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Range Announces Third Quarter 2012 Results

RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its third quarter 2012 results. Third quarter results were driven by record high production, which was 47% higher than the prior-year quarter, a 12% decrease in unit costs, offset by a 24% decline in commodity prices. Reported natural gas, NGL and oil revenues totaled $337 million, an 11% increase versus the prior year quarter. Net cash provided from operating activities including changes in working capital was $178 million, a 28% increase over the prior-year quarter. Reported net loss for the third quarter was $53.8 million ($0.34 loss per diluted share), versus net income of $34.8 million ($0.21 per diluted share) for the third quarter of 2011. Earnings in the current quarter included a $58.4 million non-cash derivative mark-to-market reduction in value as compared to a $55.0 million non-cash derivative mark-to-market increase in value in the prior-year quarter.

Adjusted net income comparable to analysts’ estimates, a non-GAAP measure, was $32.0 million ($0.20 per diluted share) versus $44.7 million ($0.28 per diluted share) in the prior-year quarter. Cash flow from operations before changes in working capital, a non-GAAP measure, decreased less than 1% from the prior-year quarter to $189.2 million. Comparing these amounts to analysts’ average First Call consensus estimates, the Company’s earnings per share ($0.20 per diluted share) were three cents higher than the consensus of analysts’ estimates of $0.17 per diluted share. Cash flow per share ($1.18 per diluted share) for the quarter was also three cents higher than the consensus analysts’ estimates of $1.15 per diluted share. See “Non-GAAP Financial Measures” for a definition of each of these non-GAAP financial measures and tables that reconcile each of these non-GAAP measures to their most directly comparable GAAP financial measure.

Commenting on the announcement, Jeff Ventura, Range’s President and CEO, said, “We accomplished much in the third quarter. Our record 47% production increase coupled with the 12% reduction in unit costs reflects the high quality of our asset base and exceptional operational performance by the entire Range team. We continue to fine-tune our drilling and completion process in our core plays seeing improved well performance and greater capital efficiency. Of particular importance were two wells, each producing in excess of 1,000 barrels of liquids per day – one in the super-rich Marcellus and one in the Horizontal Mississippian oil play. Substantial progress was also made on the infrastructure and marketing front, as we executed a historical agreement to become the anchor shipper on the Mariner East project which will allow us to store and sell propane and ethane along the east coast and to the international markets. Our $190 million of non-core asset sales so far this year reflects our long-standing strategy of high grading our assets and protecting our financial position. With three quarters of the year behind us, 2012 is shaping up to being the 'inflection point' year we had anticipated.”

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