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Range Resources Q1 Profit Drops

Range Resources Corp. (RRC) reported that its first-quarter GAAP net income for the first-quarter dropped to $1.4 million or $0.01 per share from $49.2 million or $0.20 per share in the prior-year first quarter.

First quarter earnings results include a $61.7 million derivative loss due to increases in future commodity prices compared to a $14.0 million derivative loss in the prior-year first quarter and a $3.6 million mark to market loss related to the deferred compensation plan compared to a $7.4 million gain in the prior-year first quarter.

Adjusted net income was $90.7 million or $0.36 per share compared to $112.7 million or $0.46 per share in the prior-year.

GAAP revenues for first quarter 2019 were $748 million, a 1% increase from last year. Non-GAAP revenues for quarter totaled $835 million, an increase of 9% from the prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.22 per share and revenues of $710.09 million for the first-quarter. Analysts' estimates typically exclude special items.

Production for second quarter 2019 is expected to be about 2,270 to 2,280 Mmcfe per day. Production expectations for the full year 2019 remains approximately 2,325 to 2,345 Mmcfe per day.

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