November 8, 2017 - 7:10 AM EST
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Earnings Review and Free Research Report: Range Resources Reported Better than Expected Results

Research Desk Line-up: EOG Resources Post Earnings Coverage

LONDON, UK / ACCESSWIRE / November 8, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Range Resources Corp. (NYSE: RRC), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=RRC, following the Company's announcement of its financial results on October 24, 2017, for the third quarter of the fiscal year 2017. The natural gas Company's total revenue increased 17% on a y-o-y basis. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

http://protraderdaily.com/register/

Get more of our free earnings reports coverage from other constituents of the Independent Oil & Gas industry. Pro-TD has currently selected EOG Resources, Inc. (NYSE: EOG) for due-diligence and potential coverage as the Company reported on November 02, 2017, its financial results for Q3 2017. Register for a free membership today, and be among the early birds that get access to our report on EOG Resources when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on RRC; also brushing on EOG. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=RRC

http://protraderdaily.com/optin/?symbol=EOG

Earnings Reviewed

For the three months ended September 30, 2017, Range Resources' total revenues increased 17% to $482.23 million from $413.21 million in Q3 FY16. During Q3 FY17, the Company's adjusted total revenues increased 46% to $587.41 million from $401.77 million in the same period of last year. The total adjusted revenue figures surpassed analysts' expectations of $530 million.

During Q3 FY17, the Company's production increased 32% to 1,986.21 million cubic feet equivalent per day (mcfe/d) on a y-o-y basis from 1,508.33 mcfe/d in Q3 FY16. The production volume surpassed analysts' expectations of 1,983 mcfe/d.

For the reported quarter, Range Resources' transportation, gathering, processing, and compression expenses increased 38.1% to $191.65 million from $138.76 million in Q3 FY16. For the reported quarter, the Company's brokered natural gas and marketing expenses increased 34.4% to $59.38 million from $44.17 million in Q3 FY16. During Q3 FY17, Range Resources' G&A expenses increased 23.8% to $36.46 million from $29.43 million in the comparable period of last year. During the third quarter of 2017, the Company's depletion, depreciation, and amortization expenses increased 21.4% to $159.75 million from $131.49 million in Q3 FY16.

For the reported quarter, Range Resources' net loss was $127.70 million compared to a net loss of $41.97 million in Q3 FY16. During Q3 FY17, the Company's diluted earnings per share (EPS) was negative $0.52 compared to negative $0.23 in Q3 FY16. During Q3 FY17, the Company's adjusted net income was $11.63 million compared to an adjusted net loss of $10.37 million in Q3 FY16. During Q3 FY17, the Company's adjusted diluted EPS was positive $0.05 compared to negative $0.06 in the corresponding period of last year. The adjusted diluted EPS surpassed analysts' expectations of $0.02.

During Q3 FY17, the Company's Appalachia division's production increased 15% to 1.60 net billion cubic feet equivalent per day (bcfe/d) on a y-o-y basis. For the reported quarter, the division's lateral averaged 11,700 feet compared to an average lateral length of around 6,171 feet in the third quarter of 2016. During the quarter, the Company's total well costs on a normalized basis reduced 25% on a y-o-y basis, due to longer laterals and additional completion efficiencies.

Balance Sheet

As on September 30, 2017, Range Resources' current assets increased 14.3% to $307.07 million from $268.61 million as on December 31, 2016. For the reported quarter, the Company's total debt increased 5.5% to $3.98 billion from $3.77 billion in Q4 FY16.

For the reported quarter, Range Resources' cash provided by operating activities increased 479.74% to $189.20 million from $32.64 million in Q3 FY16. During Q3 FY17, the Company's adjusted cash provided by operating activities increased 65.7% to $204.19 million from $123.22 million in the same period of last year.

During Q3 FY17, the Company's cash margins improved 33% to $1.09 per mcfe from $0.82 per mcfe in the third quarter of 2016.

Outlook

For Q4 FY 17, Range Resources expects annual output to be 2.2 bcfe/d and expects direct operating expenses to be in the range of $0.18 - $0.20 per mcfe.

The Company expects G&A expenses to be in the band of $0.21 - $0.23 per mcfe and interest expenses to be in the range of $0.27 - $0.29 per mcfe for Q4 FY17.

Stock Performance

On Tuesday, November 07, 2017, the stock closed the trading session at $18.97, falling 1.09% from its previous closing price of $19.18. A total volume of 10.22 million shares have exchanged hands, which was higher than the 3-month average volume of 6.89 million shares. Range Resources' stock price surged 12.72% in the last three months. The stock has a dividend yield of 0.42%. At Tuesday's closing price, the stock's net capitalization stands at $4.64 billion.

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Source: ACCESSWIRE Investor Awareness (November 8, 2017 - 7:10 AM EST)

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