HighGravityData

Range Resources — Oct 22, 2024 release

Fiscal 2024 third-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000950170-24-116578
Open on SEC.gov ↗
Showing in the filing
NGL price differential vs Mont Belvieu
“+$1.00 to +$2.00”
Period
Q4 FY2024
Measure
Company-defined measure
Source
Prose
All guidance in this release · 25
SW PA Dry for FY2024
“11”
Natural gas price differential vs NYMEX for FY2024
“($0.39) to ($0.40) per mcf”
NGL price differential vs Mont Belvieu for FY2024
“+$2.10 - +$2.35”
NGL price differential vs Mont Belvieu for Q4 FY2024
“+$1.00 to +$2.00”
Condensate price differential vs WTI
“$10.00-$13.00 below WTI”
SW PA Super-Rich for FY2024
“9”
SW PA Wet for FY2024
“27”
Total Wells for FY2024
“17”
Total Wells - Remaining 2024 for Q4 FY2024
“17”
Total Wells - 2024 Planned TIL for FY2024
“47”
Share repurchase program availability
“approximately $1.0 billion”
All-in capital budget for FY2024
“$645 million - $670 million”
Annual production for FY2024
“~2.17 Bcfe per day”
Liquids as a percentage of production for FY2024
“over 30%”
Direct operating expense for FY2024
“$0.11 - $0.12 per mcfe”
Transportation, gathering, processing and co… for FY2024
“$1.48 - $1.50 per mcfe”
Taxes other than income for FY2024
“$0.03 - $0.04 per mcfe”
Exploration expense for FY2024
“$22 - $28 million”
G&A expense for FY2024
“$0.17 - $0.18 per mcfe”
Net Interest expense for FY2024
“$0.13 - $0.14 per mcfe”
DD&A expense for FY2024
“$0.45 - $0.46 per mcfe”
Net brokered gas marketing expense for FY2024
“$8 - $12 million”
Natural Gas differential for FY2024
“NYMEX minus $0.39 to $0.40”
Natural Gas Liquids differential for FY2024
“MB plus $2.10 to $2.35 per barrel”
Oil/Condensate differential for FY2024
“WTI minus $10.00 to $13.00”
Exhibit 99.1 · the passage around this item
… earlier in the release
• Range’s pre-hedge NGL price during the quarter was $25.96 per barrel, approximately $4.10 above the Mont Belvieu weighted equivalent. The Company is improving it full year NGL differentials to a premium of +$2.10 - +$2.35 for the year, implying fourth quarter 2024 differentials in the +$1.00 to +$2.00 range. • Crude oil and condensate price realizations, before realized hedges, averaged $64.03 per barrel, or $11.55 below WTI (West Texas Intermediate). Range continues to expect condensate differentials to average $10.00-$13.00 below WTI.           Capital Expenditures and Operational Activity   Third quarter 2024 drilling and completion expenditures were $146 million. In addition, during the quarter, approximately $10 million was invested in acreage leasehold, gathering systems and other. Total capital spending through third quarter was $501 million, representing approximately 76% of Range’s capital budget for 2024. The table below summarizes expected 2024 activity. Two wells in northeast Pennsylvania originally scheduled to turn-in-line (TIL) in mid-2024 have been completed but are now scheduled to TIL in early 2025 to maximize water recycling savings and take advantage of expected natural gas price improvements.         YTD Wells TIL 3Q 2024   Remaining 2024   2024 Planned TIL SW PA Super-Rich 9 —   9 SW PA Wet 18 9   27 SW PA Dry 3 8   11 NE PA D
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.