$RRC Range Resources +3% after strong Q2 earnin
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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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