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reported on April 28, 2009 that its Q1 FY09 earnings increased to $32.61 million or $0.21 per share from $1.74 million or $0.01 per share, boosted by cash settled derivative gains and a mark-to-market gain on unrealized derivatives. However, non-GAAP net income plunged 60.1% to $38.43 million or $0.24 per share, which beat the most recent consensus estimate of $0.21 per share.
Total revenue rose 34.6% to $276.44 million from $205.34 million as higher production volumes were partially offset by lower average realized prices. Total oil and gas sales declined 33.9% to $203.19 million from $307.38 million. Oil and gas sales, including cash-settled derivatives dropped 23.1% to $247.66 million from $322.09 million. Average production grew 12.2% to 415.82 million cubic feet equivalent from 370.61 MMcfe. Average realized prices, including cash hedges and derivatives, decreased 30.7% to $6.62 per thousand cubic feet (Mcfe) from $9.25 per Mcfe. Direct operating costs fell 3.1% to $0.93 per Mcfe from $0.96 per Mcfe.
Total expenses swelled 14.7% to $225.00 million from $196.12 million as direct operating expenses surged 7.5% to $34.81 million, general and administrative expenses increased 46.0% to $18.69 million, and depletion, depreciation, and amortization increased 20.2% to $84.32 million. Abandonment and impairment of unproved properties soared to $19.57 million from $1.44 million.
Range Resources paid a quarterly cash dividend of $0.04 per common share.
The company anticipates a net Marcellus production rate of 80.00 to 100.00 MMcfe per day by the end of FY09 and expects to double that target in FY10.