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): February 28, 2023 (
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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):
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Securities registered pursuant to Section 12(b) of the Act:
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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. ☐
1
ITEM 2.02 Results of Operations and Financial Condition
On February 27, 2023 Range Resources Corporation issued a press release announcing its 2022 results. A copy of this press release is being furnished as an exhibit to this report on Form 8-K.
ITEM 9.01 Financial Statements and Exhibits
(d) Exhibits:
99.1 Press Release dated February 27, 2023
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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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 |
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By: |
/s/ Mark S. Scucchi |
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Mark S. Scucchi |
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Executive Vice President and Chief Financial Officer |
Date: February 28, 2023
3
Exhibit 99.1
NEWS RELEASE
Range Announces Fourth Quarter 2022 Results and 2023 Guidance
FORT WORTH, TEXAS, FEBRUARY 27, 2023…RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its fourth quarter 2022 financial results and plans for 2023.
Full-Year 2022 Highlights –
2023 Production and Capital Guidance –
Commenting on the 2022 results and 2023 plans, Jeff Ventura, the Company’s CEO said, “The Company successfully managed a great market opportunity in 2022 – generating record free cash flow, materially strengthening our financial foundation and returning significant capital to shareholders. We reduced debt by over $1 billion and expanded our return of capital program with $400 million in share repurchases and an annualized dividend of $0.32 per share. As we enter 2023, the progress made during the past year both financially and operationally puts Range in the strongest position in Company history. We are excited about the opportunity to develop Range’s world-class inventory over the coming decades into a growing market for natural gas and natural gas liquids.”
Financial Discussion
Except for generally accepted accounting principles (“GAAP”) reported amounts, specific expense categories exclude non-cash impairments, unrealized mark-to-market adjustment on derivatives, non-cash stock compensation and other items shown separately on the attached tables. “Unit costs” as used in this release are composed of direct operating, transportation, gathering, processing and compression, taxes other than income, general and administrative, interest and depletion, depreciation and amortization costs divided by production. See “Non-GAAP Financial Measures” for a definition of each of the non-GAAP financial measures and the tables that reconcile each of the non-GAAP measures to their most directly comparable GAAP financial measure.
1
Financial Position
During the fourth quarter, Range purchased 3.19 million shares at an average price of approximately $26.87 per share. As of year-end, Range had approximately 238.9 million shares outstanding and $1.1 billion of availability on the current share repurchase program.
During 2022, Range reduced debt by a total of $1.08 billion, representing the Company’s fifth consecutive year of debt reduction. At year-end, Range’s net debt was approximately $1.87 billion, consisting of $1.85 billion of senior notes and $19 million bank facility borrowings. On a trailing twelve-month basis, Range’s leverage ratio, a non-GAAP metric, defined as Net-Debt-to-EBITDAX was approximately 0.8x.
In the fourth quarter 2022, Range realized a total of $24.5 million in contingent derivative settlement gains related to an asset divestment completed in 2020. Range expects to receive the cash proceeds in the first half of 2023. Range has the potential to receive an additional $21 million in contingent payments based on natural gas, NGL and oil prices in 2023. At year-end 2022, the fair value of these remaining contingent payments was approximately $13.1 million.
Capital Expenditures
Fourth quarter 2022 drilling and completions expenditures were $99.9 million and $9.5 million was invested in acreage and gathering facilities. Total 2022 capital budget expenditures were $492 million, including $461 million on drilling and completion, and a combined $31 million on acreage, gas gathering systems and other investments. $11 million of fourth quarter capital was invested in securing equipment being utilized for the 2023 operational plan.
Fourth Quarter 2022 Results
GAAP revenues for fourth quarter 2022 totaled $1.63 billion, GAAP net cash provided from operating activities (including changes in working capital) was $613 million, and GAAP net income was $814 million ($3.31 per diluted share). Fourth quarter earnings results include a $448 million mark-to-market derivative gain due to decreases in commodity prices.
Non-GAAP revenues for fourth quarter 2022 totaled $998 million, and cash flow from operations before changes in working capital, a non-GAAP measure, was $513 million. Adjusted net income comparable to analysts’ estimates, a non-GAAP measure, was $312 million ($1.30 per diluted share) in fourth quarter 2022.
The following table details Range’s fourth quarter 2022 unit costs per mcfe(a):
Expenses |
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4Q 2022 (per mcfe) |
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3Q 2022 (per mcfe) |
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Increase (Decrease) |
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Direct operating |
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$ 0.11 |
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$ 0.11 |
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0% |
Transportation, gathering, processing and compression |
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1.45 |
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1.65 |
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(12%) |
Taxes other than income |
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0.06 |
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0.05 |
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20% |
General and administrative(a) |
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0.15 |
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0.15 |
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0% |
Interest expense(a) |
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0.18 |
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0.19 |
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(5%) |
Total cash unit costs(b) |
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1.95 |
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2.14 |
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(9%) |
Depletion, depreciation and amortization (DD&A) |
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0.45 |
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0.46 |
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(2%) |
Total unit costs plus DD&A(b) |
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$ 2.39 |
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$ 2.60 |
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(8%) |
2
The following table details Range’s average production and realized pricing for fourth quarter 2022:
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4Q22 Production & Realized Pricing |
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Natural Gas (Mcf) |
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Oil (Bbl) |
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NGLs (Bbl) |
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Natural Gas Equivalent (Mcfe) |
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Net production per day |
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1,517,483 |
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6,696 |
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107,806 |
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2,204,493 |
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Average NYMEX price |
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$ 6.26 |
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$ 82.74 |
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$ 27.92 |
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Differential, including basis hedging |
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(0.55) |
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(7.08) |
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(0.75) |
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Realized prices before NYMEX hedges |
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5.71 |
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75.66 |
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27.17 |
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$ 5.49 |
Settled NYMEX hedges |
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(1.65) |
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(19.83) |
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0.66 |
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(1.16) |
Average realized prices after hedges |
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$ 4.06 |
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$ 55.83 |
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$ 27.83 |
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$ 4.33 |
Fourth quarter 2022 natural gas, NGLs and oil price realizations (including the impact of cash-settled hedges and derivative settlements) averaged $4.33 per mcfe.
2022 Proved Reserves
Summary of Changes in Proved Reserves (in Bcfe) |
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Balance at December 31, 2021 |
17,775 |
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Extensions, discoveries and additions |
1,668 |
Performance revisions |
73 |
Locations re-entered to Development Plan……………………........... |
716 |
Reclassification of PUD to unproved under SEC 5-year rule |
(1,381) |
Price revisions |
1 |
Production |
(774) |
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Balance at December 31, 2022 |
18,078 |
3
As shown in the table below, the present value (PV10) of reserves under SEC methodology was $29.6 billion. For comparison, the PV10 using January 31, 2023 strip prices equates to $15.1 billion using the same proven reserve volumes.
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2022 SEC Pricing(a) |
Strip Price Average(b) |
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Natural Gas Price ($/MMBtu) |
$6.36 |
$4.22 |
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WTI Oil Price ($/Bbl) |
$94.13 |
$63.15 |
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NGL Price ($/Bbl) |
$38.35 |
$24.11 |
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Proved Reserves PV10 ($ billions) |
$29.6 |
$15.1 |
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Year-end 2022 reserves included 7.1 Tcfe of proved undeveloped reserves from 367 wells planned to be developed within the next five years with a projected development cost of $0.41 per mcfe. Beyond the five-year reserve calculation window, Range has thousands of high-quality well locations in the Marcellus and further upside in the Utica and Upper Devonian horizons. Range also has a network of more than 250 existing well pads that provide Range the opportunity to develop thousands of future wells while utilizing existing roads, pads and infrastructure. Consistent with recent years more than half of Range’s wells expected to turn to sales in 2023 are from pad sites with existing production.
2023 Capital Program and Production Guidance
Range’s 2023 all-in capital budget is expected to be $570 to $615 million. The capital budget includes approximately $540 million to $565 million for drilling and completion costs and $30 - $50 million for acreage, leasehold and other investments.
Consistent with recent years, Range’s development plan for 2023 will target a maintenance program that holds production approximately flat. Due to efficiencies gained through second half 2022 and into early 2023, Range expects to have a slight build of in-process well inventory during 2023 that will provide optionality into the 2024 and 2025 planning process. There is approximately $30 million included in the 2023 capital plan for this increased inventory. Range’s 2023 plan is expected to deliver an all-in maintenance capital cost of approximately $0.76 per mcfe, which is expected to be the lowest-cost program in Appalachia.
The table below summarizes expected 2023 activity and 2022 regarding the number of wells to sales in each area.
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Planned Wells TIL in 2023 |
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Wells TIL in 2022 |
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SW PA Super-Rich |
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3 |
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4 |
SW PA Wet |
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31 |
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21 |
SW PA Dry |
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24 |
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23 |
NE PA Dry |
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3 |
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7 |
Total Appalachia |
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61 |
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55 |
4
Guidance – 2023
Capital & Production Guidance
Range is targeting a maintenance program in 2023, holding production approximately flat at 2.12 – 2.16 Bcfe per day, with ~30% attributed to liquids production. Range’s 2023 all-in capital budget is $570 million - $615 million.
Full Year 2023 Expense Guidance
Direct operating expense: |
$0.11 — $0.13 per mcfe |
Transportation, gathering, processing and compression expense: |
$1.48— $1.58 per mcfe |
Other tax expense: |
$0.04 — $0.05 per mcfe |
Exploration expense: |
$22 — $28 million |
G&A expense: |
$0.17 — $0.19 per mcfe |
Net interest expense: |
$0.14 — $0.16 per mcfe |
DD&A expense: |
$0.46 — $0.48 per mcfe |
Net brokered gas marketing expense: |
$10 — $14 million |
Full Year 2023 Price Guidance
Based on recent market indications, Range expects to average the following price differentials for its production in 2023.
Natural Gas:(1) |
NYMEX minus $0.35 to $0.45 |
Natural Gas Liquids (including ethane):(2) |
Mont Belvieu minus $1.00 to plus $1.00 per barrel |
Oil/Condensate: |
WTI minus $9.00 to $13.00 |
(1) Including basis hedging
(2) Weighting based on 53% ethane, 27% propane, 8% normal butane, 4% iso-butane and 8% natural gasoline.
Hedging Status
Range hedges portions of its expected future production volumes to increase the predictability of cash flow and to help maintain a strong, flexible financial position. Please see the detailed hedging schedule posted on the Range website under Investor Relations - Financial Information.
Conference Call Information
A conference call to review the financial results is scheduled on Tuesday, February 28 at 8:00 AM Central Time (9:00 AM Eastern Time).
Please click here to pre-register for the conference call and obtain a dial in number with passcode.
A simultaneous webcast of the call may be accessed at www.rangeresources.com. The webcast will be archived for replay on the Company's website until March 28th.
Non-GAAP Financial Measures
Adjusted net income comparable to analysts’ estimates as set forth in this release represents income or loss from operations before income taxes adjusted for certain non-cash items (detailed in the accompanying table) less income taxes. We believe adjusted net income comparable to analysts’ estimates is calculated on the same basis as analysts’ estimates and that many investors use this published research in making investment decisions and evaluating operational trends of the Company and its performance relative to other oil and gas producing companies. Diluted earnings per share (adjusted) as set forth in this release represents adjusted net income comparable to analysts’ estimates on a diluted per share basis. A table is included which reconciles income or loss from operations to
5
adjusted net income comparable to analysts’ estimates and diluted earnings per share (adjusted). On its website, the Company provides additional comparative information on prior periods along with non-GAAP revenue disclosures.
Cash flow from operations before changes in working capital (sometimes referred to as “adjusted cash flow”) as defined in this release represents net cash provided by operations before changes in working capital and exploration expense adjusted for certain non-cash compensation items. Cash flow from operations before changes in working capital is widely accepted by the investment community as a financial indicator of an oil and gas company’s ability to generate cash to internally fund exploration and development activities and to service debt. Cash flow from operations before changes in working capital is also useful because it is widely used by professional research analysts in valuing, comparing, rating and providing investment recommendations of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Cash flow from operations before changes in working capital is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operations, investing, or financing activities as an indicator of cash flows, or as a measure of liquidity. A table is included which reconciles net cash provided by operations to cash flow from operations before changes in working capital as used in this release. On its website, the Company provides additional comparative information on prior periods for cash flow, cash margins and non-GAAP earnings as used in this release.
The cash prices realized for oil and natural gas production, including the amounts realized on cash-settled derivatives and net of transportation, gathering, processing and compression expense, is a critical component in the Company’s performance tracked by investors and professional research analysts in valuing, comparing, rating and providing investment recommendations and forecasts of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Due to the GAAP disclosures of various derivative transactions and third-party transportation, gathering, processing and compression expense, such information is now reported in various lines of the income statement. The Company believes that it is important to furnish a table reflecting the details of the various components of each income statement line to better inform the reader of the details of each amount and provide a summary of the realized cash-settled amounts and third-party transportation, gathering, processing and compression expense, which were historically reported as natural gas, NGLs and oil sales. This information is intended to bridge the gap between various readers’ understanding and fully disclose the information needed.
The Company discloses in this release the detailed components of many of the single line items shown in the GAAP financial statements included in the Company’s Annual Report on Form 10-K. The Company believes that it is important to furnish this detail of the various components comprising each line of the Statements of Operations to better inform the reader of the details of each amount, the changes between periods and the effect on its financial results.
We believe that the presentation of PV10 is relevant and useful to our investors as supplemental disclosure to the standardized measure, or after-tax amount, because it presents the discounted future net cash flows attributable to our proved reserves before taking into account future corporate income taxes and our current tax structure. While the standardized measure is dependent on the unique tax situation of each company, PV10 is based on prices and discount factors that are consistent for all companies. Because of this, PV10 can be used within the industry and by creditors and security analysts to evaluate estimated net cash flows from proved reserves on a more comparable basis.
RANGE RESOURCES CORPORATION (NYSE: RRC) is a leading U.S. independent natural gas and NGL producer with operations focused on stacked-pay projects in the Appalachian Basin. The Company is headquartered in Fort Worth, Texas. More information about Range can be found at www.rangeresources.com.
Included within this release are certain “forward-looking statements” within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, that are not limited to historical facts, but reflect Range’s current beliefs, expectations or intentions regarding future events. Words such as “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “outlook”, “estimate,” “predict,” “potential,” “pursue,” “target,” “continue,” and similar expressions are intended to identify such forward-looking statements.
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All statements, except for statements of historical fact, made within regarding activities, events or developments the Company expects, believes or anticipates will or may occur in the future, such as those regarding future well costs, expected asset sales, well productivity, future liquidity and financial resilience, anticipated exports and related financial impact, NGL market supply and demand, improving commodity fundamentals and pricing, future capital efficiencies, future shareholder value, emerging plays, capital spending, anticipated drilling and completion activity, acreage prospectivity, expected pipeline utilization and future guidance information, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management's assumptions and Range's future performance are subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements. Further information on risks and uncertainties is available in Range's filings with the Securities and Exchange Commission (SEC), including its most recent Annual Report on Form 10-K. Unless required by law, Range undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date they are made.
The SEC permits oil and gas companies, in filings made with the SEC, to disclose proved reserves, which are estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions as well as the option to disclose probable and possible reserves. Range has elected not to disclose its probable and possible reserves in its filings with the SEC. Range uses certain broader terms such as "resource potential,” “unrisked resource potential,” "unproved resource potential" or "upside" or other descriptions of volumes of resources potentially recoverable through additional drilling or recovery techniques that may include probable and possible reserves as defined by the SEC's guidelines. Range has not attempted to distinguish probable and possible reserves from these broader classifications. The SEC’s rules prohibit us from including in filings with the SEC these broader classifications of reserves. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of actually being realized. Unproved resource potential refers to Range's internal estimates of hydrocarbon quantities that may be potentially discovered through exploratory drilling or recovered with additional drilling or recovery techniques and have not been reviewed by independent engineers. Unproved resource potential does not constitute reserves within the meaning of the Society of Petroleum Engineer's Petroleum Resource Management System and does not include proved reserves. Area wide unproven resource potential has not been fully risked by Range's management. “EUR”, or estimated ultimate recovery, refers to our management’s estimates of hydrocarbon quantities that may be recovered from a well completed as a producer in the area. These quantities may not necessarily constitute or represent reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management System or the SEC’s oil and natural gas disclosure rules. Actual quantities that may be recovered from Range's interests could differ substantially. Factors affecting ultimate recovery include the scope of Range's drilling program, which will be directly affected by the availability of capital, drilling and production costs, commodity prices, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals, field spacing rules, recoveries of gas in place, length of horizontal laterals, actual drilling results, including geological and mechanical factors affecting recovery rates and other factors. Estimates of resource potential may change significantly as development of our resource plays provides additional data.
In addition, our production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price declines or drilling cost increases. Investors are urged to consider closely the disclosure in our most recent Annual Report on Form 10-K, available from our website at www.rangeresources.com or by written request to 100 Throckmorton Street, Suite 1200, Fort Worth, Texas 76102. You can also obtain this Form 10-K on the SEC’s website at www.sec.gov or by calling the SEC at 1-800-SEC-0330.
7
SOURCE: Range Resources Corporation
Range Investor Contacts:
Laith Sando, Vice President – Investor Relations
817-869-4267
lsando@rangeresources.com
Range Media Contacts:
Mark Windle, Director of Corporate Communications
724-873-3223
mwindle@rangeresources.com
8
RANGE RESOURCES CORPORATION
STATEMENTS OF OPERATIONS |
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Based on GAAP reported earnings with additional |
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details of items included in each line in Form 10-K |
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(Unaudited, in thousands, except per share data) |
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Three Months Ended December 31, |
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Twelve Months Ended December 31, |
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2022 |
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2021 |
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% |
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2022 |
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2021 |
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% |
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Revenues and other income: |
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Natural gas, NGLs and oil sales (a) |
$ |
1,086,697 |
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$ |
1,140,520 |
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$ |
4,911,092 |
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$ |
3,215,027 |
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Derivative fair value gain (loss) |
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448,181 |
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309,566 |
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(1,188,506 |
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(650,216 |
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Brokered natural gas, marketing and other (b) |
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93,335 |
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116,692 |
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419,776 |
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364,029 |
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ARO settlement gain (loss) (b) |
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— |
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— |
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8 |
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(3 |
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Other (b) |
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2,166 |
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52 |
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4,433 |
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1,386 |
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Total revenues and other income |
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1,630,379 |
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1,566,830 |
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4 |
% |
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4,146,803 |
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2,930,223 |
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42 |
% |
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Costs and expenses: |
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Direct operating |
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22,282 |
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17,310 |
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82,827 |
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73,977 |
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Direct operating – stock-based compensation (c) |
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376 |
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324 |
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1,459 |
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1,310 |
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Transportation, gathering, processing and compression |
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294,228 |
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320,785 |
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1,235,441 |
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1,174,469 |
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Transportation, gathering, processing and compression – |
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— |
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— |
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7,500 |
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— |
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Taxes other than income |
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11,178 |
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9,515 |
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35,367 |
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30,648 |
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Brokered natural gas and marketing |
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95,960 |
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119,656 |
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424,609 |
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365,494 |
|
|
|
|
|
Brokered natural gas and marketing – stock-based compensation (c) |
|
571 |
|
|
|
455 |
|
|
|
|
|
|
|
2,439 |
|
|
|
1,794 |
|
|
|
|
|
Exploration |
|
6,654 |
|
|
|
6,717 |
|
|
|
|
|
|
|
25,194 |
|
|
|
22,048 |
|
|
|
|
|
Exploration – non-cash stock-based compensation (c) |
|
415 |
|
|
|
391 |
|
|
|
|
|
|
|
1,578 |
|
|
|
1,507 |
|
|
|
|
|
Abandonment and impairment of unproved properties |
|
16,289 |
|
|
|
— |
|
|
|
|
|
|
|
28,608 |
|
|
|
7,206 |
|
|
|
|
|
General and administrative |
|
31,290 |
|
|
|
30,331 |
|
|
|
|
|
|
|
124,282 |
|
|
|
119,677 |
|
|
|
|
|
General and administrative – stock-based compensation (c) |
|
9,778 |
|
|
|
11,041 |
|
|
|
|
|
|
|
42,023 |
|
|
|
39,673 |
|
|
|
|
|
General and administrative – lawsuit settlements |
|
722 |
|
|
|
510 |
|
|
|
|
|
|
|
1,498 |
|
|
|
8,885 |
|
|
|
|
|
General and administrative – rig release penalty |
|
532 |
|
|
|
— |
|
|
|
|
|
|
|
532 |
|
|
|
— |
|
|
|
|
|
General and administrative – bad debt expense |
|
(250 |
) |
|
|
200 |
|
|
|
|
|
|
|
(250 |
) |
|
|
200 |
|
|
|
|
|
Exit costs |
|
12,088 |
|
|
|
12,104 |
|
|
|
|
|
|
|
70,337 |
|
|
|
21,661 |
|
|
|
|
|
Deferred compensation plan (d) |
|
1,963 |
|
|
|
(21,200 |
) |
|
|
|
|
|
|
61,880 |
|
|
|
68,351 |
|
|
|
|
|
Interest expense |
|
35,725 |
|
|
|
54,004 |
|
|
|
|
|
|
|
156,862 |
|
|
|
218,043 |
|
|
|
|
|
Interest expense – amortization of deferred financing costs (e) |
|
1,508 |
|
|
|
2,358 |
|
|
|
|
|
|
|
8,283 |
|
|
|
9,293 |
|
|
|
|
|
Loss on early extinguishment of debt |
|
261 |
|
|
|
— |
|
|
|
|
|
|
|
69,493 |
|
|
|
98 |
|
|
|
|
|
Depletion, depreciation and amortization |
|
90,847 |
|
|
|
92,427 |
|
|
|
|
|
|
|
353,420 |
|
|
|
364,555 |
|
|
|
|
|
Loss (gain) on sale of assets |
|
139 |
|
|
|
23 |
|
|
|
|
|
|
|
(409 |
) |
|
|
(701 |
) |
|
|
|
|
Total costs and expenses |
|
632,556 |
|
|
|
656,951 |
|
|
|
-4 |
% |
|
|
2,732,973 |
|
|
|
2,528,188 |
|
|
|
8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
997,823 |
|
|
|
909,879 |
|
|
|
10 |
% |
|
|
1,413,830 |
|
|
|
402,035 |
|
|
|
252 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (benefit) expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
(6,044 |
) |
|
|
763 |
|
|
|
|
|
|
|
14,688 |
|
|
|
7,984 |
|
|
|
|
|
Deferred |
|
189,631 |
|
|
|
17,750 |
|
|
|
|
|
|
|
215,772 |
|
|
|
(17,727 |
) |
|
|
|
|
|
|
183,587 |
|
|
|
18,513 |
|
|
|
|
|
|
|
230,460 |
|
|
|
(9,743 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
814,236 |
|
|
$ |
891,366 |
|
|
|
-9 |
% |
|
$ |
1,183,370 |
|
|
$ |
411,778 |
|
|
|
187 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Per Common Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
3.38 |
|
|
$ |
3.57 |
|
|
|
|
|
|
$ |
4.79 |
|
|
$ |
1.65 |
|
|
|
|
|
Diluted |
$ |
3.31 |
|
|
$ |
3.47 |
|
|
|
|
|
|
$ |
4.69 |
|
|
$ |
1.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding, as reported: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
234,948 |
|
|
|
243,369 |
|
|
|
-3 |
% |
|
|
240,858 |
|
|
|
242,862 |
|
|
|
-1 |
% |
Diluted |
|
240,222 |
|
|
|
250,441 |
|
|
|
-4 |
% |
|
|
246,379 |
|
|
|
249,314 |
|
|
|
-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-K.
(c) Costs associated with stock compensation and restricted stock amortization, which have been reflected in the categories associated
9
with the direct personnel costs, which are combined with the cash costs in the 10-K.
(d) Reflects the change in market value of the vested Company stock held in the deferred compensation plan.
(e) Included in interest expense in the 10-K.
RANGE RESOURCES CORPORATION
BALANCE SHEETS |
|
|
|
|
|
|
|
(In thousands) |
|
December 31, |
|
|
|
December 31, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
(Audited) |
|
|
|
(Audited) |
|
Assets |
|
|
|
|
|
|
|
Current assets |
$ |
538,662 |
|
|
$ |
730,927 |
|
Derivative assets |
|
41,915 |
|
|
|
44,339 |
|
Natural gas and oil properties, successful efforts method |
|
5,890,404 |
|
|
|
5,754,656 |
|
Transportation and field assets |
|
2,434 |
|
|
|
3,494 |
|
Operating lease right-of-use assets |
|
84,070 |
|
|
|
40,832 |
|
Other |
|
68,077 |
|
|
|
86,259 |
|
|
$ |
6,625,562 |
|
|
$ |
6,660,507 |
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
Current liabilities |
$ |
864,678 |
|
|
$ |
766,371 |
|
Asset retirement obligations |
|
4,570 |
|
|
|
5,310 |
|
Derivative liabilities |
|
151,417 |
|
|
|
162,767 |
|
Current maturities of long-term debt |
|
— |
|
|
|
218,017 |
|
|
|
|
|
|
|
|
|
Bank debt |
|
9,509 |
|
|
|
— |
|
Senior notes |
|
1,832,451 |
|
|
|
2,707,770 |
|
Total debt |
|
1,841,960 |
|
|
|
2,707,770 |
|
|
|
|
|
|
|
|
|
Deferred tax liabilities |
|
333,571 |
|
|
|
117,642 |
|
Derivative liabilities |
|
15,495 |
|
|
|
8,216 |
|
Deferred compensation liabilities |
|
99,907 |
|
|
|
137,102 |
|
Operating lease liabilities |
|
20,903 |
|
|
|
24,861 |
|
Asset retirement obligations and other liabilities |
|
112,981 |
|
|
|
101,509 |
|
Divestiture contract obligation |
|
304,074 |
|
|
|
325,279 |
|
|
|
|
|
|
|
|
|
Common stock and retained deficit |
|
3,305,198 |
|
|
|
2,115,820 |
|
Other comprehensive gain (loss) |
|
467 |
|
|
|
(150 |
) |
Common stock held in treasury |
|
(429,659 |
) |
|
|
(30,007 |
) |
Total stockholders’ equity |
|
2,876,006 |
|
|
|
2,085,663 |
|
|
$ |
6,625,562 |
|
|
$ |
6,660,507 |
|
10
RECONCILIATION OF TOTAL REVENUES AND OTHER INCOME TO TOTAL REVENUE EXCLUDING CERTAIN ITEMS, a non-GAAP measure |
|
|
|
||||||||||||||||||||
(Unaudited, in thousands) |
|
|
|
||||||||||||||||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
% |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues and other income, as reported |
$ |
1,630,379 |
|
|
$ |
1,566,830 |
|
|
|
4 |
% |
|
$ |
4,146,803 |
|
|
$ |
2,930,223 |
|
|
|
42 |
% |
Adjustment for certain special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total change in fair value related to derivatives |
|
(632,813 |
) |
|
|
(590,414 |
) |
|
|
|
|
|
|
(1,648 |
) |
|
|
130,203 |
|
|
|
|
|
ARO settlement (gain) loss |
|
— |
|
|
|
— |
|
|
|
|
|
|
|
(8 |
) |
|
|
3 |
|
|
|
|
|
Total revenues, as adjusted, non-GAAP |
$ |
997,566 |
|
|
$ |
976,416 |
|
|
|
2 |
% |
|
$ |
4,145,147 |
|
|
$ |
3,060,429 |
|
|
|
35 |
% |
11
RANGE RESOURCES CORPORATION
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
(Unaudited in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net income |
$ |
814,236 |
|
|
$ |
891,366 |
|
|
$ |
1,183,370 |
|
|
$ |
411,778 |
|
||
Adjustments to reconcile net cash provided from continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Deferred income tax expense (benefit) |
|
189,631 |
|
|
|
17,750 |
|
|
|
215,772 |
|
|
|
(17,727 |
) |
||
Depletion, depreciation, amortization and impairment |
|
90,847 |
|
|
|
92,427 |
|
|
|
353,420 |
|
|
|
364,555 |
|
||
Abandonment and impairment of unproved properties |
|
16,289 |
|
|
|
— |
|
|
|
28,608 |
|
|
|
7,206 |
|
||
Derivative fair value (income) loss |
|
(448,181 |
) |
|
|
(309,566 |
) |
|
|
1,188,506 |
|
|
|
650,216 |
|
||
Cash settlements on derivative financial instruments |
|
(184,632 |
) |
|
|
(280,848 |
) |
|
|
(1,190,154 |
) |
|
|
(520,013 |
) |
||
Divestiture contract obligation |
|
11,975 |
|
|
|
11,873 |
|
|
|
69,766 |
|
|
|
20,340 |
|
||
Allowance for bad debts |
|
(250 |
) |
|
|
200 |
|
|
|
(250 |
) |
|
|
200 |
|
||
Amortization of deferred issuance costs and other |
|
1,438 |
|
|
|
2,094 |
|
|
|
7,959 |
|
|
|
8,347 |
|
||
Deferred and stock-based compensation |
|
12,562 |
|
|
|
(9,590 |
) |
|
|
107,959 |
|
|
|
110,356 |
|
||
Loss (gain) on sale of assets and other |
|
139 |
|
|
|
23 |
|
|
|
(409 |
) |
|
|
(701 |
) |
||
Loss on early extinguishment of debt |
|
261 |
|
|
|
— |
|
|
|
69,493 |
|
|
|
98 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Changes in working capital: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Accounts receivable |
|
129,358 |
|
|
|
(134,334 |
) |
|
|
(3,286 |
) |
|
|
(250,538 |
) |
||
Prepaid and other |
|
1,040 |
|
|
|
2,434 |
|
|
|
(18,438 |
) |
|
|
(1,140 |
) |
||
Accounts payable |
|
(35,215 |
) |
|
|
4,918 |
|
|
|
17,077 |
|
|
|
39,231 |
|
||
Accrued liabilities and other |
|
13,157 |
|
|
|
28,912 |
|
|
|
(164,649 |
) |
|
|
(29,260 |
) |
||
Net changes in working capital |
|
108,340 |
|
|
|
(98,070 |
) |
|
|
(169,296 |
) |
|
|
(241,707 |
) |
||
Net cash provided from operating activities |
$ |
612,655 |
|
|
$ |
317,659 |
|
|
$ |
1,864,744 |
|
|
$ |
792,948 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
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 December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
||
Net cash provided from operating activities, as reported |
$ |
612,655 |
|
|
$ |
317,659 |
|
|
$ |
1,864,744 |
|
|
$ |
792,948 |
|
||
Net changes in working capital |
|
(108,340 |
) |
|
|
98,070 |
|
|
|
169,296 |
|
|
|
241,707 |
|
||
Exploration expense |
|
6,654 |
|
|
|
6,717 |
|
|
|
25,212 |
|
|
|
22,048 |
|
||
Lawsuit settlements |
|
722 |
|
|
|
510 |
|
|
|
1,498 |
|
|
|
8,885 |
|
||
Transportation, gathering, processing and compression settlements |
|
— |
|
|
|
— |
|
|
|
7,500 |
|
|
|
— |
|
||
Non-cash compensation adjustment and other |
|
1,256 |
|
|
|
1,096 |
|
|
|
2,821 |
|
|
|
4,549 |
|
||
Cash flow from operations before changes in working capital – non-GAAP measure |
$ |
512,947 |
|
|
$ |
424,052 |
|
|
$ |
2,071,071 |
|
|
$ |
1,070,137 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
ADJUSTED WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
(Unaudited, in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
||
Basic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Weighted average shares outstanding |
|
240,625 |
|
|
|
249,794 |
|
|
|
246,918 |
|
|
|
249,400 |
|
||
Stock held by deferred compensation plan |
|
(5,677 |
) |
|
|
(6,425 |
) |
|
|
(6,060 |
) |
|
|
(6,538 |
) |
||
Adjusted basic |
|
234,948 |
|
|
|
243,369 |
|
|
|
240,858 |
|
|
|
242,862 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Dilutive: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Weighted average shares outstanding |
|
240,625 |
|
|
|
249,794 |
|
|
|
246,918 |
|
|
|
249,400 |
|
||
Dilutive stock options under treasury method |
|
(403 |
) |
|
|
647 |
|
|
|
(539 |
) |
|
|
(86 |
) |
||
Adjusted dilutive |
|
240,222 |
|
|
|
250,441 |
|
|
|
246,379 |
|
|
|
249,314 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
12
RANGE RESOURCES CORPORATION
RECONCILIATION OF NATURAL GAS, NGLs AND OIL SALES AND DERIVATIVE FAIR VALUE INCOME (LOSS) TO CALCULATED CASH REALIZED NATURAL GAS, NGLs AND OIL PRICES WITH AND WITHOUT THIRD PARTY TRANSPORTATION, GATHERING AND COMPRESSION FEES, a non-GAAP measure |
|
|
|
|
|
|||||||||||||||||||
(Unaudited, in thousands, except per unit data) |
|
|
|
|
|
|||||||||||||||||||
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
|||||||||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
% |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
% |
|
|
Natural gas, NGL and oil sales components: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas sales |
$ |
770,571 |
|
|
$ |
743,948 |
|
|
|
|
|
|
$ |
3,364,111 |
|
|
$ |
1,896,231 |
|
|
|
|
|
|
NGL sales |
|
269,517 |
|
|
|
340,653 |
|
|
|
|
|
|
|
1,308,574 |
|
|
|
1,135,826 |
|
|
|
|
|
|
Oil sales |
|
46,609 |
|
|
|
55,919 |
|
|
|
|
|
|
|
238,407 |
|
|
|
182,970 |
|
|
|
|
|
|
Total oil and gas sales, as reported |
$ |
1,086,697 |
|
|
$ |
1,140,520 |
|
|
|
-5 |
% |
|
$ |
4,911,092 |
|
|
$ |
3,215,027 |
|
|
|
53 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative fair value income (loss), as reported: |
$ |
448,181 |
|
|
$ |
309,566 |
|
|
|
|
|
|
$ |
(1,188,506 |
) |
|
$ |
(650,216 |
) |
|
|
|
|
|
Cash settlements on derivative financial instruments – (gain) loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas |
|
203,422 |
|
|
|
282,434 |
|
|
|
|
|
|
|
1,119,940 |
|
|
|
415,228 |
|
|
|
|
|
|
NGLs |
|
(6,505 |
) |
|
|
13,939 |
|
|
|
|
|
|
|
12,168 |
|
|
|
91,838 |
|
|
|
|
|
|
Crude Oil |
|
12,215 |
|
|
|
13,975 |
|
|
|
|
|
|
|
82,546 |
|
|
|
42,447 |
|
|
|
|
|
|
Contingent consideration - divestiture |
|
(24,500 |
) |
|
|
(29,500 |
) |
|
|
|
|
|
|
(24,500 |
) |
|
|
(29,500 |
) |
|
|
|
|
|
Total change in fair value related to commodity derivatives prior to settlement, a non-GAAP measure (e) |
$ |
632,813 |
|
|
$ |
590,414 |
|
|
|
|
|
|
$ |
1,648 |
|
|
$ |
(130,203 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation, gathering, processing and compression components: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas |
$ |
163,768 |
|
|
$ |
175,828 |
|
|
|
|
|
|
$ |
677,316 |
|
|
$ |
661,990 |
|
|
|
|
|
|
NGLs |
|
130,460 |
|
|
|
144,920 |
|
|
|
|
|
|
|
565,614 |
|
|
|
511,568 |
|
|
|
|
|
|
Oil |
|
— |
|
|
|
37 |
|
|
|
|
|
|
|
11 |
|
|
|
911 |
|
|
|
|
|
|
Total transportation, gathering, processing and compression, as reported |
$ |
294,228 |
|
|
$ |
320,785 |
|
|
|
|
|
|
$ |
1,242,941 |
|
|
$ |
1,174,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas, NGL and oil sales, including cash-settled derivatives: (c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas sales |
$ |
567,149 |
|
|
$ |
461,514 |
|
|
|
|
|
|
$ |
2,244,171 |
|
|
$ |
1,481,003 |
|
|
|
|
|
|
NGL sales |
|
276,022 |
|
|
|
326,714 |
|
|
|
|
|
|
|
1,296,406 |
|
|
|
1,043,988 |
|
|
|
|
|
|
Oil sales |
|
34,394 |
|
|
|
41,944 |
|
|
|
|
|
|
|
155,861 |
|
|
|
140,523 |
|
|
|
|
|
|
Total |
$ |
877,565 |
|
|
$ |
830,172 |
|
|
|
6 |
% |
|
$ |
3,696,438 |
|
|
$ |
2,665,514 |
|
|
|
39 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production of oil and gas during the periods: (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas (mcf) |
|
139,608,416 |
|
|
|
141,092,053 |
|
|
|
-1 |
% |
|
|
539,442,624 |
|
|
|
541,021,442 |
|
|
|
0 |
% |
|
NGL (bbl) |
|
9,918,111 |
|
|
|
9,395,605 |
|
|
|
6 |
% |
|
|
36,392,033 |
|
|
|
36,372,862 |
|
|
|
0 |
% |
|
Oil (bbl) |
|
616,051 |
|
|
|
798,054 |
|
|
|
-23 |
% |
|
|
2,715,681 |
|
|
|
3,044,026 |
|
|
|
-11 |
% |
|
Gas equivalent (mcfe) (b) |
|
202,813,388 |
|
|
|
202,254,009 |
|
|
|
0 |
% |
|
|
774,088,908 |
|
|
|
777,522,772 |
|
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production of oil and gas – average per day: (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas (mcf) |
|
1,517,483 |
|
|
|
1,533,609 |
|
|
|
-1 |
% |
|
|
1,477,925 |
|
|
|
1,482,251 |
|
|
|
0 |
% |
|
NGL (bbl) |
|
107,806 |
|
|
|
102,126 |
|
|
|
6 |
% |
|
|
99,704 |
|
|
|
99,652 |
|
|
|
0 |
% |
|
Oil (bbl) |
|
6,696 |
|
|
|
8,675 |
|
|
|
-23 |
% |
|
|
7,440 |
|
|
|
8,340 |
|
|
|
-11 |
% |
|
Gas equivalent (mcfe) (b) |
|
2,204,493 |
|
|
|
2,198,413 |
|
|
|
0 |
% |
|
|
2,120,792 |
|
|
|
2,130,199 |
|
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average prices, excluding derivative settlements and before third party |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas (mcf) |
$ |
5.52 |
|
|
$ |
5.27 |
|
|
|
5 |
% |
|
$ |
6.24 |
|
|
$ |
3.50 |
|
|
|
78 |
% |
|
NGL (bbl) |
$ |
27.17 |
|
|
$ |
36.26 |
|
|
|
-25 |
% |
|
$ |
35.96 |
|
|
$ |
31.23 |
|
|
|
15 |
% |
|
Oil (bbl) |
$ |
75.66 |
|
|
$ |
70.07 |
|
|
|
8 |
% |
|
$ |
87.79 |
|
|
$ |
60.11 |
|
|
|
46 |
% |
|
Gas equivalent (mcfe) (b) |
$ |
5.36 |
|
|
$ |
5.64 |
|
|
|
-5 |
% |
|
$ |
6.34 |
|
|
$ |
4.13 |
|
|
|
53 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13
Average prices, including derivative settlements before third party |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas (mcf) |
$ |
4.06 |
|
|
$ |
3.27 |
|
|
|
24 |
% |
|
$ |
4.16 |
|
|
$ |
2.74 |
|
|
|
52 |
% |
NGL (bbl) |
$ |
27.83 |
|
|
$ |
34.77 |
|
|
|
-20 |
% |
|
$ |
35.62 |
|
|
$ |
28.70 |
|
|
|
24 |
% |
Oil (bbl) |
$ |
55.83 |
|
|
$ |
52.56 |
|
|
|
6 |
% |
|
$ |
57.39 |
|
|
$ |
46.16 |
|
|
|
24 |
% |
Gas equivalent (mcfe) (b) |
$ |
4.33 |
|
|
$ |
4.10 |
|
|
|
5 |
% |
|
$ |
4.78 |
|
|
$ |
3.43 |
|
|
|
39 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average prices, including derivative settlements and after third party transportation costs: (d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas (mcf) |
$ |
2.89 |
|
|
$ |
2.02 |
|
|
|
43 |
% |
|
$ |
2.90 |
|
|
$ |
1.51 |
|
|
|
92 |
% |
NGL (bbl) |
$ |
14.68 |
|
|
$ |
19.35 |
|
|
|
-24 |
% |
|
$ |
20.08 |
|
|
$ |
14.64 |
|
|
|
37 |
% |
Oil (bbl) |
$ |
55.82 |
|
|
$ |
52.51 |
|
|
|
6 |
% |
|
$ |
57.39 |
|
|
$ |
45.86 |
|
|
|
25 |
% |
Gas equivalent (mcfe) (b) |
$ |
2.88 |
|
|
$ |
2.52 |
|
|
|
14 |
% |
|
$ |
3.17 |
|
|
$ |
1.92 |
|
|
|
65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation, gathering and compression expense per mcfe |
$ |
1.45 |
|
|
$ |
1.59 |
|
|
|
-9 |
% |
|
$ |
1.61 |
|
|
$ |
1.51 |
|
|
|
6 |
% |
(a) Represents volumes sold regardless of when produced.
(b) Oil and NGLs are converted at the rate of one barrel equals six mcfe based upon the approximate relative energy content of oil to natural gas, which is not necessarily indicative of the relationship of oil and natural gas prices.
(c) Excluding third party transportation, gathering and compression costs.
(d) Net of transportation, gathering, processing and compression costs.
14
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 December 31, |
|
Twelve Months Ended December 31, |
||||||||||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
% |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations before income taxes, as reported |
$ |
997,823 |
|
|
$ |
909,879 |
|
|
|
10 |
% |
|
$ |
1,413,830 |
|
|
$ |
402,035 |
|
|
|
252 |
% |
Adjustment for certain special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss (gain) on sale of assets |
|
139 |
|
|
|
23 |
|
|
|
|
|
|
|
(409 |
) |
|
|
(701 |
) |
|
|
|
|
(Gain) loss on ARO settlements |
|
— |
|
|
|
— |
|
|
|
|
|
|
|
(8 |
) |
|
|
3 |
|
|
|
|
|
Change in fair value related to derivatives prior to settlement |
|
(632,813 |
) |
|
|
(590,414 |
) |
|
|
|
|
|
|
(1,648 |
) |
|
|
130,203 |
|
|
|
|
|
Abandonment and impairment of unproved properties |
|
16,289 |
|
|
|
— |
|
|
|
|
|
|
|
28,608 |
|
|
|
7,206 |
|
|
|
|
|
Loss on early extinguishment of debt |
|
261 |
|
|
|
— |
|
|
|
|
|
|
|
69,493 |
|
|
|
98 |
|
|
|
|
|
Transportation, gathering, processing and compression settlements |
|
— |
|
|
|
— |
|
|
|
|
|
|
|
7,500 |
|
|
|
— |
|
|
|
|
|
Lawsuit settlements |
|
722 |
|
|
|
510 |
|
|
|
|
|
|
|
1,498 |
|
|
|
8,885 |
|
|
|
|
|
Exit costs |
|
12,088 |
|
|
|
12,104 |
|
|
|
|
|
|
|
70,337 |
|
|
|
21,661 |
|
|
|
|
|
Brokered natural gas and marketing – non-cash stock-based |
|
571 |
|
|
|
455 |
|
|
|
|
|
|
|
2,439 |
|
|
|
1,794 |
|
|
|
|
|
Direct operating – non-cash stock-based compensation |
|
376 |
|
|
|
324 |
|
|
|
|
|
|
|
1,459 |
|
|
|
1,310 |
|
|
|
|
|
Exploration expenses – non-cash stock-based compensation |
|
415 |
|
|
|
391 |
|
|
|
|
|
|
|
1,578 |
|
|
|
1,507 |
|
|
|
|
|
General & administrative – non-cash stock-based compensation |
|
9,778 |
|
|
|
11,041 |
|
|
|
|
|
|
|
42,023 |
|
|
|
39,673 |
|
|
|
|
|
Deferred compensation plan – non-cash adjustment |
|
1,963 |
|
|
|
(21,200 |
) |
|
|
|
|
|
|
61,880 |
|
|
|
68,351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes, as adjusted |
|
407,612 |
|
|
|
323,113 |
|
|
|
26 |
% |
|
|
1,698,580 |
|
|
|
682,025 |
|
|
|
149 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (benefit) expense, as adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
(6,044 |
) |
|
|
763 |
|
|
|
|
|
|
|
14,688 |
|
|
|
7,984 |
|
|
|
|
|
Deferred (a) |
|
101,903 |
|
|
|
80,778 |
|
|
|
|
|
|
|
424,645 |
|
|
|
170,506 |
|
|
|
|
|
Net income excluding certain items, a non-GAAP measure |
$ |
311,753 |
|
|
$ |
241,572 |
|
|
|
29 |
% |
|
$ |
1,259,247 |
|
|
$ |
503,535 |
|
|
|
150 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP income per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
1.33 |
|
|
$ |
0.99 |
|
|
|
34 |
% |
|
$ |
5.23 |
|
|
$ |
2.07 |
|
|
|
153 |
% |
Diluted |
$ |
1.30 |
|
|
$ |
0.96 |
|
|
|
35 |
% |
|
$ |
5.11 |
|
|
$ |
2.02 |
|
|
|
153 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted shares outstanding, if dilutive |
|
240,222 |
|
|
|
250,441 |
|
|
|
|
|
|
|
246,379 |
|
|
|
249,314 |
|
|
|
|
|
(a) Deferred taxes are estimated to be approximately 25% for 2022 and 2021.
15
RANGE RESOURCES CORPORATION
RECONCILIATION OF NET INCOME, EXCLUDING CERTAIN ITEMS AND ADJUSTED EARNINGS PER SHARE, non-GAAP measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income, as reported |
$ |
814,236 |
|
|
$ |
891,366 |
|
|
|
$ |
1,183,370 |
|
|
$ |
411,778 |
|
|
Adjustment for certain special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss (gain) on sale of assets |
|
139 |
|
|
|
23 |
|
|
|
|
(409 |
) |
|
|
(701 |
) |
|
(Gain) loss on ARO settlements |
|
— |
|
|
|
— |
|
|
|
|
(8 |
) |
|
|
3 |
|
|
Loss on early extinguishment of debt |
|
261 |
|
|
|
— |
|
|
|
|
69,493 |
|
|
|
98 |
|
|
Change in fair value related to derivatives prior to settlement |
|
(632,813 |
) |
|
|
(590,414 |
) |
|
|
|
(1,648 |
) |
|
|
130,203 |
|
|
Transportation, gathering, processing and compression settlements |
|
— |
|
|
|
— |
|
|
|
|
7,500 |
|
|
|
— |
|
|
Abandonment and impairment of unproved properties |
|
16,289 |
|
|
|
— |
|
|
|
|
28,608 |
|
|
|
7,206 |
|
|
Lawsuit settlements |
|
722 |
|
|
|
510 |
|
|
|
|
1,498 |
|
|
|
8,885 |
|
|
Exit costs |
|
12,088 |
|
|
|
12,104 |
|
|
|
|
70,337 |
|
|
|
21,661 |
|
|
Non-cash stock-based compensation |
|
11,140 |
|
|
|
12,211 |
|
|
|
|
47,499 |
|
|
|
44,284 |
|
|
Deferred compensation plan |
|
1,963 |
|
|
|
(21,200 |
) |
|
|
|
61,880 |
|
|
|
68,351 |
|
|
Tax impact |
|
87,728 |
|
|
|
(63,028 |
) |
|
|
|
(208,873 |
) |
|
|
(188,233 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income excluding certain items, a non-GAAP measure |
$ |
311,753 |
|
|
$ |
241,572 |
|
|
|
$ |
1,259,247 |
|
|
$ |
503,535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per diluted share, as reported |
$ |
3.31 |
|
|
$ |
3.47 |
|
|
|
$ |
4.69 |
|
|
$ |
1.61 |
|
|
Adjustment for certain special items per diluted share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss (gain) on sale of assets |
|
0.00 |
|
|
|
0.00 |
|
|
|
|
(0.00 |
) |
|
|
(0.00 |
) |
|
(Gain) loss on ARO settlements |
|
— |
|
|
|
— |
|
|
|
|
(0.00 |
) |
|
|
0.00 |
|
|
Loss on early extinguishment of debt |
|
0.00 |
|
|
|
— |
|
|
|
|
0.28 |
|
|
|
0.00 |
|
|
Change in fair value related to derivatives prior to settlement |
|
(2.63 |
) |
|
|
(2.36 |
) |
|
|
|
(0.01 |
) |
|
|
0.52 |
|
|
Transportation, gathering, processing and compression settlements |
|
— |
|
|
|
— |
|
|
|
|
0.03 |
|
|
|
— |
|
|
Abandonment and impairment of unproved properties |
|
0.07 |
|
|
|
— |
|
|
|
|
0.12 |
|
|
|
0.03 |
|
|
Lawsuit settlements |
|
0.00 |
|
|
|
0.00 |
|
|
|
|
0.01 |
|
|
|
0.04 |
|
|
Exit costs |
|
0.05 |
|
|
|
0.05 |
|
|
|
|
0.29 |
|
|
|
0.09 |
|
|
Non-cash stock-based compensation |
|
0.05 |
|
|
|
0.05 |
|
|
|
|
0.19 |
|
|
|
0.18 |
|
|
Deferred compensation plan |
|
0.01 |
|
|
|
(0.08 |
) |
|
|
|
0.25 |
|
|
|
0.27 |
|
|
Adjustment for rounding differences |
|
(0.01 |
) |
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
Tax impact |
|
0.37 |
|
|
|
(0.25 |
) |
|
|
|
(0.85 |
) |
|
|
(0.76 |
) |
|
Dilutive share impact (rabbi trust and other) |
|
0.08 |
|
|
|
0.08 |
|
|
|
|
0.11 |
|
|
|
0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per diluted share, excluding certain items, a non- GAAP measure |
$ |
1.30 |
|
|
$ |
0.96 |
|
|
|
$ |
5.11 |
|
|
$ |
2.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per share, a non-GAAP measure: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
1.33 |
|
|
$ |
0.99 |
|
|
|
$ |
5.23 |
|
|
$ |
2.07 |
|
|
Diluted |
$ |
1.30 |
|
|
$ |
0.96 |
|
|
|
$ |
5.11 |
|
|
$ |
2.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16
RANGE RESOURCES CORPORATION
RECONCILIATION OF CASH MARGIN PER MCFE, a non- GAAP measure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited, in thousands, except per unit data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
|
|
Twelve Months Ended December 31, |
|
|
||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas, NGL and oil sales, as reported |
$ |
1,086,697 |
|
|
$ |
1,140,520 |
|
|
|
$ |
4,911,092 |
|
|
$ |
3,215,027 |
|
|
Derivative fair value income (loss), as reported |
|
448,181 |
|
|
|
309,566 |
|
|
|
|
(1,188,506 |
) |
|
|
(650,216 |
) |
|
Less non-cash fair value (gain) loss |
|
(632,813 |
) |
|
|
(590,414 |
) |
|
|
|
(1,648 |
) |
|
|
130,203 |
|
|
Brokered natural gas and marketing and other, as reported |
|
95,501 |
|
|
|
116,744 |
|
|
|
|
424,217 |
|
|
|
365,412 |
|
|
Less ARO settlement and other (gains) losses |
|
(2,166 |
) |
|
|
(52 |
) |
|
|
|
(4,441 |
) |
|
|
(1,383 |
) |
|
Cash revenue applicable to production |
|
995,400 |
|
|
|
976,364 |
|
|
|
|
4,140,714 |
|
|
|
3,059,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct operating, as reported |
|
22,658 |
|
|
|
17,634 |
|
|
|
|
84,286 |
|
|
|
75,287 |
|
|
Less direct operating stock-based compensation |
|
(376 |
) |
|
|
(324 |
) |
|
|
|
(1,459 |
) |
|
|
(1,310 |
) |
|
Transportation, gathering and compression, as reported |
|
294,228 |
|
|
|
320,785 |
|
|
|
|
1,242,941 |
|
|
|
1,174,469 |
|
|
Less transportation, gathering and compression settlements |
|
— |
|
|
|
— |
|
|
|
|
(7,500 |
) |
|
|
— |
|
|
Taxes other than income, as reported |
|
11,178 |
|
|
|
9,515 |
|
|
|
|
35,367 |
|
|
|
30,648 |
|
|
Brokered natural gas and marketing, as reported |
|
96,531 |
|
|
|
120,111 |
|
|
|
|
427,048 |
|
|
|
367,288 |
|
|
Less brokered natural gas and marketing stock-based compensation |
|
(571 |
) |
|
|
(455 |
) |
|
|
|
(2,439 |
) |
|
|
(1,794 |
) |
|
General and administrative, as reported |
|
42,072 |
|
|
|
42,082 |
|
|
|
|
168,085 |
|
|
|
168,435 |
|
|
Less G&A stock-based compensation |
|
(9,778 |
) |
|
|
(11,041 |
) |
|
|
|
(42,023 |
) |
|
|
(39,673 |
) |
|
Less lawsuit settlements |
|
(722 |
) |
|
|
(510 |
) |
|
|
|
(1,498 |
) |
|
|
(8,885 |
) |
|
Interest expense, as reported |
|
37,233 |
|
|
|
56,362 |
|
|
|
|
165,145 |
|
|
|
227,336 |
|
|
Less amortization of deferred financing costs |
|
(1,508 |
) |
|
|
(2,358 |
) |
|
|
|
(8,283 |
) |
|
|
(9,293 |
) |
|
Cash expenses |
|
490,945 |
|
|
|
551,801 |
|
|
|
|
2,059,670 |
|
|
|
1,982,508 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash margin, a non-GAAP measure |
$ |
504,455 |
|
|
$ |
424,563 |
|
|
|
$ |
2,081,044 |
|
|
$ |
1,076,535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mmcfe produced during period |
|
202,813 |
|
|
|
202,254 |
|
|
|
|
774,089 |
|
|
|
777,523 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash margin per mcfe |
$ |
2.49 |
|
|
$ |
2.10 |
|
|
|
$ |
2.69 |
|
|
$ |
1.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF INCOME BEFORE INCOME TAXES TO CASH MARGIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited, in thousands, except per unit data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
|
|
Twelve Months Ended December 31, |
|
|
||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes, as reported |
$ |
997,823 |
|
|
$ |
909,879 |
|
|
|
$ |
1,413,830 |
|
|
$ |
402,035 |
|
|
Adjustments to reconcile income before income taxes to cash margin: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARO settlements and other gains |
|
(2,166 |
) |
|
|
(52 |
) |
|
|
|
(4,441 |
) |
|
|
(1,383 |
) |
|
Derivative fair value (income) loss |
|
(448,181 |
) |
|
|
(309,566 |
) |
|
|
|
1,188,506 |
|
|
|
650,216 |
|
|
Net cash payments on derivative settlements |
|
(184,632 |
) |
|
|
(280,848 |
) |
|
|
|
(1,190,154 |
) |
|
|
(520,013 |
) |
|
Transportation, gathering and compression settlements |
|
— |
|
|
|
— |
|
|
|
|
7,500 |
|
|
|
— |
|
|
Exploration expense |
|
6,654 |
|
|
|
6,717 |
|
|
|
|
25,194 |
|
|
|
22,048 |
|
|
Lawsuit settlements |
|
722 |
|
|
|
510 |
|
|
|
|
1,498 |
|
|
|
8,885 |
|
|
Exit costs |
|
12,088 |
|
|
|
12,104 |
|
|
|
|
70,337 |
|
|
|
21,661 |
|
|
Deferred compensation plan |
|
1,963 |
|
|
|
(21,200 |
) |
|
|
|
61,880 |
|
|
|
68,351 |
|
|
Stock-based compensation (direct operating, brokered natural gas and marketing, general and administrative and termination costs) |
|
11,140 |
|
|
|
12,211 |
|
|
|
|
47,499 |
|
|
|
44,284 |
|
|
Interest – amortization of deferred financing costs |
|
1,508 |
|
|
|
2,358 |
|
|
|
|
8,283 |
|
|
|
9,293 |
|
|
Depletion, depreciation and amortization |
|
90,847 |
|
|
|
92,427 |
|
|
|
|
353,420 |
|
|
|
364,555 |
|
|
Loss (gain) on sale of assets |
|
139 |
|
|
|
23 |
|
|
|
|
(409 |
) |
|
|
(701 |
) |
|
Loss on early extinguishment of debt |
|
261 |
|
|
|
— |
|
|
|
|
69,493 |
|
|
|
98 |
|
|
Abandonment and impairment of unproved properties |
|
16,289 |
|
|
|
— |
|
|
|
|
28,608 |
|
|
|
7,206 |
|
|
Cash margin, a non-GAAP measure |
$ |
504,455 |
|
|
$ |
424,563 |
|
|
|
$ |
2,081,044 |
|
|
$ |
1,076,535 |
|
|
17