Range Resources Q3 2024 Update
Ticker: RRC · Form: 10-Q · Filed: Oct 22, 2024 · CIK: 315852
Sentiment: neutral
Topics: 10-Q, oil-gas, debt, financial-instruments
TL;DR
RRC Q3 filing shows commodity contracts & debt details. All good.
AI Summary
Range Resources Corp. reported its third-quarter results for the period ending September 30, 2024. The company's financial statements reflect various financial instruments, including commodity contracts and senior notes, with specific fair value measurements. The filing also details equity grants and restricted stock liability awards.
Why It Matters
This filing provides insight into Range Resources' financial health and risk management strategies, particularly concerning commodity price fluctuations and debt obligations.
Risk Assessment
Risk Level: medium — The company's exposure to commodity price volatility and its debt structure present inherent risks.
Key Numbers
- 20240930 — Reporting Period End Date (Indicates the end of the fiscal quarter for this filing.)
- 20241022 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
- 1231 — Fiscal Year End (Defines the end of the company's fiscal year.)
Key Players & Entities
- Range Resources Corp. (company) — Filer
- 0000315852 (company) — Central Index Key
- 100 THROCKMORTON STE. 1200 (location) — Business Address
- FT WORTH (location) — Business Address City
- TX (location) — Business Address State
- 76102 (location) — Business Address Zip
- LOMAK PETROLEUM INC (company) — Former Company Name
- FourPointSevenFivePercentSeniorNotesDueTwoThousandThirty (financial_instrument) — Debt Instrument
- TwoThousandTwentySevenCommodityContract (financial_instrument) — Commodity Contract
- FourPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyFive (financial_instrument) — Debt Instrument
FAQ
What is the fair value of Range Resources' commodity contracts as of September 30, 2024?
The filing indicates that commodity contracts are measured at fair value, with specific mentions of Level 1 inputs for fair value measurements, but a specific dollar amount for the total fair value of commodity contracts as of September 30, 2024, is not explicitly stated in this excerpt.
What are the details of Range Resources' senior notes due in 2030 and 2025?
The filing mentions 'FourPointSevenFivePercentSeniorNotesDueTwoThousandThirty' and 'FourPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyFive', indicating the existence and terms of these debt instruments.
What types of equity awards are detailed in the filing?
The filing mentions 'EquityGrants' and 'RestrictedStockLiabilityAwards', indicating these types of compensation are being reported.
What is the SIC code for Range Resources Corp.?
The Standard Industrial Classification (SIC) code for Range Resources Corp. is 1311, which corresponds to Crude Petroleum & Natural Gas.
What was the previous name of Range Resources Corp.?
The previous name of Range Resources Corp. was LOMAK PETROLEUM INC, with a date of name change on July 3, 1992.
Filing Stats: 4,472 words · 18 min read · ~15 pages · Grade level 15.6 · Accepted 2024-10-22 16:45:23
Key Financial Figures
- $0.01 — h registered Common Stock, (Par Value $0.01) RRC New York Stock Exchange Regi
Filing Documents
- rrc-20240930.htm (10-Q) — 3584KB
- rrc-ex31_1.htm (EX-31.1) — 15KB
- rrc-ex31_2.htm (EX-31.2) — 14KB
- rrc-ex32_1.htm (EX-32.1) — 9KB
- rrc-ex32_2.htm (EX-32.2) — 9KB
- 0000950170-24-116305.txt ( ) — 12274KB
- rrc-20240930.xsd (EX-101.SCH) — 1547KB
- rrc-20240930_htm.xml (XML) — 2237KB
– 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) September 30, December 31, 2024 2023 Assets (Unaudited) Current assets: Cash and cash equivalents $ 277,450 $ 211,974 Accounts receivable, less allowance for doubtful accounts of $ 308 in 2024 and 2023 181,143 274,669 Contingent consideration receivable — 8,000 Derivative assets 160,321 341,330 Prepaid assets 18,815 18,159 Other current assets 17,812 15,992 Total current assets 655,541 870,124 Derivative assets 37,489 101,641 Natural gas properties, successful efforts method 11,715,018 11,225,482 Accumulated depletion and depreciation ( 5,366,182 ) ( 5,107,801 ) 6,348,836 6,117,681 Other property and equipment 72,072 72,639 Accumulated depreciation and amortization ( 69,988 ) ( 70,943 ) 2,084 1,696 Operating lease right-of-use assets 118,988 23,821 Other assets 78,365 88,922 Total assets $ 7,241,303 $ 7,203,885 Liabilities Current liabilities: Accounts payable $ 96,894 $ 110,134 Asset retirement obligations 2,395 2,395 Accrued liabilities 273,317 290,579 Deferred compensation liabilities 24,136 44,149 Accrued interest 27,023 37,261 Derivative liabilities 6,649 222 Operating lease liabilities 91,363 11,584 Divestiture contract obligation 84,744 86,762 Current maturities of long-term debt 617,383 — Total current liabilities 1,223,904 583,086 Senior notes 1,089,131 1,774,229 Deferred tax liabilities 571,095 561,288 Derivative liabilities 684 107 Deferred compensation liabilities 62,883 72,976 Operating lease liabilities 30,811 16,064 Asset retirement obligations and other liabilities 123,406 119,896 Divestiture contract obligation 271,302 310,688 Total liabilities 3,373,216 3,438,334 Commitments and c