Range Resources (RRC) Tops Q4 EPS by 16c; offers guidance

Range Resources (NYSE: RRC) reported Q4 EPS of $0.63, $0.16 better than the analyst estimate of $0.47. Revenue for the quarter came in at $715 million versus the consensus estimate of $671.2 million.

GUIDANCE

Capital & Production Guidance

Range is targeting a maintenance program in 2024, holding production approximately flat at 2.12 – 2.16 Bcfe per day, with over 30% attributed to liquids production. Range’s 2024 all-in capital budget is expected to be $620 to $670 million, which consists of:

$575 million of all-in maintenance capital including land and facilities,
$30 - $45 million drilling and completion capital that adds to year-end 2024 well-in-process inventory,
Up to $30 million on targeted acreage which increases lateral lengths and future inventory, and $15 - $20 million in water infrastructure/other, lowering future water-related costs

Full Year 2024 Expense Guidance

Direct operating expense: Transportation, gathering, processing and compression expense: Other tax expense: Exploration expense: G&A expense: Net interest expense: DD&A expense: Net brokered gas marketing expense: $8 - $12 million

Full Year 2024 Price Guidance

Based on recent market indications, Range expects to average the following price differentials for its production in 2024.

Natural Gas: NYMEX minus $0.40 to $0.45

Natural Gas Liquids (including ethane): Mont Belvieu minus $1.00 to plus $1.00 per barrel

Oil/Condensate: WTI minus $10.00 to $13.00

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

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