SEC Filings

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

RANGE RESOURCES CORPORATION

 

RECONCILIATION OF INCOME 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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2018

 

 

 

2017

 

 

 

%

 

 

 

2018

 

 

 

2017

 

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations before income taxes, as reported

$

72,676

 

 

$

(199,692

)

 

 

136

%

 

$

56,236

 

 

$

210,015

 

 

 

73

%

Adjustment for certain special items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss (gain) on sale of assets

 

30

 

 

 

(102

)

 

 

 

 

 

 

(149

)

 

 

(23,509

)

 

 

 

 

(Gain) loss on ARO settlements

 

 

 

 

(104

)

 

 

 

 

 

 

12

 

 

 

(64

)

 

 

 

 

Change in fair value related to derivatives prior to settlement

 

(331

)

 

 

105,283

 

 

 

 

 

 

 

111,618

 

 

 

(172,264

)

 

 

 

 

Abandonment and impairment of unproved properties

 

6,549

 

 

 

42,568

 

 

 

 

 

 

 

73,244

 

 

 

52,181

 

 

 

 

 

Impairment of proved property

 

 

 

 

63,679

 

 

 

 

 

 

 

22,614

 

 

 

63,679

 

 

 

 

 

Lawsuit settlements

 

53

 

 

 

5,865

 

 

 

 

 

 

 

1,385

 

 

 

7,028

 

 

 

 

 

Termination costs

 

(336

)

 

 

(16

)

 

 

 

 

 

 

(373

)

 

 

2,384

 

 

 

 

 

Termination costs – non-cash stock-based compensation

 

 

 

 

(31

)

 

 

 

 

 

 

 

 

 

1,665

 

 

 

 

 

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

 

403

 

 

 

389

 

 

 

 

 

 

 

1,001

 

 

 

1,040

 

 

 

 

 

Direct operating – non-cash stock-based compensation

 

537

 

 

 

517

 

 

 

 

 

 

 

1,667

 

 

 

1,563

 

 

 

 

 

Exploration expenses – non-cash stock-based compensation

 

405

 

 

 

561

 

 

 

 

 

 

 

1,527

 

 

 

1,596

 

 

 

 

 

General & administrative – non-cash stock-based compensation

 

5,607

 

 

 

9,959

 

 

 

 

 

 

 

38,332

 

 

 

35,156

 

 

 

 

 

Deferred compensation plan – non-cash adjustment

 

223

 

 

 

(9,203

)

 

 

 

 

 

 

(559

)

 

 

(36,838

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes, as adjusted

 

85,816

 

 

 

19,673

 

 

 

336

%

 

 

306,555

 

 

 

143,632

 

 

 

113

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense, as adjusted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred (a)

 

21,869

 

 

 

8,042

 

 

 

 

 

 

 

79,617

 

 

 

55,292

 

 

 

 

 

Net income excluding certain items, a non-GAAP measure

$

63,947

 

 

$

11,631

 

 

 

452

%

 

$

226,938

 

 

$

88,340

 

 

 

157

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP income per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.26

 

 

$

0.05

 

 

 

420

%

 

$

0.92

 

 

$

0.36

 

 

 

156

%

Diluted

$

0.26

 

 

$

0.05

 

 

 

420

%

 

$

0.92

 

 

$

0.36

 

 

 

156

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP diluted shares outstanding, if dilutive

 

247,166

 

 

 

245,309

 

 

 

 

 

 

 

246,879

 

 

 

245,280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

    

13