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Range Resources (RRC) Misses On Q2 Earnings, Revenues Beat

Range Resources Corporation (RRC - Free Report) reported second-quarter 2017 adjusted earnings of 6 cents per share which lagged the Zacks Consensus Estimate of 8 cents. Notably, the company incurred a loss of 14 cents per share in the year-ago quarter. The improvement is mainly due to an increase in production and higher price realizations, partially offset by higher expenses.

Total revenue of $673.1 million beat the Zacks Consensus Estimate of $525.9 million and also jumped 561% year over year from $101.8 million.

Range Resources Corporation Price, Consensus and EPS Surprise

Range Resources Corporation Price, Consensus and EPS Surprise | Range Resources Corporation Quote

Operational Performance

The company’s second-quarter production averaged almost 1,944.5 million cubic feet equivalent per day (MMcfe/d). Natural gas made up for 67.5% of the total production, while natural gas liquids (NGLs) and oil accounted for the remaining 32.5%. Total production volume improved 37% from the year-earlier quarter due to the company’s highly successful drilling program.

On a year-over-year basis, oil production increased 24%, while NGL production rose 24%. Moreover, natural...


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