GAAP revenues for the fourth quarter of 2012 totaled $458 million (51% increase as compared to fourth quarter 2011), GAAP net cash provided from operating activities including changes in working capital reached $186 million ($1.16 per diluted share) and GAAP earnings were $53 million ($0.32 per diluted share) versus a net loss of $3 million ($0.02 loss per diluted share) in 2011. Fourth quarter results were driven by a 35% increase in production and lower unit costs.
Non-GAAP revenues for fourth quarter 2012 totaled $418 million (19% increase compared to fourth quarter 2011), cash flow from operations before changes in working capital, a non-GAAP measure, reached $248 million ($1.54 per diluted share versus average First Call consensus estimates of $1.36 per share). Adjusted net income, a non-GAAP measure, was $73 million ($0.46 per diluted share for the fourth quarter 2012 versus average First Call consensus estimates of $0.29 per share). Wellhead prices, after adjustment for all cash-settled hedges and derivatives, averaged $5.35 per mcfe. The Company’s total unit costs decreased by $0.36 per mcfe or 9% compared to the prior-year quarter. Direct operating expenses for the quarter were $0.38 per mcfe, a 16% decrease compared to the prior-year quarter. Depreciation, depletion and amortization expense decreased 14% to $1.46 per mcfe.
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.Balance Sheet During 2012, Range strengthened its balance sheet with the sale of its Ardmore Woodford and other miscellaneous properties for approximately $170 million. The sale proceeds were used to pay down the outstanding balance on its bank credit facility. At year-end 2012, following the redemption of $250 million in high-coupon 7.5% bonds, the Company had over $900 million of liquidity on its credit facility. Increasing quarterly cash flow and the proceeds from additional asset sales are expected to strengthen the balance sheet in 2013.
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