UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 15, 2021 (
(Exact name of Registrant as Specified in Its Charter)
|
|
|
|
|
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
|
|
|
|
|
|
|
|
|
(Address of Principal Executive Offices) |
|
(Zip Code) |
Registrant’s Telephone Number, Including Area Code:
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
|
|
|
|
|
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 2.02. Results of Operations and Financial Condition.
The following table summarizes the net derivative fair value loss that Range Resources Corporation expects to report in earnings for the three months ended March 31, 2021 (in thousands):
|
|
|
Three Months Ended March 31, |
|
|
|
|
2021 |
|
|
Derivative fair value loss per consolidated statements of operations |
$ |
(57,879 |
) |
|
|
|
|
|
|
Non-cash fair value (loss) gain: |
|
|
|
|
Natural gas derivatives |
$ |
(12,120 |
) |
|
Oil derivatives |
|
(8,069 |
) |
|
NGLs derivatives |
|
(1,247 |
) |
|
Freight derivatives |
|
(978 |
) |
|
Divestiture contingent consideration |
|
3,930 |
|
|
Total non-cash fair value loss |
$ |
(18,484 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net cash payment on derivative settlements: |
|
|
|
|
Natural gas derivatives (1) |
$ |
(1,348 |
) |
|
Oil derivatives |
|
(7,128 |
) |
|
NGLs derivatives |
|
(30,919 |
) |
|
Total net cash payment |
$ |
(39,395 |
) |
|
|
(1) |
Includes a loss of $3.5 million related to settled natural gas basis derivatives. |
The information contained in this current report shall not be deemed “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934, nor shall it be deemed incorporated by reference into any registration statement or other filing pursuant to the Securities Act of 1933, except as otherwise expressly stated in such filing.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
RANGE RESOURCES CORPORATION |
|
|
|
|
|
|
|
|
By: |
/s/ MARK S. SCUCCHI |
|
|
Mark S. Scucchi |
|
|
Senior Vice President-Chief Financial Officer |
|
|
|
Date: April 15, 2021
3