Range Resources Corp., Fort Worth, Tex., produced 2.13 bcfd of gas-equivalent (bcfed) (70% natural gas) in third-quarter 2022, an increase of 3% over second-quarter 2022, and expects a similar increase in this year’s fourth quarter, the company said in its third-quarter earnings report Oct. 24. The increase would place full year 2022 production near the low-end of its 2.12-2.16 bcfed guidance.
Unplanned third-party midstream maintenance impacted third and fourth quarter volumes, the company said. Current production is about 2.2 bcfed.
Capital spending for the quarter was $138 million, about 29% of the 2022 budget, and included drilling and completion expenditures of $133 million and $5 million invested in acreage leasehold and gathering systems. Year to date capital expenditures were $382 million at the end of the quarter and the company expects to be within the high-end of the full year 2022 budget of $460-480 million.
GAAP revenues for the quarter totaled $1.1 billion, GAAP net cash provided from operating activities (including changes in working capital) was $521 million, and GAAP net income was $373 million. Third quarter earnings results include a $458 million mark-to-market derivative loss due to the increases in commodity prices.
Non-GAAP revenues for third quarter 2022 totaled $1.1 billion, and cash flow from operations before changes in working capital, a non-GAAP measure, was $550 million. Adjusted net income comparable to analysts' estimates, a non-GAAP measure, was $336 million in the quarter.