$RRC
Range Resources Corp

2012 Q4 Form 10-Q Financial Statement

#000119312512433926 Filed on October 25, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q3
Revenue $458.0M $299.8M $374.0M
YoY Change 51.06% -19.84% 102.04%
Cost Of Revenue $45.10M $43.30M $40.50M
YoY Change 28.86% 6.91% 25.0%
Gross Profit $356.7M $296.2M $267.5M
YoY Change 17.88% 10.73% 75.18%
Gross Profit Margin 77.88% 98.81% 71.53%
Selling, General & Admin $87.50M $116.1M $77.10M
YoY Change 1.27% 50.58% 147.12%
% of Gross Profit 24.53% 39.2% 28.82%
Research & Development $18.00M $14.80M $17.60M
YoY Change -28.0% -15.91% 15.79%
% of Gross Profit 5.05% 5.0% 6.58%
Depreciation & Amortization $113.2M $123.1M $93.62M
YoY Change 16.61% 31.45% 34.12%
% of Gross Profit 31.74% 41.55% 35.0%
Operating Expenses $218.7M $254.0M $188.3M
YoY Change 4.89% 34.89% 62.05%
Operating Profit $138.0M $42.20M $79.20M
YoY Change 46.65% -46.72% 116.99%
Interest Expense $44.71M $44.00M $34.18M
YoY Change 28.81% 28.72% -355.08%
% of Operating Profit 32.4% 104.26% 43.16%
Other Income/Expense, Net
YoY Change
Pretax Income $82.90M -$82.90M $55.70M
YoY Change -3288.46% -248.83% 1538.24%
Income Tax $29.96M -$29.07M $22.54M
% Of Pretax Income 36.14% 40.47%
Net Earnings $52.96M -$53.84M $34.76M
YoY Change -1871.9% -254.9% -523.84%
Net Earnings / Revenue 11.56% -17.96% 9.29%
Basic Earnings Per Share $0.33 -$0.34 $0.22
Diluted Earnings Per Share $0.32 -$0.34 $0.21
COMMON SHARES
Basic Shares Outstanding 162.6M shares 159.6M shares 158.2M shares
Diluted Shares Outstanding 159.6M shares 159.3M shares

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $58.03M $0.00 $52.00M
YoY Change 15.38% -100.0% 2500.0%
Cash & Equivalents $252.0K $151.0K $51.88M
Short-Term Investments $57.78M
Other Short-Term Assets $138.0M $132.0M $139.0M
YoY Change -20.69% -5.04% -9.74%
Inventory $22.32M $18.42M $14.00M
Prepaid Expenses
Receivables $167.5M $120.1M $86.00M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $327.6M $270.5M $291.0M
YoY Change 3.92% -7.03% 5.05%
LONG-TERM ASSETS
Property, Plant & Equipment $41.57M $44.22M $4.901B
YoY Change -21.09% -99.1% -7.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $132.4M $135.9M $136.0M
YoY Change -4.11% -0.1% -10.53%
Other Assets $115.2M $128.3M $148.0M
YoY Change 10.51% -13.31% 10.45%
Total Long-Term Assets $6.401B $6.387B $5.185B
YoY Change 15.75% 23.19% -6.74%
TOTAL ASSETS
Total Short-Term Assets $327.6M $270.5M $291.0M
Total Long-Term Assets $6.401B $6.387B $5.185B
Total Assets $6.729B $6.658B $5.476B
YoY Change 15.11% 21.58% -6.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $234.7M $318.5M $299.0M
YoY Change -24.64% 6.52% 28.88%
Accrued Expenses $139.4M $133.4M $93.00M
YoY Change 27.74% 43.41% -12.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $455.1M $545.7M $407.0M
YoY Change -11.09% 34.09% 7.39%
LONG-TERM LIABILITIES
Long-Term Debt $2.878B $2.850B $1.788B
YoY Change 45.73% 59.39% -3.4%
Other Long-Term Liabilities $340.0M $323.0M $243.0M
YoY Change 32.81% 32.92% 27.89%
Total Long-Term Liabilities $2.878B $2.850B $2.031B
YoY Change 45.73% 40.32% -0.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $455.1M $545.7M $407.0M
Total Long-Term Liabilities $2.878B $2.850B $2.031B
Total Liabilities $4.371B $4.376B $3.153B
YoY Change 26.59% 38.79% -3.34%
SHAREHOLDERS EQUITY
Retained Earnings $361.0M $314.5M
YoY Change -3.47%
Common Stock $1.626M $1.626M
YoY Change 0.81%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.760M $4.879M
YoY Change -24.96%
Treasury Stock Shares $127.8K 131.2K shares
Shareholders Equity $2.357B $2.282B $2.324B
YoY Change
Total Liabilities & Shareholders Equity $6.729B $6.658B $5.476B
YoY Change 15.11% 21.58% -6.18%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income $52.96M -$53.84M $34.76M
YoY Change -1871.9% -254.9% -523.84%
Depreciation, Depletion And Amortization $113.2M $123.1M $93.62M
YoY Change 16.61% 31.45% 34.12%
Cash From Operating Activities $186.0M $178.2M $138.8M
YoY Change 1.47% 28.39% 0.22%
INVESTING ACTIVITIES
Capital Expenditures -$174.1M -$398.3M -$404.1M
YoY Change -10.44% -1.44% 1128.27%
Acquisitions
YoY Change
Other Investing Activities -$44.80M $8.300M $11.90M
YoY Change -78.73% -30.25% -104.52%
Cash From Investing Activities -$218.9M -$390.0M -$392.2M
YoY Change -45.95% -0.56% 32.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 33.00M 211.8M 16.50M
YoY Change -80.58% 1183.64% -339.13%
NET CHANGE
Cash From Operating Activities 186.0M 178.2M 138.8M
Cash From Investing Activities -218.9M -390.0M -392.2M
Cash From Financing Activities 33.00M 211.8M 16.50M
Net Change In Cash 100.0K 0.000 -236.9M
YoY Change -100.19% -100.0% 43.84%
FREE CASH FLOW
Cash From Operating Activities $186.0M $178.2M $138.8M
Capital Expenditures -$174.1M -$398.3M -$404.1M
Free Cash Flow $360.1M $576.5M $542.9M
YoY Change -4.66% 6.19% 216.74%

Facts In Submission

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<div> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>(1)</b></font></td> <td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>SUMMARY OF ORGANIZATION AND NATURE OF BUSINESS</b></font></td> </tr> </table> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">Range Resources Corporation (&#x201C;Range,&#x201D; &#x201C;we,&#x201D; &#x201C;us,&#x201D; or &#x201C;our&#x201D;) is a Fort Worth, Texas-based independent natural gas, natural gas liquids (&#x201C;NGLs&#x201D;) and oil company primarily engaged in the exploration, development and acquisition of natural gas and oil properties in the Appalachian and Southwestern regions of the United States. Our objective is to build stockholder value through consistent growth in reserves and production on a cost-efficient basis. Range is a Delaware corporation with our common stock listed and traded on the New York Stock Exchange under the symbol &#x201C;RRC.&#x201D;</font></p> </div>
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rrc Non Cash Mark To Market Income Loss Related To Deferred Compensation Plan
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rrc Number Of Financial Institutions With Whom We Conduct Derivative Activities
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rrc Number Of Active Stock Based Plans
NumberOfActiveStockBasedPlans
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1286000
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314910000
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CY2011Q3 us-gaap Revenues
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22540000
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-613000
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77259000
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4108000
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1613360000
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CostsIncurredOfOilAndGasPropertiesDiscontinuedOperations
3241000
CY2011 rrc Costs Incurred Of Oil And Gas Properties Including Discontinued Operations
CostsIncurredOfOilAndGasPropertiesIncludingDiscontinuedOperations
1616601000
CY2011 rrc Costs Incurred Acreage Purchases
CostsIncurredAcreagePurchases
220576000
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CostsIncurredDrillingCosts
226920000
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CostIncurredOfOilAndGasProperties
1589299000
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CostIncurredTransportationAndFieldEquipmentCosts
53387000
CY2011Q3 us-gaap Derivative Gain Loss On Derivative Net
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65761000
CY2011Q3 us-gaap Interest And Dividend Income Securities Trading Or Measured At Fair Value
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84000
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93619000
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-10034000
CY2011Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.01
CY2011Q3 us-gaap Oil And Gas Production Expense
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29828000
CY2011Q3 us-gaap Gas Gathering Transportation Marketing And Processing Costs
GasGatheringTransportationMarketingAndProcessingCosts
32431000
CY2011Q3 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
442000
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WeightedAverageNumberOfSharesOutstandingBasic
158154000 shares
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IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.01
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3000
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0.404 pure
CY2011Q3 us-gaap Oil And Gas Sales Revenue
OilAndGasSalesRevenue
304230000
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-34195000
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55726000
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CY2011Q3 us-gaap Production Tax Expense
ProductionTaxExpense
7317000
CY2011Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1168000 shares
CY2011Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
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ComprehensiveIncomeNetOfTax
75024000
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InterestCostsCapitalized
0
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NetIncomeLossAvailableToCommonStockholdersBasic
34142000
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IncomeLossFromContinuingOperationsPerDilutedShare
-0.20
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WeightedAverageNumberOfSharesRestrictedStock
2900000 shares
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CurrentIncomeTaxExpenseBenefit
-7000
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AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2011Q3 us-gaap Interest Expense
InterestExpense
34181000
CY2011Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
34145000
CY2011Q3 us-gaap Increase Decrease In Fair Value Of Unhedged Derivative Instruments
IncreaseDecreaseInFairValueOfUnhedgedDerivativeInstruments
58990000
CY2011Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
4000
CY2011Q3 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
67696000
CY2011Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
56993000
CY2011Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.21
CY2011Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
1569000
CY2011Q3 rrc Impairment Of Proved Oil And Gas Properties
ImpairmentOfProvedOilAndGasProperties
38681000
CY2011Q3 rrc Share Based Compensation Expense Allocated
ShareBasedCompensationExpenseAllocated
10200000
CY2011Q3 rrc Realized Gain Loss On Cash Flow Hedging Instruments
RealizedGainLossOnCashFlowHedgingInstruments
26800000
CY2011Q3 rrc Realized Gain Loss On Settlements Gas
RealizedGainLossOnSettlementsGas
5334000
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RealizedGainOnSettlementsGasoline
3087000
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RealizedGainOnSettlementsOil
285000
CY2011Q3 rrc Derivative Instruments Realized Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net
DerivativeInstrumentsRealizedGainLossRecognizedInIncomeIneffectivePortionAndAmountExcludedFromEffectivenessTestingNet
2036000
CY2011Q3 rrc Non Cash Mark To Market Income Loss Related To Deferred Compensation Plan
NonCashMarkToMarketIncomeLossRelatedToDeferredCompensationPlan
8700000
CY2012Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-40728000
CY2012Q3 us-gaap Interest And Dividend Income Securities Trading Or Measured At Fair Value
InterestAndDividendIncomeSecuritiesTradingOrMeasuredAtFairValue
122000
CY2012Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
123059000
CY2012Q3 us-gaap Exploration Abandonment And Impairment Expense
ExplorationAbandonmentAndImpairmentExpense
40118000
CY2012Q3 us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.021 pure
CY2012Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
-23972000
CY2012Q3 us-gaap Oil And Gas Production Expense
OilAndGasProductionExpense
29628000
CY2012Q3 us-gaap Gas Gathering Transportation Marketing And Processing Costs
GasGatheringTransportationMarketingAndProcessingCosts
51600000
CY2012Q3 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
-2368000
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
159563000 shares
CY2012Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.351 pure
CY2012Q3 us-gaap Oil And Gas Sales Revenue
OilAndGasSalesRevenue
337040000
CY2012Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
33403000
CY2012Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-53836000
CY2012Q3 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
20052000
CY2012Q3 us-gaap Results Of Operations Income Before Income Taxes
ResultsOfOperationsIncomeBeforeIncomeTaxes
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CY2012Q3 us-gaap Exploration Expense
ExplorationExpense
14752000
CY2012Q3 us-gaap Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net
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-3719000
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2012Q3 us-gaap Derivative Net Hedge Ineffectiveness Gain Loss
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CY2012Q3 us-gaap Deferred Income Tax Expense Benefit
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CY2012Q3 us-gaap Net Income Loss
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CY2012Q3 us-gaap Costs And Expenses
CostsAndExpenses
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CY2012Q3 rrc Derivative Instruments Realized Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net
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CY2012Q3 rrc Non Cash Mark To Market Income Loss Related To Deferred Compensation Plan
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20100000
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CY2012Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2012Q3 us-gaap Trading Securities Unrealized Holding Gain Loss
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3800000
CY2012Q3 us-gaap Revenues
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CY2012Q3 us-gaap Income Tax Expense Benefit
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CY2012Q3 us-gaap Undistributed Earnings
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CY2012Q3 us-gaap Gain Loss On Sale Of Property
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CY2012Q3 us-gaap Interest Expense
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CY2012Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2012Q3 us-gaap Increase Decrease In Fair Value Of Unhedged Derivative Instruments
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CY2012Q3 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
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CY2012Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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CY2012Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.34
CY2012Q3 rrc Impairment Of Proved Oil And Gas Properties
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1281000
CY2012Q3 rrc Share Based Compensation Expense Allocated
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12200000
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61500000
CY2012Q3 rrc Realized Gain Loss On Settlements Gas
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14682000
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1955000

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