Range reports strong 2017, capped by big 4Q
Range Resources said 2017 was a very good year, capped by a strong fourth quarter.
The company, whose Appalachian Basin headquarters are in Southpointe, reported this week its GAAP earnings for 2017 were $333 million ($1.34 per diluted share), compared with a $521 million loss ($2.75 per diluted share) the previous year. GAAP revenue for 2017 was $2.6 billion, a 137 percent hike from $1.1 billion the year before.
Net cash from operating activities increased 111 percent in 2017, to $816 million from $387 million.
Range also said its production increased 33 percent last year, from 1.5 billion of cubic feet equivalent per day in 2016 to a record 2.0 Bcfe. It added its fourth-quarter production in the Southwest Marcellus Shale region rose to 1,657 million cubic feet equivalent per day, a 34 percent jump from the last three months of 2016.
Mark Windle, manager of corporate communications, said more than 80 percent of the company’s total production occurs in Southwestern Pennsylvania, with a focus on Washington County.
CEO Jeff Ventura said in a statement: “Financial results were much improved in 2017 with increases in earnings, cash flow, revenues and production. . . . Operationally, the Marcellus continues to drive growth and profitability, with increasing capital efficiency. . . . Our marketing strategy, which will be fully implemented in 2018 after years of planning, is expected to improve margins going forward as Range will be positioned to access growing demand for natural gas and NGLs, particularly in the expanding export markets.”