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Range Resources (RRC) Tops Q2 EPS by 3c

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July 25, 2022 4:54 PM EDT

Range Resources (NYSE: RRC) reported Q2 EPS of $1.27, $0.03 better than the analyst estimate of $1.24. Revenue for the quarter came in at $1.23 billion versus the consensus estimate of $957.95 million.

Capital & Production Guidance:

As previously noted, Range is targeting holding production approximately flat at 2.12 – 2.16 Bcfe per day, with ~30% attributed to liquids production for the full year 2022. Range’s 2022 all-in capital budget is $460 million - $480 million with expectations at the upper end of the guidance.

Full Year 2022 Expense Guidance

Direct operating expense:$0.09 - $0.11 per mcfe
Transportation, gathering, processing and compression expense:$1.56 - $1.64 per mcfe
Production tax expense:$0.03 - $0.05 per mcfe
Exploration expense:$22 - $28 million
G&A expense:$0.15 - $0.17 per mcfe
Interest expense:$0.19 - $0.21 per mcfe
DD&A expense:$0.46 - $0.50 per mcfe
Net brokered gas marketing expense:$10 - $20 million

Updated Full Year 2022 Price Guidance

Based on recent market indications, Range expects to average the following price differentials for its production in 2022.

Natural Gas:(1)NYMEX minus $0.30 to $0.38
Natural Gas Liquids (including ethane):(2)Mont Belvieu plus $0.00 to $2.00 per barrel
Oil/Condensate:WTI minus $6.00 to $8.00

(1) Including basis hedging(2) Weighting based on 53% ethane, 27% propane, 7% normal butane, 4% iso-butane and 9% natural gasoline.

For earnings history and earnings-related data on Range Resources (RRC) click here.


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