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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark one)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to             

Commission File Number: 001-12209

 

RANGE RESOURCES CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware

 

34-1312571

(State or Other Jurisdiction of

Incorporation or Organization)

 

(IRS Employer

Identification No.)

 

100 Throckmorton Street, Suite 1200

Fort Worth, Texas

 

76102

(Address of Principal Executive Offices)

 

(Zip Code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, (Par Value $0.01)

 

RRC

 

New York Stock Exchange

Registrant’s telephone number, including area code

(817) 870-2601

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer

 

Accelerated Filer

 

 

 

 

Non-Accelerated Filer

 

  

Smaller Reporting Company

 

 

 

 

Emerging Growth Company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes      No  

259,595,233 Common Shares were outstanding on April 23, 2021

  

 


 

RANGE RESOURCES CORPORATION

FORM 10-Q

Quarter Ended March 31, 2021

Unless the context otherwise indicates, all references in this report to “Range Resources,” “Range,” “we,” “us,” or “our” are to Range Resources Corporation and its directly and indirectly owned subsidiaries. For certain industry specific terms used in this Form 10-Q, please see “Glossary of Certain Defined Terms” in our 2020 Annual Report on Form 10-K.

TABLE OF CONTENTS

 

 

 

 

 

Page

PART I – FINANCIAL INFORMATION 

  

 

ITEM 1.

 

Financial Statements:

  

 

 

 

   Consolidated Balance Sheets (Unaudited)

  

3

 

 

   Consolidated Statements of Operations (Unaudited)

  

4

 

 

   Consolidated Statements of Comprehensive Income (Unaudited)

 

5

 

 

   Consolidated Statements of Cash Flows (Unaudited)

  

6

 

 

Consolidated Statements of Stockholders’ Equity (Unaudited)

 

7

 

 

   Notes to Consolidated Financial Statements (Unaudited)

  

9

ITEM 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

28

ITEM 3.

 

Quantitative and Qualitative Disclosures about Market Risk

  

40

ITEM 4.

 

Controls and Procedures

  

43

PART II – OTHER INFORMATION

  

 

ITEM 1.

 

Legal Proceedings

  

43

ITEM 1A.

 

Risk Factors

  

44

ITEM 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

44

ITEM 6.

 

Exhibits

  

45

 

 

 

 

 

SIGNATURES

  

46

 

 

2


 

PART I – FINANCIAL INFORMATION

ITEM 1. Financial Statements

RANGE RESOURCES CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

 

March 31,

 

 

December 31,

 

 

2021

 

 

2020

 

Assets

(Unaudited)

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

449

 

 

$

458

 

Accounts receivable, less allowance for doubtful accounts of $3,004 and $3,004

 

286,491

 

 

 

252,642

 

Derivative assets

 

8,111

 

 

 

23,332

 

Other current assets

 

13,581

 

 

 

13,408

 

Total current assets

 

308,632

 

 

 

289,840

 

Derivative assets

 

21,242

 

 

 

16,680

 

Natural gas properties, successful efforts method

 

9,853,906

 

 

 

9,751,114

 

Accumulated depletion and depreciation

 

(4,150,811

)

 

 

(4,064,305

)

 

 

5,703,095

 

 

 

5,686,809

 

Other property and equipment

 

80,365

 

 

 

79,878

 

Accumulated depreciation and amortization

 

(76,228

)

 

 

(75,717

)

 

 

4,137

 

 

 

4,161

 

Operating lease right-of-use assets

 

58,199

 

 

 

63,581

 

Other assets

 

79,355

 

 

 

75,865

 

Total assets

$

6,174,660

 

 

$

6,136,936

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

$

160,323

 

 

$

132,421

 

Asset retirement obligations

 

6,689

 

 

 

6,689

 

Accrued liabilities

 

311,469

 

 

 

348,333

 

Accrued interest

 

45,125

 

 

 

54,742

 

Derivative liabilities

 

38,319

 

 

 

26,707

 

Divestiture contract obligation

 

88,132

 

 

 

92,593

 

Current maturities of long-term debt

 

45,377

 

 

 

45,356

 

Total current liabilities

 

695,434

 

 

 

706,841

 

Bank debt

 

116,074

 

 

 

693,123

 

Senior notes

 

2,921,750

 

 

 

2,329,745

 

Senior subordinated notes

 

17,393

 

 

 

17,384

 

Deferred tax liabilities

 

137,810

 

 

 

135,267

 

Derivative liabilities

 

5,959

 

 

 

9,746

 

Deferred compensation liabilities

 

107,001

 

 

 

81,481

 

Operating lease liabilities

 

38,026

 

 

 

43,155

 

Asset retirement obligations and other liabilities

 

87,549

 

 

 

91,157

 

Divestiture contract obligation

 

383,816

 

 

 

391,502

 

Total liabilities

 

4,510,812

 

 

 

4,499,401

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ Equity

 

 

 

 

 

 

 

Preferred stock, $1 par, 10,000,000 shares authorized, none issued and outstanding

 

 

 

 

 

Common stock, $0.01 par, 475,000,000 shares authorized, 259,595,233 issued at

     March 31, 2021 and 256,353,887 issued at December 31, 2020

 

2,596

 

 

 

2,563

 

Common stock held in treasury, 10,004,683 shares at March 31, 2021 and 10,005,795

     shares at December 31, 2020

 

(30,085

)

 

 

(30,132

)

Additional paid-in capital

 

5,683,428

 

 

 

5,684,268

 

Accumulated other comprehensive loss

 

(409

)

 

 

(479

)

Retained deficit

 

(3,991,682

)

 

 

(4,018,685

)

Total stockholders’ equity

 

1,663,848

 

 

 

1,637,535

 

Total liabilities and stockholders’ equity

$

6,174,660

 

 

$

6,136,936

 

The accompanying notes are an integral part of these consolidated financial statements.

3


RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share data)

 

 

 

 

Three Months Ended March 31,

 

 

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

Natural gas, NGLs and oil sales

 

 

$

603,347

 

 

$

432,096

 

Derivative fair value (loss) income

 

 

 

(57,879

)

 

 

233,175

 

Brokered natural gas, marketing and other

 

 

 

80,564

 

 

 

28,649

 

Total revenues and other income

 

 

 

626,032

 

 

 

693,920

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

Direct operating

 

 

 

17,650

 

 

 

32,035

 

Transportation, gathering, processing and compression

 

 

 

274,330

 

 

 

284,765

 

Production and ad valorem taxes

 

 

 

4,625

 

 

 

9,019

 

Brokered natural gas and marketing

 

 

 

72,335

 

 

 

32,624

 

Exploration

 

 

 

5,538

 

 

 

7,077

 

Abandonment and impairment of unproved properties

 

 

 

3,029

 

 

 

5,413

 

General and administrative

 

 

 

38,004

 

 

 

42,254

 

Exit and termination costs

 

 

 

13,714

 

 

 

1,595

 

Deferred compensation plan

 

 

 

19,811

 

 

 

(8,537

)

Interest

 

 

 

56,878

 

 

 

47,518

 

Loss (gain) on early extinguishment of debt

 

 

 

35

 

 

 

(12,923

)

Depletion, depreciation and amortization

 

 

 

88,383

 

 

 

102,986

 

Impairment of proved properties

 

 

 

 

 

 

77,000

 

Loss (gain) on the sale of assets

 

 

 

1,860

 

 

 

(122,099

)

Total costs and expenses

 

 

 

596,192

 

 

 

498,727

 

Income before income taxes

 

 

 

29,840

 

 

 

195,193

 

Income tax expense (benefit):

 

 

 

 

 

 

 

 

 

Current

 

 

 

168

 

 

 

(363

)

Deferred

 

 

 

2,521

 

 

 

29,361

 

 

 

 

 

2,689

 

 

 

28,998

 

Net income

 

 

$

27,151

 

 

$

166,195

 

Net income per common share:

 

 

 

 

 

 

 

 

 

Basic

 

 

$

0.11

 

 

$

0.67

 

Diluted

 

 

$

0.11

 

 

$

0.66

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

 

 

242,159

 

 

 

246,218

 

Diluted

 

 

 

247,527

 

 

 

247,684

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

4


RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited, in thousands)

 

 

 

Three Months Ended March 31,

 

 

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

$

27,151

 

 

$

166,195

 

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

Postretirement benefits:

 

 

 

 

 

 

 

 

 

Actuarial gain

 

 

 

 

 

 

7

 

Amortization of prior service costs

 

 

 

92

 

 

 

92

 

Income tax expense

 

 

 

(22

)

 

 

(26

)

Total comprehensive income

 

 

$

27,221

 

 

$

166,268

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

5


 

RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

 

 

Three Months Ended March 31,

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

Operating activities:

 

 

 

 

 

 

 

Net income

$

27,151

 

 

$

166,195

 

Adjustments to reconcile net income to net cash provided from

 

 

 

 

 

 

 

    operating activities:

 

 

 

 

 

 

 

Deferred income tax expense

 

2,521

 

 

 

29,361

 

Depletion, depreciation and amortization and impairment of proved properties

 

88,383

 

 

 

179,986

 

Abandonment and impairment of unproved properties

 

3,029

 

 

 

5,413

 

Derivative fair value loss (income)

 

57,879

 

 

 

(233,175

)

Cash settlements on derivative financial instruments

 

(39,395

)

 

 

99,929

 

Divestiture contract obligation accretion

 

12,995

 

 

 

 

Allowance for bad debt

 

 

 

 

400

 

Amortization of deferred financing costs and other

 

2,081

 

 

 

1,657

 

Deferred and stock-based compensation

 

30,054

 

 

 

476

 

Loss (gain) on the sale of assets

 

1,860

 

 

 

(122,099

)

Loss (gain) on early extinguishment of debt

 

35

 

 

 

(12,923

)

Changes in working capital:

 

 

 

 

 

 

 

Accounts receivable

 

(33,146

)

 

 

84,345

 

Other current assets

 

122

 

 

 

(4,432

)

Accounts payable

 

34,418

 

 

 

18,660

 

Accrued liabilities and other

 

(78,735

)

 

 

(89,287

)

Net cash provided from operating activities

 

109,252

 

 

 

124,506

 

Investing activities:

 

 

 

 

 

 

 

Additions to natural gas properties

 

(99,233

)

 

 

(129,962

)

Additions to field service assets

 

(487

)

 

 

(896

)

Acreage purchases

 

(11,849

)

 

 

(10,811

)

Proceeds from disposal of assets

 

8

 

 

 

1,059

 

Purchases of marketable securities held by the deferred compensation plan

 

(3,172

)

 

 

(7,648

)

Proceeds from the sales of marketable securities held by the deferred

 

 

 

 

 

 

 

compensation plan

 

2,333

 

 

 

8,393

 

Net cash used in investing activities

 

(112,400

)

 

 

(139,865

)

Financing activities:

 

 

 

 

 

 

 

Borrowings on credit facilities

 

478,000

 

 

 

543,000

 

Repayments on credit facilities

 

(1,056,000

)

 

 

(463,000

)

Issuance of senior notes

 

600,000

 

 

 

550,000

 

Repayment of senior or senior subordinated notes

 

 

 

 

(580,099

)

Treasury stock purchases

 

 

 

 

(22,548

)

Debt issuance costs

 

(8,559

)

 

 

(8,538

)

Taxes paid for shares withheld

 

(9,097

)

 

 

(1,554

)

Change in cash overdrafts

 

(1,646

)

 

 

(1,933

)

Proceeds from the sales of common stock held by the deferred compensation plan

 

441

 

 

 

13

 

Net cash provided from financing activities

 

3,139

 

 

 

15,341

 

Decrease in cash and cash equivalents

 

(9

)

 

 

(18

)

Cash and cash equivalents at beginning of period

 

458

 

 

 

546

 

Cash and cash equivalents at end of period

$

449

 

 

$

528

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

6


 

RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited, in thousands)

 

Fiscal Year 2021

 

 

 

 

 

 

 

 

Common

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

stock

 

 

Additional

 

 

 

 

 

 

other

 

 

 

 

 

 

Common stock

 

 

held in

 

 

paid-in

 

 

Retained

 

 

comprehensive

 

 

 

 

 

 

Shares

 

 

Par value

 

 

treasury

 

 

capital

 

 

deficit

 

 

loss

 

 

Total

 

Balance as of December 31, 2020

 

256,354

 

 

$

2,563

 

 

$

(30,132

)

 

$

5,684,268

 

 

$

(4,018,685

)

 

$

(479

)

 

$

1,637,535

 

Issuance of common stock

 

3,218

 

 

 

33

 

 

 

 

 

 

(7,654

)

 

 

 

 

 

 

 

 

(7,621

)

Issuance of common stock

   upon vesting of PSUs

 

 

 

 

 

 

 

 

 

 

148

 

 

 

(148

)

 

 

 

 

 

 

Stock-based compensation

   expense

 

 

 

 

 

 

 

 

 

 

6,713

 

 

 

 

 

 

 

 

 

6,713

 

Treasury stock

 

 

 

 

 

 

 

47

 

 

 

(47

)

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

70

 

 

 

70

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

27,151

 

 

 

 

 

 

27,151

 

Balance as of March 31, 2021

 

259,572

 

 

$

2,596

 

 

$

(30,085

)

 

$

5,683,428

 

 

$

(3,991,682

)

 

$

(409

)

 

$

1,663,848

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

7


RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited, in thousands, except per share data)

Fiscal Year 2020

 

 

 

 

 

 

 

 

Common

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

stock

 

 

Additional

 

 

 

 

 

 

other

 

 

 

 

 

 

Common stock

 

 

held in

 

 

paid-in

 

 

Retained

 

 

comprehensive

 

 

 

 

 

 

Shares

 

 

Par value

 

 

treasury

 

 

capital

 

 

deficit

 

 

loss

 

 

Total

 

Balance as of December 31, 2019