Range Resources Q1 Profit Drops; But Results Top Estimates

Range Resources Corp. (RRC) reported that its first-quarter net income dropped to $27.15 million or $0.11 per share from $166.20 million or $0.66 per share in the previous year. The latest-quarter results included a $58 million derivative fair value loss due to increases in commodity prices.

Adjusted net income was $73.17 million or $0.30 per share in first quarter 2021. Analysts polled by Thomson Reuters expected the company to report earnings of $0.25 per share for the first-quarter. Analysts' estimates typically exclude special items.

Total revenues and other income for the quarter declined to $626.03 million from $693.92 million in the prior year. Adjusted total revenues was $644.52 million compared to $560.67 million in the prior year.

Total oil and gas sales grew to $603.35 million from $432.10 million last year. Analysts expected revenue of $553.63 million for the quarter.

Range's 2021 all-in capital budget is $425 million. Production for full-year 2021 is expected to average about 2.15 Bcfe per day, with about 30% attributed to liquids production.

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