Tue, Oct 22, 8:46 PM (71 days ago)
For the third quarter ended September 30, 2024, Range Resources Corporation (RRC) reported a net income of $50.7 million, or $0.21 per diluted share, an increase from $49.4 million in Q3 2023. Revenue from natural gas, NGLs, and oil sales rose 1% year-over-year to $533.3 million, driven by a 4% increase in production, despite a slight decrease in average realized prices. Daily production averaged 2.2 Bcfe, reflecting operational efficiency. For the nine months ending September 30, 2024, net income plummeted to $171.5 million from $561.1 million in the prior year, primarily due to reduced derivative fair value income and lower realized prices, which fell 11%. Cash flow from operations was $726.6 million, down from $751.8 million. Total cash and equivalents at quarter-end were $277.5 million, with $1.3 billion available under the credit facility, indicating strong liquidity. The company maintained a disciplined capital structure, repurchasing $44.1 million in stock and paying $58.1 million in dividends. The operational focus remains on managing commodity price volatility while ensuring sustainable growth through strategic investments in high-quality assets.