Boston, MA 10/31/2013 (wallstreetpr) – Range Resources Corp is an independent oil and natural gas company that deals with exploration, development and acquisition of raw materials. This company recently announced its third quarter earnings on October 29 in which it has posted 47% increase in revenues when compared to Q3 12.
Some of the highlights
- GAAP revenues hit $442 million with earnings of $19 million that results in an EPS of $0.12
- Adjusted cash flow increased by 29% to $244 million after having cut the unit costs by 12%
- The volume of oil and natural gas produced, in the third quarter, increased by 21% since last year.
- Expenditure wise, $258 million were spent on drilling, $39 million on acreage purchases, $20 million on exploration expense and $20 million on gas gathering systems.
- Guidance for the year states an increase of 20%-25% YoY
Jeff Ventura, President and CEO, Range Resources Corp. stated that the balance sheet of the company shows that the company is right on track to meet the goals that it has set for itself with higher production, lower unit costs and significantly increased cash flow. He also mentioned that they have enough orders to make a yearly progress of 20%-25% for many more years to come.
Positive impact on the market
On Tuesday, October 29, the closing price was $74.64. On Wednesday when the market opened, the share price shot up to an intra-day high of $79.09 before closing in at $77.40 which is an increase of 3.7%. The investors are thrilled with the Q3 results of the company and are starting to buy the stock. The main reason, why the shareholders must either hold on to their shares or also try to invest in it, is because of the enormous growth opportunity presented to the company in the form of demands. The crowning jewel of this company is the Marcellus shale of Pennsylvania having a double-digit growth percentage.
