RANGE RESOURCES CORPORATION (RRC) announced its third quarter 2023 financial results.
Third Quarter 2023 Highlights –
- Cash flow from operating activities of $150 million
- Cash flow from operations, before working capital changes, of $240 million
- Capital spending was $151 million, approximately 25% of the 2023 budget
- Production averaged 2.12 Bcfe per day, approximately 68% natural gas
- Price realizations including hedges of $3.09 per mcfe – premium of $0.54 over NYMEX natural gas
- NGL realizations of $24.44 per barrel – premium of $0.63 over Mont Belvieu equivalent
- Natural gas differentials, including basis hedging, averaged ($0.56) per mcf to NYMEX
Commenting on the quarter, Dennis Degner, the Company’s CEO said, “Third quarter results continued to showcase the resilience of Range’s business. Range’s competitive cost structure, low relative capital intensity, liquids optionality and thoughtful hedging allowed us to generate strong full-cycle margins despite challenged natural gas prices. Strong operational execution, longer laterals, and consistent well results are driving a 2023 maintenance production plan that requires only 51 wells to be turned to sales this year. The Range team remains focused on efficiently developing our Marcellus assets to create value for shareholders into what we expect is an improving macro outlook for natural gas and natural gas liquids.”