Range Resources Corp. (NYSE: RRC) detailed its second-quarter 2014 financial results, the company said July 28.
There was $766 million in total revenues for the second quarter, the company said, noting that this was a 14% increase over second-quarter 2013’s total revenues.
There was $260 million in total cash from operations, including working capital, the company said, noting the 231% increase over second-quarter 2013’s total cash from operations. There was $171 million in earnings, compared with second-quarter 2013’s $144 in net income, Range said. The second quarter results were partially impacted by a $280 million pre-tax gain from a Permian Basin asset exchange, a $25 million loss on debt extinguishment, a $25 million impairment cost and $11 million in some expenses, the company added.
Regarding production, production volumes averaged 1,105 million cubic feet equivalent per day (MMcfe/d) in the second quarter, a 21% increase over second-quarter 2013’s volumes, Range said. The company estimates a 25% increase in production growth year-over-year, Range added.
Range hedged its commodities in the second quarter. Natural gas was hedged at $3.88/Mcf, NGL at $24.34 per barrel (bbl) and crude oil and condensate at $80.63/bbl, the company said.
Regarding capex, $59 million was spent on acreage, $4 million was spent on gas gathering systems and $12 million was spent on exploration, Range said. Its capex budget of about $1.3 billion is “on track” for the remainder of the year, the company added.
Fort Worth, Texas-based Range Resources Corp. operates domestically
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