$RRC Range Resources +3% after strong Q2 earnin
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Posted On: 07/30/2018 11:32:33 PM
$RRC
Range Resources +3% after strong Q2 earnings beat; eyes pricing strength
Range Resources (NYSE:RRC) +3.2% after-hours as Q2 earnings more than tripled from the prior-year quarter and easily beat expectations while revenues rose 32% Y/Y to $745M.
RRC says Q2 production averaged a record 2.2M cfe/day, a 13% increase over the year-ago quarter, with liquids production averaging 117.5K bbl/day, up 12% Y/Y, and contributing 46% of total product revenues before hedging.
RRC says its Q2 average natural gas price including the impact of basis hedging was $2.64/Mcf, or $0.16/Mcf below Nymex, far better than the $0.39 negative differential to Nymex in the year-ago quarter.
Q2 pre-hedge NGL realizations were $23.69/bbl, above the midpoint of guidance as a result of NGL component price improvements late in the quarter RRC says it expects similar pricing strength through H2, putting it at the high end of previously announced 2018 guidance.
Range Resources +3% after strong Q2 earnings beat; eyes pricing strength
Range Resources (NYSE:RRC) +3.2% after-hours as Q2 earnings more than tripled from the prior-year quarter and easily beat expectations while revenues rose 32% Y/Y to $745M.
RRC says Q2 production averaged a record 2.2M cfe/day, a 13% increase over the year-ago quarter, with liquids production averaging 117.5K bbl/day, up 12% Y/Y, and contributing 46% of total product revenues before hedging.
RRC says its Q2 average natural gas price including the impact of basis hedging was $2.64/Mcf, or $0.16/Mcf below Nymex, far better than the $0.39 negative differential to Nymex in the year-ago quarter.
Q2 pre-hedge NGL realizations were $23.69/bbl, above the midpoint of guidance as a result of NGL component price improvements late in the quarter RRC says it expects similar pricing strength through H2, putting it at the high end of previously announced 2018 guidance.
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