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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 September 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  

251,426,800 Common Shares were outstanding on October 21, 2019

  

 


RANGE RESOURCES CORPORATION

FORM 10-Q

Quarter Ended September 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 this 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:

  

 

 

 

   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

 

 

   Notes to Consolidated Financial Statements (Unaudited)

  

9

ITEM 2.

 

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

  

32

ITEM 3.

 

Quantitative and Qualitative Disclosures about Market Risk

  

46

ITEM 4.

 

Controls and Procedures

  

49

PART II – OTHER INFORMATION

  

 

ITEM 1.

 

Legal Proceedings

  

49

ITEM 1A.

 

Risk Factors

  

49

ITEM 6.

 

Exhibits

  

50

 

 

 

 

 

SIGNATURES

  

51

 

 

2


PART I – FINANCIAL INFORMATION

ITEM 1. Financial Statements

RANGE RESOURCES CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

 

 

September 30,

 

 

December 31,

 

 

2019

 

 

2018

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

354

 

 

$

545

 

Accounts receivable, less allowance for doubtful accounts of $4,274 and $6,118

 

249,190

 

 

 

490,723

 

Derivative assets

 

137,019

 

 

 

87,953

 

Inventory and other

 

25,895

 

 

 

22,964

 

Total current assets

 

412,458

 

 

 

602,185

 

Derivative assets

 

19,828

 

 

 

4,842

 

Natural gas and oil properties, successful efforts method

 

12,339,782

 

 

 

13,085,206

 

Accumulated depletion and depreciation

 

(4,044,212

)

 

 

(4,062,021

)

 

 

8,295,570

 

 

 

9,023,185

 

Other property and equipment

 

102,187

 

 

 

111,908

 

Accumulated depreciation and amortization

 

(95,876

)

 

 

(102,132

)

 

 

6,311

 

 

 

9,776

 

Operating lease right-of-use assets

 

47,214

 

 

 

 

Other assets

 

72,818

 

 

 

68,166

 

Total assets

$

8,854,199

 

 

$

9,708,154

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

$

163,327

 

 

$

227,344

 

Asset retirement obligations

 

5,485

 

 

 

5,485

 

Accrued liabilities

 

351,981

 

 

 

475,848

 

Accrued interest

 

35,116

 

 

 

41,990

 

Derivative liabilities

 

1,521

 

 

 

4,144

 

Total current liabilities

 

557,430

 

 

 

754,811

 

Bank debt

 

318,919

 

 

 

932,018

 

Senior notes

 

2,766,322

 

 

 

2,856,166

 

Senior subordinated notes

 

48,749

 

 

 

48,677

 

Deferred tax liabilities

 

661,216

 

 

 

666,668

 

Derivative liabilities

 

296

 

 

 

3,462

 

Deferred compensation liabilities

 

58,329

 

 

 

67,542

 

Operating lease liabilities

 

40,350

 

 

 

 

Asset retirement obligations and other liabilities

 

244,396

 

 

 

319,379

 

Total liabilities

 

4,696,007

 

 

 

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, 251,425,437 issued at

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

 

2,514

 

 

 

2,495

 

Common stock held in treasury, 8,133 shares at September 30, 2019 and 9,665

     shares at December 31, 2018

 

(328

)

 

 

(391

)

Additional paid-in capital

 

5,653,005

 

 

 

5,628,447

 

Accumulated other comprehensive loss

 

(478

)

 

 

(658

)

Retained deficit

 

(1,496,521

)

 

 

(1,570,462

)

Total stockholders’ equity

 

4,158,192

 

 

 

4,059,431

 

Total liabilities and stockholders’ equity

$

8,854,199

 

 

$

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 September 30,

 

 

 

Nine Months Ended September 30,

 

 

2019

 

 

2018

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas, NGLs and oil sales

$

474,754

 

 

$

736,431

 

 

 

$

1,709,987

 

 

$

2,094,450

 

Derivative fair value income (loss)

 

74,676

 

 

 

(34,591

)

 

 

 

208,190

 

 

 

(151,890

)

Brokered natural gas, marketing and other

 

73,015

 

 

 

109,385

 

 

 

 

303,834

 

 

 

267,448

 

Total revenues and other income

 

622,445

 

 

 

811,225

 

 

 

 

2,222,011

 

 

 

2,210,008

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct operating

 

35,276

 

 

 

30,926

 

 

 

 

102,484

 

 

 

104,136

 

Transportation, gathering, processing and compression

 

295,912

 

 

 

304,562

 

 

 

 

899,786

 

 

 

819,100

 

Production and ad valorem taxes

 

7,805

 

 

 

9,427

 

 

 

 

29,004

 

 

 

29,493

 

Brokered natural gas and marketing

 

79,938

 

 

 

116,080

 

 

 

 

313,360

 

 

 

274,421

 

Exploration

 

11,013

 

 

 

8,299

 

 

 

 

27,333

 

 

 

23,517

 

Abandonment and impairment of unproved properties

 

16,202

 

 

 

6,549

 

 

 

 

41,631

 

 

 

73,244

 

General and administrative

 

41,047

 

 

 

43,722

 

 

 

 

138,316

 

 

 

159,722

 

Termination costs

 

819

 

 

 

(336

)

 

 

 

3,025

 

 

 

(373

)

Deferred compensation plan

 

(8,871

)

 

 

223

 

 

 

 

(16,432

)

 

 

(559

)

Interest

 

46,997

 

 

 

54,801

 

 

 

 

150,261

 

 

 

161,048

 

Gain on early extinguishment of debt

 

(2,985

)

 

 

 

 

 

 

(2,985

)

 

 

 

Depletion, depreciation and amortization

 

137,751

 

 

 

164,266

 

 

 

 

417,974

 

 

 

487,558

 

Impairment of proved properties

 

 

 

 

 

 

 

 

 

 

 

22,614

 

Loss (gain) on the sale of assets

 

36,341

 

 

 

30

 

 

 

 

30,663

 

 

 

(149

)

Total costs and expenses

 

697,245

 

 

 

738,549

 

 

 

 

2,134,420

 

 

 

2,153,772

 

(Loss) income before income taxes

 

(74,800

)

 

 

72,676

 

 

 

 

87,591

 

 

 

56,236

 

Income tax (benefit) expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

4,079

 

 

 

 

 

 

 

4,079

 

 

 

 

Deferred

 

(51,298

)

 

 

24,137

 

 

 

 

(5,511

)

 

 

38,295

 

 

 

(47,219

)

 

 

24,137

 

 

 

 

(1,432

)

 

 

38,295

 

Net (loss) income

$

(27,581

)

 

$

48,539

 

 

 

$

89,023

 

 

$

17,941

 

Net (loss) income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.11

)

 

$

0.19

 

 

 

$

0.35

 

 

$

0.07

 

Diluted

$

(0.11

)

 

$

0.19

 

 

 

$

0.35

 

 

$

0.07

 

Dividends paid per common share

$

0.02

 

 

$

0.02

 

 

 

$

0.06

 

 

$

0.06

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

248,082

 

 

 

246,451

 

 

 

 

247,878

 

 

 

246,016

 

Diluted

 

248,082

 

 

 

247,166

 

 

 

 

248,823

 

 

 

246,879

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

4


RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(Unaudited, in thousands)

 

Three Months Ended September 30,

 

 

 

Nine Months Ended September 30,

 

 

2019

 

 

2018

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

$

(27,581

)

 

$

48,539

 

 

 

$

89,023

 

 

$

17,941

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Postretirement benefits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of prior service cost

 

92

 

 

 

91

 

 

 

 

276

 

 

 

276

 

Amortization of actuarial gain

 

(12

)

 

 

 

 

 

 

(37

)

 

 

 

Income tax expense

 

(20

)

 

 

(22

)

 

 

 

(59

)

 

 

(68

)

Total comprehensive (loss) income

$

(27,521

)

 

$

48,608

 

 

 

$

89,203

 

 

$

18,149

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

5


RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

 

 

Nine Months Ended September 30,

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

Operating activities:

 

 

 

 

 

 

 

Net income

$

89,023

 

 

$

17,941

 

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

 

 

 

 

 

 

 

Deferred income tax (benefit) expense

 

(5,511

)

 

 

38,295

 

Depletion, depreciation and amortization and impairment

 

417,974

 

 

 

510,172

 

Exploration dry hole costs

 

 

 

 

4

 

Abandonment and impairment of unproved properties

 

41,631

 

 

 

73,244

 

Derivative fair value (income) loss

 

(208,190

)

 

 

151,890

 

Cash settlements on derivative financial instruments

 

138,349

 

 

 

(40,272

)

Allowance for doubtful accounts

 

(141

)

 

 

(1,250

)

Amortization of deferred financing costs and other

 

4,862

 

 

 

4,163

 

Deferred and stock-based compensation

 

14,410

 

 

 

41,252

 

Loss (gain) on the sale of assets

 

30,663

 

 

 

(149

)

Gain on extinguishment of debt

 

(2,985

)

 

 

 

Changes in working capital:

 

 

 

 

 

 

 

Accounts receivable

 

241,514

 

 

 

(49,713

)

Inventory and other

 

(4,024

)

 

 

(822

)

Accounts payable

 

(52,645

)

 

 

(6,529

)

Accrued liabilities and other

 

(155,499

)

 

 

36,721

 

Net cash provided from operating activities

 

549,431

 

 

 

774,947

 

Investing activities:

 

 

 

 

 

 

 

Additions to natural gas and oil properties

 

(550,355

)

 

 

(781,554

)

Additions to field service assets

 

(803

)

 

 

(1,230

)

Acreage purchases

 

(39,795

)

 

 

(50,461

)

Proceeds from disposal of assets

 

784,527

 

 

 

24,339

 

Purchases of marketable securities held by the deferred compensation plan

 

(16,741

)

 

 

(34,953

)

Proceeds from the sales of marketable securities held by the deferred

     compensation plan

 

21,344

 

 

 

37,311

 

Net cash provided from (used in) investing activities

 

198,177

 

 

 

(806,548

)

Financing activities:

 

 

 

 

 

 

 

Borrowings on credit facilities

 

1,730,000

 

 

 

1,602,000

 

Repayments on credit facilities

 

(2,345,000

)

 

 

(1,547,000

)

Repayment of senior notes

 

(90,274

)

 

 

 

Dividends paid

 

(15,077

)

 

 

(14,950

)

Taxes paid for shares withheld

 

(3,371

)

 

 

(3,143

)

Debt issuance costs

 

 

 

 

(8,257

)

Change in cash overdrafts

 

(24,744

)

 

 

(5,653

)

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

 

667

 

 

 

8,513

 

Net cash (used in) provided from financing activities

 

(747,799

)

 

 

31,510

 

Decrease in cash and cash equivalents

 

(191

)

 

 

(91

)

Cash and cash equivalents at beginning of period

 

545

 

 

 

448

 

Cash and cash equivalents at end of period

$

354

 

 

$

357

 

 

 

 

 

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