Range Resources brings 9 wells to sales, 61 planned in 2023 maintenance program

Range Resources Corp., Fort Worth, Tex., plans a maintenance program for 2023, with flat production of 2.12-2.16 bcfed for the year and liquids comprising 30% of guided production.

All-in capital expenditures of $570-615 million are expected for the year. Drilling and completions spending of $540-565 million is expected for the year.

First-quarter 2023 production averaged 2.14 bcfed, with about 70% natural gas. In the quarter, the company turned-in-line 9 wells of 61 planned for the year (58 in southwest Pennsylvania, 3 in northeast Pennsylvania).

Overall capital spending for the quarter was $152 million, some 26% of the 2023 budget. First quarter 2023 drilling and completion expenditures were $139 million. During the quarter, about $12 million was invested in acreage leasehold and gathering systems.

Cash flow from operating activities for the quarter was $475 million. Cash flow from operations, before working capital changes was $400 million.

GAAP revenues for first-quarter 2023 totaled $1.2 billion and GAAP net income was $481 million. First quarter earnings results include a $368 million mark-to-market derivative gain due to decreases in commodity prices.

Non-GAAP revenues for first-quarter 2023 totaled $853 million, and cash flow from operations before changes in working capital, a non-GAAP measure, was $400 million.