10-Q 1 rrc-20220331.htm 10-Q 10-Q
--12-31Q1false00003158520000315852rrc:BankCreditFacilityMember2022-01-012022-03-310000315852us-gaap:SwapMembersrt:CrudeOilMemberus-gaap:CommodityContractMember2021-12-310000315852us-gaap:RestrictedStockMember2021-01-012021-12-310000315852us-gaap:FairValueInputsLevel1Memberrrc:ContingentConsiderationMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000315852rrc:NaturalsGasMemberrrc:TwoThousandTwentyThreeCommodityContractMemberrrc:CallSwaptionsMember2022-03-310000315852srt:NaturalGasReservesMemberrrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2022-01-012022-03-310000315852us-gaap:BasisSwapMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000315852rrc:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyFiveMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310000315852rrc:RestrictedStockLiabilityAwardsMember2022-03-310000315852us-gaap:NotesPayableToBanksMemberrrc:NinePointTwoFivePercentSeniorNotesDueTwoThousandTwentySixMember2022-03-310000315852rrc:NaturalsGasMemberrrc:TwoThousandTwentyThreeCommodityContractMemberrrc:ThreeWayCollarsMember2022-03-310000315852rrc:NaturalsGasMemberrrc:CollarsMemberrrc:TwentyTwentyFourCommodityContractMember2022-03-310000315852us-gaap:GeneralAndAdministrativeExpenseMember2022-01-012022-03-310000315852us-gaap:AdditionalPaidInCapitalMember2021-03-310000315852us-gaap:SwapMemberrrc:NaturalsGasMemberus-gaap:CommodityContractMember2021-12-310000315852rrc:FivePercentSeniorNotesDueTwoThousandTwentyTwoMember2021-12-310000315852us-gaap:FairValueInputsLevel3Member2022-01-012022-03-310000315852rrc:TerminationCostsMember2022-01-012022-03-310000315852us-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberrrc:ThreeWayCollarsMember2021-12-310000315852us-gaap:BasisSwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000315852rrc:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyFiveMemberus-gaap:NotesPayableToBanksMember2022-03-310000315852rrc:FourPointSevenFivePercentSeniorSubordinatedNotesDueTwoThousandTwentyMember2021-12-310000315852rrc:OtherMarketingRevenueMemberrrc:BrokeredNaturalGasMarketingAndOtherMember2022-01-012022-03-310000315852us-gaap:FairValueInputsLevel1Memberrrc:CollarsMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000315852us-gaap:BasisSwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-3100003158522021-01-012021-03-310000315852rrc:NGLsCThreePropaneMemberus-gaap:CommodityContractMemberrrc:SpreadSwapMember2021-12-310000315852us-gaap:TreasuryStockMember2021-03-310000315852rrc:NaturalsGasMemberrrc:DerivativesCallsMemberus-gaap:CommodityContractMember2021-12-310000315852us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310000315852us-gaap:NotesPayableToBanksMemberrrc:FourPointSevenFivePercentSeniorNotesDueTwoThousandThirtyMember2021-12-310000315852rrc:ExitCostsMember2021-12-310000315852rrc:NaturalsGasMemberrrc:TwoThousandTwentyTwoCommoditiesContractMemberrrc:ThreeWayCollarsMember2022-03-310000315852us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2022-01-012022-03-310000315852us-gaap:RestrictedStockMember2021-01-012021-03-310000315852srt:MinimumMemberrrc:PerformanceSharesAwardsBasedOnProductionPerShareAwardsAndReservePerShareAwardsMember2022-01-012022-03-310000315852us-gaap:SwapMemberrrc:FreightContractMember2021-12-310000315852country:PA2021-01-012021-03-310000315852us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000315852srt:MaximumMemberrrc:BankCreditFacilityMember2022-01-012022-03-310000315852us-gaap:OperatingExpenseMember2022-01-012022-03-310000315852us-gaap:TreasuryStockMember2022-03-310000315852us-gaap:FairValueInputsLevel3Memberus-gaap:SwaptionMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000315852srt:MaximumMemberrrc:PerformanceSharesAwardsBasedOnProductionPerShareAwardsAndReservePerShareAwardsMember2022-01-012022-03-310000315852us-gaap:FairValueInputsLevel3Memberrrc:ContingentConsiderationMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000315852rrc:RestrictedStockEquityAwardsMember2022-01-012022-03-310000315852rrc:FivePointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyTwoMember2022-03-310000315852rrc:PerformanceSharesAwardsBasedOnProductionPerShareAwardsAndReservePerShareAwardsMemberrrc:MarchTwoThousandNineteenGrantMember2022-01-012022-03-310000315852rrc:NaturalsGasMemberrrc:CollarsMemberus-gaap:CommodityContractMember2021-12-310000315852us-gaap:CarryingReportedAmountFairValueDisclosureMemberrrc:NinePointTwoFivePercentageSeniorNotesDueTwoThousandTwentySixMember2022-03-310000315852us-gaap:SwapMemberrrc:NglsNcFourButaneMemberus-gaap:CommodityContractMember2022-03-310000315852rrc:ExitCostsMember2022-01-012022-03-310000315852rrc:DerivativesCallsMember2021-01-012021-03-310000315852rrc:FourPointSevenFivePercentSeniorNotesDueTwoThousandThirtyMember2022-01-310000315852us-gaap:CarryingReportedAmountFairValueDisclosureMemberrrc:FivePointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyTwoMember2022-03-310000315852rrc:NinePointTwoFivePercentSeniorNotesDueTwoThousandTwentySixMember2022-03-310000315852rrc:PerformanceSharesAwardsBasedOnProductionPerShareAwardsAndReservePerShareAwardsMember2022-03-310000315852us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000315852srt:MinimumMemberrrc:PerformanceBasedTSRPSUsMember2022-01-012022-03-310000315852rrc:FivePercentSeniorNotesDueTwoThousandTwentyThreeMemberus-gaap:NotesPayableToBanksMember2022-03-310000315852rrc:FreightContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000315852rrc:BankCreditFacilityNewMember2022-04-140000315852rrc:BrokeredNaturalGasMarketingAndOtherMembersrt:NaturalGasLiquidsReservesMember2022-01-012022-03-310000315852us-gaap:SwapMemberrrc:TwoThousandTwentyTwoCommoditiesContractMemberrrc:NGLsCFiveNaturalGasolineMember2022-03-310000315852us-gaap:NotesPayableToBanksMember2021-12-310000315852rrc:NinePointTwoFivePercentageSeniorNotesDueTwoThousandTwentySixMember2022-01-012022-01-310000315852us-gaap:SwapMemberrrc:NaturalsGasMemberus-gaap:CommodityContractMember2022-03-310000315852rrc:FivePercentSeniorNotesDueTwoThousandTwentyThreeMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310000315852us-gaap:BasisSwapMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000315852srt:NaturalGasLiquidsReservesMemberrrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2021-01-012021-03-310000315852us-gaap:TreasuryStockMember2021-01-012021-03-310000315852rrc:NinePointTwoFivePercentageSeniorNotesDueTwoThousandTwentySixMember2021-12-310000315852us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberrrc:ThreeWayCollarsMember2022-03-310000315852rrc:RestrictedStockEquityAwardsMember2022-03-310000315852srt:MinimumMemberrrc:BankCreditFacilityMemberus-gaap:BaseRateMember2022-03-310000315852srt:MinimumMemberrrc:ContingentConsiderationMember2022-03-310000315852us-gaap:CarryingReportedAmountFairValueDisclosureMemberrrc:FivePercentSeniorNotesDueTwoThousandTwentyTwoMember2021-12-310000315852us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000315852rrc:FivePointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyTwoMember2021-09-300000315852us-gaap:FairValueInputsLevel1Memberus-gaap:SwaptionMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000315852rrc:RestrictedStockEquityAwardsMember2021-01-012021-03-310000315852rrc:EightPointTwoFivePercentageSeniorNotesDueTwoThousandTwentyNine1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310000315852us-gaap:FairValueInputsLevel2Memberrrc:ContingentConsiderationMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000315852rrc:FourPointSevenFivePercentSeniorNotesDueTwoThousandThirtyMember2022-03-3100003158522020-12-310000315852srt:NaturalGasReservesMemberrrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2021-01-012021-03-310000315852us-gaap:FairValueInputsLevel3Member2022-03-310000315852us-gaap:SwapMemberrrc:AprilToJuneTwoThousandTwentyTwoCommodityContractMemberrrc:NGLsCTwoEthaneMember2022-03-310000315852us-gaap:CarryingReportedAmountFairValueDisclosureMemberrrc:ContingentConsiderationMember2021-12-310000315852rrc:ThreeWayCollarsMember2022-01-012022-03-310000315852us-gaap:RetainedEarningsMember2021-01-012021-03-310000315852srt:MinimumMemberus-gaap:MeasurementInputPriceVolatilityMember2022-01-012022-03-310000315852rrc:CollarsMemberrrc:NGLsCFiveNaturalGasolineMemberus-gaap:CommodityContractMember2022-03-310000315852us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000315852rrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2021-01-012021-03-310000315852rrc:NaturalsGasMemberus-gaap:SwaptionMemberus-gaap:CommodityContractMember2021-12-310000315852rrc:NinePointTwoFivePercentageSeniorNotesDueTwoThousandTwentySixMember2022-01-012022-03-310000315852rrc:BrokeredNaturalGasAndMarketingExpenseMember2021-01-012021-03-310000315852rrc:TwoThousandTwentyThreeCommodityContractMemberrrc:NaturalsGasMemberrrc:CollarsMember2022-03-310000315852rrc:BankCreditFacilityMemberus-gaap:BaseRateMember2022-01-012022-03-310000315852us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000315852us-gaap:CommonStockMember2021-12-310000315852us-gaap:BasisSwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000315852rrc:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyFiveMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310000315852rrc:BankCreditFacilityMember2021-01-012021-03-310000315852srt:MinimumMemberrrc:BankCreditFacilityMember2022-03-310000315852us-gaap:SwapMemberus-gaap:CommodityContractMember2022-01-012022-03-310000315852rrc:MarchTwoThousandNineteenGrantMemberrrc:PerformanceBasedTSRPSUsMember2022-01-012022-03-310000315852rrc:FivePercentSeniorNotesDueTwoThousandTwentyTwoMember2022-03-310000315852rrc:FivePercentSeniorNotesDueTwoThousandTwentyThreeMember2021-12-310000315852rrc:CollarsMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000315852rrc:CollarsMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000315852rrc:ContingentConsiderationMember2021-12-310000315852country:PArrc:CapacityReleasesOnTransportationPipelinesMember2022-01-012022-03-3100003158522022-04-220000315852us-gaap:CommonStockMemberus-gaap:PerformanceSharesMember2022-01-012022-03-310000315852us-gaap:SwapMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000315852us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310000315852us-gaap:CarryingReportedAmountFairValueDisclosureMemberrrc:FourPointSevenFivePercentSeniorSubordinatedNotesDueTwoThousandTwentyMember2022-03-310000315852rrc:ExplorationExpenseMember2022-01-012022-03-310000315852us-gaap:SwaptionMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000315852rrc:ThreeWayCollarsMember2021-01-012021-03-310000315852country:PA2022-01-012022-03-310000315852rrc:FourPointSevenFivePercentSeniorSubordinatedNotesDueTwoThousandTwentyMember2022-03-310000315852rrc:NGLsCThreePropaneMemberrrc:AprilToJuneTwoThousandTwentyTwoCommodityContractMember2022-03-310000315852rrc:PerformanceBasedTSRPSUsMember2021-12-310000315852rrc:TerminationCostsMember2021-12-310000315852us-gaap:NotesPayableToBanksMemberrrc:FivePointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyTwoMember2021-12-310000315852rrc:NaturalGasBasisSwapMemberus-gaap:CommodityContractMember2022-03-310000315852rrc:DerivativesCallsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000315852rrc:ContingentConsiderationMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000315852us-gaap:SwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000315852us-gaap:CarryingReportedAmountFairValueDisclosureMemberrrc:FivePercentSeniorNotesDueTwoThousandTwentyTwoMember2022-03-310000315852rrc:FourPointSevenFivePercentSeniorSubordinatedNotesDueTwoThousandTwentyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310000315852rrc:DerivativesCallsMember2022-01-012022-03-310000315852rrc:FivePercentSeniorNotesDueTwoThousandTwentyTwoMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000315852us-gaap:LondonInterbankOfferedRateLIBORMembersrt:MinimumMemberrrc:BankCreditFacilityMember2022-03-310000315852us-gaap:CarryingReportedAmountFairValueDisclosureMemberrrc:FourPointSevenFivePercentSeniorSubordinatedNotesDueTwoThousandTwentyMember2021-12-310000315852rrc:ContingentConsiderationMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310000315852rrc:CollarsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-3100003158522022-01-012022-03-310000315852us-gaap:SwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000315852us-gaap:SwapMemberrrc:NaturalsGasMemberrrc:TwoThousandTwentyTwoCommoditiesContractMember2022-03-310000315852us-gaap:CarryingReportedAmountFairValueDisclosureMemberrrc:FivePointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyTwoMember2021-12-310000315852srt:MaximumMemberrrc:PerformanceBasedTSRPSUsMember2022-01-012022-03-310000315852rrc:ContingentConsiderationMember2022-01-012022-03-310000315852us-gaap:FairValueInputsLevel2Memberus-gaap:SwaptionMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000315852rrc:CollarsMember2022-01-012022-03-310000315852us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberrrc:ThreeWayCollarsMember2022-03-310000315852srt:NaturalGasReservesMemberrrc:BrokeredNaturalGasMarketingAndOtherMember2021-01-012021-03-310000315852rrc:FreightContractMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000315852rrc:NaturalsGasMemberus-gaap:BasisSwapMemberus-gaap:CommodityContractMember2021-12-310000315852rrc:PerformanceBasedTSRPSUsMember2021-01-012021-03-310000315852srt:MaximumMemberrrc:MarchTwoThousandNineteenGrantMemberrrc:PerformanceBasedTSRPSUsMember2022-01-012022-03-310000315852rrc:ExplorationExpenseMember2021-01-012021-03-310000315852rrc:EightPointTwoFivePercentageSeniorNotesDueTwoThousandTwentyNine1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000315852srt:MaximumMemberrrc:RestrictedStockEquityAwardsMember2022-01-012022-03-310000315852us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310000315852rrc:CounterpartiesNotInFacilityMember2022-03-310000315852rrc:NinePointTwoFivePercentageSeniorNotesDueTwoThousandTwentySixMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000315852us-gaap:SwapMemberus-gaap:CommodityContractMember2021-01-012021-03-310000315852rrc:EightPointTwoFivePercentageSeniorNotesDueTwoThousandTwentyNine1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310000315852rrc:PostRetirementMedicalPlanMember2022-01-012022-03-310000315852us-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberrrc:ThreeWayCollarsMember2021-12-310000315852rrc:PerformanceBasedTSRPSUsMember2022-01-012022-03-310000315852rrc:RestrictedStockLiabilityAwardsMember2021-12-310000315852rrc:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyFiveMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000315852rrc:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyFiveMember2022-03-310000315852us-gaap:AdditionalPaidInCapitalMember2021-12-310000315852us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000315852us-gaap:NotesPayableToBanksMemberrrc:EightPointTwoFivePercentSeniorNotesDueTwoThousandTwentyNineMember2022-03-310000315852us-gaap:SwapMemberrrc:NGLsCFiveNaturalGasolineMemberus-gaap:CommodityContractMember2022-03-310000315852rrc:FivePercentSeniorNotesDueTwoThousandTwentyThreeMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000315852us-gaap:SwapMemberus-gaap:CommodityContractMemberrrc:NGLsCTwoEthaneMember2022-03-310000315852us-gaap:SwaptionMemberus-gaap:MeasurementInputPriceVolatilityMembersrt:WeightedAverageMember2022-01-012022-03-310000315852us-gaap:CommonStockMember2021-01-012021-03-310000315852us-gaap:FairValueInputsLevel2Memberus-gaap:BasisSwapMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000315852us-gaap:BasisSwapMember2021-01-012021-03-310000315852us-gaap:SwapMemberrrc:TwoThousandTwentyThreeCommodityContractMembersrt:CrudeOilMember2022-03-310000315852rrc:NinePointTwoFivePercentageSeniorNotesDueTwoThousandTwentySixMember2022-03-310000315852us-gaap:NotesPayableToBanksMemberrrc:FivePercentSeniorNotesDueTwoThousandTwentyTwoMember2022-03-310000315852us-gaap:NotesPayableToBanksMemberrrc:EightPointTwoFivePercentSeniorNotesDueTwoThousandTwentyNineMember2021-12-310000315852us-gaap:FairValueInputsLevel3Memberus-gaap:SwaptionMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000315852rrc:FivePointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyTwoMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000315852us-gaap:CarryingReportedAmountFairValueDisclosureMemberrrc:ContingentConsiderationMember2022-03-310000315852us-gaap:CarryingReportedAmountFairValueDisclosureMemberrrc:NinePointTwoFivePercentageSeniorNotesDueTwoThousandTwentySixMember2021-12-310000315852us-gaap:BasisSwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000315852us-gaap:AdditionalPaidInCapitalMember2022-03-310000315852rrc:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyFiveMember2021-12-310000315852rrc:NaturalsGasMemberrrc:CollarsMemberus-gaap:CommodityContractMember2022-03-310000315852rrc:DirectOperatingExpenseMember2022-01-012022-03-310000315852us-gaap:CommonStockMember2021-03-310000315852us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310000315852us-gaap:SwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000315852rrc:NaturalsGasMemberus-gaap:CommodityContractMemberrrc:ThreeWayCollarsMember2021-12-310000315852us-gaap:FairValueInputsLevel1Memberrrc:ContingentConsiderationMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000315852rrc:FourPointSevenFivePercentSeniorNotesDueTwoThousandThirtyMember2022-01-012022-01-310000315852us-gaap:RestrictedStockMember2022-01-012022-03-310000315852us-gaap:SwaptionMember2021-01-012021-03-310000315852rrc:EightPointTwoFivePercentageSeniorNotesDueTwoThousandTwentyNine1Member2021-12-3100003158522021-01-012021-09-300000315852rrc:OneCounterpartyNotInFacilityMember2022-03-310000315852rrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2022-01-012022-03-310000315852us-gaap:NotesPayableToBanksMember2022-03-310000315852us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000315852rrc:ExitCostsMember2022-03-310000315852us-gaap:SwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-3100003158522019-12-310000315852us-gaap:PerformanceSharesMember2021-01-012021-03-310000315852rrc:EightPointTwoFivePercentSeniorNotesDueTwoThousandTwentyNineMember2021-12-310000315852rrc:DerivativesCallsMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000315852rrc:ExplorationExpenseMember2021-01-012021-12-310000315852us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberrrc:ThreeWayCollarsMember2021-12-310000315852us-gaap:FairValueInputsLevel1Memberrrc:CollarsMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000315852rrc:EightPointTwoFivePercentSeniorNotesDueTwoThousandTwentyNineMember2022-03-310000315852rrc:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyFiveMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310000315852rrc:EightPointTwoFivePercentageSeniorNotesDueTwoThousandTwentyNine1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310000315852rrc:FivePointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyTwoMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310000315852us-gaap:SwapMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000315852rrc:NinePointTwoFivePercentageSeniorNotesDueTwoThousandTwentySixMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310000315852us-gaap:RetainedEarningsMember2022-01-012022-03-310000315852us-gaap:SubordinatedDebtMember2022-01-012022-03-310000315852rrc:EightPointTwoFivePercentageSeniorNotesDueTwoThousandTwentyNine1Member2022-03-310000315852srt:MaximumMemberus-gaap:MeasurementInputPriceVolatilityMember2022-01-012022-03-310000315852us-gaap:OperatingExpenseMember2021-01-012021-03-3100003158522021-12-310000315852us-gaap:TreasuryStockMember2022-01-012022-03-310000315852rrc:ContingentConsiderationMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000315852rrc:DirectOperatingExpenseMember2021-01-012021-03-310000315852us-gaap:RetainedEarningsMember2022-03-310000315852rrc:FourPointSevenFivePercentSeniorNotesDueTwoThousandThirtyMember2021-12-310000315852srt:OilReservesMemberrrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2022-01-012022-03-310000315852rrc:ContingentConsiderationMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000315852us-gaap:RevenueFromContractWithCustomerMember2022-03-310000315852us-gaap:LondonInterbankOfferedRateLIBORMembersrt:MaximumMemberrrc:BankCreditFacilityMember2022-03-310000315852rrc:BrokeredNaturalGasAndMarketingExpenseMember2022-01-012022-03-310000315852us-gaap:FairValueInputsLevel2Memberrrc:FreightContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000315852rrc:NorthLouisianaMember2022-01-012022-03-310000315852rrc:NaturalsGasMemberus-gaap:CommodityContractMemberrrc:ThreeWayCollarsMember2022-03-310000315852rrc:PostRetirementMedicalPlanMember2021-01-012021-03-310000315852rrc:NaturalsGasMemberus-gaap:BasisSwapMemberus-gaap:CommodityContractMember2022-03-310000315852us-gaap:SwapMemberrrc:FreightContractMember2022-01-012022-03-310000315852rrc:TwoThousandTwentyTwoCommoditiesContractMemberrrc:CollarsMemberrrc:NGLsCFiveNaturalGasolineMember2022-03-310000315852us-gaap:PerformanceSharesMember2022-01-012022-03-310000315852us-gaap:NotesPayableToBanksMemberrrc:NinePointTwoFivePercentSeniorNotesDueTwoThousandTwentySixMember2021-12-310000315852rrc:CollarsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000315852rrc:BankCreditFacilityMember2022-03-310000315852us-gaap:BasisSwapMember2022-01-012022-03-310000315852us-gaap:AdditionalPaidInCapitalMember2020-12-310000315852srt:MaximumMemberrrc:BankCreditFacilityNewMember2022-04-140000315852rrc:OtherMarketingRevenueMemberrrc:BrokeredNaturalGasMarketingAndOtherMember2021-01-012021-03-310000315852rrc:FivePercentSeniorNotesDueTwoThousandTwentyThreeMemberus-gaap:NotesPayableToBanksMember2021-12-310000315852srt:WeightedAverageMemberus-gaap:MeasurementInputPriceVolatilityMember2022-01-012022-03-310000315852us-gaap:LondonInterbankOfferedRateLIBORMemberrrc:BankCreditFacilityMember2022-01-012022-03-310000315852rrc:BrokeredNaturalGasMarketingAndOtherMember2022-01-012022-03-310000315852us-gaap:CommonStockMember2020-12-310000315852us-gaap:NotesPayableToBanksMemberrrc:FivePointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyTwoMember2022-03-310000315852rrc:FivePercentSeniorNotesDueTwoThousandTwentyThreeMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310000315852us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberrrc:ThreeWayCollarsMember2021-12-310000315852srt:NaturalGasLiquidsReservesMemberrrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2022-01-012022-03-310000315852us-gaap:SwapMembersrt:CrudeOilMemberus-gaap:CommodityContractMember2022-03-310000315852rrc:CollarsMember2021-01-012021-03-310000315852us-gaap:FairValueMeasurementsRecurringMember2021-12-310000315852us-gaap:NotesPayableToBanksMemberrrc:FivePercentSeniorNotesDueTwoThousandTwentyTwoMember2021-12-310000315852us-gaap:SwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000315852us-gaap:FairValueInputsLevel2Memberus-gaap:SwaptionMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000315852rrc:BrokeredNaturalGasMarketingAndOtherMembersrt:NaturalGasLiquidsReservesMember2021-01-012021-03-310000315852rrc:ContingentConsiderationMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000315852rrc:FourPointSevenFivePercentSeniorSubordinatedNotesDueTwoThousandTwentyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000315852us-gaap:PerformanceSharesMember2021-01-012021-12-310000315852rrc:ContingentConsiderationMember2021-01-012021-03-310000315852rrc:TwoThousandTwentyThreeCommodityContractMemberrrc:NaturalsGasMember2022-03-310000315852us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310000315852rrc:FreightContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000315852us-gaap:FairValueInputsLevel2Memberrrc:CollarsMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000315852us-gaap:SwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000315852rrc:FivePercentSeniorNotesDueTwoThousandTwentyThreeMember2022-03-310000315852us-gaap:SwapMemberrrc:NglsNcFourButaneMemberrrc:AprilToJuneTwoThousandTwentyTwoCommodityContractMember2022-03-310000315852rrc:NinePointTwoFivePercentageSeniorNotesDueTwoThousandTwentySixMember2022-01-310000315852us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000315852us-gaap:NotesPayableToBanksMemberrrc:FourPointSevenFivePercentSeniorNotesDueTwoThousandThirtyMember2022-03-310000315852rrc:ContingentConsiderationMember2022-03-310000315852us-gaap:SwapMemberrrc:NGLsCThreePropaneMember2022-03-310000315852us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310000315852srt:OilReservesMemberrrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2021-01-012021-03-310000315852us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000315852us-gaap:SwaptionMember2022-01-012022-03-310000315852us-gaap:SwapMemberrrc:FreightContractMember2021-01-012021-03-310000315852rrc:NaturalsGasMemberus-gaap:SwaptionMemberus-gaap:CommodityContractMember2022-03-310000315852rrc:BrokeredNaturalGasMarketingAndOtherMember2021-01-012021-03-310000315852srt:MinimumMemberrrc:MarchTwoThousandNineteenGrantMemberrrc:PerformanceBasedTSRPSUsMember2022-01-012022-03-310000315852rrc:DerivativesCallsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000315852us-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberrrc:ThreeWayCollarsMember2022-03-310000315852us-gaap:SwapMemberrrc:TwoThousandTwentyTwoCommoditiesContractMembersrt:CrudeOilMember2022-03-310000315852us-gaap:FairValueInputsLevel2Memberrrc:DerivativesCallsMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000315852rrc:FivePointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyTwoMember2021-12-310000315852rrc:FivePercentSeniorNotesDueTwoThousandTwentyTwoMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310000315852srt:MinimumMemberrrc:BankCreditFacilityNewMember2022-04-140000315852rrc:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyFiveMemberus-gaap:NotesPayableToBanksMember2021-12-310000315852rrc:PerformanceBasedTSRPSUsMember2022-03-310000315852us-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberrrc:ThreeWayCollarsMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000315852rrc:DerivativesExcludingBasisSwapsAndFreightSwapsMember2022-01-012022-03-310000315852rrc:NaturalsGasMemberrrc:TwoThousandTwentyTwoCommoditiesContractMemberrrc:CollarsMember2022-03-310000315852us-gaap:CommonStockMember2022-01-012022-03-310000315852us-gaap:SwapMemberrrc:NGLsCFiveNaturalGasolineMemberus-gaap:CommodityContractMember2021-12-310000315852rrc:RestrictedStockEquityAwardsMember2021-12-310000315852rrc:NglsNcFourButaneMemberrrc:AprilToJuneTwoThousandTwentyTwoCommodityContractMember2022-03-310000315852srt:MaximumMemberrrc:BankCreditFacilityMemberus-gaap:BaseRateMember2022-03-310000315852us-gaap:RetainedEarningsMember2021-12-310000315852us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310000315852us-gaap:FairValueInputsLevel1Memberus-gaap:SwaptionMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000315852rrc:PerformanceSharesAwardsBasedOnProductionPerShareAwardsAndReservePerShareAwardsMember2022-01-012022-03-310000315852us-gaap:SwaptionMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000315852rrc:TerminationCostsMember2022-03-310000315852srt:MinimumMemberrrc:RestrictedStockEquityAwardsMember2022-01-012022-03-310000315852us-gaap:CommonStockMember2022-03-310000315852us-gaap:TreasuryStockMember2021-12-310000315852rrc:RestrictedStockLiabilityAwardsMember2022-01-012022-03-310000315852rrc:FivePercentSeniorNotesDueTwoThousandTwentyThreeMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310000315852us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000315852srt:NaturalGasReservesMemberrrc:BrokeredNaturalGasMarketingAndOtherMember2022-01-012022-03-310000315852rrc:FourPointSevenFivePercentSeniorNotesDueTwoThousandThirtyMember2022-01-012022-03-310000315852rrc:EmployeesMemberrrc:RestrictedStockLiabilityAwardsMember2022-01-012022-03-310000315852rrc:FivePointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyTwoMember2020-12-310000315852us-gaap:FairValueInputsLevel3Member2021-12-3100003158522021-01-012021-12-310000315852rrc:RestrictedStockLiabilityAwardsMember2021-01-012021-03-310000315852us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2021-01-012021-03-310000315852us-gaap:SwapMemberrrc:NGLsCThreePropaneMemberrrc:AprilToJuneTwoThousandTwentyTwoCommodityContractMember2022-03-310000315852rrc:BankCreditFacilityNewMember2022-04-142022-04-140000315852rrc:NinePointTwoFivePercentSeniorNotesDueTwoThousandTwentySixMember2021-12-310000315852us-gaap:FairValueInputsLevel2Memberus-gaap:BasisSwapMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000315852us-gaap:SwapMemberrrc:NaturalsGasMemberrrc:TwoThousandTwentyThreeCommodityContractMember2022-03-310000315852us-gaap:RevenueFromContractWithCustomerMember2021-12-310000315852us-gaap:FairValueMeasurementsRecurringMember2022-03-310000315852us-gaap:FairValueInputsLevel2Memberrrc:ContingentConsiderationMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-3100003158522021-03-310000315852rrc:CollarsMemberrrc:NGLsCFiveNaturalGasolineMemberus-gaap:CommodityContractMember2021-12-310000315852srt:MinimumMemberrrc:BankCreditFacilityMember2022-01-012022-03-310000315852us-gaap:RetainedEarningsMember2021-03-310000315852us-gaap:RetainedEarningsMember2020-12-310000315852rrc:PerformanceSharesAwardsBasedOnProductionPerShareAwardsAndReservePerShareAwardsMember2021-12-310000315852srt:MaximumMemberrrc:NorthLouisianaMemberrrc:ContingentConsiderationMember2022-01-012022-03-310000315852us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000315852rrc:NorthLouisianaMember2021-01-012021-03-310000315852us-gaap:TreasuryStockMember2020-12-310000315852us-gaap:FairValueInputsLevel2Memberrrc:CollarsMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000315852rrc:EquityGrantsMember2021-01-012021-03-310000315852us-gaap:GeneralAndAdministrativeExpenseMember2021-01-012021-03-3100003158522022-03-31rrc:Commercialbankiso4217:USDxbrli:sharesxbrli:purerrc:RevenueStreamsutr:MMBTUrrc:BarrelsPerDayxbrli:sharesrrc:Awardiso4217:USDutr:MMBTUrrc:Plansiso4217:USDutr:bblutr:bblutr:Drrc:Counterpartyrrc:MmbtuPerDayiso4217:USDutr:galiso4217:USD

 

 

 

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 March 31, 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

269,797,334 Common Shares were outstanding on April 22, 2022

 


 

RANGE RESOURCES CORPORATION

FORM 10-Q

Quarter Ended March 31, 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 (Loss) Income (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

 

25

ITEM 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

37

ITEM 4.

 

Controls and Procedures

 

40

PART II – OTHER INFORMATION

 

 

ITEM 1.

 

Legal Proceedings

 

40

ITEM 1A.

 

Risk Factors

 

40

ITEM 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

41

ITEM 6.

 

Exhibits

 

42

 

 

SIGNATURES

 

43

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2


 

PART I – FINANCIAL INFORMATION

 

ITEM 1. Financial Statements

RANGE RESOURCES CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

 

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Assets

 

(Unaudited)

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

112,931

 

 

$

214,422

 

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

 

 

413,026

 

 

 

471,775

 

Contingent consideration receivable

 

 

29,500

 

 

 

29,500

 

Derivative assets

 

 

2,176

 

 

 

5,738

 

Other current assets

 

 

18,162

 

 

 

15,230

 

Total current assets

 

 

575,795

 

 

 

736,665

 

Derivative assets

 

 

36,600

 

 

 

38,601

 

Natural gas properties, successful efforts method

 

 

10,291,519

 

 

 

10,175,570

 

Accumulated depletion and depreciation

 

 

(4,504,554

)

 

 

(4,420,914

)

 

 

 

5,786,965

 

 

 

5,754,656

 

Other property and equipment

 

 

74,715

 

 

 

74,678

 

Accumulated depreciation and amortization

 

 

(71,615

)

 

 

(71,184

)

 

 

 

3,100

 

 

 

3,494

 

Operating lease right-of-use assets

 

 

35,906

 

 

 

40,832

 

Deferred tax assets

 

 

35,436

 

 

 

 

Other assets

 

 

86,483

 

 

 

86,259

 

Total assets

 

$

6,560,285

 

 

$

6,660,507

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

234,253

 

 

$

178,413

 

Asset retirement obligations

 

 

5,310

 

 

 

5,310

 

Accrued liabilities

 

 

381,110

 

 

 

420,898

 

Accrued interest

 

 

34,317

 

 

 

75,940

 

Derivative liabilities

 

 

845,312

 

 

 

162,767

 

Divestiture contract obligation

 

 

87,499

 

 

 

91,120

 

Current maturities of long-term debt

 

 

749,483

 

 

 

218,017

 

Total current liabilities

 

 

2,337,284

 

 

 

1,152,465

 

Bank debt

 

 

 

 

 

 

Senior notes

 

 

1,829,734

 

 

 

2,707,770

 

Deferred tax liabilities

 

 

32,243

 

 

 

117,642

 

Derivative liabilities

 

 

126,030

 

 

 

8,216

 

Deferred compensation liabilities

 

 

197,494

 

 

 

137,102

 

Operating lease liabilities

 

 

23,913

 

 

 

24,861

 

Asset retirement obligations and other liabilities

 

 

102,040

 

 

 

101,509

 

Divestiture contract obligation

 

 

311,443

 

 

 

325,279

 

Total liabilities

 

 

4,960,181

 

 

 

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, 262,777,606 issued at
   March 31, 2022 and
259,795,554 issued at December 31, 2021

 

 

2,627

 

 

 

2,598

 

Common stock held in treasury, 10,601,535 shares at March 31, 2022 and 10,002,646
   shares at December 31, 2021

 

 

(46,159

)

 

 

(30,007

)

Additional paid-in capital

 

 

5,707,652

 

 

 

5,720,277

 

Accumulated other comprehensive loss

 

 

(75

)

 

 

(150

)

Retained deficit

 

 

(4,063,941

)

 

 

(3,607,055

)

Total stockholders’ equity

 

 

1,600,104

 

 

 

2,085,663

 

Total liabilities and stockholders’ equity

 

$

6,560,285

 

 

$

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 March 31,

 

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

Revenues and other income:

 

 

 

 

 

 

Natural gas, NGLs and oil sales

 

$

1,032,351

 

 

$

603,347

 

Derivative fair value loss

 

 

(939,057

)

 

 

(57,879

)

Brokered natural gas, marketing and other

 

 

87,442

 

 

 

80,564

 

Total revenues and other income

 

 

180,736

 

 

 

626,032

 

Costs and expenses:

 

 

 

 

 

 

Direct operating

 

 

20,288

 

 

 

17,650

 

Transportation, gathering, processing and compression

 

 

297,787

 

 

 

274,330

 

Production and ad valorem taxes

 

 

6,590

 

 

 

4,625

 

Brokered natural gas and marketing

 

 

93,123

 

 

 

72,335

 

Exploration

 

 

4,699

 

 

 

5,538

 

Abandonment and impairment of unproved properties

 

 

1,996

 

 

 

3,029

 

General and administrative

 

 

43,026

 

 

 

38,004

 

Exit and termination costs

 

 

11,115

 

 

 

13,714

 

Deferred compensation plan

 

 

73,343

 

 

 

19,811

 

Interest

 

 

47,175

 

 

 

56,878

 

Loss on early extinguishment of debt

 

 

69,210

 

 

 

35

 

Depletion, depreciation and amortization

 

 

85,604

 

 

 

88,383

 

(Gain) loss on the sale of assets

 

 

(331

)

 

 

1,860

 

Total costs and expenses

 

 

753,625

 

 

 

596,192

 

(Loss) income before income taxes

 

 

(572,889

)

 

 

29,840

 

Income tax expense (benefit):

 

 

 

 

 

 

Current

 

 

4,751

 

 

 

168

 

Deferred

 

 

(120,832

)

 

 

2,521

 

 

 

 

(116,081

)

 

 

2,689

 

Net (loss) income

 

$

(456,808

)

 

$

27,151

 

Net (loss) income per common share:

 

 

 

 

 

 

Basic

 

$

(1.86

)

 

$

0.11

 

Diluted

 

$

(1.86

)

 

$

0.11

 

Weighted average common shares outstanding:

 

 

 

 

 

 

Basic

 

 

245,350

 

 

 

242,159

 

Diluted

 

 

245,350

 

 

 

247,527

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

4


 

RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(Unaudited, in thousands)

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(456,808

)

 

$

27,151

 

Other comprehensive income:

 

 

 

 

 

 

Postretirement benefits:

 

 

 

 

 

 

Amortization of prior service costs

 

 

73

 

 

 

92

 

Income tax expense

 

 

2

 

 

 

(22

)

Total comprehensive (loss) income

 

$

(456,733

)

 

$

27,221

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

5


 

RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

Operating activities:

 

 

 

 

 

 

Net (loss) income

 

$

(456,808

)

 

$

27,151

 

Adjustments to reconcile net (loss) income to net cash provided from operating activities:

 

 

 

 

 

 

Deferred income tax (benefit) expense

 

 

(120,832

)

 

 

2,521

 

Depletion, depreciation and amortization and impairment of proved properties

 

 

85,604

 

 

 

88,383

 

Abandonment and impairment of unproved properties

 

 

1,996

 

 

 

3,029

 

Derivative fair value loss

 

 

939,057

 

 

 

57,879

 

Cash settlements on derivative financial instruments

 

 

(133,135

)

 

 

(39,395

)

Divestiture contract obligation, including accretion, net of gain

 

 

10,954

 

 

 

12,995

 

Amortization of deferred financing costs and other

 

 

1,965

 

 

 

2,081

 

Deferred and stock-based compensation

 

 

86,113

 

 

 

30,054

 

(Gain) loss on the sale of assets

 

 

(331

)

 

 

1,860

 

Loss on early extinguishment of debt

 

 

69,210

 

 

 

35

 

Changes in working capital:

 

 

 

 

 

 

Accounts receivable

 

 

58,674

 

 

 

(33,146

)

Other current assets

 

 

(5,908

)

 

 

122

 

Accounts payable

 

 

51,996

 

 

 

34,418

 

Accrued liabilities and other

 

 

(182,141

)

 

 

(78,735

)

Net cash provided from operating activities

 

 

406,414

 

 

 

109,252

 

Investing activities:

 

 

 

 

 

 

Additions to natural gas properties

 

 

(90,104

)

 

 

(99,233

)

Additions to field service assets

 

 

(37

)

 

 

(487

)

Acreage purchases

 

 

(12,599

)

 

 

(11,849

)

Proceeds from disposal of assets

 

 

349

 

 

 

8

 

Purchases of marketable securities held by the deferred compensation plan

 

 

(8,996

)

 

 

(3,172

)

Proceeds from the sales of marketable securities held by the deferred
   compensation plan

 

 

6,375

 

 

 

2,333

 

Net cash used in investing activities

 

 

(105,012

)

 

 

(112,400

)

Financing activities:

 

 

 

 

 

 

Borrowings on credit facilities

 

 

282,000

 

 

 

478,000

 

Repayments on credit facilities

 

 

(282,000

)

 

 

(1,056,000

)

Issuance of senior notes

 

 

500,000

 

 

 

600,000

 

Repayment of senior or senior subordinated notes

 

 

(850,000

)

 

 

 

Treasury stock purchases

 

 

(16,199

)

 

 

 

Debt issuance costs

 

 

(6,817

)

 

 

(8,559

)

Taxes paid for shares withheld

 

 

(24,995

)

 

 

(9,097

)

Change in cash overdrafts

 

 

(8,540

)

 

 

(1,646

)

Proceeds from the sales of common stock held by the deferred compensation
   plan

 

 

3,658

 

 

 

441

 

Net cash (used in) provided from financing activities

 

 

(402,893

)

 

 

3,139

 

Decrease in cash and cash equivalents

 

 

(101,491

)

 

 

(9

)

Cash and cash equivalents at beginning of period

 

 

214,422

 

 

 

458

 

Cash and cash equivalents at end of period

 

$

112,931

 

 

$

449

 

 

 

 

 

 

 

 

 

 

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

6


 

RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited, in thousands)

 

Fiscal Year 2022

 

 

 

 

 

 

 

Common

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

stock

 

 

Additional

 

 

 

 

 

other

 

 

 

 

 

 

Common stock

 

 

held in

 

 

paid-in

 

 

Retained

 

 

comprehensive

 

 

 

 

 

 

Shares

 

 

Par value

 

 

treasury

 

 

capital

 

 

deficit

 

 

loss

 

 

Total

 

Balance as of December 31, 2021

 

 

259,796

 

 

$

2,598

 

 

$

(30,007

)

 

$

5,720,277

 

 

$

(3,607,055

)

 

$

(150

)

 

$

2,085,663

 

Issuance of common stock

 

 

2,980

 

 

 

29

 

 

 

 

 

 

(21,276

)

 

 

 

 

 

 

 

 

(21,247

)

Issuance of common stock
   upon vesting of PSUs

 

 

2

 

 

 

 

 

 

 

 

 

78

 

 

 

(78

)

 

 

 

 

 

 

Stock-based compensation
   expense

 

 

 

 

 

 

 

 

 

 

 

8,619

 

 

 

 

 

 

 

 

 

8,619

 

Treasury stock

 

 

 

 

 

 

 

 

(16,152

)

 

 

(46

)

 

 

 

 

 

 

 

 

(16,198

)

Other comprehensive income