The following is a summary of the Range Resources Corporation (RRC) Q1 2024 Earnings Call Transcript:
Financial Performance:
Range Resources Corporation recorded a production of 2.14 Bcf equivalent per day with a capital spend of $170 million in Q1 2024.
The company registered highest liquids production profile in years at 32%.
Realized price per unit of production before NYMEX hedging was $0.70 above NYMEX Henry Hub prices and $3.54 per MCFE including hedges.
Cash margins per unit of production were $1.59, leading to cash flow before working capital of around $308 million.
Debt was reduced, net of cash of $150 million along with about $19 million in dividends and $24 million paid for common shares withheld for taxes on equity compensation.
Business Progress:
Range Resources operated two super spec horizontal rigs during the quarter, adding 13 laterals with a record breaking average lateral length of under 16,000 feet per well.
Range is hedged at approximately 55% of 2024 natural gas with an average floor price of $3.70, and 25% in 2025 with a floor price of $4.11.
The company is focusing on improved production stability and efficiency with long lateral drilling technology and plans to cater growing demand from data centers and increased electrification.
An infrastructural expansion has been hinted to meet increasing demand.
Range Resources is considering aggressive stock repurchasing and maintains commitment to emissions management, including transitioning to modern technologies and ongoing upgrades.
More details: Range Resources IR
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