

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADJUSTED WEIGHTED AVERAGE SHARES OUTSTANDING

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited, in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2018

 

 

 

2017

 

 

 

2018

 

 

 

2017

 

Basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

249,482

 

 

 

248,133

 

 

 

249,131

 

 

 

247,794

 

Stock held by deferred compensation plan

 

(3,031

)

 

 

(2,889

)

 

 

(3,115

)

 

 

(2,767

)

Adjusted basic

 

246,451

 

 

 

245,244

 

 

 

246,016

 

 

 

245,027

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dilutive:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

249,482

 

 

 

248,133

 

 

 

249,131

 

 

 

247,794

 

Dilutive stock options under treasury method

 

(2,316

)

 

 

(2,889

)

 

 

(2,252

)

 

 

(2,514

)

Adjusted dilutive

 

247,166

 

 

 

245,244

 

 

 

246,879

 

 

 

245,280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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