logo
  

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Financial services firm Morgan Stanley (MS) reported Wednesday a profit for the fourth quarter that increased 10 percent from last year, reflecting 7 percent revenue growth amidst strength in Wealth Management and Investment Management business segments. Bank of America Corp. (BAC) reported Thursday that net income applicable to common shareholders for the fourth quarter grew 30 percent to $6.77 billion from last year's $5.21 billion, with earnings per share increasing to $0.82 from $0.59 in the prior year, reflecting strong operating leverage as revenues... Shares of ASML Holding N.V. were gaining more than 1 percent in Amsterdam trading after the Dutch semiconductor equipment maker reported Wednesday higher profit and net sales in its fourth quarter. The company also projects higher sales in fiscal 2022, and a 100 percent increase in total dividend.
Follow RTT