Range Resources Corp. (NYSE: RRC) detailed its first-quarter 2014 financial results on April 28.
The company’s capex budget for the year is “on track” at $1.52 billion, Range said, adding that from that amount, $232 million went to drilling, $49 million went to acreage, $14 million went to exploration and $4 million went to gas gathering systems.
Regarding drilling, there was a “100% success rate” and 44 wells were drilled, while previously drilled wells were completed, Range added.
Revenues for the quarter were $457 million, and had increased 43% from first-quarter 2013, the company said.
Cash from operations--$181 million—had decreased 10% from first-quarter 2013, Range said. Adjusted cash flow was $262 million, and had increased 20% over first-quarter 2013, the company added.
Net income for the quarter was $33 million, Range said, noting a net loss of $76 million in first-quarter 2013.
Commodity prices were hedged throughout the quarter, the company said, noting that natural gas was $4.20 per thousand cubic feet, NGL was $27.34 per barrel and crude oil and condensate were $82.03 per barrel.
Regarding the rest of the year, production growth is targeted at 20% to 25% year-over-year, and second-quarter average daily production should range between 1,065 and 1,075 million cubic feet per day, with 30% to 35% liquids, the company said.
About 163 wells should be sold throughout the year, the company noted.
Fort Worth, Texas-based Range Resources Corp. operates domestically.
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