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MarketScreener Homepage  >  Equities  >  Nyse  >  Range Resources    RRC

RANGE RESOURCES

(RRC)
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Range Resources : 4Q19 Supplemental Tables

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02/27/2020 | 05:51pm EDT

RANGE RESOURCES CORPORATION

TABLE 1

CALCULATION OF CASH FLOW EXCLUDING CERTAIN ITEMS

A NON-GAAP MEASURE

(Dollar amounts in thousands, except per share)

Quarter Ended December 31,

Twelve Months Ended December 31,

2019

2018

2019

2018

Per

Per

Per

Per

Amount

Share

Amount

Share

Amount

Share

Amount

Share

Net loss as reported

$

(1,805,320)

$

(7.27)

$

(1,764,422)

$

(7.15)

$(1,716,297)

$

(6.92)

$

(1,746,481)

$

(7.10)

Less certain items not included by analysts -

(Gains) losses on sales of assets

(407)

(0.00)

10,815

0.04

30,256

0.12

10,666

0.04

Total change in fair value of related to derivatives prior to settlement (gains) losses 1

31,544

0.13

(191,948)

(0.77)

(38,297)

(0.15)

(80,330)

(0.32)

Abandonment and impairment of unproved properties

1,193,711

4.80

441,750

1.78

1,235,342

4.96

514,994

2.08

Loss on ARO settlement

2

0.00

59

0.00

13

0.00

71

0.00

Gain on early extinguishment of debt

(2,430)

(0.01)

-

-

(5,415)

(0.02)

-

-

Lawsuit settlements

542

0.00

13,581

0.05

2,577

0.01

14,966

0.06

Termination costs

4,535

0.02

-

-

7,535

0.03

(373)

(0.00)

Impairment of proved properties and other assets

1,095,634

4.40

-

-

1,095,634

4.40

22,614

0.09

Impaiarment of goodwill

-

-

1,641,197

6.63

-

-

1,641,197

6.64

Rig release penalty

-

-

-

-

1,436

0.01

-

-

Non-cash stock compensation (income) 2

960

0.00

(18,072)

(0.07)

(15,472)

(0.06)

(18,631)

(0.08)

Other stock-based compensation adjustments 5

10,442

0.04

6,761

0.03

42,382

0.17

49,288

0.20

Deferred tax (benefit) on special items

(583,633)

(2.34)

(68,366)

(0.28)

(588,997)

(2.36)

(133,694)

(0.54)

Discrete tax items

75,118

0.30

(18,862)

(0.08)

47,692

0.19

5,144

0.02

Total certain items

1,826,018

7.34

1,816,915

7.33

1,814,686

7.29

2,025,912

8.19

Net income excluding certain items, non-GAAP measure

$

20,698

$

0.08

$

52,493

$

0.21

-61%

$

98,389

$

0.40

$

279,431

$

1.13

-65%

Add back:

DD&A

130,869

147,909

548,843

635,467

Deferred income taxes (benefit), excluding special items

7,588

18,444

34,867

98,061

Exploration expense

9,156

10,206

35,117

32,196

Allowance for bad debt expense

4,482

250

4,341

(1,000)

Amortization of debt issuance costs and discount 3

1,981

(1,076)

7,369

4,239

Discretionary cash flow, a non-GAAP measure

$

174,774

$

228,226

-23%

$

728,926

$

1,048,394

-30%

Dilutive average shares outstanding, a non-GAAP measure 4

248,889

247,719

0%

249,054

247,220

1%

Cash flow per share, a non-GAAP measure comparable to analysts

$

0.70

$

0.92

-24%

$

2.93

$

4.24

-31%

  • Included in Derivative fair value on Range's statement of operations.
  • Mark-to-marketof the Company's common stock and marketable securities held in the deferred comp plan.
    3 Included in Interest expense on Range's statement of operations.
    4 Dilutive shares outstanding excludes the reduction for treasury shares contained in deferred comp plan and includes dilutive effect of stock appreciation rights, if any. 5 Included in direct operating, brokered natural gas and marketing, exploration and general and administrative expenses on Range's statement of operations.

RANGE RESOURCES CORPORATION

TABLE 2

CALCULATION OF EBITDAX EXCLUDING CERTAIN ITEMS

A NON-GAAP MEASURE

(Dollar amounts in thousands, except per share)

Quarter Ended December 31,

Twelve Months Ended December 31,

2019

2018

2019

2018

Total revenues, as reported

$

605,604

$

1,072,637

-44%

$

2,827,615

$

3,282,645

-14%

Less certain items not included by analysts -

Loss on ARO settlement

2

59

13

71

Total change in fair value related to derivatives prior to settlement

31,544

(191,948)

(38,297)

(80,330)

Total revenues excluding certain items

$

637,150

$

880,748

-28%

$

2,789,331

$

3,202,386

-13%

Less expenses:

Direct operating

33,792

35,395

136,276

139,531

Less direct operating stock-based compensation

(469)

(442)

(1,928)

(2,109)

Transportation, gathering compression

299,511

298,716

1,199,297

1,117,816

Production and ad valorem taxes

8,963

16,656

37,967

46,149

Brokered natural gas and marketing

46,532

221,626

359,892

496,047

Less brokered natural gas and marketing stock-based compensation

(333)

(451)

(1,856)

(1,452)

General and administrative as reported

42,793

50,090

181,109

209,812

Less G&A stock-based compensation

(7,500)

(5,474)

(35,061)

(43,806)

Less lawsuit settlements

(542)

(13,581)

(2,577)

(14,966)

422,747

602,535

-30%

1,873,119

1,947,022

-4%

EBITDAX excluding certain items, a non-GAAP measure

$

214,403

$

278,213

-23%

$

916,212

$

1,255,364

-27%

EBITDAX per share excluding certain items, a non-GAAP measure

$

0.86

$

1.12

-23%

$

3.68

$

5.08

-28%

EBITDAX / Interest coverage ratio (times coverage),

a non-GAAP measure

4.9

5.7

-14%

4.7

6.0

-21%

RANGE RESOURCES CORPORATION

TABLE 3

CALCULATION OF CASH MARGINS, A NON-GAAP MEASURE

(Dollar amounts in thousands, except per mcfe)

Quarter Ended December 31,

Twelve Months Ended December 31,

2019

2018

2019

2018

Per

Per

Per

Per

Amount

Mcfe

Amount

Mcfe

Amount

Mcfe

Amount

Mcfe

Revenues

Natural Gas, NGL and Oil Sales

$

545,438

$

2.53

$

756,627

$

3.83

$

2,255,425

$

2.71

$

2,851,077

$

3.55

Cash settlements on derivative financial instruments

50,035

0.23

(91,250)

(0.46)

188,384

0.23

(131,522)

(0.16)

Brokered natural gas and marketing 1

41,524

0.19

215,270

1.09

344,372

0.41

482,044

0.60

Cash revenues applicable to production

636,997

2.95

880,647

4.45

-34%

2,788,181

3.35

3,201,599

3.99

-16%

Expenses

Direct operating

33,792

0.16

35,395

0.18

136,276

0.16

139,531

0.17

Less direct operating stock-based compensation

(469)

(0.00)

(442)

(0.00)

(1,928)

(0.00)

(2,109)

(0.00)

Transportation, gathering and compression

299,511

1.39

298,716

1.51

1,199,297

1.44

1,117,816

1.39

Production and ad valorem 2

8,963

0.04

16,656

0.08

37,967

0.05

46,149

0.06

Brokered natural gas and marketing

46,532

0.22

221,626

1.12

359,892

0.43

496,047

0.62

Less brokered natural gas and marketing stock-based compensation

(333)

(0.00)

(451)

(0.00)

(1,856)

(0.00)

(1,452)

(0.00)

General and administrative as reported

42,793

0.20

50,090

0.25

181,109

0.22

209,812

0.26

Less G&A stock-based compensation

(7,500)

(0.03)

(5,474)

(0.03)

(35,061)

(0.04)

(43,806)

(0.05)

Less lawsuit settlements

(542)

(0.00)

(13,581)

(0.07)

(2,577)

(0.00)

(14,966)

(0.02)

Less rig release penalty

-

-

-

-

(1,436)

(0.00)

-

-

Interest expense as reported

44,024

0.20

49,161

0.25

194,285

0.23

210,209

0.26

Less amortization of deferred financing costs

(1,981)

(0.01)

1,076

0.01

(7,369)

(0.01)

(4,239)

(0.01)

Cash expenses

464,790

2.15

652,772

3.30

-35%

2,058,599

2.47

2,152,992

2.68

-8%

Cash margins, a non-GAAP measure

$

172,207

$

0.80

$

227,875

$

1.15

-31%

$

729,582

$

0.88

$

1,048,607

$

1.31

-33%

Mmcfe produced during period

215,757

197,696

9%

833,354

803,408

4%

  • Includes revenue from brokered gas and gas marketing
  • Includes production taxes which are payable on the market value of commodities, not hedged amounts.

RANGE RESOURCES CORPORATION

TABLE 4

PER MCFE TRENDS CALCULATED ON GAAP REPORTED NET INCOME

(Dollar amounts in thousands, except per mcfe)

4th Qtr 2018

Year 2018

1st Qtr 2019

2nd Qtr 2019

3rd Qtr 2019

4th Qtr 2019

Year 2019

Amount

/mcfe

Amount

/mcfe

Amount

/mcfe

Amount

/mcfe

Amount

/mcfe

Amount

/mcfe

Amount

/mcfe

Revenues and other income:

Natural Gas, NGL and Oil sales

$

756,627

$

3.83

$

2,851,077

$

3.55

$

671,654

$

3.31

$

563,579

$

2.71

$

474,754

$

2.30

$

545,438

$

2.53

$

2,255,425

$

2.71

Cash settlements on derivative financial instruments

(91,250)

$

(0.46)

(131,522)

$

(0.16)

24,834

$

0.12

33,507

$

0.16

80,008

$

0.39

50,035

$

0.23

188,384

$

0.23

Brokered natural gas and marketing

215,270

$

1.09

482,044

$

0.60

138,143

$

0.68

91,940

$

0.44

72,765

$

0.35

41,524

$

0.19

344,372

$

0.41

Total change in fair value related to derivatives prior to settlement

191,948

$

0.97

80,330

$

0.10

(86,565)

$

(0.43)

161,738

$

0.78

(5,332)

$

(0.03)

(31,544)

$

(0.15)

38,297

$

0.05

(Gain) loss on ARO settlement

(59)

$

-

(71)

$

-

-

$

-

-

$

-

(11)

$

-

(2)

$

-

(13)

$

-

Other

101

$

-

787

$

-

71

$

-

665

$

-

261

$

-

153

$

-

1,150

$

-

Total revenues and other income

1,072,637

$

5.43

3,282,645

$

4.09

748,137

$

3.68

851,429

$

4.09

622,445

$

3.02

605,604

$

2.81

2,827,615

$

3.39

Costs and expenses:

Direct operating

31,417

$

0.16

127,582

$

0.16

28,142

$

0.14

29,572

$

0.14

27,113

$

0.13

25,258

$

0.12

110,085

$

0.13

Direct operating workovers

3,536

$

0.02

9,840

$

0.01

4,494

$

0.02

3,860

$

0.02

7,844

$

0.04

8,065

$

0.04

24,263

$

0.03

Direct operating stock-based compensation

442

$

-

2,109

$

-

591

$

-

549

$

-

319

$

-

469

$

-

1,928

$

-

Transportation, gathering and compression

298,716

$

1.51

1,117,816

$

1.39

302,655

$

1.49

301,219

$

1.45

295,912

$

1.43

299,511

$

1.39

1,199,297

$

1.44

Production and ad valorem taxes

16,656

$

0.08

46,149

$

0.06

11,310

$

0.06

9,889

$

0.05

7,805

$

0.04

8,963

$

0.04

37,967

$

0.05

Brokered natural gas and marketing

221,175

$

1.12

494,595

$

0.62

131,857

$

0.65

100,564

$

0.48

79,416

$

0.38

46,199

$

0.21

358,036

$

0.43

Brokered natural gas and marketing stock based-compensation

451

$

-

1,452

$

-

448

$

-

553

$

-

522

$

-

333

$

-

1,856

$

-

Exploration

10,206

$

0.05

32,196

$

0.04

7,723

$

0.04

7,721

$

0.04

10,517

$

0.05

9,156

$

0.04

35,117

$

0.04

Exploration stock-based compensation

394

$

-

1,921

$

-

488

$

-

388

$

-

496

$

-

194

$

-

1,566

$

-

Abandonment and impairment of unproved properties

441,750

$

2.23

514,994

$

0.64

12,659

$

0.06

12,770

$

0.06

16,202

$

0.08

1,193,711

$

5.53

1,235,342

$

1.48

General and administrative

30,785

$

0.16

152,040

$

0.19

36,294

$

0.18

38,505

$

0.18

32,626

$

0.16

30,269

$

0.14

137,694

$

0.17

General and administrative stock-based compensation

5,474

$

0.03

43,806

$

0.05

9,638

$

0.05

9,500

$

0.05

8,423

$

0.04

7,500

$

0.03

35,061

$

0.04

General and administrative - legal settlements

13,581

$

0.07

14,966

$

0.02

706

$

-

1,190

$

0.01

139

$

-

542

$

-

2,577

$

-

General and administrataive - rig release penalty

-

$

-

-

$

-

-

$

-

1,436

$

0.01

-

$

-

-

$

-

1,436

$

-

General and administrative - bad debt expense

250

$

-

(1,000)

$

-

-

$

-

-

$

-

(141)

$

-

4,482

$

0.02

4,341

$

0.01

Termination costs

-

$

-

(373)

$

-

-

$

-

2,180

$

0.01

820

$

-

4,535

$

0.02

7,535

$

0.01

Termination costs-stock based compensation

-

$

-

-

$

-

-

$

-

26

$

-

(1)

$

-

1,946

$

0.01

1,971

$

-

Non-cash stock compensation

(18,072)

$

(0.09)

(18,631)

$

(0.02)

3,581

$

0.02

(11,142)

$

(0.05)

(8,871)

$

(0.04)

960

$

-

(15,472)

$

(0.02)

Interest

50,237

$

0.25

205,970

$

0.26

49,749

$

0.25

49,922

$

0.24

45,202

$

0.22

42,043

$

0.19

186,916

$

0.22

Interest - amortization of deferred financing costs

(1,076)

$

(0.01)

4,239

$

0.01

1,788

$

0.01

1,805

$

0.01

1,795

$

0.01

1,981

$

0.01

7,369

$

0.01

Gain on early extinguishment of debt

-

$

-

-

$

-

-

$

-

-

$

-

(2,985)

$

(0.01)

(2,430)

$

(0.01)

(5,415)

$

(0.01)

Depletion, depreciation and amortization

147,909

$

0.75

635,467

$

0.79

138,718

$

0.68

141,505

$

0.68

137,751

$

0.67

130,869

$

0.61

548,843

$

0.66

Impairment of proved properties and other assets

-

$

-

22,614

$

0.03

-

$

-

-

$

-

-

$

-

1,095,634

$

5.08

1,095,634

$

1.31

Impairment of goodwill

1,641,197

$

8.30

1,641,197

$

2.04

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

Loss (gain) on sale of assets

10,815

$

0.05

10,666

$

0.01

189

$

-

(5,867)

$

(0.03)

36,341

$

0.18

(407)

$

-

30,256

$

0.04

Total costs and expenses

2,905,843

$

14.70

5,059,615

$

6.30

741,030

$

3.65

696,145

$

3.34

697,245

$

3.38

2,909,783

$

13.49

5,044,203

$

6.05

Income (loss) before income taxes

(1,833,206)

$

(9.27)

(1,776,970)

$

(2.21)

7,107

$

0.04

155,284

$

0.75

(74,800)

$

(0.36)

(2,304,179)

$

(10.68)

(2,216,588)

$

(2.66)

Income tax expense (benefit)

Current

-

$

-

-

$

-

-

$

-

-

$

-

4,079

$

0.02

2,068

$

0.01

6,147

$

0.01

Deferred

(68,784)

$

(0.35)

(30,489)

$

(0.04)

5,688

$

0.03

40,099

$

0.19

(51,298)

$

(0.25)

(500,927)

$

(2.32)

(506,438)

$

(0.61)

(68,784)

$

(0.35)

(30,489)

$

(0.04)

5,688

$

0.03

40,099

$

0.19

(47,219)

$

(0.23)

(498,859)

$

(2.31)

(500,291)

$

(0.60)

Net income (loss)

(1,764,422)

$

(8.92)

(1,746,481)

$

(2.17)

1,419

$

0.01

115,185

$

0.55

(27,581)

$

(0.13)

(1,805,320)

$

(8.37)

(1,716,297)

$

(2.06)

Production during the period (Mmcfe)

197,695

803,408

203,030

208,141

206,426

215,757

833,354

Net income (loss) per common share

Basic

$

(7.15)

$

(7.10)

$

0.01

$

0.46

$

(0.11)

$

(7.27)

$

(6.92)

Diluted

$

(7.15)

$

(7.10)

$

0.01

$

0.46

$

(0.11)

$

(7.27)

$

(6.92)

Weighted average common shares outstanding

Basic

246,631

246,171

247,776

247,770

248,082

248,277

247,970

Diluted

246,631

246,171

249,154

248,436

248,082

248,277

247,970

RANGE RESOURCES CORPORATION

TABLE 5

PER MCFE TRENDS CALCULATED EXCLUDING CERTAIN ITEMS, A NON-GAAP MEASURE

RECONCILATION BETWEEN GAAP AND NON-GAAP PROVIDED IN EACH EARNINGS RELEASE AND ON TABLE 1 FOR CURRENT PERIOD

(Table 4 presented on GAAP basis and Table 5 presented on Non-GAAP basis, as typically presented by analysts)

(Dollar amounts in thousands, except per mcfe)

4th Qtr 2018

Total Year 2018

1st Qtr 2019

2nd Qtr 2019

3rd Qtr 2019

4th Qtr 2019

Year 2019

Amount

/mcfe

Amount

/mcfe

Amount

/mcfe

Amount

/mcfe

Amount

/mcfe

Amount

/mcfe

Amount

/mcfe

Revenues

Natural Gas, NGL and Oil sales

$

756,627

$

3.83

$

2,851,077

$

3.55

$

671,654

$

3.31

$

563,579

$

2.71

$

474,754

$

2.30

$

545,438

$

2.53

$

2,255,425

$

2.71

Cash settlements on derivative financial instruments

(91,250)

$

(0.46)

(131,522)

$

(0.16)

24,834

$

0.12

33,507

$

0.16

80,008

$

0.39

50,035

$

0.23

188,384

$

0.23

Brokered natural gas and marketing

215,270

$

1.09

482,044

$

0.60

138,143

$

0.68

91,940

$

0.44

72,765

$

0.35

41,524

$

0.19

344,372

$

0.41

Total change in fair value related to derivatives prior to settlement

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

Loss on ARO settlement

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

Other

101

$

-

787

$

-

71

$

-

665

$

-

261

$

-

153

$

-

1,150

$

-

880,748

$

4.46

3,202,386

$

3.99

834,702

$

4.11

689,691

$

3.31

627,788

$

3.04

637,150

$

2.95

2,789,331

$

3.35

Expenses

Direct operating

31,417

$

0.16

127,582

$

0.16

28,142

$

0.14

29,572

$

0.14

27,113

$

0.13

25,258

$

0.12

110,085

$

0.13

Direct operating workovers

3,536

$

0.02

9,840

$

0.01

4,494

$

0.02

3,860

$

0.02

7,844

$

0.04

8,065

$

0.04

24,263

$

0.03

Direct operating stock-based compensation

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

Transportation, gathering and compression

298,716

$

1.51

1,117,816

$

1.39

302,655

$

1.49

301,219

$

1.45

295,912

$

1.43

299,511

$

1.39

1,199,297

$

1.44

Production and ad valorem taxes

16,656

$

0.08

46,149

$

0.06

11,310

$

0.06

9,889

$

0.05

7,805

$

0.04

8,963

$

0.04

37,967

$

0.05

Brokered natural gas and marketing

221,175

$

1.12

494,595

$

0.62

131,857

$

0.65

100,564

$

0.48

79,416

$

0.38

46,199

$

0.21

358,036

$

0.43

Brokered natural gas and marketing stock based compensation

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

Exploration

10,206

$

0.05

32,196

$

0.04

7,723

$

0.04

7,721

$

0.04

10,517

$

0.05

9,156

$

0.04

35,117

$

0.04

Exploration stock-based compensation

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

Abandonment and impairment of unproved properties

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

General and administrative

30,785

$

0.16

152,040

$

0.19

36,294

$

0.18

38,505

$

0.18

32,626

$

0.16

30,269

$

0.14

137,694

$

0.17

General and administrative stock-based compensation

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

General and administrative - legal settlements

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

General and administrative - rig release penalty

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

General and administrative - bad debt expense

250

$

-

(1,000)

$

-

-

$

-

-

$

-

(141)

$

-

4,482

$

0.02

4,341

$

0.01

Memorial merger expenses

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

Termination costs

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

Interest

50,237

$

0.25

205,970

$

0.26

49,749

$

0.25

49,922

$

0.24

45,202

$

0.22

42,043

$

0.19

186,916

$

0.22

Interest - amortization of deferred financing costs

(1,076)

$

(0.01)

4,239

$

0.01

1,788

$

0.01

1,805

$

0.01

1,795

$

0.01

1,981

$

0.01

7,369

$

0.01

Depletion, depreciation and amortization

147,909

$

0.75

635,467

$

0.79

138,718

$

0.68

141,505

$

0.68

137,751

$

0.67

130,869

$

0.61

548,843

$

0.66

Impairment of proved properties and other assets

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

Impairment of goodwill

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

Loss (gain) on the sale of assets

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

809,811

$

4.10

2,824,894

$

3.52

712,730

$

3.51

684,562

$

3.29

645,840

$

3.13

606,796

$

2.81

2,649,928

$

3.18

Income before income taxes

70,937

$

0.36

377,492

$

0.47

121,972

$

0.60

5,129

$

0.02

(18,052)

$

(0.09)

30,354

$

0.14

139,403

$

0.17

Income tax expense (benefit)

Current

-

$

-

-

$

-

-

$

-

-

$

-

4,079

$

0.02

2,068

$

0.01

6,147

$

0.01

Deferred

18,444

$

0.09

98,061

$

0.12

30,510

$

0.15

1,282

$

0.01

(4,513)

$

(0.02)

7,589

$

0.04

34,867

$

0.04

18,444

$

0.09

98,061

$

0.12

30,510

$

0.15

1,282

$

0.01

(434)

$

-

9,657

$

0.04

41,014

$

0.05

Net income

52,493

$

0.27

279,431

$

0.35

91,462

$

0.45

3,847

$

0.02

(17,618)

$

(0.09)

20,698

$

0.10

98,389

$

0.12

Production during the period (Mmcfe)

197,695

803,408

203,030

208,141

206,426

215,757

833,354

Net income per common share:

Basic

$

0.21

$

1.14

$

0.37

$

0.02

$

(0.07)

$

0.08

$

0.40

Diluted

$

0.21

$

1.13

$

0.37

$

0.02

$

(0.07)

$

0.08

$

0.40

Weighted average common shares outstanding

Basic

246,631

246,171

247,776

247,770

248,082

248,277

247,970

Diluted

247,719

247,220

249,154

248,436

248,082

248,889

249,054

RECONCILATION OF REVENUES PRESENTED WITH AND WITHOUT

Table 6

TRANSPORTATION, GATHERING AND COMPRESSION FEES

2018

2019

QE1

QE2

QE3

QE4

FY18

QE1

QE2

QE3

QE4

YTD

Revenues

Oil, Gas & NGLs Gross Revenues

Oil

$

62,528,701

$

76,336,022

$

67,212,024

$

49,808,006

$

255,884,753

$

39,120,963

$

52,928,545

$

46,579,359

$

46,824,604

$

185,453,471

Gas

431,573,257

360,350,336

390,655,849

481,252,860

1,663,832,302

434,719,746

343,623,410

284,979,526

325,514,832

1,388,837,514

NGLs

202,527,238

224,703,109

278,563,263

225,565,879

931,359,489

197,813,275

167,027,222

143,194,517

173,098,775

681,133,789

Total

696,629,196

661,389,467

736,431,136

756,626,745

2,851,076,544

671,653,984

563,579,177

474,753,402

545,438,211

2,255,424,774

Cash Settled Hedges:

Oil

$

(8,315,302)

$

(12,243,716)

$

(12,744,330)

$

(4,405,609)

$

(37,708,957)

$

842,342

$

(2,807,153)

$

146,045

$

(118,450)

$

(1,937,216)

Gas (NYMEX)

43,202,988

18,782,145

8,831,510

(86,425,310)

(15,608,667)

(13,353,169)

19,917,762

74,505,441

42,026,767

123,096,801

Gas (Basis)

(10,694,639)

(669,044)

(2,985,991)

667,428

(13,682,246)

12,481,376

477,566

(1,695,695)

4,893,417

16,156,664

NGLs

(15,268,233)

(20,144,530)

(28,022,718)

(1,087,242)

(64,522,723)

24,863,820

15,918,433

7,052,576

3,232,786

51,067,615

Total

8,924,814

(14,275,145)

(34,921,529)

(91,250,733)

(131,522,593)

24,834,369

33,506,608

80,008,367

50,034,520

188,383,864

Gross Revenue with Hedges

Oil

$

54,213,399

$

64,092,306

$

54,467,694

$

45,402,397

$

218,175,796

$

39,963,305

$

50,121,392

$

46,725,404

$

46,706,154

$

183,516,255

Gas

464,081,606

378,463,437

396,501,368

395,494,978

1,634,541,389

433,847,953

364,018,738

357,789,272

372,435,016

1,528,090,979

NGLs

187,259,005

204,558,579

250,540,545

224,478,637

866,836,766

222,677,095

182,945,655

150,247,093

176,331,561

732,201,404

Total

705,554,010

647,114,322

701,509,607

665,376,012

2,719,553,951

696,488,353

597,085,785

554,761,769

595,472,731

2,443,808,638

Transport, gathering & compression

Oil

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

-

Gas

157,233,935

164,064,426

176,270,617

180,920,091

678,489,069

189,082,161

185,353,294

180,353,335

185,272,452

740,061,242

NGLs

87,393,716

105,846,304

128,291,280

117,795,558

439,326,858

113,573,038

115,865,481

115,558,733

114,238,905

459,236,157

Total

244,627,651

269,910,730

304,561,897

298,715,649

1,117,815,927

302,655,199

301,218,775

295,912,068

299,511,357

1,199,297,399

Net Revenues after Hedges and Transport

Oil

$

54,213,399

$

64,092,306

$

54,467,694

$

45,402,397

$

218,175,796

$

39,963,305

$

50,121,392

$

46,725,404

$

46,706,154

$

183,516,255

Gas

306,847,671

214,399,011

220,230,751

214,574,887

956,052,320

244,765,792

178,665,444

177,435,937

187,162,564

788,029,737

NGLs

99,865,289

98,712,275

122,249,265

106,683,079

427,509,908

109,104,057

67,080,174

34,688,360

62,092,656

272,965,247

Total

460,926,359

377,203,592

396,947,710

366,660,363

1,601,738,024

393,833,154

295,867,010

258,849,701

295,961,374

1,244,511,239

Volumes

Oil (Bbls)

1,063,434

1,210,379

1,040,891

913,735

4,228,439

805,550

982,324

939,541

962,390

3,689,805

Gas (Mcf)

134,954,095

136,057,805

140,757,676

136,315,861

548,085,437

140,521,663

143,163,003

143,721,265

150,708,420

578,114,351

NGLs (Bbls)

9,270,031

9,483,910

10,255,159

9,316,151

38,325,251

9,612,547

9,847,268

9,511,234

9,879,081

38,850,130

Mcfe's

196,954,885

200,223,539

208,533,976

197,695,177

803,407,577

203,030,245

208,140,555

206,425,915

215,757,246

833,353,961

Mcfe's per day

2,188,388

2,200,259

2,266,674

2,148,861

2,201,117

2,255,892

2,287,259

2,243,760

2,345,187

2,283,162

RECONCILATION OF PRICING PRESENTED WITH AND WITHOUT

Table 7

TRANSPORTATION, GATHERING AND COMPRESSION FEES

2018

2019

QE1

QE2

QE3

QE4

FY18

QE1

QE2

QE3

QE4

YTD

Volumes

Oil (Bbls)

1,063,434

1,210,379

1,040,891

913,735

4,228,439

805,550

982,324

939,541

962,390

3,689,805

Gas (Mcf)

134,954,095

136,057,805

140,757,676

136,315,861

548,085,437

140,521,663

143,163,003

143,721,265

150,708,420

578,114,351

NGLs (Bbls)

9,270,031

9,483,910

10,255,159

9,316,151

38,325,251

9,612,547

9,847,268

9,511,234

9,879,081

38,850,130

Mcfe's

196,954,885

200,223,539

208,533,976

197,695,177

803,407,577

203,030,245

208,140,555

206,425,915

215,757,246

833,353,961

Mcfe's per day

2,188,388

2,200,259

2,266,674

2,148,861

2,201,117

2,255,892

2,287,259

2,243,760

2,345,187

2,283,162

Per Unit Prices

Oil (per bbl):

NYMEX - WTI

$

62.88

$

67.89

$

69.49

$

60.79

$

65.49

$

54.86

$

60.25

$

56.42

$

56.86

$

57.21

Differential

(4.08)

(4.82)

(4.92)

(6.28)

(4.97)

(6.30)

(6.37)

(6.84)

(8.21)

(6.95)

Average price before NYMEX hedges

$

58.80

$

63.07

$

64.57

$

54.51

$

60.52

$

48.56

$

53.88

$

49.58

$

48.65

$

50.26

NYMEX Hedging

(7.82)

(10.12)

(12.24)

(4.82)

(8.92)

1.05

(2.86)

0.16

(0.12)

(0.53)

Average price including hedges

$

50.98

$

52.95

$

52.33

$

49.69

$

51.60

$

49.61

$

51.02

$

49.73

$

48.53

$

49.74

Transport, Gathering & Compression

-

-

-

-

-

-

-

-

-

-

Net Revenue price

$

50.98

$

52.95

$

52.33

$

49.69

$

51.60

$

49.61

$

51.02

$

49.73

$

48.53

$

49.74

Gas (per mcf):

NYMEX - HH

$

2.99

$

2.80

$

2.91

$

3.61

$

3.07

$

3.14

$

2.64

$

2.23

$

2.50

$

2.62

Differential

0.21

(0.15)

(0.13)

(0.08)

(0.03)

(0.05)

(0.24)

(0.25)

(0.34)

(0.22)

Settled basis hedging

(0.08)

(0.00)

(0.02)

0.00

(0.02)

0.09

0.00

(0.01)

0.03

0.03

Differential including basis hedging

0.13

(0.16)

(0.15)

(0.08)

(0.06)

0.04

(0.24)

(0.26)

(0.31)

(0.19)

Average price before NYMEX hedges

$

3.12

$

2.64

$

2.75

$

3.53

$

3.01

$

3.18

$

2.40

$

1.97

$

2.19

$

2.43

NYMEX Hedging

0.32

0.14

0.06

(0.63)

(0.03)

(0.10)

0.14

0.52

0.28

0.21

Average price including all hedges

$

3.44

$

2.78

$

2.82

$

2.90

$

2.98

$

3.09

$

2.54

$

2.49

$

2.47

$

2.64

Transport, Gathering & Compression

(1.17)

(1.21)

(1.25)

(1.33)

(1.24)

(1.35)

(1.29)

(1.25)

(1.23)

(1.28)

Net Revenue price

$

2.27

$

1.58

$

1.56

$

1.57

$

1.74

$

1.74

$

1.25

$

1.23

$

1.24

$

1.36

NGLs (per bbl):

Average price before NYMEX hedges

$

21.85

$

23.69

$

27.16

$

24.21

$

24.30

$

20.58

$

16.96

$

15.06

$

17.52

$

17.53

Hedging

(1.65)

(2.12)

(2.73)

(0.12)

(1.68)

2.59

1.62

0.74

0.33

1.31

Average price including hedges

$

20.20

$

21.57

$

24.43

$

24.10

$

22.62

$

23.17

$

18.58

$

15.80

$

17.85

$

18.85

Transport, Gathering & Compression

(9.43)

(11.16)

(12.51)

(12.64)

(11.46)

(11.82)

(11.77)

(12.15)

(11.56)

(11.82)

Net Revenue price

$

10.77

$

10.41

$

11.92

$

11.45

$

11.15

$

11.35

$

6.81

$

3.65

$

6.29

$

7.03

% of WTI - Gross

34.7%

34.9%

39.1%

39.8%

37.1%

37.5%

28.2%

26.7%

30.8%

30.6%

Per Mcfe Prices

Price/mcfe with 3rd party transport

$

2.34

$

1.88

$

1.90

$

1.85

$

1.99

$

1.94

$

1.42

$

1.25

$

1.37

$

1.49

Price/mcfe w/o 3rd party transport

$

3.58

$

3.23

$

3.36

$

3.37

$

3.39

$

3.43

$

2.87

$

2.69

$

2.76

$

2.93

INDEX DIFFERENITALS COMPARED TO CORPORATE DIFFERENTIALS

Table 8

INSIDE FERC BID-WEEK PRICES

2018

2019

QE1

QE2

QE3

QE4

QE1

QE2

QE3

QE4

Per Unit Prices

FERC Settlement Prices (As compared to NYMEX)

Dawn

NA

NA

$

-

$

0.13

$

0.10

$

(0.15)

$

(0.17)

$

(0.10)

MichCon

$

(0.14)

$

(0.16)

$

(0.07)

$

0.00

$

(0.10)

$

(0.17)

$

(0.20)

$

(0.24)

Columbia (TCO)

$

(0.26)

$

(0.21)

$

(0.21)

$

(0.24)

$

(0.22)

$

(0.27)

$

(0.31)

$

(0.48)

Dominion South (DTI)

$

(0.58)

$

(0.54)

$

(0.50)

$

(0.46)

$

(0.27)

$

(0.40)

$

(0.45)

$

(0.69)

TETCO M2

$

(0.54)

$

(0.57)

$

(0.51)

$

(0.49)

$

(0.29)

$

(0.42)

$

(0.48)

$

(0.74)

TETCO M3

$

2.31

$

(0.47)

$

(0.40)

$

0.10

$

1.63

$

(0.32)

$

(0.36)

$

0.04

Transco Zone 6 Non-NY

$

3.09

$

(0.18)

$

(0.13)

$

0.20

$

1.67

$

(0.31)

$

(0.35)

$

(0.11)

Leidy

$

(0.67)

$

(0.91)

$

(0.62)

$

(0.39)

$

(0.22)

$

(0.43)

$

(0.48)

$

(0.70)

Columbia Gulf (CGT)

$

(0.14)

$

(0.15)

$

(0.15)

$

(0.15)

$

(0.16)

$

(0.20)

$

(0.23)

$

(0.26)

TGP 500L

$

(0.06)

$

(0.07)

$

(0.07)

$

(0.03)

$

(0.06)

$

(0.07)

$

(0.08)

$

(0.06)

NYMEX - Henry Hub

$

2.99

$

2.80

$

2.91

$

3.61

$

3.14

$

2.64

$

2.23

$

2.50

Weighted Average Corporate Differential to NYMEX

$

0.21

$

(0.15)

$

(0.13)

$

(0.08)

$

(0.05)

$

(0.24)

$

(0.25)

$

(0.34)

Basis Hedging Impact (Settlement/MTM)

$

(0.08)

$

(0.01)

$

(0.02)

$

0.00

$

0.09

$

-

$

(0.01)

$

0.03

Differential including basis hedging

$

0.13

$

(0.16)

$

(0.15)

$

(0.08)

$

0.04

$

(0.24)

$

(0.26)

$

(0.31)

Average price before NYMEX hedges

$

3.12

$

2.64

$

2.75

$

3.53

$

3.18

$

2.40

$

1.97

$

2.19

NYMEX hedges

$

0.32

$

0.14

$

0.06

$

(0.63)

$

(0.09)

$

0.14

$

0.51

$

0.28

Average price after NYMEX hedges

$

3.44

$

2.78

$

2.82

$

2.90

$

3.09

$

2.54

$

2.49

$

2.47

* Price amounts may not add due to rounding

NGL REALIZATIONS COMPARED TO AN EQUIVALENT

Table 9

MONT BELVIEU WEIGHTED AVERAGE BARREL

2018

2019

Per Unit Prices

QE1

QE2

QE3

QE4

QE1

QE2

QE3

QE4

Mont Belvieu Settlement Prices (gal): Non-TET

Ethane

$

0.25

$

0.29

$

0.43

$

0.35

$

0.30

$

0.21

$

0.17

$

0.19

Propane

$

0.85

$

0.87

$

0.99

$

0.79

$

0.66

$

0.54

$

0.44

$

0.50

Normal Butane

$

0.96

$

1.00

$

1.21

$

0.91

$

0.81

$

0.62

$

0.51

$

0.67

Iso Butane

$

1.00

$

1.20

$

1.25

$

0.95

$

0.84

$

0.64

$

0.66

$

0.81

Natural Gasoline

$

1.41

$

1.53

$

1.54

$

1.22

$

1.15

$

1.20

$

1.06

$

1.19

NYMEX - WTI

$

62.88

$

67.89

$

69.49

$

60.79

$

54.86

$

60.25

$

56.42

$

56.96

Weighted Mont Belvieu Barrel (1)

$

25.13

$

27.06

$

32.20

$

25.52

$

22.23

$

18.24

$

15.35

$

17.66

RRC Corporate NGL barrel price before hedges

$

21.85

$

23.69

$

27.16

$

24.21

$

20.58

$

16.96

$

15.06

$

17.52

Weighted MB Differential

$

(3.29)

$

(3.36)

$

(5.04)

$

(1.31)

$

(1.65)

$

(1.28)

$

(0.29)

$

(0.14)

% of WTI (NGL Pre-hedge / Oil NYMEX)

35%

35%

39%

40%

38%

28%

27%

31%

Mont Belvieu Hedges

$

(1.65)

$

(2.12)

$

(2.73)

$

(0.12)

$

2.59

$

1.62

$

0.74

$

0.33

Avg. Corporate NGL barrel price including hedges

$

20.20

$

21.57

$

24.43

$

24.10

$

23.17

$

18.58

$

15.80

$

17.85

  1. Weighting based on 53% ethane, 27% propane, 7% Normal Butane, 4% Iso Butane, and 9% Natural Gasoline * Prior to 2018, Marcellus processing expenses had been reported as a deduct to NGL price

Disclaimer

Range Resources Corporation published this content on 27 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 February 2020 22:49:08 UTC

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