$RRC
RANGE RESOURCES CORP

2015 Q3 Form 10-Q Financial Statement

#000156459015008760 Filed on October 28, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q4 2014 Q3
Revenue $479.9M $868.5M $616.4M
YoY Change -22.15% 102.87% 39.46%
Cost Of Revenue $74.70M $82.30M $76.60M
YoY Change -2.48% -5.73% -18.07%
Gross Profit $203.2M $373.8M $397.8M
YoY Change -48.92% -5.82% 3.89%
Gross Profit Margin 42.34% 43.04% 64.53%
Selling, General & Admin $102.1M $105.1M $93.50M
YoY Change 9.2% -29.51% -9.84%
% of Gross Profit 50.25% 28.12% 23.5%
Research & Development $4.200M $23.60M $11.40M
YoY Change -63.16% 67.38% -44.39%
% of Gross Profit 2.07% 6.31% 2.87%
Depreciation & Amortization $656.2M $149.6M $142.5M
YoY Change 360.49% 17.83% 9.33%
% of Gross Profit 322.93% 40.02% 35.82%
Operating Expenses $260.4M $275.2M $247.5M
YoY Change 5.21% -5.14% -2.75%
Operating Profit -$57.20M $98.60M $150.3M
YoY Change -138.06% -7.68% 17.06%
Interest Expense $42.90M $38.90M $39.19M
YoY Change 9.48% -13.47% -11.58%
% of Operating Profit 39.45% 26.07%
Other Income/Expense, Net
YoY Change
Pretax Income -$435.7M $450.1M $239.9M
YoY Change -281.59% -225150.0% 672.9%
Income Tax -$134.8M $166.0M $93.52M
% Of Pretax Income 36.89% 38.98%
Net Earnings -$300.9M $284.1M $146.4M
YoY Change -305.54% 908.32% 663.47%
Net Earnings / Revenue -62.71% 32.71% 23.75%
Basic Earnings Per Share -$1.81 $1.68 $0.87
Diluted Earnings Per Share -$1.81 $1.68 $0.86
COMMON SHARES
Basic Shares Outstanding 166.5M
Diluted Shares Outstanding 166.5M

Balance Sheet

Concept 2015 Q3 2014 Q4 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $68.95M $0.00
YoY Change 1.17%
Cash & Equivalents $490.0K $448.0K $468.0K
Short-Term Investments $68.50M
Other Short-Term Assets $289.0M $363.0M $47.00M
YoY Change 514.89% 548.21% -18.97%
Inventory $23.00M $17.85M $17.00M
Prepaid Expenses
Receivables $111.0M $189.0M $172.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $423.0M $570.3M $237.0M
YoY Change 78.48% 129.68% 6.28%
LONG-TERM ASSETS
Property, Plant & Equipment $7.815B $37.58M $7.669B
YoY Change 1.9% 14.63% 17.23%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $160.0M $121.0M $129.0M
YoY Change 24.03% -0.23% -6.52%
Total Long-Term Assets $7.975B $8.176B $7.797B
YoY Change 2.28% 15.97% 14.53%
TOTAL ASSETS
Total Short-Term Assets $423.0M $570.3M $237.0M
Total Long-Term Assets $7.975B $8.176B $7.797B
Total Assets $8.398B $8.747B $8.034B
YoY Change 4.53% 19.83% 14.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $148.0M $396.9M $267.0M
YoY Change -44.57% 53.6% 5.95%
Accrued Expenses $204.0M $188.0M $195.0M
YoY Change 4.62% 16.38% 1.56%
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 $466.0M $755.3M $466.0M
YoY Change 0.0% 52.41% 2.64%
LONG-TERM LIABILITIES
Long-Term Debt $3.587B $3.073B $2.999B
YoY Change 19.61% -2.15% -2.22%
Other Long-Term Liabilities $417.0M $464.0M $451.0M
YoY Change -7.54% -2.73% 25.63%
Total Long-Term Liabilities $3.587B $3.073B $3.450B
YoY Change 3.97% -2.15% 12.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $466.0M $755.3M $466.0M
Total Long-Term Liabilities $3.587B $3.073B $3.450B
Total Liabilities $5.313B $5.289B $4.866B
YoY Change 9.19% 8.29% 4.88%
SHAREHOLDERS EQUITY
Retained Earnings $1.058B
YoY Change 134.89%
Common Stock $2.439B $2.402B
YoY Change 22.48%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.088M
YoY Change -15.09%
Treasury Stock Shares $82.95K $82.95K
Shareholders Equity $3.085B $3.457B $3.169B
YoY Change
Total Liabilities & Shareholders Equity $8.398B $8.747B $8.034B
YoY Change 4.52% 19.83% 14.28%

Cashflow Statement

Concept 2015 Q3 2014 Q4 2014 Q3
OPERATING ACTIVITIES
Net Income -$300.9M $284.1M $146.4M
YoY Change -305.54% 908.32% 663.47%
Depreciation, Depletion And Amortization $656.2M $149.6M $142.5M
YoY Change 360.49% 17.83% 9.33%
Cash From Operating Activities $145.5M $299.2M $213.4M
YoY Change -31.82% 24.36% -4.3%
INVESTING ACTIVITIES
Capital Expenditures -$241.1M -$402.0M -$360.4M
YoY Change -33.1% 27.62% 0.08%
Acquisitions
YoY Change
Other Investing Activities $0.00 $28.40M $1.100M
YoY Change -100.0% 951.85% -93.57%
Cash From Investing Activities -$241.1M -$373.6M -$359.3M
YoY Change -32.9% 19.63% 4.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 95.70M 74.30M 146.1M
YoY Change -34.5% 3.63% 21.65%
NET CHANGE
Cash From Operating Activities 145.5M 299.2M 213.4M
Cash From Investing Activities -241.1M -373.6M -359.3M
Cash From Financing Activities 95.70M 74.30M 146.1M
Net Change In Cash 100.0K -100.0K 200.0K
YoY Change -50.0% -95869805714400.0% 100.0%
FREE CASH FLOW
Cash From Operating Activities $145.5M $299.2M $213.4M
Capital Expenditures -$241.1M -$402.0M -$360.4M
Free Cash Flow $386.6M $701.2M $573.8M
YoY Change -32.62% 26.21% -1.59%

Facts In Submission

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<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(1) SUMMARY OF ORGANIZATION AND NATURE OF BUSINESS </p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Range Resources Corporation (&#8220;Range,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; or &#8220;our&#8221;) is a Fort Worth, Texas-based independent natural gas, natural gas liquids (&#8220;NGLs&#8221;) and oil company primarily engaged in the exploration, development and acquisition of natural gas and oil properties in the Appalachian and Midcontinent 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 &#8220;RRC.&#8221; </p></div>
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CreditRiskDerivativeAssetsAtFairValue
18400000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13426000
CY2014Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13965000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
46328000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
53087000
rrc Number Of Active Stock Based Plans
NumberOfActiveStockBasedPlans
1
rrc Deferred Compensation Arrangement With Individual Vesting Period
DeferredCompensationArrangementWithIndividualVestingPeriod
P3Y
CY2015Q3 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
-43705000
CY2014Q3 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
-46198000
us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
-56611000
us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
-37714000
CY2015Q3 rrc Shares Held In Rabbi Trust
SharesHeldInRabbiTrust
2800000
CY2014Q4 rrc Shares Held In Rabbi Trust
SharesHeldInRabbiTrust
2800000
CY2015Q3 rrc Vested Shares Held In Rabbi Trust
VestedSharesHeldInRabbiTrust
2400000
CY2014Q4 rrc Vested Shares Held In Rabbi Trust
VestedSharesHeldInRabbiTrust
2500000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
100000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
41000
us-gaap Interest Paid Net
InterestPaidNet
128132000
us-gaap Interest Paid Net
InterestPaidNet
144596000
us-gaap Costs Incurred Asset Retirement Obligation Incurred
CostsIncurredAssetRetirementObligationIncurred
19862000
us-gaap Costs Incurred Asset Retirement Obligation Incurred
CostsIncurredAssetRetirementObligationIncurred
7815000
rrc Change In Accrued Capital Expenditures
ChangeInAccruedCapitalExpenditures
-195472000
rrc Change In Accrued Capital Expenditures
ChangeInAccruedCapitalExpenditures
41707000
rrc Transportation Commitments Future Minimum Transportation Fees Due During Period
TransportationCommitmentsFutureMinimumTransportationFeesDueDuringPeriod
476300000
rrc Number Of Terms Transportation Commitments Future Minimum Transportation Fees Due During Period
NumberOfTermsTransportationCommitmentsFutureMinimumTransportationFeesDueDuringPeriod
P14Y
CY2014Q4 us-gaap Restructuring Charges
RestructuringCharges
8371000
us-gaap Severance Costs1
SeveranceCosts1
275000
rrc Building Lease Costs For Restructuring
BuildingLeaseCostsForRestructuring
3156000
CY2015Q3 us-gaap Restructuring And Related Cost Expected Cost1
RestructuringAndRelatedCostExpectedCost1
1100000
us-gaap Business Exit Costs1
BusinessExitCosts1
1414000
CY2014Q4 us-gaap Business Exit Costs1
BusinessExitCosts1
5372000
CY2014Q4 rrc Building Lease Costs For Restructuring
BuildingLeaseCostsForRestructuring
0
rrc Share Based Compensation Expense Associated With Restructuring Cost
ShareBasedCompensationExpenseAssociatedWithRestructuringCost
1720000
CY2014Q4 rrc Share Based Compensation Expense Associated With Restructuring Cost
ShareBasedCompensationExpenseAssociatedWithRestructuringCost
2999000
CY2014Q4 us-gaap Restructuring Reserve
RestructuringReserve
5372000
rrc Building Lease Accrued Liability For Restructuring
BuildingLeaseAccruedLiabilityForRestructuring
3270000
us-gaap Payments For Restructuring
PaymentsForRestructuring
7793000
CY2015Q3 us-gaap Restructuring Reserve
RestructuringReserve
2263000
CY2015Q3 us-gaap Proved Oil And Gas Property Successful Effort Method
ProvedOilAndGasPropertySuccessfulEffortMethod
9716557000
CY2014Q4 us-gaap Proved Oil And Gas Property Successful Effort Method
ProvedOilAndGasPropertySuccessfulEffortMethod
9624725000
CY2015Q3 us-gaap Unproved Oil And Gas Property Successful Effort Method
UnprovedOilAndGasPropertySuccessfulEffortMethod
940064000
CY2014Q4 us-gaap Unproved Oil And Gas Property Successful Effort Method
UnprovedOilAndGasPropertySuccessfulEffortMethod
943246000
rrc Costs Incurred Acquisition Of Oil And Gas Properties From Business Combination
CostsIncurredAcquisitionOfOilAndGasPropertiesFromBusinessCombination
0
CY2014 rrc Costs Incurred Acquisition Of Oil And Gas Properties From Business Combination
CostsIncurredAcquisitionOfOilAndGasPropertiesFromBusinessCombination
404252000
us-gaap Costs Incurred Acquisition Of Oil And Gas Properties
CostsIncurredAcquisitionOfOilAndGasProperties
45416000
CY2014 us-gaap Costs Incurred Acquisition Of Oil And Gas Properties
CostsIncurredAcquisitionOfOilAndGasProperties
226475000
us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
634347000
CY2014 us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
1119896000
rrc Cost Incurred Transportation And Field Equipment Costs
CostIncurredTransportationAndFieldEquipmentCosts
10914000
CY2014 rrc Cost Incurred Transportation And Field Equipment Costs
CostIncurredTransportationAndFieldEquipmentCosts
13137000
rrc Cost Incurred Of Oil And Gas Properties
CostIncurredOfOilAndGasProperties
785882000
CY2014 rrc Cost Incurred Of Oil And Gas Properties
CostIncurredOfOilAndGasProperties
2008233000
CY2014 us-gaap Costs Incurred Asset Retirement Obligation Incurred
CostsIncurredAssetRetirementObligationIncurred
56822000
us-gaap Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities
CostsIncurredOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivities
805744000
CY2014 us-gaap Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities
CostsIncurredOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivities
2065055000

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