Range Resources Corp Files 10-Q for Period Ending March 31, 2024
Ticker: RRC · Form: 10-Q · Filed: Apr 23, 2024 · CIK: 315852
Sentiment: neutral
Topics: 10-Q, Range Resources, Oil and Gas, Commodity Contracts, Financial Report
TL;DR
<b>Range Resources Corp filed its Q1 2024 10-Q, detailing financial performance and commodity hedging activities.</b>
AI Summary
RANGE RESOURCES CORP (RRC) filed a Quarterly Report (10-Q) with the SEC on April 23, 2024. Range Resources Corp filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to commodity contracts, specifically natural gas, oil, and natural gas liquids. Financial instruments such as senior notes and credit facilities are mentioned. The company's business address is 100 Throckmorton Ste. 1200, Ft Worth, TX 76102. The SIC code for Range Resources Corp is 1311 (Crude Petroleum & Natural Gas).
Why It Matters
For investors and stakeholders tracking RANGE RESOURCES CORP, this filing contains several important signals. This filing provides investors with an update on Range Resources' financial health and operational status for the first quarter of 2024, including details on their commodity price risk management strategies. The 10-Q report is crucial for understanding the company's current financial position, debt structure, and any significant changes in its assets and liabilities, impacting investment decisions.
Risk Assessment
Risk Level: medium — RANGE RESOURCES CORP shows moderate risk based on this filing. The company operates in the volatile oil and gas industry, which is subject to significant price fluctuations and regulatory changes, as evidenced by the numerous commodity contracts and reserve data mentioned in the filing.
Analyst Insight
Investors should review the detailed financial statements and risk factors in the 10-Q to assess the impact of commodity price volatility and operational risks on Range Resources' future performance.
Key Numbers
- 2024-03-31 — Reporting Period End Date (Conformed period of report)
- 2024-04-23 — Filing Date (Filed as of date)
- 1311 — SIC Code (Standard Industrial Classification)
- 1992-07-03 — Date of Name Change (Former company name change date)
Key Players & Entities
- RANGE RESOURCES CORP (company) — Filer name
- 0000950170-24-046973 (other) — Accession number
- 20240331 (date) — Conformed period of report
- 20240423 (date) — Filed as of date
- 1311 (other) — Standard Industrial Classification
- 100 THROCKMORTON STE. 1200 (address) — Business address street 1
- FT WORTH (location) — Business address city
- TX (location) — Business address state
FAQ
When did RANGE RESOURCES CORP file this 10-Q?
RANGE RESOURCES CORP filed this Quarterly Report (10-Q) with the SEC on April 23, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by RANGE RESOURCES CORP (RRC).
Where can I read the original 10-Q filing from RANGE RESOURCES CORP?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by RANGE RESOURCES CORP.
What are the key takeaways from RANGE RESOURCES CORP's 10-Q?
RANGE RESOURCES CORP filed this 10-Q on April 23, 2024. Key takeaways: Range Resources Corp filed a 10-Q report for the period ending March 31, 2024.. The filing includes data related to commodity contracts, specifically natural gas, oil, and natural gas liquids.. Financial instruments such as senior notes and credit facilities are mentioned..
Is RANGE RESOURCES CORP a risky investment based on this filing?
Based on this 10-Q, RANGE RESOURCES CORP presents a moderate-risk profile. The company operates in the volatile oil and gas industry, which is subject to significant price fluctuations and regulatory changes, as evidenced by the numerous commodity contracts and reserve data mentioned in the filing.
What should investors do after reading RANGE RESOURCES CORP's 10-Q?
Investors should review the detailed financial statements and risk factors in the 10-Q to assess the impact of commodity price volatility and operational risks on Range Resources' future performance. The overall sentiment from this filing is neutral.
Risk Factors
- Commodity Price Volatility [high — market]: The company's financial performance is significantly impacted by fluctuations in the prices of natural gas, natural gas liquids, and oil.
- Environmental and Regulatory Changes [medium — regulatory]: Changes in environmental laws and regulations could increase compliance costs and affect operations.
- Debt Obligations [medium — financial]: The company has significant debt obligations, including senior notes, which require substantial interest payments and principal repayment.
Key Dates
- 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
- 2024-04-23: Filing Date — Date the 10-Q was officially filed with the SEC.
Glossary
- 10-Q
- A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and condition during the quarter.)
Filing Stats: 4,410 words · 18 min read · ~15 pages · Grade level 15.7 · Accepted 2024-04-23 16:35:36
Key Financial Figures
- $0.01 — h registered Common Stock, (Par Value $0.01) RRC New York Stock Exchange Regi
Filing Documents
- rrc-20240331.htm (10-Q) — 2583KB
- rrc-ex31_1.htm (EX-31.1) — 14KB
- rrc-ex31_2.htm (EX-31.2) — 13KB
- rrc-ex32_1.htm (EX-32.1) — 9KB
- rrc-ex32_2.htm (EX-32.2) — 9KB
- 0000950170-24-046973.txt ( ) — 10063KB
- rrc-20240331.xsd (EX-101.SCH) — 1503KB
- rrc-20240331_htm.xml (XML) — 1684KB
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION ITEM 1.
Financial Statements
Financial Statements : 3 Consolidated Balance Sheets 3 Consolidated Statements of Income (Unaudited) 4 Consolidated Statements of Comprehensive Income (Unaudited) 5 Consolidated Statements of Cash Flows (Unaudited) 6 Consolidated Statements of Stockholders' Equity (Unaudited) 7
Notes to Consolidated Financial Statements (Unaudited)
Notes to Consolidated Financial Statements (Unaudited) 9 ITEM 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 22 ITEM 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 34 ITEM 4.
Controls and Procedures
Controls and Procedures 35
– OTHER INFORMATION
PART II – OTHER INFORMATION ITEM 1.
Legal Proceedings
Legal Proceedings 37 ITEM 1A.
Risk Factors
Risk Factors 37 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 ITEM 5. Other Information 37 ITEM 6. Exhibits 38
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION
Financial Statements
ITEM 1. Financial Statements RANGE RESOURCES CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) March 31, December 31, 2024 2023 Assets (Unaudited) Current assets: Cash and cash equivalents $ 343,111 $ 211,974 Accounts receivable, less allowance for doubtful accounts of $ 308 in 2024 and 2023 167,215 274,669 Contingent consideration receivable 8,000 8,000 Derivative assets 299,987 341,330 Prepaid assets 23,355 18,159 Other current assets 19,972 15,992 Total current assets 861,640 870,124 Derivative assets 78,093 101,641 Natural gas properties, successful efforts method 11,393,388 11,225,482 Accumulated depletion and depreciation ( 5,193,291 ) ( 5,107,801 ) 6,200,097 6,117,681 Other property and equipment 73,642 72,639 Accumulated depreciation and amortization ( 71,279 ) ( 70,943 ) 2,363 1,696 Operating lease right-of-use assets 148,225 23,821 Other assets 81,383 88,922 Total assets $ 7,371,801 $ 7,203,885 Liabilities Current liabilities: Accounts payable $ 150,500 $ 110,134 Asset retirement obligations 2,395 2,395 Accrued liabilities 250,430 290,579 Deferred compensation liabilities 34,544 44,149 Accrued interest 27,187 37,261 Derivative liabilities 10,744 222 Operating lease liabilities 81,044 11,584 Divestiture contract obligation 81,432 86,762 Total current liabilities 638,276 583,086 Senior notes 1,755,713 1,774,229 Deferred tax liabilities 577,906 561,288 Derivative liabilities 470 107 Deferred compensation liabilities 80,943 72,976 Operating lease liabilities 70,852 16,064 Asset retirement obligations and other liabilities 122,463 119,896 Divestiture contract obligation 298,411 310,688 Total liabilities 3,545,034 3,438,334 Commitments and contingencies Stockholders' Equity Preferred stock