RANGE RESOURCES CORPORATION 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 September 30, | Nine Months Ended September 30, | |||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||
Per | Per | Per | Per | |||||||||||||||
Amount | Share | Amount | Share | Amount | Share | Amount | Share |
Net (loss) income as reported | $ | (680,048) | $ |
Less certain items not included by analysts - | |||
(Gains) losses on sales of assets | 9,230 | ||
Total change in fair value of related to derivatives prior to settlement (gains) losses 1 | 210,504 | ||
Abandonment and impairment of unproved properties | 5,667 | ||
Loss on ARO settlement | 6 | ||
Loss (gain) on early extinguishment of debt | 7,821 | ||
Lawsuit settlements | 81 | ||
Rig release penalty | - | ||
Exit and termination costs | 519,613 | ||
Impairment of proved properties and other assets | 1,955 | ||
Non-cash stock compensation (income) 2 | 6,237 | ||
Other stock-based compensation adjustments 5 | 9,322 | ||
Deferred tax (benefit) on special items | (192,609) | ||
Discrete tax items | 91,074 | ||
Total certain items | 668,901 | ||
Net income excluding certain items, non-GAAP measure | $ | (11,147) | $ |
Add back: | |||
DD&A | 96,167 | ||
Deferred income taxes (benefit), excluding special items | (3,716) | ||
Exploration expense | 7,897 | ||
Allowance for bad debt expense | - | ||
Amortization of debt issuance costs and discount 3 | 2,133 | ||
Discretionary cash flow, a non-GAAP measure | $ | 91,334 | |
Dilutive average shares outstanding, a non-GAAP measure 4 | |||
245,526 | |||
(2.83) | $ | (27,581) | $ | (0.11) | $ | (681,642) | $ | (2.82) | $ | 89,023 | $ | 0.35 | ||||||
0.04 | 36,341 | 0.15 | (112,443) | (0.46) | 30,663 | 0.12 | ||||||||||||
0.86 | 5,332 | 0.02 | 203,061 | 0.82 | (69,841) | (0.28) | ||||||||||||
0.02 | 16,202 | 0.07 | 16,604 | 0.07 | 41,631 | 0.17 | ||||||||||||
0.00 | 11 | 0.00 | 18 | 0.00 | 11 | 0.00 | ||||||||||||
0.03 | (2,985) | - | (14,093) | (0.06) | (2,985) | - | ||||||||||||
0.00 | 139 | 0.00 | 1,672 | 0.01 | 2,035 | 0.01 | ||||||||||||
- | - | - | - | - | 1,436 | 0.01 | ||||||||||||
2.12 | 820 | 0.00 | 531,505 | 2.16 | 3,000 | 0.01 | ||||||||||||
0.01 | - | - | 78,955 | 0.32 | - | - | ||||||||||||
0.03 | (8,871) | (0.04) | 10,287 | 0.04 | (16,432) | (0.07) | ||||||||||||
0.04 | 9,759 | 0.04 | 28,697 | 0.12 | 31,940 | 0.13 | ||||||||||||
(0.78) | (14,187) | (0.06) | (181,881) | (0.74) | (5,364) | (0.02) | ||||||||||||
0.37 | (32,598) | (0.13) | 92,857 | 0.38 | (27,426) | (0.11) | ||||||||||||
2.72 | 9,963 | 0.04 | 655,239 | 2.66 | (11,332) | (0.05) | ||||||||||||
(0.05) | $ | (17,618) | $ | (0.07) | -37% | $ | (26,403) | $ | (0.11) | $ | 77,691 | $ | 0.31 | -134% | ||||
137,751 | 303,779 | 417,974 | ||||||||||||||||
(4,513) | (8,923) | 27,279 | ||||||||||||||||
10,517 | 22,299 | 25,961 | ||||||||||||||||
(141) | 400 | (141) | ||||||||||||||||
1,795 | 6,329 | 5,388 | ||||||||||||||||
$ | 127,791 | -29% | $ | 297,481 | $ | 554,152 | -46% | |||||||||||
248,479 | -1% | 246,194 | 248,823 | -1% | ||||||||||||||
Cash flow per share, a non-GAAP measure comparable to analysts | $ | 0.37 | $ | 0.51 | -27% | $ | 1.21 | $ | 2.23 | -46% | ||
- 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.
- Included in Interest expense on Range's statement of operations.
- Dilutive shares outstanding excludes treasury shares contained in deferred comp plan and includes dilutive effect of restricted stock equity awards and performance shares, if any.
- 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 September 30, | Nine Months Ended September 30, | |||||||||
2020 | 2019 | 2020 | 2019 |
Total revenues, as reported | $ |
Less certain items not included by analysts | - |
Loss on ARO settlement | |
Total change in fair value related to derivatives prior to settlement | |
Total revenues excluding certain items | $ |
Less expenses:
Direct operating
Less direct operating stock-based compensation
Transportation, gathering, processing and compression
Production and ad valorem taxes
Brokered natural gas and marketing
Less brokered natural gas and marketing stock-based compensation
General and administrative as reported
Less G&A stock-based compensation
Less lawsuit settlements
EBITDAX excluding certain items, a non-GAAP measure | $ |
EBITDAX per share excluding certain items, a non-GAAP measure | $ |
EBITDAX / Interest coverage ratio (times coverage), | |
a non-GAAP measure |
299,345 | $ | 622,445 | -52% | $ | 1,369,811 | $ | 2,222,011 | -38% | |
6 | 11 | 18 | 11 | ||||||
210,504 | 5,332 | 203,061 | (69,841) | ||||||
509,855 | $ | 627,788 | -19% | $ | 1,572,890 | $ | 2,152,181 | -27% | |
19,515 | 35,276 | 75,944 | 102,484 | ||||||
74 | (319) | (810) | (1,459) | ||||||
268,108 | 295,912 | 831,748 | 899,786 | ||||||
6,106 | 7,805 | 20,682 | 29,004 | ||||||
47,967 | 79,938 | 118,752 | 313,360 | ||||||
(324) | (522) | (905) | (1,523) | ||||||
38,153 | 41,047 | 118,695 | 138,316 | ||||||
(6,863) | (8,423) | (24,071) | (27,561) | ||||||
(81) | (139) | (1,672) | (2,035) | ||||||
372,655 | 450,575 | -17% | 1,138,363 | 1,450,372 | -22% | ||||
137,200 | $ | 177,213 | -23% | $ | 434,527 | $ | 701,809 | -38% | |
0.56 | $ | 0.71 | -22% | $ | 1.76 | $ | 2.82 | -37% | |
2.9 | 3.8 | -24% | 3.0 | 4.7 | -35% | ||||
RANGE RESOURCES CORPORATION | TABLE 3 | |||||||||||||||||||||||||
CALCULATION OF CASH MARGINS, A NON-GAAP MEASURE | ||||||||||||||||||||||||||
(Dollar amounts in thousands, except per mcfe) | ||||||||||||||||||||||||||
Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Per | Per | Per | Per | |||||||||||||||||||||||
Amount | Mcfe | Amount | Mcfe | Amount | Mcfe | Amount | Mcfe | |||||||||||||||||||
Revenues | ||||||||||||||||||||||||||
Natural Gas, NGL and Oil Sales | $ | 381,553 | $ | 1.89 | $ | 474,754 | $ | 2.30 | $ | 1,162,907 | $ | 1.86 | $ | 1,709,987 | $ | 2.77 | ||||||||||
Cash settlements on derivative financial instruments | 85,814 | 0.43 | 80,008 | 0.39 | 305,243 | 0.49 | 138,349 | 0.22 | ||||||||||||||||||
Brokered natural gas and marketing 1 | 42,153 | 0.21 | 72,765 | 0.35 | 103,851 | 0.17 | 302,848 | 0.49 | ||||||||||||||||||
Cash revenues applicable to production | 509,520 | 2.52 | 627,527 | 3.04 | -17% | 1,572,001 | 2.52 | 2,151,184 | 3.48 | -28% | ||||||||||||||||
Expenses | ||||||||||||||||||||||||||
Direct operating | 19,515 | 0.10 | 35,276 | 0.17 | 75,944 | 0.12 | 102,484 | 0.17 | ||||||||||||||||||
Less direct operating stock-based compensation | 74 | 0.00 | (319) | (0.00) | (810) | (0.00) | (1,459) | (0.00) | ||||||||||||||||||
Transportation, gathering, processing and compression | 268,108 | 1.33 | 295,912 | 1.43 | 831,748 | 1.33 | 899,786 | 1.46 | ||||||||||||||||||
Production and ad valorem 2 | 6,106 | 0.03 | 7,805 | 0.04 | 20,682 | 0.03 | 29,004 | 0.05 | ||||||||||||||||||
Brokered natural gas and marketing | 47,967 | 0.24 | 79,938 | 0.39 | 118,752 | 0.19 | 313,360 | 0.51 | ||||||||||||||||||
Less brokered natural gas and marketing stock-based compensation | (324) | (0.00) | (522) | (0.00) | (905) | (0.00) | (1,523) | (0.00) | ||||||||||||||||||
General and administrative as reported | 38,153 | 0.19 | 41,047 | 0.20 | 118,695 | 0.19 | 138,316 | 0.22 | ||||||||||||||||||
Less G&A stock-based compensation | (6,863) | (0.03) | (8,423) | (0.04) | (24,071) | (0.04) | (27,561) | (0.04) | ||||||||||||||||||
Less lawsuit settlements | (81) | (0.00) | (139) | (0.00) | (1,672) | (0.00) | (2,035) | (0.00) | ||||||||||||||||||
Less rig release penalty | - | - | - | - | - | - | (1,436) | (0.00) | ||||||||||||||||||
Interest expense as reported | 47,999 | 0.24 | 46,997 | 0.23 | 144,141 | 0.23 | 150,261 | 0.24 | ||||||||||||||||||
Less amortization of deferred financing costs | (2,133) | (0.01) | (1,795) | (0.01) | (6,329) | (0.01) | (5,388) | (0.01) | ||||||||||||||||||
Cash expenses | 418,521 | 2.07 | 495,777 | 2.40 | -14% | 1,276,175 | 2.04 | 1,593,809 | 2.58 | -21% | ||||||||||||||||
Cash margins, a non-GAAP measure | $ | 90,999 | $ | 0.45 | $ | 131,750 | $ | 0.64 | -29% | $ | 295,826 | $ | 0.47 | $ | 557,375 | $ | 0.90 | -48% | ||||||||
Mmcfe produced during period | 201,874 | 206,426 | -2% | 624,388 | 617,597 | 1% |
- 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 2019 | Year 2019 | 1st Qtr 2020 | 2nd Qtr 2020 | 3rd Qtr 2020 | ||||||||||||||||||||||||||
Amount | /mcfe | Amount | /mcfe | Amount | /mcfe | Amount | /mcfe | Amount | /mcfe | |||||||||||||||||||||
Revenues and other income: | ||||||||||||||||||||||||||||||
Natural Gas, NGL and Oil sales | $ | 545,438 | $ | 2.53 | $ | 2,255,425 | $ | 2.71 | $ | 432,096 | $ | 2.07 | $ | 349,258 | $ | 1.63 | $ | 381,553 | $ | 1.89 | ||||||||||
Cash settlements on derivative financial instruments | 50,035 | $ | 0.23 | 188,384 | $ | 0.23 | 99,929 | $ | 0.48 | 119,500 | $ | 0.56 | 85,814 | $ | 0.43 | |||||||||||||||
Brokered natural gas and marketing | 41,524 | $ | 0.19 | 344,372 | $ | 0.41 | 28,389 | $ | 0.14 | 33,309 | $ | 0.16 | 42,153 | $ | 0.21 | |||||||||||||||
Total change in fair value related to derivatives prior to settlement | (31,544) | $ | (0.15) | 38,297 | $ | 0.05 | 133,246 | $ | 0.64 | (125,803) | $ | (0.59) | (210,504) | $ | (1.04) | |||||||||||||||
(Gain) loss on ARO settlement | (2) | $ | - | (13) | $ | - | - | $ | - | (12) | $ | - | (6) | $ | - | |||||||||||||||
Other | 153 | $ | - | 1,150 | $ | - | 260 | $ | - | 294 | $ | - | 335 | $ | - | |||||||||||||||
Total revenues and other income | 605,604 | $ | 2.81 | 2,827,615 | $ | 3.39 | 693,920 | $ | 3.32 | 376,546 | $ | 1.76 | 299,345 | $ | 1.48 | |||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||
Direct operating | 25,258 | $ | 0.12 | 110,085 | $ | 0.13 | 27,156 | $ | 0.13 | 19,531 | $ | 0.09 | 18,733 | $ | 0.09 | |||||||||||||||
Direct operating workovers | 8,065 | $ | 0.04 | 24,263 | $ | 0.03 | 4,429 | $ | 0.02 | 4,429 | $ | 0.02 | 856 | $ | - | |||||||||||||||
Direct operating stock-based compensation | 469 | $ | - | 1,928 | $ | - | 450 | $ | - | 434 | $ | - | (74) | $ | - | |||||||||||||||
Transportation, gathering and compression | 299,511 | $ | 1.39 | 1,199,297 | $ | 1.44 | 284,765 | $ | 1.36 | 278,875 | $ | 1.30 | 268,108 | $ | 1.33 | |||||||||||||||
Production and ad valorem taxes | 8,963 | $ | 0.04 | 37,967 | $ | 0.05 | 9,019 | $ | 0.04 | 5,557 | $ | 0.03 | 6,106 | $ | 0.03 | |||||||||||||||
Brokered natural gas and marketing | 46,199 | $ | 0.21 | 358,036 | $ | 0.43 | 32,211 | $ | 0.15 | 37,993 | $ | 0.18 | 47,643 | $ | 0.24 | |||||||||||||||
Brokered natural gas and marketing stock based-compensation | 333 | $ | - | 1,856 | $ | - | 413 | $ | - | 168 | $ | - | 324 | $ | - | |||||||||||||||
Exploration | 9,156 | $ | 0.04 | 35,117 | $ | 0.04 | 6,747 | $ | 0.03 | 7,655 | $ | 0.04 | 7,897 | $ | 0.04 | |||||||||||||||
Exploration stock-based compensation | 194 | $ | - | 1,566 | $ | - | 330 | $ | - | 372 | $ | - | 189 | $ | - | |||||||||||||||
Abandonment and impairment of unproved properties | 1,193,711 | $ | 5.53 | 1,235,342 | $ | 1.48 | 5,413 | $ | 0.03 | 5,524 | $ | 0.03 | 5,667 | $ | 0.03 | |||||||||||||||
General and administrative | 30,269 | $ | 0.14 | 137,694 | $ | 0.17 | 33,010 | $ | 0.16 | 28,333 | $ | 0.13 | 31,209 | $ | 0.15 | |||||||||||||||
General and administrative stock-based compensation | 7,500 | $ | 0.03 | 35,061 | $ | 0.04 | 8,029 | $ | 0.04 | 9,179 | $ | 0.04 | 6,863 | $ | 0.03 | |||||||||||||||
General and administrative - legal settlements | 542 | $ | - | 2,577 | $ | - | 815 | $ | - | 776 | $ | - | 81 | $ | - | |||||||||||||||
General and administrataive - rig release penalty | - | $ | - | 1,436 | $ | - | - | $ | - | - | $ | - | - | $ | - | |||||||||||||||
General and administrative - bad debt expense | 4,482 | $ | 0.02 | 4,341 | $ | 0.01 | 400 | $ | - | - | $ | - | - | $ | - | |||||||||||||||
Exit and termination costs | 4,535 | $ | 0.02 | 7,535 | $ | 0.01 | 1,595 | $ | 0.01 | 10,297 | $ | 0.05 | 519,613 | $ | 2.57 | |||||||||||||||
Exit and termination costs-stock based compensation | 1,946 | $ | 0.01 | 1,971 | $ | - | - | $ | - | - | $ | - | 2,020 | $ | 0.01 | |||||||||||||||
Non-cash stock compensation | 960 | $ | - | (15,472) | $ | (0.02) | (8,537) | $ | (0.04) | 12,587 | $ | 0.06 | 6,237 | $ | 0.03 | |||||||||||||||
Interest | 42,043 | $ | 0.19 | 186,916 | $ | 0.22 | 45,457 | $ | 0.22 | 46,489 | $ | 0.22 | 45,866 | $ | 0.23 | |||||||||||||||
Interest - amortization of deferred financing costs | 1,981 | $ | 0.01 | 7,369 | $ | 0.01 | 2,061 | $ | 0.01 | 2,135 | $ | 0.01 | 2,133 | $ | 0.01 | |||||||||||||||
Gain on early extinguishment of debt | (2,430) | $ | (0.01) | (5,415) | $ | (0.01) | (12,923) | $ | - | (8,991) | $ | - | 7,821 | $ | - | |||||||||||||||
Depletion, depreciation and amortization | 130,869 | $ | 0.61 | 548,843 | $ | 0.66 | 102,986 | $ | 0.49 | 104,626 | $ | 0.49 | 96,167 | $ | 0.48 | |||||||||||||||
Impairment of proved properties and other assets | 1,095,634 | $ | 5.08 | 1,095,634 | $ | 1.31 | 77,000 | $ | 0.37 | - | $ | - | 1,955 | $ | 0.01 | |||||||||||||||
Loss (gain) on sale of assets | (407) | $ | - | 30,256 | $ | 0.04 | (122,099) | $ | (0.58) | 426 | $ | - | 9,230 | $ | 0.05 | |||||||||||||||
Total costs and expenses | 2,909,783 | $ | 13.49 | 5,044,203 | $ | 6.05 | 498,727 | $ | 2.39 | 566,395 | $ | 2.65 | 1,084,644 | $ | 5.37 | |||||||||||||||
Income (loss) before income taxes | (2,304,179) | $ | (10.68) | (2,216,588) | $ | (2.66) | 195,193 | $ | 0.93 | (189,849) | $ | (0.89) | (785,299) | $ | (3.89) | |||||||||||||||
Income tax expense (benefit) | ||||||||||||||||||||||||||||||
Current | 2,068 | $ | 0.01 | 6,147 | $ | 0.01 | (363) | $ | - | (3) | $ | - | - | $ | - | |||||||||||||||
Deferred | (500,927) | $ | (2.32) | (506,438) | $ | (0.61) | 50,581 | $ | 0.24 | (43,277) | $ | (0.20) | (105,251) | $ | (0.52) | |||||||||||||||
(498,859) | $ | (2.31) | (500,291) | $ | (0.60) | 50,218 | $ | 0.24 | (43,280) | $ | (0.20) | (105,251) | $ | (0.52) | ||||||||||||||||
Net income (loss) | (1,805,320) | $ | (8.37) | (1,716,297) | $ | (2.06) | 144,975 | $ | 0.69 | (146,569) | $ | (0.69) | (680,048) | $ | (3.37) | |||||||||||||||
Production during the period (Mmcfe) | 215,757 | 833,354 | 208,769 | 213,746 | 201,874 | |||||||||||||||||||||||||
Net income (loss) per common share | ||||||||||||||||||||||||||||||
Basic | $ | (7.27) | $ | (6.92) | $ | 0.58 | $ | (0.61) | $ | (2.83) | ||||||||||||||||||||
Diluted | $ | (7.27) | $ | (6.92) | $ | 0.58 | $ | (0.61) | $ | (2.83) | ||||||||||||||||||||
Weighted average common shares outstanding | ||||||||||||||||||||||||||||||
Basic | 248,277 | 247,970 | 246,218 | 239,472 | 239,895 | |||||||||||||||||||||||||
Diluted | 248,277 | 247,970 | 247,684 | 239,472 | 239,895 |
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Range Resources Corporation published this content on 29 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 October 2020 21:14:02 UTC
