Range Resources Corp., Fort Worth, Tex., is targeting a maintenance program for the year, with production expected to come in relatively flat at 2.12-2.16 bcfed, with about 30% attributed to liquids production.
Second-quarter 2023 production was 2.1 bcfed, comprised of about 68% natural gas.
In this year’s second quarter, the company turned-in-line a total of 11 wells of 61 planned for the year with 41 wells remaining.
Cash flow from operating activities was $127 million for the quarter. Capital spending was $175 million, about 30% of the year’s budget. Drilling and completion expenditures were $166 million. About $9 million was invested in acreage leasehold, gathering systems, and other.
During the year’s second quarter, the operator had net income of $30.2 million compared with net income of $452.9 million in second-quarter 2022. The lower net income in this year’s second quarter reflects the impact of significantly lower commodity and on a reported derivative fair value income (loss). Second quarter earnings results include a $124 million mark-to-market derivative gain due to decreases in commodity prices.
Revenues for second-quarter 2023 totaled $637 million and net income was $30 million. Adjusted net income was $72 million.
The all-in capital budget for the year is $570-615 million.
As of June 30, 2023, Range had net debt outstanding of approximately $1.63 billion, consisting of $1.79 billion of senior notes and $162 million in cash.
