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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark one)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-12209

 

RANGE RESOURCES CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware

 

34-1312571

(State or Other Jurisdiction of

Incorporation or Organization)

 

(IRS Employer

Identification No.)

 

100 Throckmorton Street, Suite 1200

Fort Worth, Texas

 

76102

(Address of Principal Executive Offices)

 

(Zip Code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, (Par Value $0.01)

 

RRC

 

New York Stock Exchange

Registrant’s telephone number, including area code

(817) 870-2601

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer

 

Accelerated Filer

 

 

 

 

Non-Accelerated Filer

 

Smaller Reporting Company

 

 

 

 

Emerging Growth Company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No

241,635,155 Common Shares were outstanding on October 21, 2022

 


 

RANGE RESOURCES CORPORATION

FORM 10-Q

Quarter Ended September 30, 2022

Unless the context otherwise indicates, all references in this report to “Range Resources,” “Range,” “we,” “us,” or “our” are to Range Resources Corporation and its directly and indirectly owned subsidiaries. For certain industry specific terms used in this Form 10-Q, please see “Glossary of Certain Defined Terms” in our 2021 Annual Report on Form 10-K.

TABLE OF CONTENTS

 

 

 

 

 

Page

PART I – FINANCIAL INFORMATION

 

 

ITEM 1.

 

Financial Statements:

 

3

 

 

Consolidated Balance Sheets

 

3

 

 

Consolidated Statements of Operations (Unaudited)

 

4

 

 

Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

 

5

 

 

Consolidated Statements of Cash Flows (Unaudited)

 

6

 

 

Consolidated Statements of Stockholders’ Equity (Unaudited)

 

7

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

9

ITEM 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

26

ITEM 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

40

ITEM 4.

 

Controls and Procedures

 

42

PART II – OTHER INFORMATION

 

 

ITEM 1.

 

Legal Proceedings

 

42

ITEM 1A.

 

Risk Factors

 

43

ITEM 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

43

ITEM 6.

 

Exhibits

 

44

 

 

SIGNATURES

 

45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2


 

PART I – FINANCIAL INFORMATION

 

ITEM 1. Financial Statements

RANGE RESOURCES CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

 

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Assets

 

(Unaudited)

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

157,144

 

 

$

214,422

 

Accounts receivable, less allowance for doubtful accounts of $564 and $568

 

 

634,333

 

 

 

471,775

 

Contingent consideration receivable

 

 

 

 

 

29,500

 

Derivative assets

 

 

37,350

 

 

 

5,738

 

Other current assets

 

 

33,539

 

 

 

15,230

 

Total current assets

 

 

862,366

 

 

 

736,665

 

Derivative assets

 

 

13,422

 

 

 

38,601

 

Natural gas properties, successful efforts method

 

 

10,548,054

 

 

 

10,175,570

 

Accumulated depletion and depreciation

 

 

(4,676,454

)

 

 

(4,420,914

)

 

 

 

5,871,600

 

 

 

5,754,656

 

Other property and equipment

 

 

74,513

 

 

 

74,678

 

Accumulated depreciation and amortization

 

 

(71,781

)

 

 

(71,184

)

 

 

 

2,732

 

 

 

3,494

 

Operating lease right-of-use assets

 

 

96,567

 

 

 

40,832

 

Other assets

 

 

73,089

 

 

 

86,259

 

Total assets

 

$

6,919,776

 

 

$

6,660,507

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

220,818

 

 

$

178,413

 

Asset retirement obligations

 

 

5,310

 

 

 

5,310

 

Accrued liabilities

 

 

563,004

 

 

 

420,898

 

Accrued interest

 

 

31,231

 

 

 

75,940

 

Derivative liabilities

 

 

652,585

 

 

 

162,767

 

Divestiture contract obligation

 

 

88,570

 

 

 

91,120

 

Current maturities of long-term debt

 

 

528,149

 

 

 

218,017

 

Total current liabilities

 

 

2,089,667

 

 

 

1,152,465

 

Bank debt

 

 

 

 

 

 

Senior notes

 

 

1,831,675

 

 

 

2,707,770

 

Deferred tax liabilities

 

 

143,814

 

 

 

117,642

 

Derivative liabilities

 

 

155,995

 

 

 

8,216

 

Deferred compensation liabilities

 

 

85,750

 

 

 

137,102

 

Operating lease liabilities

 

 

37,458

 

 

 

24,861

 

Asset retirement obligations and other liabilities

 

 

99,268

 

 

 

101,509

 

Divestiture contract obligation

 

 

312,665

 

 

 

325,279

 

Total liabilities

 

 

4,756,292

 

 

 

4,574,844

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ Equity

 

 

 

 

 

 

Preferred stock, $1 par, 10,000,000 shares authorized, none issued and outstanding

 

 

 

 

 

 

Common stock, $0.01 par, 475,000,000 shares authorized, 262,886,690 issued at
   September 30, 2022 and
259,795,554 issued at December 31, 2021

 

 

2,629

 

 

 

2,598

 

Common stock held in treasury, 20,603,035 shares at September 30, 2022 and 10,002,646
   shares at December 31, 2021

 

 

(338,851

)

 

 

(30,007

)

Additional paid-in capital

 

 

5,757,194

 

 

 

5,720,277

 

Accumulated other comprehensive income (loss)

 

 

37

 

 

 

(150

)

Retained deficit

 

 

(3,257,525

)

 

 

(3,607,055

)

Total stockholders' equity

 

 

2,163,484

 

 

 

2,085,663

 

Total liabilities and stockholders’ equity

 

$

6,919,776

 

 

$

6,660,507

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

3


 

RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share data)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas, NGLs and oil sales

 

$

1,435,152

 

 

$

849,305

 

 

$

3,824,395

 

 

$

2,074,507

 

Derivative fair value loss

 

 

(457,708

)

 

 

(652,220

)

 

 

(1,636,687

)

 

 

(959,782

)

Brokered natural gas, marketing and other

 

 

133,101

 

 

 

105,554

 

 

 

328,716

 

 

 

248,668

 

Total revenues and other income

 

 

1,110,545

 

 

 

302,639

 

 

 

2,516,424

 

 

 

1,363,393

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Direct operating

 

 

21,290

 

 

 

20,245

 

 

 

61,628

 

 

 

57,653

 

Transportation, gathering, processing and compression

 

 

323,019

 

 

 

296,510

 

 

 

948,713

 

 

 

853,684

 

Production and ad valorem taxes

 

 

8,428

 

 

 

7,140

 

 

 

22,486

 

 

 

20,179

 

Brokered natural gas and marketing

 

 

127,285

 

 

 

105,838

 

 

 

330,517

 

 

 

247,177

 

Exploration

 

 

7,498

 

 

 

5,881

 

 

 

19,703

 

 

 

16,447

 

Abandonment and impairment of unproved properties

 

 

3,186

 

 

 

2,000

 

 

 

12,319

 

 

 

7,206

 

General and administrative

 

 

41,197

 

 

 

49,061

 

 

 

127,716

 

 

 

127,307

 

Exit and termination costs

 

 

11,065

 

 

 

11,789

 

 

 

58,249

 

 

 

9,557

 

Deferred compensation plan

 

 

5,795

 

 

 

34,278

 

 

 

59,917

 

 

 

89,551

 

Interest

 

 

38,736

 

 

 

56,809

 

 

 

127,912

 

 

 

170,974

 

Loss on early extinguishment of debt

 

 

 

 

 

 

 

 

69,232

 

 

 

98

 

Depletion, depreciation and amortization

 

 

90,471

 

 

 

93,116

 

 

 

262,573

 

 

 

272,128

 

Gain on the sale of assets

 

 

(135

)

 

 

(78

)

 

 

(548

)

 

 

(724

)

Total costs and expenses

 

 

677,835

 

 

 

682,589

 

 

 

2,100,417

 

 

 

1,871,237

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

 

432,710

 

 

 

(379,950

)

 

 

416,007

 

 

 

(507,844

)

Income tax expense (benefit):

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

6,981

 

 

 

4,484

 

 

 

20,732

 

 

 

7,221

 

Deferred

 

 

52,642

 

 

 

(34,167

)

 

 

26,141

 

 

 

(35,477

)

 

 

 

59,623

 

 

 

(29,683

)

 

 

46,873

 

 

 

(28,256

)

Net income (loss)

 

$

373,087

 

 

$

(350,267

)

 

$

369,134

 

 

$

(479,588

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.52

 

 

$

(1.44

)

 

$

1.48

 

 

$

(1.98

)

Diluted

 

$

1.49

 

 

$

(1.44

)

 

$

1.45

 

 

$

(1.98

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per share

 

$

0.08

 

 

$

 

 

$

0.08

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

239,768

 

 

 

243,311

 

 

 

242,850

 

 

 

242,692

 

Diluted

 

 

245,023

 

 

 

243,311

 

 

 

248,360

 

 

 

242,692

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

4


 

RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited, in thousands)

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

373,087

 

 

$

(350,267

)

 

$

369,134

 

 

$

(479,588

)

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

Postretirement benefits:

 

 

 

 

 

 

 

 

 

 

 

Amortization of prior service costs

 

73

 

 

 

92

 

 

 

219

 

 

 

277

 

Income tax expense

 

(17

)

 

 

(22

)

 

 

(32

)

 

 

(66

)

Total comprehensive income (loss)

$

373,143

 

 

$

(350,197

)

 

$

369,321

 

 

$

(479,377

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

5


 

RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

 

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

Operating activities:

 

 

 

 

 

 

Net income (loss)

 

$

369,134

 

 

$

(479,588

)

Adjustments to reconcile net loss to net cash provided from operating activities:

 

 

 

 

 

 

Deferred income tax expense (benefit)

 

 

26,141

 

 

 

(35,477

)

Depletion, depreciation and amortization and impairment of proved properties