Range Resources Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Range Resources Corp. filed its 2023 10-K, detailing financial performance, reserves, and executive compensation.</b>

AI Summary

RANGE RESOURCES CORP (RRC) filed a Annual Report (10-K) with the SEC on February 21, 2024. Range Resources Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The company's principal business is crude petroleum and natural gas extraction. The filing includes data related to oil and natural gas reserves for the years 2021, 2022, and 2023. Financial instruments such as commodity contracts, basis swaps, and senior notes are detailed. Executive compensation and stock-based awards are also part of the filing.

Why It Matters

For investors and stakeholders tracking RANGE RESOURCES CORP, this filing contains several important signals. This 10-K provides a comprehensive overview of Range Resources' financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's stability and future prospects. The detailed information on commodity contracts and debt instruments is vital for understanding the company's risk exposure and hedging strategies in the volatile energy market.

Risk Assessment

Risk Level: medium — RANGE RESOURCES CORP shows moderate risk based on this filing. The company operates in the crude petroleum and natural gas industry, which is subject to significant price volatility and regulatory changes, as evidenced by the detailed commodity contract disclosures and reserve data.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Range Resources' exposure to commodity price fluctuations and operational risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-21 — Filing Date (FILED AS OF DATE)
• 130 — Public Document Count (PUBLIC DOCUMENT COUNT)
• 001-12209 — SEC File Number (SEC FILE NUMBER)

Key Players & Entities

• RANGE RESOURCES CORP (company) — COMPANY CONFORMED NAME
• 0000315852 (company) — CENTRAL INDEX KEY
• 1311 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (company) — STATE OF INCORPORATION
• FT WORTH (company) — BUSINESS ADDRESS CITY
• 817-870-2601 (company) — BUSINESS PHONE
• LOMAK PETROLEUM INC (company) — FORMER COMPANY NAME
• PA (company) — STATE OF OPERATIONS

FAQ

Industry Context

Range Resources Corp. operates in the crude petroleum and natural gas sector, a key component of the energy industry.

Regulatory Implications

The company is subject to regulations governing the extraction and sale of oil and natural gas in the United States.

What Investors Should Do

1. Analyze the detailed financial statements for revenue, net income, and cash flow.
2. Review the disclosures on oil and natural gas reserves and production levels.
3. Examine the company's hedging strategies and exposure to commodity price volatility.

Year-Over-Year Comparison

This filing represents the annual 10-K report for the fiscal year ending December 31, 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $7.9 billion — roduction); a pretax present value of $7.9 billion of future net cash flows, discounted at
• $6.8 billion — of discounted future net cash flows of $6.8 billion. (a) PV-10 is considered a non-GAAP f
• $1.1 billion — scounted estimated future income tax of $1.1 billion at December 31, 2023. PV-10 for Decembe
• $2.62 — ermined using NYMEX benchmark prices of $2.62 per mcf for natural gas and $78.10 per
• $78.10 — es of $2.62 per mcf for natural gas and $78.10 per bbl for oil. Our estimated proved
• $1.99 — r natural gas prices has been as low as $1.99 per Mmbtu and as high as $9.35 per Mmbt
• $9.35 — s low as $1.99 per Mmbtu and as high as $9.35 per Mmbtu. The prices we receive for al
• $977.9 million — cash flow from operating activities of $977.9 million; realized an improvement in our debt
• $77.2 million — ach quarter for a total distribution of $77.2 million; repurchased approximately $19.0 mill
• $19.0 million — .2 million; repurchased approximately $19.0 million of our common stock; executed opportu
• $61.6 million — ecuted opportunistic debt reductions of $61.6 million while accumulating $212.0 million of ca
• $212.0 million — ons of $61.6 million while accumulating $212.0 million of cash on hand; reduced transportati
• $1.5 billion — 2023 cash balance of $212.0 million and $1.5 billion in committed borrowing capacity under o
• $190.1 million — aggregate market value of approximately $190.1 million. We seek to align our incentive compens
• $4.0 billion — s of December 31, 2023, we maintained a $4.0 billion bank credit facility, with a borrowing

Filing Documents

• rrc-20231231.htm (10-K) — 4955KB
• rrc-ex4_1.htm (EX-4.1) — 19KB
• rrc-ex10_08.htm (EX-10.08) — 184KB
• rrc-ex19_1.htm (EX-19.1) — 38KB
• rrc-ex21.htm (EX-21) — 14KB
• rrc-ex22.htm (EX-22) — 13KB
• rrc-ex23_1.htm (EX-23.1) — 6KB
• rrc-ex23_2.htm (EX-23.2) — 9KB
• rrc-ex31_1.htm (EX-31.1) — 14KB
• rrc-ex31_2.htm (EX-31.2) — 14KB
• rrc-ex32_1.htm (EX-32.1) — 9KB
• rrc-ex32_2.htm (EX-32.2) — 9KB
• rrc-ex97.htm (EX-97) — 38KB
• rrc-ex99_1.htm (EX-99.1) — 60KB
• img12543528_0.jpg (GRAPHIC) — 175KB
• img257705826_0.jpg (GRAPHIC) — 255KB
• img257705826_1.jpg (GRAPHIC) — 166KB
• img257705826_2.jpg (GRAPHIC) — 80KB
• img257705826_3.jpg (GRAPHIC) — 166KB
• 0000950170-24-018046.txt (&nbsp;) — 20132KB
• rrc-20231231.xsd (EX-101.SCH) — 2444KB
• rrc-20231231_htm.xml (XML) — 3634KB

Risk Factors

Risk Factors 21 ITEM 1B. Unresolved Staff Comments 33 ITEM 1C. Cybersecurity 33 ITEM 3.

Legal Proceedings

Legal Proceedings 33 ITEM 4. Mine Safety Disclosures 34 PART II ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 35 Market for Common Stock 35 Holders of Record 35 Dividends 35 Equity Compensation Plan Information 35 Purchases of Equity Securities by Issuer and Affiliated Purchases 35 Stockholder Return Performance Presentation 36 i TABLE OF CONTENTS (continued) Page ITEM 6. [Reserved] 36 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 37

Management's Discussion and Analysis of Results of Operations

Management's Discussion and Analysis of Results of Operations 38

Management's Discussion and Analysis of Financial Condition, Cash Flows, Capital Resources and Liquidity

Management's Discussion and Analysis of Financial Condition, Cash Flows, Capital Resources and Liquidity 47 Management's Discussion of Critical Accounting Estimates 52 ITEM 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 56 Market Risk 56 Commodity Price Risk 57 Other Commodity Risk 57 Commodity Sensitivity Analysis 57 Counterparty Risk 58 Interest Rate Risk 58 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F- 1 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 59 ITEM 9A.

Controls and Procedures

Controls and Procedures 59 ITEM 9B. Other Information 59 ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 59 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 60 ITEM 11.

Executive Compensation

Executive Compensation 60 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 60 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 60 ITEM 14. Principal Accountant Fees and Services 60 PART IV ITEM 15. Exhibits and Financial Statement Schedules 61

SIGNATURES

SIGNATURES 63 ii Disclosures Regarding Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"). These are statements, other than statements of historical fact, that give current expectations or forecasts of future events, including without limitation, operational and financial strategies: drilling plans; planned wells; rig count; our 2024 capital budget; reserve estimates; financial flexibility; expectations regarding future economic and market conditions and their effects on us; our financial and operational outlook and ability to fulfill that outlook; our financial position, balance sheet, liquidity and capital resources and the benefits thereof. These statements typically contain words such as "anticipates," "believes," "estimates," "expects," "intend," "may," "outlook," "plans," "projects," "targets," "should," "would" or similar words, indicating that future outcomes are uncertain. Such forward-looking statements are intended to be subject to the safe harbor protections provided by the federal securities law. While we believe our assumptions concerning future events are reasonable, these expectations may not prove to be correct. A number of factors could cause results to differ materially from those indicated by such forward looking statements including, but not limited to: conditions in the oil and gas industry, including supply and demand levels for natural gas, crude oil and natural gas liquids ("NGLs") and the resulting impact on price; the availability and volatility of securities, capital or credit markets and the cost of capital to fund our operation and business strategy; accuracy and fluctuations in our reserves estimates due to regulations, reservoir performance or sustained low commodity prices; lack of, or disruption

View Full Filing

View this 10-K filing on SEC EDGAR