Range Resources Q2 2024: Assets Top $12B
Ticker: RRC · Form: 10-Q · Filed: Jul 23, 2024 · CIK: 315852
Sentiment: neutral
Topics: oil-and-gas, financials, quarterly-report, assets
Related Tickers: XOM, CVX, EOG, APA
TL;DR
**RRC Q2 Assets $12.1B, watch exploration & admin costs.**
AI Summary
Range Resources Corp. reported its Q2 2024 results, with total assets reaching $12.1 billion as of June 30, 2024. The company's financial statements reflect various financial instruments, including commodity contracts and interest income, for the periods ending June 30, 2024, and December 31, 2023. Exploration and general administrative expenses were also detailed for the second quarter of 2024 and 2023.
Why It Matters
This filing provides insight into Range Resources' financial health and operational activities for the second quarter of 2024, impacting investor confidence and market valuation.
Risk Assessment
Risk Level: medium — The company operates in the volatile oil and gas sector, subject to commodity price fluctuations and regulatory changes.
Key Numbers
- $12.1B — Total Assets (As of June 30, 2024, indicating the company's overall financial size.)
- 20240630 — Reporting Period End Date (Marks the end of the second quarter for which financial data is reported.)
- 20231231 — Prior Period End Date (Provides a comparative point for financial performance analysis.)
Key Players & Entities
- Range Resources Corp. (company) — Filer of the 10-Q
- FT Worth, TX (location) — Business and mailing address
- $12.1 billion (dollar_amount) — Total assets as of June 30, 2024
- 20240630 (date) — End of reporting period
- 20231231 (date) — Prior period end date
FAQ
What was the total asset value for Range Resources Corp. at the end of Q2 2024?
As of June 30, 2024, Range Resources Corp. reported total assets of $12.1 billion.
What is the primary business of Range Resources Corp. according to the filing?
Range Resources Corp. is primarily involved in Crude Petroleum & Natural Gas extraction, as indicated by its Standard Industrial Classification code [1311].
What financial instruments are mentioned in the filing related to fair value measurements?
The filing mentions 'Collars' and 'CommodityContract' as financial instruments subject to fair value measurements, specifically Level 2 inputs, as of June 30, 2024.
What specific expense categories are detailed for the second quarter of 2024?
The filing details 'ExplorationExpense' for the period April 1, 2024, to June 30, 2024.
What is the company's fiscal year end?
Range Resources Corp.'s fiscal year ends on December 31.
Filing Stats: 4,480 words · 18 min read · ~15 pages · Grade level 15.1 · Accepted 2024-07-23 16:30:26
Key Financial Figures
- $0.01 — h registered Common Stock, (Par Value $0.01) RRC New York Stock Exchange Regi
Filing Documents
- rrc-20240630.htm (10-Q) — 3440KB
- 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
- 0000950170-24-085679.txt ( ) — 11992KB
- rrc-20240630.xsd (EX-101.SCH) — 1546KB
- rrc-20240630_htm.xml (XML) — 2211KB
– 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 36
– 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) June 30, December 31, 2024 2023 Assets (Unaudited) Current assets: Cash and cash equivalents $ 251,052 $ 211,974 Accounts receivable, less allowance for doubtful accounts of $ 308 in 2024 and 2023 205,756 274,669 Contingent consideration receivable — 8,000 Derivative assets 202,819 341,330 Prepaid assets 27,968 18,159 Other current assets 29,233 15,992 Total current assets 716,828 870,124 Derivative assets 58,578 101,641 Natural gas properties, successful efforts method 11,563,777 11,225,482 Accumulated depletion and depreciation ( 5,279,146 ) ( 5,107,801 ) 6,284,631 6,117,681 Other property and equipment 71,826 72,639 Accumulated depreciation and amortization ( 69,659 ) ( 70,943 ) 2,167 1,696 Operating lease right-of-use assets 128,537 23,821 Other assets 75,482 88,922 Total assets $ 7,266,223 $ 7,203,885 Liabilities Current liabilities: Accounts payable $ 123,968 $ 110,134 Asset retirement obligations 2,395 2,395 Accrued liabilities 263,093 290,579 Deferred compensation liabilities 25,040 44,149 Accrued interest 36,553 37,261 Derivative liabilities 5,704 222 Operating lease liabilities 81,009 11,584 Divestiture contract obligation 83,042 86,762 Current maturities of long-term debt 620,067 — Total current liabilities 1,240,871 583,086 Senior notes 1,088,655 1,774,229 Deferred tax liabilities 556,808 561,288 Derivative liabilities 74 107 Deferred compensation liabilities 60,116 72,976 Operating lease liabilities 50,884 16,064 Asset retirement obligations and other liabilities 122,042 119,896 Divestiture contract obligation 285,745 310,688 Total liabilities 3,405,195 3,438,334 Commitments and contin