RANGE RESOURCES CORPORATION | TABLE 1 | ||||||||||||||||||||||||
CALCULATION OF CASH FLOW EXCLUDING CERTAIN ITEMS | |||||||||||||||||||||||||
A NON-GAAP MEASURE | |||||||||||||||||||||||||
(Dollar amounts in thousands, except per share) | |||||||||||||||||||||||||
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Per | Per | Per | Per | ||||||||||||||||||||||
Amount | Share | Amount | Share | Amount | Share | Amount | Share | ||||||||||||||||||
Net income as reported | $ | 49,430 | $ | 0.20 | $ | 373,087 | $ | 1.49 | $ | 561,108 | $ | 2.27 | $ | 369,134 | $ | 1.45 | |||||||||
Less certain items not included by analysts - | |||||||||||||||||||||||||
Gain on sales of assets | (109) | (0.00) | (135) | (0.00) | (353) | (0.00) | (548) | (0.00) | |||||||||||||||||
Total change in fair value of related to derivatives prior to settlement (gains) losses 1 | 39,048 | 0.16 | (6,969) | (0.03) | (341,599) | (1.41) | 631,165 | 2.54 | |||||||||||||||||
Transportation, gathering, processing and compression settlements | - | - | - | - | - | - | 7,500 | 0.03 | |||||||||||||||||
Abandonment and impairment of unproved properties | 11,012 | 0.05 | 3,186 | 0.01 | 44,308 | 0.18 | 12,319 | 0.05 | |||||||||||||||||
Loss (gain) on ARO settlement | 1 | 0.00 | (8) | (0.00) | 1 | 0.00 | (8) | (0.00) | |||||||||||||||||
(Gain) loss on early extinguishment of debt | - | - | - | - | (439) | - | 69,232 | - | |||||||||||||||||
Lawsuit settlements | 66 | 0.00 | 81 | 0.00 | 938 | 0.00 | 776 | 0.00 | |||||||||||||||||
Rig release penalty | - | - | - | - | - | - | - | - | |||||||||||||||||
Exit costs | 10,684 | 0.04 | 11,065 | 0.05 | 71,661 | 0.30 | 58,249 | 0.23 | |||||||||||||||||
Non-cash stock compensation 2 | 8,997 | 0.04 | 5,795 | 0.02 | 29,546 | 0.12 | 59,917 | 0.24 | |||||||||||||||||
Other stock-based compensation adjustments 5 | 9,680 | 0.04 | 11,830 | 0.05 | 30,280 | 0.13 | 36,359 | 0.15 | |||||||||||||||||
Deferred tax (benefit) on special items | (18,257) | (0.07) | (6,211) | (0.03) | 38,101 | 0.16 | (218,740) | (0.88) | |||||||||||||||||
Discrete tax items | 718 | 0.00 | (55,536) | (0.23) | (11,793) | (0.05) | (77,861) | (0.31) | |||||||||||||||||
Total certain items | 61,840 | 0.25 | (36,902) | (0.15) | (139,349) | (0.58) | 578,360 | 2.33 | |||||||||||||||||
Net income excluding certain items, non-GAAP measure | $ | 111,270 | $ | 0.46 | $ | 336,185 | $ | 1.37 | $ | 421,759 | $ | 1.74 | $ | 947,494 | $ | 3.82 | |||||||||
Add back: | |||||||||||||||||||||||||
DD&A | 87,619 | 90,471 | 259,197 | 262,573 | |||||||||||||||||||||
Deferred income taxes, excluding special items | 32,636 | 114,389 | 122,981 | 322,742 | |||||||||||||||||||||
Exploration expense | 6,658 | 7,105 | 18,087 | 18,540 | |||||||||||||||||||||
Allowance for bad debt expense | - | - | - | - | |||||||||||||||||||||
Amortization of debt issuance costs and discount 3 | 1,339 | 1,563 | 4,032 | 6,775 | |||||||||||||||||||||
Discretionary cash flow, a non-GAAP measure | $ | 239,522 | $ | 549,713 | -56% | $ | 826,056 | $ | 1,558,124 | -47% | |||||||||||||||
Dilutive average shares outstanding, a non-GAAP measure 4 | |||||||||||||||||||||||||
243,937 | 245,023 | 0% | 242,144 | 248,360 | -3% | ||||||||||||||||||||
Cash flow per share, a non-GAAP measure comparable to analysts | $ | 0.98 | $ | 2.24 | -56% | $ | 3.41 | $ | 6.27 | -46% | |||||||||||||||
- Included in Derivative fair value on Range's statement of operations.
- Mark-to-marketof the Company's common stock and marketable securities held in the deferred comp plan.
- Included in Interest expense on Range's statement of operations.
- Dilutive shares outstanding excludes treasury shares contained in deferred comp plan and includes dilutive effect of restricted stock equity awards and performance shares, if any.
- Included in direct operating, brokered natural gas and marketing, exploration and general and administrative expenses on Range's statement of operations.
RANGE RESOURCES CORPORATION | TABLE 2 | |||||||||||||
CALCULATION OF EBITDAX, NET DEBT AND NET DEBT/EBTIDAX EXCLUDING CERTAIN ITEMS | ||||||||||||||
A NON-GAAP MEASURE | ||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||
Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||
Total revenues, as reported | $ | 609,724 | $ | 1,110,545 | -45% | $ | 2,433,061 | $ | 2,516,424 | -3% | ||||
Less certain items not included by analysts - | ||||||||||||||
Interest Income | (1,279) | - | (4,016) | - | ||||||||||
Loss (gain) on ARO settlement | 1 | (8) | 1 | (8) | ||||||||||
Total change in fair value related to derivatives prior to settlement | 39,048 | (6,969) | (341,599) | 631,165 | ||||||||||
Total revenues excluding certain items | $ | 647,494 | $ | 1,103,568 | -41% | $ | 2,087,447 | $ | 3,147,581 | -34% | ||||
Less expenses: | ||||||||||||||
Direct operating | 22,562 | 21,290 | 73,442 | 61,628 | ||||||||||
Less direct operating stock-based compensation | (439) | (372) | (1,280) | (1,083) | ||||||||||
Transportation, gathering, processing and compression | 277,207 | 323,019 | 830,880 | 948,713 | ||||||||||
Less transportation, gathering, processing and compression settlements | - | - | - | (7,500) | ||||||||||
Taxes other than income | 4,756 | 9,057 | 19,643 | 24,189 | ||||||||||
Brokered natural gas and marketing | 46,206 | 127,285 | 158,074 | 330,517 | ||||||||||
Less brokered natural gas and marketing stock-based compensation | (483) | (663) | (1,604) | (1,868) | ||||||||||
General and administrative as reported | 38,093 | 40,568 | 120,765 | 126,013 | ||||||||||
Less G&A stock-based compensation | (8,446) | (10,402) | (26,461) | (32,245) | ||||||||||
Less lawsuit settlements | (66) | (81) | (938) | (776) | ||||||||||
379,390 | 509,701 | -26% | 1,172,521 | 1,447,588 | -19% | |||||||||
EBITDAX excluding certain items, a non-GAAP measure | $ | 268,104 | $ | 593,867 | -55% | $ | 914,926 | $ | 1,699,993 | -46% | ||||
Total net debt: | ||||||||||||||
Total debt before debt issuance/premium costs | $ | 1,788,388 | $ | 2,378,585 | $ | 1,788,388 | $ | 2,378,585 | ||||||
Less: Cash and Cash Equivalents | (162,801) | (157,144) | (162,801) | (157,144) | ||||||||||
Total net debt - a non-GAAP measure | $ | 1,625,587 | $ | 2,221,441 | $ | 1,625,587 | $ | 2,221,441 | ||||||
Net Debt/Latest Twelve Months (LTM) EBITDAX, excluding certain items: | ||||||||||||||
Total net debt, from above | $ | 1,625,587 | $ | 2,221,441 | $ | 1,625,587 | $ | 2,221,441 | ||||||
Latest Twelve Months EBITDAX excluding certain items | 1,457,272 | 2,178,612 | 1,457,272 | 2,178,612 | ||||||||||
Net Debt/LTM EBITDAX excluding certain items, a non-GAAP measure | 1.1 | 1.0 | 1.1 | 1.0 | ||||||||||
RANGE RESOURCES CORPORATION | TABLE 3 | |||||||||||||||||||||||||||
CALCULATION OF CASH MARGINS, A NON-GAAP MEASURE | ||||||||||||||||||||||||||||
(Dollar amounts in thousands, except per mcfe) | ||||||||||||||||||||||||||||
Quarter Ended September 30, | Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Per | Per | Per | Per | |||||||||||||||||||||||||
Amount | Mcfe | Amount | Mcfe | Amount | Mcfe | Amount | Mcfe | |||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||
Natural Gas, NGL and Oil Sales | $ | 526,718 | $ | 2.70 | $ | 1,435,152 | $ | 7.31 | $ | 1,731,382 | $ | 3.00 | $ | 3,824,395 | $ | 6.69 | ||||||||||||
Cash settlements on derivative financial instruments | 77,442 | 0.40 | (464,677) | (2.37) | 188,496 | 0.33 | (1,005,522) | (1.76) | ||||||||||||||||||||
Brokered natural gas and marketing | 43,325 | 0.22 | 132,681 | 0.68 | 162,092 | 0.28 | 326,441 | 0.57 | ||||||||||||||||||||
Interest and other income | 1,288 | 0.01 | 412 | 0.00 | 9,493 | 0.02 | 2,267 | 0.00 | ||||||||||||||||||||
Cash revenues | 648,773 | 3.32 | 1,103,568 | 5.62 | -41% | 2,091,463 | 3.62 | 3,147,581 | 5.51 | -34% | ||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||
Direct operating | 22,562 | 0.12 | 21,290 | 0.11 | 73,442 | 0.13 | 61,628 | 0.11 | ||||||||||||||||||||
Less direct operating stock-based compensation | (439) | (0.00) | (372) | (0.00) | (1,280) | (0.00) | (1,083) | (0.00) | ||||||||||||||||||||
Transportation, gathering, processing and compression | 277,207 | 1.42 | 323,019 | 1.65 | 830,880 | 1.44 | 948,713 | 1.66 | ||||||||||||||||||||
Less transportation, gathering, processing and compression settlements | - | - | - | - | - | - | (7,500) | (0.01) | ||||||||||||||||||||
Taxes other than income | 4,756 | 0.02 | 9,057 | 0.05 | 19,643 | 0.03 | 24,189 | 0.04 | ||||||||||||||||||||
Brokered natural gas and marketing | 46,206 | 0.24 | 127,285 | 0.65 | 158,074 | 0.27 | 330,517 | 0.58 | ||||||||||||||||||||
Less brokered natural gas and marketing stock-based compensation | (483) | (0.00) | (663) | (0.00) | (1,604) | (0.00) | (1,868) | (0.00) | ||||||||||||||||||||
General and administrative as reported | 38,093 | 0.20 | 40,568 | 0.21 | 120,765 | 0.21 | 126,013 | 0.22 | ||||||||||||||||||||
Less G&A stock-based compensation | (8,446) | (0.04) | (10,402) | (0.05) | (26,461) | (0.05) | (32,245) | (0.06) | ||||||||||||||||||||
Less lawsuit settlements | (66) | (0.00) | (81) | (0.00) | (938) | (0.00) | (776) | (0.00) | ||||||||||||||||||||
Interest expense as reported | 30,599 | 0.16 | 38,736 | 0.20 | 93,918 | 0.16 | 127,912 | 0.22 | ||||||||||||||||||||
Less amortization of deferred financing costs | (1,339) | (0.01) | (1,563) | (0.01) | (4,032) | (0.01) | (6,775) | (0.01) | ||||||||||||||||||||
Cash expenses | 408,650 | 2.09 | 546,874 | 2.79 | -25% | 1,262,407 | 2.19 | 1,568,725 | 2.75 | -20% | ||||||||||||||||||
Cash margins, a non-GAAP measure | $ | 240,123 | $ | 1.23 | $ | 556,694 | $ | 2.84 | -57% | $ | 829,056 | $ | 1.44 | $ | 1,578,856 | $ | 2.76 | -48% | ||||||||||
Mmcfe produced during period | 195,319 | 196,195 | 0% | 577,490 | 571,276 | 1% | ||||||||||||||||||||||
RANGE RESOURCES CORPORATION | TABLE 4 | |||||||||||||||||||||||||||||||
PER MCFE TRENDS CALCULATED ON GAAP REPORTED NET INCOME | ||||||||||||||||||||||||||||||||
(Dollar amounts in thousands, except per mcfe) | ||||||||||||||||||||||||||||||||
4th Qtr 2022 | Year 2022 | 1st Qtr 2023 | 2nd Qtr 2023 | 3rd Qtr 2023 | ||||||||||||||||||||||||||||
Amount | /mcfe | Amount | /mcfe | Amount | /mcfe | Amount | /mcfe | Amount | /mcfe | |||||||||||||||||||||||
Revenues and other income: | ||||||||||||||||||||||||||||||||
Natural Gas, NGL and Oil sales | $ | 1,086,697 | $ | 5.36 | $ | 4,911,092 | $ | 6.34 | $ | 736,282 | $ | 3.82 | $ | 468,382 | $ | 2.47 | $ | 526,718 | $ | 2.70 | ||||||||||||
Cash settlements on derivative financial instruments | (184,632) | $ | (0.91) | (1,190,154) | $ | (1.54) | 34,468 | $ | 0.18 | 76,586 | $ | 0.40 | 77,442 | $ | 0.40 | |||||||||||||||||
Brokered natural gas and marketing | 93,335 | $ | 0.46 | 419,776 | $ | 0.54 | 81,028 | $ | 0.42 | 42,807 | $ | 0.23 | 43,325 | $ | 0.22 | |||||||||||||||||
Total change in fair value related to derivatives prior to settlement | 632,813 | $ | 3.12 | 1,648 | $ | - | 333,499 | $ | 1.73 | 47,148 | $ | 0.25 | (39,048) | $ | (0.20) | |||||||||||||||||
Interest income | - | $ | - | - | $ | - | 957 | $ | - | 1,780 | $ | 0.01 | 1,279 | $ | 0.01 | |||||||||||||||||
(Loss) gain on ARO settlement | - | $ | - | 8 | $ | - | - | $ | - | - | $ | - | (1) | $ | - | |||||||||||||||||
Other | 2,166 | $ | 0.01 | 4,433 | $ | 0.01 | 126 | $ | - | 274 | $ | - | 9 | $ | - | |||||||||||||||||
Total revenues and other income | 1,630,379 | $ | 8.04 | 4,146,803 | $ | 5.36 | 1,186,360 | $ | 6.15 | 636,977 | $ | 3.36 | 609,724 | $ | 3.12 | |||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||
Direct operating | 20,579 | $ | 0.10 | 79,816 | $ | 0.10 | 23,659 | $ | 0.12 | 22,686 | $ | 0.13 | 21,520 | $ | 0.12 | |||||||||||||||||
Direct operating workovers | 1,703 | $ | 0.01 | 3,011 | $ | - | 2,910 | $ | 0.02 | 784 | $ | - | 603 | $ | - | |||||||||||||||||
Direct operating stock-based compensation | 376 | $ | - | 1,459 | $ | - | 415 | $ | - | 426 | $ | - | 439 | $ | - | |||||||||||||||||
Transportation, gathering and compression | 294,228 | $ | 1.45 | 1,235,441 | $ | 1.60 | 285,483 | $ | 1.48 | 268,190 | $ | 1.42 | 277,207 | $ | 1.42 | |||||||||||||||||
Transportation, gathering and compression settlements | - | $ | - | 7,500 | $ | - | - | $ | - | - | $ | - | - | $ | - | |||||||||||||||||
Taxes other than income | 11,178 | $ | 0.06 | 35,367 | $ | 0.05 | 7,894 | $ | 0.04 | 6,993 | $ | 0.04 | 4,756 | $ | 0.02 | |||||||||||||||||
Brokered natural gas and marketing | 95,960 | $ | 0.47 | 424,609 | $ | 0.55 | 66,407 | $ | 0.34 | 44,340 | $ | 0.23 | 45,723 | $ | 0.23 | |||||||||||||||||
Brokered natural gas and marketing stock based-compensation | 571 | $ | - | 2,439 | $ | - | 661 | $ | - | 460 | $ | - | 483 | $ | - | |||||||||||||||||
Exploration | 6,654 | $ | 0.03 | 25,194 | $ | 0.03 | 4,284 | $ | 0.02 | 7,145 | $ | 0.04 | 6,658 | $ | 0.03 | |||||||||||||||||
Exploration stock-based compensation | 415 | $ | - | 1,578 | $ | - | 320 | $ | - | 303 | $ | - | 312 | $ | - | |||||||||||||||||
Abandonment and impairment of unproved properties | 16,289 | $ | 0.08 | 28,608 | $ | 0.04 | 7,510 | $ | 0.04 | 25,786 | $ | 0.14 | 11,012 | $ | 0.06 | |||||||||||||||||
General and administrative | 31,290 | $ | 0.15 | 124,282 | $ | 0.16 | 33,422 | $ | 0.17 | 30,363 | $ | 0.16 | 29,581 | $ | 0.15 | |||||||||||||||||
General and administrative stock-based compensation | 9,778 | $ | 0.05 | 42,023 | $ | 0.05 | 9,600 | $ | 0.05 | 8,415 | $ | 0.04 | 8,446 | $ | 0.04 | |||||||||||||||||
General and administrative - legal settlements | 722 | $ | - | 1,498 | $ | - | 124 | $ | - | 748 | $ | - | 66 | $ | - | |||||||||||||||||
General and administrataive - rig release penalty | 532 | $ | - | 532 | $ | - | - | $ | - | - | $ | - | - | $ | - | |||||||||||||||||
General and administrative - bad debt expense | (250) | $ | - | (250) | $ | - | - | $ | - | - | $ | - | - | $ | - | |||||||||||||||||
Exit costs | 12,088 | $ | 0.06 | 70,337 | $ | 0.09 | 12,323 | $ | 0.06 | 48,654 | $ | 0.26 | 10,684 | $ | 0.05 | |||||||||||||||||
Exit costs-stock based compensation | - | $ | - | - | $ | - | - | $ | - | - | $ | - | - | $ | - | |||||||||||||||||
Non-cash stock compensation | 1,963 | $ | 0.01 | 61,880 | $ | 0.08 | 9,396 | $ | 0.05 | 11,153 | $ | 0.06 | 8,997 | $ | 0.05 | |||||||||||||||||
Interest | 35,725 | $ | 0.18 | 156,862 | $ | 0.20 | 30,857 | $ | 0.16 | 29,769 | $ | 0.16 | 29,260 | $ | 0.15 | |||||||||||||||||
Interest - amortization of deferred financing costs | 1,508 | $ | 0.01 | 8,283 | $ | 0.01 | 1,345 | $ | 0.01 | 1,348 | $ | 0.01 | 1,339 | $ | 0.01 | |||||||||||||||||
(Gain) loss on early extinguishment of debt | 261 | $ | - | 69,493 | $ | 0.09 | - | $ | - | (439) | $ | - | - | $ | - | |||||||||||||||||
Depletion, depreciation and amortization | 90,847 | $ | 0.45 | 353,420 | $ | 0.46 | 86,562 | $ | 0.45 | 85,016 | $ | 0.45 | 87,619 | $ | 0.45 | |||||||||||||||||
(Gain) loss on sale of assets | 139 | $ | - | (409) | $ | - | (138) | $ | - | (106) | $ | - | (109) | $ | - | |||||||||||||||||
Total costs and expenses | 632,556 | $ | 3.12 | 2,732,973 | $ | 3.53 | 583,034 | $ | 3.02 | 592,034 | $ | 3.13 | 544,596 | $ | 2.79 | |||||||||||||||||
Income before income taxes | 997,823 | $ | 4.92 | 1,413,830 | $ | 1.83 | 603,326 | $ | 3.13 | 44,943 | $ | 0.24 | 65,128 | $ | 0.33 | |||||||||||||||||
Income tax expense (benefit) | ||||||||||||||||||||||||||||||||
Current | (6,044) | $ | (0.03) | 14,688 | $ | 0.02 | 2,699 | $ | 0.01 | (300) | $ | - | 601 | $ | - | |||||||||||||||||
Deferred | 189,631 | $ | 0.94 | 215,772 | $ | 0.28 | 119,180 | $ | 0.62 | 15,012 | $ | 0.08 | 15,097 | $ | 0.08 | |||||||||||||||||
183,587 | $ | 0.91 | 230,460 | $ | 0.30 | 121,879 | $ | 0.63 | 14,712 | $ | 0.08 | 15,698 | $ | 0.08 | ||||||||||||||||||
Net income | 814,236 | $ | 4.01 | 1,183,370 | $ | 1.53 | 481,447 | $ | 2.50 | 30,231 | $ | 0.16 | 49,430 | $ | 0.25 | |||||||||||||||||
Production during the period (Mmcfe) | 202,813 | 774,089 | 192,823 | 189,348 | 195,319 | |||||||||||||||||||||||||||
Net income per common share | ||||||||||||||||||||||||||||||||
Basic | $ | 3.38 | $ | 4.79 | $ | 1.98 | $ | 0.12 | $ | 0.20 | ||||||||||||||||||||||
Diluted | $ | 3.31 | $ | 4.69 | $ | 1.95 | $ | 0.12 | $ | 0.20 | ||||||||||||||||||||||
Weighted average common shares outstanding | ||||||||||||||||||||||||||||||||
Basic | 234,948 | 240,858 | 238,019 | 238,970 | 241,338 | |||||||||||||||||||||||||||
Diluted | 240,222 | 246,379 | 240,882 | 241,105 | 243,937 |
RANGE RESOURCES CORPORATION | TABLE 5 |
PER MCFE TRENDS CALCULATED EXCLUDING CERTAIN ITEMS, A NON-GAAP MEASURE | |
RECONCILATION BETWEEN GAAP AND NON-GAAP PROVIDED IN EACH EARNINGS RELEASE AND ON TABLE 1 FOR CURRENT PERIOD |
(Table 4 presented on GAAP basis and Table 5 presented on Non-GAAP basis, as typically presented by analysts)
(Dollar amounts in thousands, except per mcfe)
4th Qtr 2022 | Total Year 2022 | 1st Qtr 2023 | 2nd Qtr 2023 | 3rd Qtr 2023 | ||||||||||||||||||||||||||
Amount | /mcfe | Amount | /mcfe | Amount | /mcfe | Amount | /mcfe | Amount | /mcfe | |||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||
Natural Gas, NGL and Oil sales | $ | 1,086,697 | $ | 5.36 | $ | 4,911,092 | $ | 6.34 | $ | 736,282 | $ | 3.82 | $ | 468,382 | $ | 2.47 | $ | 526,718 | $ | 2.70 | ||||||||||
Cash settlements on derivative financial instruments | (184,632) | $ | (0.91) | (1,190,154) | $ | (1.54) | 34,468 | $ | 0.18 | 76,586 | $ | 0.40 | 77,442 | $ | 0.40 | |||||||||||||||
Brokered natural gas and marketing | 93,335 | $ | 0.46 | 419,776 | $ | 0.54 | 81,028 | $ | 0.42 | 42,807 | $ | 0.23 | 43,325 | $ | 0.22 | |||||||||||||||
Total change in fair value related to derivatives prior to settlement | - | $ | - | - | $ | - | - | $ | - | - | $ | - | - | $ | - | |||||||||||||||
Interest income | - | $ | - | - | $ | - | 957 | $ | - | 1,780 | $ | 0.01 | 1,279 | $ | 0.01 | |||||||||||||||
Loss on ARO settlement | - | $ | - | - | $ | - | - | $ | - | - | $ | - | - | $ | - | |||||||||||||||
Other | 2,166 | $ | 0.01 | 4,433 | $ | 0.01 | 126 | $ | - | 274 | $ | - | 9 | $ | - | |||||||||||||||
997,566 | $ | 4.92 | 4,145,147 | $ | 5.35 | 852,861 | $ | 4.42 | 589,829 | $ | 3.12 | 648,773 | $ | 3.32 | ||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||
Direct operating | 20,579 | $ | 0.10 | 79,816 | $ | 0.10 | 23,659 | $ | 0.12 | 22,686 | $ | 0.13 | 21,520 | $ | 0.12 | |||||||||||||||
Direct operating workovers | 1,703 | $ | 0.01 | 3,011 | $ | - | 2,910 | $ | 0.02 | 784 | $ | - | 603 | $ | - | |||||||||||||||
Direct operating stock-based compensation | - | $ | - | - | $ | - | - | $ | - | - | $ | - | - | $ | - | |||||||||||||||
Transportation, gathering and compression | 294,228 | $ | 1.45 | 1,235,441 | $ | 1.60 | 285,483 | $ | 1.48 | 268,190 | $ | 1.42 | 277,207 | $ | 1.42 | |||||||||||||||
Transportation, gathering and compression settlements | - | $ | - | - | $ | - | - | $ | - | - | $ | - | - | $ | - | |||||||||||||||
Taxes other than income | 11,178 | $ | 0.06 | 35,367 | $ | 0.05 | 7,894 | $ | 0.04 | 6,993 | $ | 0.04 | 4,756 | $ | 0.02 | |||||||||||||||
Brokered natural gas and marketing | 95,960 | $ | 0.47 | 424,609 | $ | 0.55 | 66,407 | $ | 0.34 | 44,340 | $ | 0.23 | 45,723 | $ | 0.23 | |||||||||||||||
Brokered natural gas and marketing stock based compensation | - | $ | - | - | $ | - | - | $ | - | - | $ | - | - | $ | - | |||||||||||||||
Exploration | 6,654 | $ | 0.03 | 25,194 | $ | 0.03 | 4,284 | $ | 0.02 | 7,145 | $ | 0.04 | 6,658 | $ | 0.03 | |||||||||||||||
Exploration stock-based compensation | - | $ | - | - | $ | - | - | $ | - | - | $ | - | - | $ | - | |||||||||||||||
Abandonment and impairment of unproved properties | - | $ | - | - | $ | - | - | $ | - | - | $ | - | - | $ | - | |||||||||||||||
General and administrative | 31,290 | $ | 0.15 | 124,282 | $ | 0.16 | 33,422 | $ | 0.17 | 30,363 | $ | 0.16 | 29,581 | $ | 0.15 | |||||||||||||||
General and administrative stock-based compensation | - | $ | - | - | $ | - | - | $ | - | - | $ | - | - | $ | - | |||||||||||||||
General and administrative - legal settlements | - | $ | - | - | $ | - | - | $ | - | - | $ | - | - | $ | - | |||||||||||||||
General and administrative - rig release penalty | 532 | $ | - | 532 | $ | - | - | $ | - | - | $ | - | - | $ | - | |||||||||||||||
General and administrative - bad debt expense | (250) | $ | - | (250) | $ | - | - | $ | - | - | $ | - | - | $ | - | |||||||||||||||
Exit costs | - | $ | - | - | $ | - | - | $ | - | - | $ | - | - | $ | - | |||||||||||||||
Exit costs - stock based compensation | - | $ | - | - | $ | - | - | $ | - | - | $ | - | - | $ | - | |||||||||||||||
Interest | 35,725 | $ | 0.18 | 156,862 | $ | 0.20 | 30,857 | $ | 0.16 | 29,769 | $ | 0.16 | 29,260 | $ | 0.15 | |||||||||||||||
Interest - amortization of deferred financing costs | 1,508 | $ | 0.01 | 8,283 | $ | 0.01 | 1,345 | $ | 0.01 | 1,348 | $ | 0.01 | 1,339 | $ | 0.01 | |||||||||||||||
Loss on early extinguishment of debt | - | $ | - | - | $ | - | - | $ | - | - | $ | - | - | $ | - | |||||||||||||||
Depletion, depreciation and amortization | 90,847 | $ | 0.45 | 353,420 | $ | 0.46 | 86,562 | $ | 0.45 | 85,016 | $ | 0.45 | 87,619 | $ | 0.45 | |||||||||||||||
Loss (gain) on the sale of assets | - | $ | - | - | $ | - | - | $ | - | - | $ | - | - | $ | - | |||||||||||||||
589,954 | $ | 2.91 | 2,446,567 | $ | 3.16 | 542,823 | $ | 2.82 | 496,634 | $ | 2.62 | 504,266 | $ | 2.58 | ||||||||||||||||
Income before income taxes | 407,612 | $ | 2.01 | 1,698,580 | $ | 2.19 | 310,038 | $ | 1.61 | 93,195 | $ | 0.49 | 144,507 | $ | 0.74 | |||||||||||||||
Income tax expense (benefit) | ||||||||||||||||||||||||||||||
Current | (6,044) | $ | (0.03) | 14,688 | $ | 0.02 | 2,699 | $ | 0.01 | (300) | $ | - | 601 | $ | - | |||||||||||||||
Deferred | 101,903 | $ | 0.50 | 424,645 | $ | 0.55 | 68,610 | $ | 0.36 | 21,735 | $ | 0.11 | 32,636 | $ | 0.17 | |||||||||||||||
95,859 | $ | 0.47 | 439,333 | $ | 0.57 | 71,309 | $ | 0.37 | 21,435 | $ | 0.11 | 33,237 | $ | 0.17 | ||||||||||||||||
Net income | 311,753 | $ | 1.54 | 1,259,247 | $ | 1.63 | 238,729 | $ | 1.24 | 71,760 | $ | 0.38 | 111,270 | $ | 0.57 | |||||||||||||||
Production during the period (Mmcfe) | 202,813 | 774,089 | 192,823 | 189,348 | 195,319 | |||||||||||||||||||||||||
Net income per common share: | ||||||||||||||||||||||||||||||
Basic | $ | 1.33 | $ | 5.23 | $ | 1.00 | $ | 0.30 | $ | 0.46 | ||||||||||||||||||||
Diluted | $ | 1.30 | $ | 5.11 | $ | 0.99 | $ | 0.30 | $ | 0.46 | ||||||||||||||||||||
Weighted average common shares outstanding | ||||||||||||||||||||||||||||||
Basic | 234,948 | 240,858 | 238,019 | 238,970 | 241,338 | |||||||||||||||||||||||||
Diluted | 240,222 | 246,379 | 240,882 | 241,105 | 243,937 |
RECONCILATION OF REVENUES PRESENTED WITH AND WITHOUT TRANSPORTATION, GATHERING AND COMPRESSION FEES
Table 6 |
Revenues
Oil, Gas & NGLs Gross Revenues
Oil
Gas
NGLs
Total
Cash Settled Hedges:
Oil
Gas (NYMEX)
Gas (Basis)
NGLs
Total
Gross Revenue with Hedges
Oil
Gas
NGLs
Total
Transport, gathering & compression (1) Oil
Gas NGLs
Total
Net Revenues after Hedges and Transport Oil
Gas NGLs
Total
Volumes
Oil (Bbls)
Gas (Mcf)
NGLs (Bbls)
Mcfe's
Mcfe's per day
2022
QE1 | QE2 | QE3 | QE4 | FY22 | ||||||||||||
$ | 64,058,510 | $ | 72,439,569 | $ | 55,299,401 | $ | 46,608,580 | $ | 238,406,060 | |||||||
629,923,079 | 909,754,273 | 1,053,863,108 | 770,570,882 | 3,364,111,342 | ||||||||||||
338,369,020 | 374,699,004 | 325,988,832 | 269,517,592 | 1,308,574,448 | ||||||||||||
1,032,350,609 | 1,356,892,846 | 1,435,151,341 | 1,086,697,054 | 4,911,091,850 | ||||||||||||
$ | (21,359,331) | $ | (29,857,870) | $ | (19,114,536) | $ | (12,214,793) | $ | (82,546,530) | |||||||
(115,450,106) | (366,186,458) | (465,430,981) | (229,902,741) | (1,176,970,286) | ||||||||||||
15,992,142 | (1,159,792) | 15,717,460 | 26,480,605 | 57,030,415 | ||||||||||||
(12,317,797) | (10,505,362) | 4,150,024 | 6,505,535 | (12,167,600) | ||||||||||||
(133,135,092) | (407,709,482) | (464,678,033) | (209,131,394) | (1,214,654,001) | ||||||||||||
$ | 42,699,179 | $ | 42,581,699 | $ | 36,184,865 | $ | 34,393,787 | $ | 155,859,530 | |||||||
530,465,115 | 542,408,023 | 604,149,587 | 567,148,746 | 2,244,171,471 | ||||||||||||
326,051,223 | 364,193,642 | 330,138,856 | 276,023,127 | 1,296,406,848 | ||||||||||||
899,215,517 | 949,183,364 | 970,473,308 | 877,565,660 | 3,696,437,849 | ||||||||||||
$ | 11,078 | $ | (95) | $ | 218 | $ | - | $ | 11,201 | |||||||
160,436,566 | 169,288,055 | 176,323,947 | 163,768,705 | 669,817,273 | ||||||||||||
137,339,723 | 151,118,982 | 146,694,366 | 130,459,804 | 565,612,875 | ||||||||||||
297,787,367 | 320,406,942 | 323,018,531 | 294,228,509 | 1,235,441,349 | ||||||||||||
$ | 42,688,101 | $ | 42,581,794 | $ | 36,184,647 | $ | 34,393,787 | $ | 155,848,329 | |||||||
370,028,549 | 373,119,968 | 427,825,640 | 403,380,041 | 1,574,354,198 | ||||||||||||
188,711,500 | 213,074,660 | 183,444,490 | 145,563,323 | 730,793,973 | ||||||||||||
601,428,150 | 628,776,422 | 647,454,777 | 583,337,151 | 2,460,996,500 | ||||||||||||
730,462 | 716,168 | 653,000 | 616,051 | 2,715,681 | ||||||||||||
131,250,337 | 131,721,014 | 136,862,857 | 139,608,416 | 539,442,624 | ||||||||||||
8,453,445 | 8,784,851 | 9,235,626 | 9,918,111 | 36,392,033 | ||||||||||||
186,353,779 | 188,727,128 | 196,194,613 | 202,813,388 | 774,088,908 | ||||||||||||
2,070,598 | 2,073,924 | 2,132,550 | 2,204,493 | 2,120,792 | ||||||||||||
2023 | ||||||||||||||
QE1 | QE2 | QE3 | YTD23 | |||||||||||
$ | 38,261,922 | $ | 42,306,326 | $ | 41,530,908 | $ | 122,099,156 | |||||||
441,580,377 | 225,358,911 | 246,975,839 | 913,915,127 | |||||||||||
256,439,391 | 200,717,297 | 238,211,222 | 695,367,910 | |||||||||||
736,281,690 | 468,382,534 | 526,717,969 | 1,731,382,193 | |||||||||||
$ | (2,182,153) | $ | (1,139,305) | $ | (5,029,830) | $ | (8,351,288) | |||||||
34,448,476 | 91,734,181 | 63,909,046 | 190,091,703 | |||||||||||
2,201,721 | (14,009,176) | 18,562,887 | 6,755,432 | |||||||||||
- | - | - | - | |||||||||||
34,468,044 | 76,585,700 | 77,442,103 | 188,495,847 | |||||||||||
$ | 36,079,769 | $ | 41,167,021 | $ | 36,501,078 | $ | 113,747,868 | |||||||
478,230,574 | 303,083,916 | 329,447,772 | 1,110,762,262 | |||||||||||
256,439,391 | 200,717,297 | 238,211,222 | 695,367,910 | |||||||||||
770,749,734 | 544,968,234 | 604,160,072 | 1,919,878,040 | |||||||||||
$ | 181,962 | $ | 254,080 | $ | 251,171 | $ | 687,213 | |||||||
152,589,516 | 142,120,224 | 142,202,889 | 436,912,629 | |||||||||||
132,711,650 | 125,815,233 | 134,753,758 | 393,280,641 | |||||||||||
285,483,128 | 268,189,537 | 277,207,818 | 830,880,483 | |||||||||||
$ | 35,897,807 | $ | 40,912,941 | $ | 36,249,907 | $ | 113,060,655 | |||||||
325,641,058 | 160,963,692 | 187,244,883 | 673,849,633 | |||||||||||
123,727,741 | 74,902,064 | 103,457,464 | 302,087,269 | |||||||||||
485,266,606 | 276,778,697 | 326,952,254 | 1,088,997,557 | |||||||||||
573,036 | 658,249 | 587,488 | 1,818,773 | |||||||||||
133,646,064 | 129,416,394 | 133,305,469 | 396,367,927 | |||||||||||
9,289,739 | 9,330,430 | 9,748,012 | 28,368,181 | |||||||||||
192,822,714 | 189,348,468 | 195,318,469 | 577,489,651 | |||||||||||
2,142,475 | 2,080,752 | 2,123,027 | 2,115,347 | |||||||||||
(1) - Excludes one-time settlement in 2Q22
RECONCILATION OF PRICING PRESENTED WITH AND WITHOUT
TRANSPORTATION, GATHERING AND COMPRESSION FEES
2022 | |||||||||||||||
QE1 | QE2 | QE3 | QE4 | FY22 | |||||||||||
Volumes | |||||||||||||||
Oil (Bbls) | 730,462 | 716,168 | 653,000 | 616,051 | 2,715,681 | ||||||||||
Gas (Mcf) | 131,250,337 | 131,721,014 | 136,862,857 | 139,608,416 | 539,442,624 | ||||||||||
NGLs (Bbls) | 8,453,445 | 8,784,851 | 9,235,626 | 9,918,111 | 36,392,033 | ||||||||||
Mcfe's | 186,353,779 | 188,727,128 | 196,194,613 | 202,813,388 | 774,088,908 | ||||||||||
Mcfe's per day | 2,070,598 | 2,073,924 | 2,132,550 | 2,204,493 | 2,120,792 | ||||||||||
Per Unit Prices | |||||||||||||||
Oil (per bbl): | |||||||||||||||
NYMEX - WTI | $ | 94.93 | $ | 108.40 | $ | 91.55 | $ | 82.74 | $ | 94.90 | |||||
Differential | (7.23) | (7.25) | (6.86) | (7.08) | (7.11) | ||||||||||
Average price before NYMEX hedges | $ | 87.70 | $ | 101.15 | $ | 84.69 | $ | 75.66 | $ | 87.79 | |||||
NYMEX Hedging | (29.24) | (41.69) | (29.27) | (19.83) | (30.40) | ||||||||||
Average price including hedges | $ | 58.46 | $ | 59.46 | $ | 55.41 | $ | 55.83 | $ | 57.39 | |||||
Transport, Gathering & Compression | 0.02 | (0.00) | 0.00 | - | 0.00 | ||||||||||
Net Revenue price | $ | 58.44 | $ | 59.46 | $ | 55.41 | $ | 55.83 | $ | 57.39 | |||||
Gas (per mcf): | |||||||||||||||
NYMEX - HH | $ | 4.89 | $ | 7.19 | $ | 8.19 | $ | 6.26 | $ | 6.64 | |||||
Differential | (0.09) | (0.28) | (0.49) | (0.74) | (0.40) | ||||||||||
Settled basis hedging | 0.12 | (0.01) | 0.11 | 0.19 | 0.11 | ||||||||||
Differential including basis hedging | 0.03 | (0.29) | (0.38) | (0.55) | (0.30) | ||||||||||
Average price before NYMEX hedges | $ | 4.92 | $ | 6.90 | $ | 7.81 | $ | 5.71 | $ | 6.34 | |||||
NYMEX Hedging | (0.88) | (2.78) | (3.40) | (1.65) | $ | (2.18) | |||||||||
Average price including all hedges | $ | 4.04 | $ | 4.12 | $ | 4.41 | $ | 4.06 | $ | 4.16 | |||||
Transport, Gathering & Compression (1) | (1.22) | (1.29) | (1.29) | (1.17) | (1.24) | ||||||||||
Net Revenue price | $ | 2.82 | $ | 2.83 | $ | 3.13 | $ | 2.89 | $ | 2.92 | |||||
NGLs (per bbl): | |||||||||||||||
Average price before NYMEX hedges | $ | 40.03 | $ | 42.65 | $ | 35.30 | $ | 27.17 | $ | 35.96 | |||||
Hedging | (1.46) | (1.20) | 0.45 | 0.66 | (0.33) | ||||||||||
Average price including hedges | $ | 38.57 | $ | 41.46 | $ | 35.75 | $ | 27.83 | $ | 35.62 | |||||
Transport, Gathering & Compression | (16.25) | (17.20) | (15.88) | (13.15) | (15.54) | ||||||||||
Net Revenue price | $ | 22.32 | $ | 24.25 | $ | 19.86 | $ | 14.68 | $ | 20.08 | |||||
% of WTI - Gross | |||||||||||||||
42.2% | 39.3% | 38.6% | 32.8% | 37.9% | |||||||||||
Per Mcfe Prices | |||||||||||||||
Price/mcfe with 3rd party transport | $ | 3.23 | $ | 3.33 | $ | 3.30 | $ | 2.88 | $ | 3.18 | |||||
Price/mcfe w/o 3rd party transport | $ | 4.83 | $ | 5.03 | $ | 4.95 | $ | 4.33 | $ | 4.78 | |||||
- Price amounts may not add due to rounding.
(1) - Excludes one-time settlement in 2Q22
Table 7 | |||||||||
2023 | |||||||||
QE1 | QE2 | QE3 | YTD23 | ||||||
573,036 | 658,249 | 587,488 | 1,818,773 | ||||||
133,646,064 | 129,416,394 | 133,305,469 | 396,367,927 | ||||||
9,289,739 | 9,330,430 | 9,748,012 | 28,368,181 | ||||||
192,822,714 | 189,348,468 | 195,318,469 | 577,489,651 | ||||||
2,142,475 | 2,080,752 | 2,123,027 | 2,115,347 | ||||||
$ | 76.07 | $ | 73.98 | $ | 82.12 | $ | 77.27 | ||
(9.30) | (9.71) | (11.43) | (10.14) | ||||||
$ | 66.77 | $ | 64.27 | $ | 70.69 | $ | 67.13 | ||
(3.81) | (1.73) | (8.56) | (4.59) | ||||||
$ | 62.96 | $ | 62.54 | $ | 62.13 | $ | 62.54 | ||
0.32 | 0.39 | 0.43 | 0.38 | ||||||
$ | 62.64 | $ | 62.15 | $ | 61.70 | $ | 62.16 | ||
$ | 3.46 | $ | 2.10 | $ | 2.55 | $ | 2.71 | ||
(0.16) | (0.36) | (0.70) | (0.40) | ||||||
0.02 | (0.11) | 0.14 | 0.02 | ||||||
(0.14) | (0.47) | (0.56) | (0.39) | ||||||
$ | 3.32 | $ | 1.63 | $ | 1.99 | $ | 2.32 | ||
0.26 | 0.71 | 0.48 | $ | 0.48 | |||||
$ | 3.58 | $ | 2.34 | $ | 2.47 | $ | 2.80 | ||
(1.14) | (1.10) | (1.07) | (1.10) | ||||||
$ | 2.44 | $ | 1.24 | $ | 1.40 | $ | 1.70 | ||
$ | 27.60 | $ | 21.51 | $ | 24.44 | $ | 24.51 | ||
- | - | - | - | ||||||
$ | 27.60 | $ | 21.51 | $ | 24.44 | $ | 24.51 | ||
(14.29) | (13.48) | (13.82) | (13.86) | ||||||
$ | 13.31 | $ | 8.03 | $ | 10.61 | $ | 10.65 | ||
36.3% | 29.1% | 29.8% | 31.7% | ||||||
$ | 2.52 | $ | 1.46 | $ | 1.67 | $ | 1.89 | ||
$ | 4.00 | $ | 2.88 | $ | 3.09 | $ | 3.32 | ||
INDEX DIFFERENITALS COMPARED TO CORPORATE DIFFERENTIALS
INSIDE FERC BID-WEEK PRICES
2022
QE1 | QE2 | QE3 | QE4 | ||||||||
Per Unit Prices | |||||||||||
FERC Settlement Prices (As compared to NYMEX) | |||||||||||
Dawn | $ | 0.03 | $ | (0.21) | $ | (0.39) | $ | (0.57) | |||
MichCon | $ | (0.13) | $ | (0.23) | $ | (0.40) | $ | (0.75) | |||
Columbia - Appalachia (TCO) | $ | (0.61) | $ | (0.72) | $ | (0.99) | $ | (1.32) | |||
Eastern Gas - Dominion South (DTI) | $ | (0.74) | $ | (0.91) | $ | (1.08) | $ | (1.51) | |||
TETCO M2 | $ | (0.72) | $ | (0.98) | $ | (1.17) | $ | (1.60) | |||
Transco Zone 6 Non-NY | $ | 1.42 | $ | (0.87) | $ | (0.85) | $ | (0.20) | |||
Transco Leidy | $ | (0.71) | $ | (0.90) | $ | (1.06) | $ | (1.51) | |||
Columbia Gulf - Mainline (CGT) | $ | (0.27) | $ | (0.47) | $ | (0.68) | $ | (0.96) | |||
TGP 500L | $ | (0.05) | $ | (0.07) | $ | 0.12 | $ | (0.16) | |||
NYMEX - Henry Hub | $ | 4.89 | $ | 7.19 | $ | 8.19 | $ | 6.26 | |||
Weighted Average Corporate Differential to NYMEX | $ | (0.09) | $ | (0.28) | $ | (0.49) | $ | (0.74) | |||
Basis Hedging Impact (Settlement/MTM) | $ | 0.12 | $ | (0.01) | $ | 0.11 | $ | 0.19 | |||
Differential including basis hedging | $ | 0.03 | $ | (0.29) | $ | (0.38) | $ | (0.55) | |||
Average price before NYMEX hedges | $ | 4.92 | $ | 6.90 | $ | 7.81 | $ | 5.71 | |||
NYMEX hedges | $ | (0.88) | $ | (2.78) | $ | (3.40) | $ | (1.65) | |||
Average price after NYMEX hedges | $ | 4.04 | $ | 4.12 | $ | 4.41 | $ | 4.06 | |||
* Price amounts may not add due to rounding
Table 8 | ||||||||||
2023 | ||||||||||
QE1 | QE2 | QE3 | ||||||||
$ | 0.11 | $ | (0.06) | $ | (0.29) | |||||
$ | (0.14) | $ | (0.08) | $ | (0.33) | |||||
$ | (0.58) | $ | (0.42) | $ | (1.21) | |||||
$ | (0.73) | $ | (0.64) | $ | (1.45) | |||||
$ | (0.64) | $ | (0.71) | $ | (1.51) | |||||
$ | 3.35 | $ | (0.57) | $ | (1.36) | |||||
$ | (0.54) | $ | (0.63) | $ | (1.47) | |||||
$ | (0.32) | $ | (0.24) | $ | (0.38) | |||||
$ | (0.13) | $ | (0.08) | $ | 0.07 | |||||
$ | 3.46 | $ | 2.10 | $ | 2.55 | |||||
$ | (0.16) | $ | (0.36) | $ | (0.70) | |||||
$ | 0.02 | $ | (0.11) | $ | 0.14 | |||||
$ | (0.14) | $ | (0.47) | $ | (0.56) | |||||
$ | 3.32 | $ | 1.63 | $ | 1.99 | |||||
$ | 0.26 | $ | 0.71 | $ | 0.48 | |||||
$ | 3.58 | $ | 2.34 | $ | 2.47 | |||||
NGL REALIZATIONS COMPARED TO AN EQUIVALENT MONT BELVIEU WEIGHTED AVERAGE BARREL
Table 9
Per Unit Prices
2022
QE1 | QE2 | QE3 | QE4 |
2023
QE1QE2QE3
Mont Belvieu Settlement Prices (gal): Non-TET
Ethane
Propane
Normal Butane
Iso Butane
Natural Gasoline
NYMEX - WTI
Weighted Mont Belvieu Barrel (1)(2)
RRC Corporate NGL barrel price before hedges
$ | 0.40 | $ | 0.59 | $ | 0.55 | $ | 0.39 | |||
$ | 1.30 | $ | 1.24 | $ | 1.08 | $ | 0.79 | |||
$ | 1.59 | $ | 1.50 | $ | 1.19 | $ | 0.97 | |||
$ | 1.59 | $ | 1.68 | $ | 1.44 | $ | 0.98 | |||
$ | 2.21 | $ | 2.17 | $ | 1.72 | $ | 1.54 | |||
$ | 94.93 | $ | 108.40 | $ | 91.55 | $ | 82.74 | |||
$ | 39.29 | $ | 42.54 | $ | 36.83 | $ | 27.92 | |||
$ | 40.03 | $ | 42.65 | $ | 35.30 | $ | 27.17 |
$ | 0.25 |
$ | 0.82 |
$ | 1.11 |
$ | 1.16 |
$ | 1.62 |
$ | 76.07 |
$ | 25.97 |
$ | 27.60 |
$ | 0.21 | $ | 0.30 | |
$ | 0.67 | $ | 0.68 | |
$ | 0.78 | $ | 0.83 | |
$ | 0.84 | $ | 0.94 | |
$ | 1.44 | $ | 1.55 | |
$ | 73.98 | $ | 82.12 | |
$ | 21.18 | $ | 23.81 | |
$ | 21.51 | $ | 24.44 |
Weighted MB Differential
% of WTI (NGL Pre-hedge / Oil NYMEX)
NGL Hedges
Avg. Corporate NGL barrel price including hedges(2)
$ | 0.74 |
42% | |
$ | (1.46) |
$ | 38.57 |
$ | 0.11 | $ | (1.53) | $ | (0.75) |
39% | 39% | 33% | |||
$ | (1.20) | $ | 0.44 | $ | 0.66 |
$ | 41.46 | $ | 35.74 | $ | 27.83 |
$ | 1.63 |
36% | |
$ | - |
$ | 27.60 |
$ | 0.33 | $ | 0.63 |
29% | 30% | ||
$ | - | $ | - |
$ | 21.51 | $ | 24.44 |
- 2021-2022Weighting based on 53% ethane, 27% propane, 7% Normal Butane, 4% Iso Butane, and 9% Natural Gasoline
- 2023+ Weighting based on 53% ethane, 27% propane, 8% Normal Butane, 4% Iso Butane, and 8% Natural Gasoline
- Price amounts may not add due to rounding
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Range Resources Corporation published this content on 24 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 October 2023 21:04:43 UTC.