Apr 27, 2013 2 min read

Range Resources said Thursday that it lost $75.6 million in the first quarter despite a 27 percent jump in revenue.

The Fort Worth, Texas oil and gas exploration company, which has its regional headquarters in Southpointe, said a noncash charge of $96.8 million on unrealized derivatives was partly to blame, but it also reported $35 million in lawsuit settlements.

The company reported results following the close of Thursday’s stock market.

Range said that after adjustments for unusual items, it earned $52.9 million, or 33 cents a share, better than the consensus estimate of 28 cents.

According to Range, it posted record daily production of 876 million cubic feet, a 34 percent increase over the prior year quarter, with oil and condensate responsible for the biggest gain.

Year-over-year oil and condensate production increased 52 percent, natural gas liquids production rose 22 percent, while natural gas production increased 34 percent.

The record production was driven by the continued success of the Company’s drilling program primarily in the Marcellus Shale.

It said wellhead prices, after adjustment for all cash-settled hedges, averaged $5.06 per mcfe, a 3 percent decrease from the prior-year period.

Production and realized prices by each commodity for the first quarter were: natural gas – 689 Mmcf per day ($4.09 per mcf), NGLs – 20,994 barrels per day ($35.29 per barrel), and crude oil and condensate – 10,141 barrels per day ($85.46 per barrel).