Range Resources — Oct 22, 2024 release
Fiscal 2024 third-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000950170-24-116578
Showing in the filing
SW PA Dry
“11”
Period
FY2024
Measure
Company-defined measure
Source
Guidance table
All guidance in this release · 25
SW PA Dry for FY2024
“11”
Natural gas price differential vs NYMEX for FY2024
“($0.39) to ($0.40) per mcf”
NGL price differential vs Mont Belvieu for FY2024
“+$2.10 - +$2.35”
NGL price differential vs Mont Belvieu for Q4 FY2024
“+$1.00 to +$2.00”
Condensate price differential vs WTI
“$10.00-$13.00 below WTI”
SW PA Super-Rich for FY2024
“9”
SW PA Wet for FY2024
“27”
Total Wells for FY2024
“17”
Total Wells - Remaining 2024 for Q4 FY2024
“17”
Total Wells - 2024 Planned TIL for FY2024
“47”
Share repurchase program availability
“approximately $1.0 billion”
All-in capital budget for FY2024
“$645 million - $670 million”
Annual production for FY2024
“~2.17 Bcfe per day”
Liquids as a percentage of production for FY2024
“over 30%”
Direct operating expense for FY2024
“$0.11 - $0.12 per mcfe”
Transportation, gathering, processing and co… for FY2024
“$1.48 - $1.50 per mcfe”
Taxes other than income for FY2024
“$0.03 - $0.04 per mcfe”
Exploration expense for FY2024
“$22 - $28 million”
G&A expense for FY2024
“$0.17 - $0.18 per mcfe”
Net Interest expense for FY2024
“$0.13 - $0.14 per mcfe”
DD&A expense for FY2024
“$0.45 - $0.46 per mcfe”
Net brokered gas marketing expense for FY2024
“$8 - $12 million”
Natural Gas differential for FY2024
“NYMEX minus $0.39 to $0.40”
Natural Gas Liquids differential for FY2024
“MB plus $2.10 to $2.35 per barrel”
Oil/Condensate differential for FY2024
“WTI minus $10.00 to $13.00”
Exhibit 99.1 · the passage around this item
… earlier in the release
Non-GAAP revenues for third quarter 2024 totaled $680 million, and cash flow from operations before changes in working capital, a non-GAAP measure, was $250 million. Adjusted net income comparable to analysts’ estimates, a non-GAAP measure, was $117 million ($0.48 per diluted share) in third quarter 2024.
The following table details Range’s third quarter 2024 unit costs per mcfe (a) :
Expenses
3Q 2024 (per mcfe)
3Q 2023 (per mcfe)
Increase (Decrease)
Direct operating (a)
$ 0.12
$ 0.11
9%
Transportation, gathering, processing and compression (a)
1.51
1.42
6%
Taxes other than income
0.03
0.02
50%
General and administrative (a)
0.16
0.15
7%
Interest expense (a)
0.14
0.15
(7%)
Total cash unit costs (b)
1.96
1.86
5%
Depletion, depreciation and amortization (DD&A)
0.45
0.45
0%
Total unit costs plus DD&A (b)
$ 2.41
$ 2.31
4%
(a) Excludes stock-based compensation, one-time settlements, and amortization of deferred financing costs.
(b) Totals may not be exact due to rounding.
The following table details
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.