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rrc:ExplorationExpenseMember 2018-01-01 2018-12-31

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark one)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to             

Commission File Number: 001-12209

 

RANGE RESOURCES CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware

 

34-1312571

(State or Other Jurisdiction of

Incorporation or Organization)

 

(IRS Employer

Identification No.)

 

100 Throckmorton Street, Suite 1200

Fort Worth, Texas

 

76102

(Address of Principal Executive Offices)

 

(Zip Code)

Registrant’s telephone number, including area code

(817) 870-2601

 

Former Name, Former Address and Former Fiscal Year, if changed since last report: Not applicable

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for shorter period that the registrant was required to submit such files).

Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer

 

Accelerated Filer

 

 

 

 

Non-Accelerated Filer

 

  

Smaller Reporting Company

 

 

 

 

Emerging Growth Company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes      No  

251,148,010 Common Shares were outstanding on April 19, 2019

 

 

 

 


RANGE RESOURCES CORPORATION

FORM 10-Q

Quarter Ended March 31, 2019

Unless the context otherwise indicates, all references in this report to “Range Resources,” “Range,” “we,” “us,” or “our” are to Range Resources Corporation and its directly and indirectly owned subsidiaries. For certain industry specific terms used in the Form 10-Q, please see “Glossary of Certain Defined Terms” in our 2018 Annual Report on Form 10-K.

TABLE OF CONTENTS

 

 

 

 

 

Page

PART I – FINANCIAL INFORMATION 

  

 

ITEM 1.

 

Financial Statements

  

3

 

 

   Consolidated Balance Sheets (Unaudited)

  

3

 

 

   Consolidated Statements of Operations (Unaudited)

  

4

 

 

   Consolidated Statements of Comprehensive Income (Unaudited)

 

5

 

 

   Consolidated Statements of Cash Flows (Unaudited)

  

6

 

 

Consolidated Statements of Stockholders’ Equity (Unaudited)

 

7

 

 

   Selected Notes to Consolidated Financial Statements (Unaudited)

  

8

ITEM 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

30

ITEM 3.

 

Quantitative and Qualitative Disclosures about Market Risk

  

41

ITEM 4.

 

Controls and Procedures

  

44

PART II – OTHER INFORMATION

  

 

ITEM 1.

 

Legal Proceedings

  

44

ITEM 1A.

 

Risk Factors

  

44

ITEM 6.

 

Exhibits

  

45

 

 

 

 

 

SIGNATURES

  

46

 

 

2


PART I – FINANCIAL INFORMATION

ITEM 1. Financial Statements

RANGE RESOURCES CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

 

 

March 31,

 

 

 

 

December 31,

 

 

2019

 

 

 

 

2018

 

 

(Unaudited)

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

488

 

 

 

 

$

545

 

Accounts receivable, less allowance for doubtful accounts of $6,118 and $6,118

 

356,716

 

 

 

 

 

490,723

 

Derivative assets

 

6,146

 

 

 

 

 

87,953

 

Inventory and other

 

25,128

 

 

 

 

 

22,964

 

Total current assets

 

388,478

 

 

 

 

 

602,185

 

Derivative assets

 

8,406

 

 

 

 

 

4,842

 

Natural gas and oil properties, successful efforts method

 

13,300,145

 

 

 

 

 

13,085,206

 

Accumulated depletion and depreciation

 

(4,194,876

)

 

 

 

 

(4,062,021

)

 

 

9,105,269

 

 

 

 

 

9,023,185

 

Other property and equipment

 

112,373

 

 

 

 

 

111,908

 

Accumulated depreciation and amortization

 

(103,548

)

 

 

 

 

(102,132

)

 

 

8,825

 

 

 

 

 

9,776

 

Operating lease right-of-use assets

 

49,329

 

 

 

 

 

 

Other assets

 

74,757

 

 

 

 

 

68,166

 

Total assets

$

9,635,064

 

 

 

 

$

9,708,154

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable

$

215,073

 

 

 

 

$

227,344

 

Asset retirement obligations

 

5,485

 

 

 

 

 

5,485

 

Accrued liabilities

 

399,822

 

 

 

 

 

475,848

 

Accrued interest

 

37,051

 

 

 

 

 

41,990

 

Derivative liabilities

 

13,369

 

 

 

 

 

4,144

 

Total current liabilities

 

670,800

 

 

 

 

 

754,811

 

Bank debt

 

884,652

 

 

 

 

 

932,018

 

Senior notes

 

2,857,297

 

 

 

 

 

2,856,166

 

Senior subordinated notes

 

48,700

 

 

 

 

 

48,677

 

Deferred tax liabilities

 

672,376

 

 

 

 

 

666,668

 

Derivative liabilities

 

2,559

 

 

 

 

 

3,462

 

Deferred compensation liabilities

 

75,179

 

 

 

 

 

67,542

 

Operating lease liabilities

 

41,759

 

 

 

 

 

 

Asset retirement obligations and other liabilities

 

319,079

 

 

 

 

 

319,379

 

Total liabilities

 

5,572,401

 

 

 

 

 

5,648,723

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ Equity

 

 

 

 

 

 

 

 

 

Preferred stock, $1 par, 10,000,000 shares authorized, none issued and outstanding

 

 

 

 

 

 

 

Common stock, $0.01 par, 475,000,000 shares authorized, 251,147,799 issued at

     March 31, 2019 and 249,519,687 issued at December 31, 2018

 

2,512

 

 

 

 

 

2,495

 

Common stock held in treasury, 9,665 shares at March 31, 2019 and 9,665

     shares at December 31, 2018

 

(391

)

 

 

 

 

(391

)

Additional paid-in capital

 

5,635,210

 

 

 

 

 

5,628,447

 

Accumulated other comprehensive loss

 

(598

)

 

 

 

 

(658

)

Retained deficit

 

(1,574,070

)

 

 

 

 

(1,570,462

)

Total stockholders’ equity

 

4,062,663

 

 

 

 

 

4,059,431

 

Total liabilities and stockholders’ equity

$

9,635,064

 

 

 

 

$

9,708,154

 

 

The accompanying notes are an integral part of these consolidated financial statements.

3


RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share data)

 

 

Three Months Ended March 31,

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

Revenues and other income:

 

 

 

 

 

 

 

 

Natural gas, NGLs and oil sales

$

671,654

 

 

$

696,629

 

 

Derivative fair value loss

 

(61,731

)

 

 

(14,009

)

 

Brokered natural gas, marketing and other

 

138,214

 

 

 

59,979

 

 

Total revenues and other income

 

748,137

 

 

 

742,599

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

Direct operating

 

33,227

 

 

 

38,122

 

 

Transportation, gathering, processing and compression

 

302,655

 

 

 

244,628

 

 

Production and ad valorem taxes

 

11,310

 

 

 

9,926

 

 

Brokered natural gas and marketing

 

132,305

 

 

 

55,594

 

 

Exploration

 

8,211

 

 

 

7,719

 

 

Abandonment and impairment of unproved properties

 

12,659

 

 

 

11,773

 

 

General and administrative

 

46,638

 

 

 

68,417

 

 

Termination costs

 

 

 

 

(37

)

 

Deferred compensation plan

 

3,581

 

 

 

(7,397

)

 

Interest

 

51,537

 

 

 

52,385

 

 

Depletion, depreciation and amortization

 

138,718

 

 

 

162,266

 

 

Impairment of proved properties

 

 

 

 

7,312

 

 

Loss (gain) on the sale of assets

 

189

 

 

 

(23

)

 

Total costs and expenses

 

741,030

 

 

 

650,685

 

 

Income before income taxes

 

7,107

 

 

 

91,914

 

 

Income tax expense:

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

Deferred

 

5,688

 

 

 

42,676

 

 

 

 

5,688

 

 

 

42,676

 

 

Net income

$

1,419

 

 

$

49,238

 

 

Net income per common share:

 

 

 

 

 

 

 

 

Basic

$

0.01

 

 

$

0.20

 

 

Diluted

$

0.01

 

 

$

0.20

 

 

Dividends paid per common share

$

0.02

 

 

$

0.02

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

247,776

 

 

 

245,709

 

 

Diluted

 

249,154

 

 

 

246,594

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

4


RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited, in thousands)

 

Three Months Ended March 31,

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

Net income

$

1,419

 

 

$

49,238

 

 

Other comprehensive income:

 

 

 

 

 

 

 

 

Postretirement benefits

 

 

 

 

 

 

 

 

Prior service cost

 

92

 

 

 

92

 

 

Actuarial gain

 

(12

)

 

 

 

 

Income tax expense

 

(20

)

 

 

(23

)

 

Total comprehensive income

$

1,479

 

 

$

49,307

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

5


RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

 

 

Three Months Ended March 31,

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

Operating activities:

 

 

 

 

 

 

 

Net income

$

1,419

 

 

$

49,238

 

Adjustments to reconcile net income to net cash provided from operating activities:

 

 

 

 

 

 

 

Deferred income tax expense

 

5,688

 

 

 

42,676

 

Depletion, depreciation and amortization and impairment

 

138,718

 

 

 

169,578

 

Exploration dry hole costs

 

 

 

 

2

 

Abandonment and impairment of unproved properties

 

12,659

 

 

 

11,773

 

Derivative fair value loss

 

61,731

 

 

 

14,009

 

Cash settlements on derivative financial instruments

 

24,834

 

 

 

8,925

 

Amortization of deferred financing costs and other

 

1,807

 

 

 

1,312

 

Deferred and stock-based compensation

 

14,112

 

 

 

18,527

 

Loss (gain) on the sale of assets

 

189

 

 

 

(23

)

Changes in working capital:

 

 

 

 

 

 

 

Accounts receivable

 

134,006

 

 

 

53,913

 

Inventory and other

 

(4,763

)

 

 

(5,294

)

Accounts payable

 

(30,431

)

 

 

47,453

 

Accrued liabilities and other

 

(99,275

)

 

 

(41,517

)

Net cash provided from operating activities

 

260,694

 

 

 

370,572

 

Investing activities:

 

 

 

 

 

 

 

Additions to natural gas and oil properties

 

(190,014

)

 

 

(308,641

)

Additions to field service assets

 

(576

)

 

 

(239

)

Acreage purchases

 

(23,646

)

 

 

(25,355

)

Proceeds from disposal of assets

 

332

 

 

 

40

 

Purchases of marketable securities held by the deferred compensation plan

 

(4,259

)

 

 

(13,153

)

Proceeds from the sales of marketable securities held by the deferred

     compensation plan

 

6,204

 

 

 

11,928

 

Net cash used in investing activities

 

(211,959

)

 

 

(335,420

)

Financing activities:

 

 

 

 

 

 

 

Borrowings on credit facilities

 

566,000

 

 

 

528,000

 

Repayments on credit facilities

 

(614,000

)

 

 

(557,000

)

Dividends paid

 

(5,023

)

 

 

(4,971

)

Taxes paid for shares withheld

 

(3,161

)

 

 

(2,659

)

Change in cash overdrafts

 

7,218

 

 

 

922

 

Proceeds from the sales of common stock held by the deferred compensation plan

 

174

 

 

 

635

 

Net cash used in financing activities

 

(48,792

)

 

 

(35,073

)

(Decrease) increase in cash and cash equivalents

 

(57

)

 

 

79

 

Cash and cash equivalents at beginning of period

 

545

 

 

 

448

 

Cash and cash equivalents at end of period

$

488

 

 

$

527

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

6


RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

 

 

 

 

 

 

 

 

other

 

 

 

 

 

 

Common stock

 

 

held in

 

 

Additional paid-

 

 

Retained

 

 

comprehensive

 

 

 

 

 

 

Shares

 

 

Par value

 

 

treasury

 

 

in capital

 

 

(deficit)/earnings

 

 

(loss) income

 

 

Total

 

Balance as of December 31, 2018

 

249,520

 

 

$

2,495

 

 

$

(391

)

 

$

5,628,447

 

 

$

(1,570,462

)

 

$

(658

)

 

$

4,059,431

 

Issuance of common stock

 

1,628

 

 

 

17

 

 

 

 

 

 

(2,396

)

 

 

 

 

 

 

 

 

(2,379

)

Issuance of common stock upon

   vesting of PSUs

 

 

 

 

 

 

 

 

 

 

4

 

 

 

(4

)

 

 

 

 

 

 

Stock-based compensation

   expense

 

 

 

 

 

 

 

 

 

 

9,155

 

 

 

 

 

 

 

 

 

9,155

 

Cash dividends paid

   ($0.02 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,023

)

 

 

 

 

 

(5,023

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

60

 

 

 

60

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

1,419

 

 

 

 

 

 

1,419

 

Balance as of March 31, 2019

 

251,148

 

 

$

2,512

 

 

$

(391

)

 

$

5,635,210

 

 

$

(1,574,070

)

 

$

(598

)

 

$

4,062,663

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

 

 

 

 

 

 

 

 

other

 

 

 

 

 

 

Common stock

 

 

held in

 

 

Additional paid-

 

 

Retained

 

 

comprehensive

 

 

 

 

 

 

Shares

 

 

Par value

 

 

treasury

 

 

in capital

 

 

(deficit)/earnings

 

 

(loss) income

 

 

Total

 

Balance as of December 31, 2017

 

248,144

 

 

$

2,481

 

 

$

(599

)

 

$

5,577,732

 

 

$

195,990

 

 

$

(1,332

)

 

$

5,774,272

 

Issuance of common stock

 

1,092

 

 

 

11

 

 

 

 

 

 

(1,228

)

 

 

 

 

 

 

 

 

(1,217

)

Stock-based compensation

   expense

 

 

 

 

 

 

 

 

 

 

17,201

 

 

 

 

 

 

 

 

 

17,201

 

Cash dividends paid

   ($0.02 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,971

)

 

 

 

 

 

(4,971

)

Treasury stock issuance

 

 

 

 

 

 

 

30

 

 

 

(30

)

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

69