Range Resources inches up 2024 total production guidance

Range Resources Corp. expects 2024 full-year production guidance of 2.17 bcfed, an increase of about 2% over the last 3 years of maintenance as a result of well performance and optimized gathering and compression. Liquids are expected to be over 30% of production.

The operator provided the production guidance as part of its third-quarter 2024 report on Oct. 22. In it, the company noted an anticipated 2024 all-in capital budget of $645-670 million.

In July of this year, the company had anticipated 2024 production at the high end of 2.12-2.16 bcfed guide with liquids over 30% and an all-in capex budget of $620-670 million.

GAAP revenues and other income for third-quarter 2024 totaled $615 million. GAAP net income was $51 million. Non-GAAP revenues for third-quarter 2024 totaled $680 million, and adjusted net income comparable to analysts’ estimates, a non-GAAP measure, of $117 million.

In this year’s third quarter, the company had cash flow from operating activities of $246 million and capital spending of $156 million, about 24% of the 2024 budget.

Third-quarter 2024 drilling and completion expenditures were $146 million. Production in this year’s third quarter averaged 2.20 bcfed (about 68% natural gas).

The operator expects to turn-in-line (TIL) 47 total wells this year. Year-to-date, 30 wells have been TIL. Two wells in northeast Pennsylvania originally scheduled to TIL in mid-2024 have been completed but are now scheduled to TIL in early 2025 to maximize water recycling savings and take advantage of expected natural gas price improvements, the company said.