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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 June 30, 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)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, (Par Value $0.01)

 

RRC

 

New York Stock Exchange

Registrant’s telephone number, including area code

(817) 870-2601

 

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 such 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  

251,378,410 Common Shares were outstanding on July 23, 2019

  

 

 

 


RANGE RESOURCES CORPORATION

FORM 10-Q

Quarter Ended June 30, 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

  

44

ITEM 4.

 

Controls and Procedures

  

47

PART II – OTHER INFORMATION

  

 

ITEM 1.

 

Legal Proceedings

  

47

ITEM 1A.

 

Risk Factors

  

47

ITEM 6.

 

Exhibits

  

48

 

 

 

 

 

SIGNATURES

  

49

 

 

2


PART I – FINANCIAL INFORMATION

ITEM 1. Financial Statements

RANGE RESOURCES CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

 

 

June 30,

 

 

December 31,

 

 

2019

 

 

2018

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

507

 

 

$

545

 

Accounts receivable, less allowance for doubtful accounts of $6,121 and $6,118

 

289,295

 

 

 

490,723

 

Derivative assets

 

142,591

 

 

 

87,953

 

Inventory and other

 

26,706

 

 

 

22,964

 

Total current assets

 

459,099

 

 

 

602,185

 

Derivative assets

 

20,545

 

 

 

4,842

 

Natural gas and oil properties, successful efforts method

 

13,032,323

 

 

 

13,085,206

 

Accumulated depletion and depreciation

 

(3,911,646

)

 

 

(4,062,021

)

 

 

9,120,677

 

 

 

9,023,185

 

Other property and equipment

 

111,963

 

 

 

111,908

 

Accumulated depreciation and amortization

 

(104,620

)

 

 

(102,132

)

 

 

7,343

 

 

 

9,776

 

Operating lease right-of-use assets

 

48,893

 

 

 

 

Other assets

 

71,751

 

 

 

68,166

 

Total assets

$

9,728,308

 

 

$

9,708,154

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

$

193,190

 

 

$

227,344

 

Asset retirement obligations

 

5,485

 

 

 

5,485

 

Accrued liabilities

 

371,795

 

 

 

475,848

 

Accrued interest

 

41,864

 

 

 

41,990

 

Derivative liabilities

 

1,297

 

 

 

4,144

 

Total current liabilities

 

613,631

 

 

 

754,811

 

Bank debt

 

885,286

 

 

 

932,018

 

Senior notes

 

2,858,445

 

 

 

2,856,166

 

Senior subordinated notes

 

48,724

 

 

 

48,677

 

Deferred tax liabilities

 

712,495

 

 

 

666,668

 

Derivative liabilities

 

1,478

 

 

 

3,462

 

Deferred compensation liabilities

 

62,431

 

 

 

67,542

 

Operating lease liabilities

 

39,897

 

 

 

 

Asset retirement obligations and other liabilities

 

323,668

 

 

 

319,379

 

Total liabilities

 

5,546,055

 

 

 

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, 251,353,635 issued at

     June 30, 2019 and 249,519,687 issued at December 31, 2018

 

2,514

 

 

 

2,495

 

Common stock held in treasury, 9,665 shares at June 30, 2019 and 9,665

     shares at December 31, 2018

 

(391

)

 

 

(391

)

Additional paid-in capital

 

5,644,580

 

 

 

5,628,447

 

Accumulated other comprehensive loss

 

(538

)

 

 

(658

)

Retained deficit

 

(1,463,912

)

 

 

(1,570,462

)

Total stockholders’ equity

 

4,182,253

 

 

 

4,059,431

 

Total liabilities and stockholders’ equity

$

9,728,308

 

 

$

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 June 30,

 

 

 

Six Months Ended June 30,

 

 

2019

 

 

2018

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas, NGLs and oil sales

$

563,579

 

 

$

661,390

 

 

 

$

1,235,233

 

 

$

1,358,019

 

Derivative fair value income (loss)

 

195,245

 

 

 

(103,290

)

 

 

 

133,514

 

 

 

(117,299

)

Brokered natural gas, marketing and other

 

92,605

 

 

 

98,084

 

 

 

 

230,819

 

 

 

158,063

 

Total revenues and other income

 

851,429

 

 

 

656,184

 

 

 

 

1,599,566

 

 

 

1,398,783

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct operating

 

33,981

 

 

 

35,088

 

 

 

 

67,208

 

 

 

73,210

 

Transportation, gathering, processing and compression

 

301,219

 

 

 

269,910

 

 

 

 

603,874

 

 

 

514,538

 

Production and ad valorem taxes

 

9,889

 

 

 

10,140

 

 

 

 

21,199

 

 

 

20,066

 

Brokered natural gas and marketing

 

101,117

 

 

 

102,747

 

 

 

 

233,422

 

 

 

158,341

 

Exploration

 

8,109

 

 

 

7,499

 

 

 

 

16,320

 

 

 

15,218

 

Abandonment and impairment of unproved properties

 

12,770

 

 

 

54,922

 

 

 

 

25,429

 

 

 

66,695

 

General and administrative

 

50,631

 

 

 

47,583

 

 

 

 

97,269

 

 

 

116,000

 

Termination costs

 

2,206

 

 

 

 

 

 

 

2,206

 

 

 

(37

)

Deferred compensation plan

 

(11,142

)

 

 

6,615

 

 

 

 

(7,561

)

 

 

(782

)

Interest

 

51,727

 

 

 

53,862

 

 

 

 

103,264

 

 

 

106,247

 

Depletion, depreciation and amortization

 

141,505

 

 

 

161,026

 

 

 

 

280,223

 

 

 

323,292

 

Impairment of proved properties

 

 

 

 

15,302

 

 

 

 

 

 

 

22,614

 

Gain on the sale of assets

 

(5,867

)

 

 

(156

)

 

 

 

(5,678

)

 

 

(179

)

Total costs and expenses

 

696,145

 

 

 

764,538

 

 

 

 

1,437,175

 

 

 

1,415,223

 

Income (loss) before income taxes

 

155,284

 

 

 

(108,354

)

 

 

 

162,391

 

 

 

(16,440

)

Income tax expense (benefit):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

 

 

 

 

 

 

Deferred

 

40,099

 

 

 

(28,518

)

 

 

 

45,787

 

 

 

14,158

 

 

 

40,099

 

 

 

(28,518

)

 

 

 

45,787

 

 

 

14,158

 

Net income (loss)

$

115,185

 

 

$

(79,836

)

 

 

$

116,604

 

 

$

(30,598

)

Net income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.46

 

 

$

(0.32

)

 

 

$

0.46

 

 

$

(0.13

)

Diluted

$

0.46

 

 

$

(0.32

)

 

 

$

0.46

 

 

$

(0.13

)

Dividends paid per common share

$

0.02

 

 

$

0.02

 

 

 

$

0.04

 

 

$

0.04

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

247,770

 

 

 

245,880

 

 

 

 

247,773

 

 

 

245,795

 

Diluted

 

248,436

 

 

 

245,880

 

 

 

 

249,042

 

 

 

245,795

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

4


RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited, in thousands)

 

Three Months Ended June 30,

 

 

 

Six Months Ended June 30,

 

 

2019

 

 

2018

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

115,185

 

 

$

(79,836

)

 

 

$

116,604

 

 

$

(30,598

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Postretirement benefits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of prior service cost

 

92

 

 

 

93

 

 

 

 

184

 

 

 

185

 

Amortization of actuarial gain

 

(12

)

 

 

 

 

 

 

(24

)

 

 

 

Income tax expense

 

(20

)

 

 

(23

)

 

 

 

(40

)

 

 

(46

)

Total comprehensive income (loss)

$

115,245

 

 

$

(79,766

)

 

 

$

116,724

 

 

$

(30,459

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

5


RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

 

 

Six Months Ended June 30,

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

Operating activities:

 

 

 

 

 

 

 

Net income (loss)

$

116,604

 

 

$

(30,598

)

Adjustments to reconcile net income (loss) to net cash provided from operating activities:

 

 

 

 

 

 

 

Deferred income tax expense

 

45,787

 

 

 

14,158

 

Depletion, depreciation and amortization and impairment

 

280,223

 

 

 

345,906

 

Exploration dry hole costs

 

 

 

 

2

 

Abandonment and impairment of unproved properties

 

25,429

 

 

 

66,695

 

Derivative fair value (income) loss

 

(133,514

)

 

 

117,299

 

Cash settlements on derivative financial instruments

 

58,341

 

 

 

(5,350

)

Allowance for doubtful accounts

 

 

 

 

(1,500

)

Amortization of deferred financing costs and other

 

3,243

 

 

 

2,376

 

Deferred and stock-based compensation

 

13,727

 

 

 

34,167

 

Gain on the sale of assets

 

(5,678

)

 

 

(179

)

Changes in working capital:

 

 

 

 

 

 

 

Accounts receivable

 

201,428

 

 

 

(14,425

)

Inventory and other

 

(5,035

)

 

 

796

 

Accounts payable

 

(29,132

)

 

 

14,615

 

Accrued liabilities and other

 

(125,907

)

 

 

1,553

 

Net cash provided from operating activities

 

445,516

 

 

 

545,515

 

Investing activities:

 

 

 

 

 

 

 

Additions to natural gas and oil properties

 

(380,718

)

 

 

(584,432

)

Additions to field service assets

 

(697

)

 

 

(1,863

)

Acreage purchases

 

(31,920

)

 

 

(37,900

)

Proceeds from disposal of assets

 

34,366

 

 

 

366

 

Purchases of marketable securities held by the deferred compensation plan

 

(15,170

)

 

 

(27,271

)

Proceeds from the sales of marketable securities held by the deferred

     compensation plan

 

18,226

 

 

 

25,459

 

Net cash used in investing activities

 

(375,913

)

 

 

(625,641

)

Financing activities:

 

 

 

 

 

 

 

Borrowings on credit facilities

 

1,151,000

 

 

 

1,114,000

 

Repayments on credit facilities

 

(1,199,000

)

 

 

(1,011,000

)

Dividends paid

 

(10,049

)

 

 

(9,960

)

Taxes paid for shares withheld

 

(3,343

)

 

 

(3,021

)

Debt issuance costs

 

 

 

 

(8,257

)

Change in cash overdrafts

 

(8,762

)

 

 

(7,318

)

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

 

513

 

 

 

5,649

 

Net cash (used in) provided from financing activities

 

(69,641

)

 

 

80,093

 

Decrease in cash and cash equivalents

 

(38

)

 

 

(33

)

Cash and cash equivalents at beginning of period

 

545

 

 

 

448

 

Cash and cash equivalents at end of period

$

507

 

 

$

415

 

 

 

 

 

 

 

 

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

 

6


RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited, in thousands, except per share data)

 

Fiscal Year 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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