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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark one)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to             

Commission File Number: 001-12209

 

RANGE RESOURCES CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware

 

34-1312571

(State or Other Jurisdiction of

Incorporation or Organization)

 

(IRS Employer

Identification No.)

 

100 Throckmorton Street, Suite 1200

Fort Worth, Texas

 

76102

(Address of Principal Executive Offices)

 

(Zip Code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, (Par Value $0.01)

 

RRC

 

New York Stock Exchange

Registrant’s telephone number, including area code

(817) 870-2601

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer

 

Accelerated Filer

 

 

 

 

Non-Accelerated Filer

 

  

Smaller Reporting Company

 

 

 

 

Emerging Growth Company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes      No  

256,080,133 Common Shares were outstanding on July 31, 2020

  

 


RANGE RESOURCES CORPORATION

FORM 10-Q

Quarter Ended June 30, 2020

Unless the context otherwise indicates, all references in this report to “Range Resources,” “Range,” “we,” “us,” or “our” are to Range Resources Corporation and its directly and indirectly owned subsidiaries. For certain industry specific terms used in this Form 10-Q, please see “Glossary of Certain Defined Terms” in our 2019 Annual Report on Form 10-K.

TABLE OF CONTENTS

 

 

 

 

 

Page

PART I – FINANCIAL INFORMATION 

  

 

ITEM 1.

 

Financial Statements:

  

 

 

 

   Consolidated Balance Sheets (Unaudited)

  

3

 

 

   Consolidated Statements of Operations (Unaudited)

  

4

 

 

   Consolidated Statements of Comprehensive Income (Unaudited)

 

5

 

 

   Consolidated Statements of Cash Flows (Unaudited)

  

6

 

 

Consolidated Statements of Stockholders’ Equity (Unaudited)

 

7

 

 

   Notes to Consolidated Financial Statements (Unaudited)

  

9

ITEM 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

28

ITEM 3.

 

Quantitative and Qualitative Disclosures about Market Risk

  

43

ITEM 4.

 

Controls and Procedures

  

46

PART II – OTHER INFORMATION

  

 

ITEM 1.

 

Legal Proceedings

  

46

ITEM 1A.

 

Risk Factors

  

46

ITEM 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

47

ITEM 6.

 

Exhibits

  

48

 

 

 

 

 

SIGNATURES

  

50

 

 

2


PART I – FINANCIAL INFORMATION

ITEM 1. Financial Statements

RANGE RESOURCES CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

 

June 30,

 

 

December 31,

 

 

2020

 

 

2019

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

568

 

 

$

546

 

Accounts receivable, less allowance for doubtful accounts of $5,901 and $8,784

 

169,151

 

 

 

272,900

 

Derivative assets

 

143,252

 

 

 

136,848

 

Other current assets

 

18,868

 

 

 

17,508

 

Total current assets

 

331,839

 

 

 

427,802

 

Derivative assets

 

2,984

 

 

 

706

 

Natural gas properties, successful efforts method

 

10,363,419

 

 

 

10,213,737

 

Accumulated depletion and depreciation

 

(4,369,793

)

 

 

(4,172,702

)

 

 

5,993,626

 

 

 

6,041,035

 

Other property and equipment

 

83,483

 

 

 

102,083

 

Accumulated depreciation and amortization

 

(79,760

)

 

 

(96,708

)

 

 

3,723

 

 

 

5,375

 

Operating lease right-of-use assets

 

52,367

 

 

 

62,053

 

Other assets

 

67,672

 

 

 

75,432

 

Total assets

$

6,452,211

 

 

$

6,612,403

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

$

97,494

 

 

$

155,341

 

Asset retirement obligations

 

2,393

 

 

 

2,393

 

Accrued liabilities

 

312,866

 

 

 

356,392

 

Accrued interest

 

52,860

 

 

 

39,299

 

Derivative liabilities

 

5,306

 

 

 

13,119

 

Current maturities of long-term debt

 

59,334

 

 

 

 

Total current liabilities

 

530,253

 

 

 

566,544

 

Bank debt

 

628,221

 

 

 

464,319

 

Senior notes

 

2,510,256

 

 

 

2,659,844

 

Senior subordinated notes

 

26,656

 

 

 

48,774

 

Deferred tax liabilities

 

167,548

 

 

 

160,196

 

Derivative liabilities

 

10,001

 

 

 

949

 

Deferred compensation liabilities

 

58,676

 

 

 

64,070

 

Operating lease liabilities

 

35,104

 

 

 

41,068

 

Asset retirement obligations and other liabilities

 

149,680

 

 

 

259,151

 

Total liabilities

 

4,116,395

 

 

 

4,264,915

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ Equity

 

 

 

 

 

 

 

Preferred stock, $1 par, 10,000,000 shares authorized, none issued and outstanding

 

 

 

 

 

Common stock, $0.01 par, 475,000,000 shares authorized, 256,080,133 issued at

     June 30, 2020 and 251,438,936 issued at December 31, 2019

 

2,560

 

 

 

2,514

 

Common stock held in treasury, 10,007,327 shares at June 30, 2020 and 1,808,133

     shares at December 31, 2019

 

(30,194

)

 

 

(7,236

)

Additional paid-in capital

 

5,672,596

 

 

 

5,659,832

 

Accumulated other comprehensive loss

 

(644

)

 

 

(788

)

Retained deficit

 

(3,308,502

)

 

 

(3,306,834

)

Total stockholders’ equity

 

2,335,816

 

 

 

2,347,488

 

Total liabilities and stockholders’ equity

$

6,452,211

 

 

$

6,612,403

 

The accompanying notes are an integral part of these consolidated financial statements.

3


RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share data)

 

 

Three Months Ended June 30,

 

 

 

Six Months Ended June 30,

 

 

2020

 

 

2019

 

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas, NGLs and oil sales

$

349,258

 

 

$

563,579

 

 

 

$

781,354

 

 

$

1,235,233

 

Derivative fair value (loss) income

 

(6,303

)

 

 

195,245

 

 

 

 

226,872

 

 

 

133,514

 

Brokered natural gas, marketing and other

 

33,591

 

 

 

92,605

 

 

 

 

62,240

 

 

 

230,819

 

Total revenues and other income

 

376,546

 

 

 

851,429

 

 

 

 

1,070,466

 

 

 

1,599,566

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct operating

 

24,394

 

 

 

33,981

 

 

 

 

56,429

 

 

 

67,208

 

Transportation, gathering, processing and compression

 

278,875

 

 

 

301,219

 

 

 

 

563,640

 

 

 

603,874

 

Production and ad valorem taxes

 

5,557

 

 

 

9,889

 

 

 

 

14,576

 

 

 

21,199

 

Brokered natural gas and marketing

 

38,161

 

 

 

101,117

 

 

 

 

70,785

 

 

 

233,422

 

Exploration

 

8,027

 

 

 

8,109

 

 

 

 

15,104

 

 

 

16,320

 

Abandonment and impairment of unproved properties

 

5,524

 

 

 

12,770

 

 

 

 

10,937

 

 

 

25,429

 

General and administrative

 

38,288

 

 

 

50,631

 

 

 

 

80,542

 

 

 

97,269

 

Exit and termination costs

 

10,297

 

 

 

2,206

 

 

 

 

11,892

 

 

 

2,206

 

Deferred compensation plan

 

12,587

 

 

 

(11,142

)

 

 

 

4,050

 

 

 

(7,561

)

Interest

 

48,624

 

 

 

51,727

 

 

 

 

96,142

 

 

 

103,264

 

Gain on early extinguishment of debt

 

(8,991

)

 

 

 

 

 

 

(21,914

)

 

 

 

Depletion, depreciation and amortization

 

104,626

 

 

 

141,505

 

 

 

 

207,612

 

 

 

280,223

 

Impairment of proved properties

 

 

 

 

 

 

 

 

77,000

 

 

 

 

Loss (gain) on the sale of assets

 

426

 

 

 

(5,867

)

 

 

 

(121,673

)

 

 

(5,678

)

Total costs and expenses

 

566,395

 

 

 

696,145

 

 

 

 

1,065,122

 

 

 

1,437,175

 

(Loss) income before income taxes

 

(189,849

)

 

 

155,284

 

 

 

 

5,344

 

 

 

162,391

 

Income tax (benefit) expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

(3

)

 

 

 

 

 

 

(366

)

 

 

 

Deferred

 

(43,277

)

 

 

40,099

 

 

 

 

7,304

 

 

 

45,787

 

 

 

(43,280

)

 

 

40,099

 

 

 

 

6,938

 

 

 

45,787

 

Net (loss) income

$

(146,569

)

 

$

115,185

 

 

 

$

(1,594

)

 

$

116,604

 

Net (loss) income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.61

)

 

$

0.46

 

 

 

$

(0.01

)

 

$

0.46

 

Diluted

$

(0.61

)

 

$

0.46

 

 

 

$

(0.01

)

 

$

0.46

 

Dividends paid per common share

 

 

$

0.02

 

 

 

 

 

$

0.04

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

239,472

 

 

 

247,770

 

 

 

 

242,717

 

 

 

247,773

 

Diluted

 

239,472

 

 

 

248,436

 

 

 

 

242,717

 

 

 

249,042

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

4


RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(Unaudited, in thousands)

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

$

(146,569

)

 

$

115,185

 

 

$

(1,594

)

 

$

116,604

 

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Postretirement benefits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial (loss) gain

 

 

 

 

(12

)

 

 

7

 

 

 

(24

)

Amortization of prior service costs

 

93

 

 

 

92

 

 

 

185

 

 

 

184

 

Income tax expense

 

(22

)

 

 

(20

)

 

 

(48

)

 

 

(40

)

Total comprehensive (loss) income

$

(146,498

)

 

$

115,245

 

 

$

(1,450

)

 

$

116,724

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

5


RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

 

 

Six Months Ended June 30,

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

Operating activities:

 

 

 

 

 

 

 

Net (loss) income

$

(1,594

)

 

$

116,604

 

Adjustments to reconcile net (loss) income to net cash provided from

 

 

 

 

 

 

 

    operating activities:

 

 

 

 

 

 

 

Deferred income tax expense

 

7,304

 

 

 

45,787

 

Depletion, depreciation and amortization and impairment of proved properties

 

284,612

 

 

 

280,223

 

Abandonment and impairment of unproved properties

 

10,937

 

 

 

25,429

 

Derivative fair value income

 

(226,872

)

 

 

(133,514

)

Cash settlements on derivative financial instruments

 

219,429

 

 

 

58,341

 

Allowance for bad debt

 

400

 

 

 

 

Amortization of deferred financing costs and other

 

3,398

 

 

 

3,243

 

Deferred and stock-based compensation

 

23,113

 

 

 

13,727

 

Gain on the sale of assets

 

(121,673

)

 

 

(5,678

)

Gain on early extinguishment of debt

 

(21,914

)

 

 

 

Changes in working capital:

 

 

 

 

 

 

 

Accounts receivable

 

103,390

 

 

 

201,428

 

Other current assets

 

(4,056

)

 

 

(5,035

)

Accounts payable

 

(27,353

)

 

 

(29,132

)

Accrued liabilities and other

 

(45,853

)

 

 

(125,907

)

Net cash provided from operating activities

 

203,268

 

 

 

445,516

 

Investing activities:

 

 

 

 

 

 

 

Additions to natural gas properties

 

(254,073

)

 

 

(380,718

)

Additions to field service assets

 

(1,851

)

 

 

(697

)

Acreage purchases

 

(14,486

)

 

 

(31,920

)

Proceeds from disposal of assets

 

1,071

 

 

 

34,366

 

Purchases of marketable securities held by the deferred compensation plan

 

(11,509

)

 

 

(15,170

)

Proceeds from the sales of marketable securities held by the deferred

 

 

 

 

 

 

 

compensation plan

 

16,489

 

 

 

18,226

 

Net cash used in investing activities

 

(264,359

)

 

 

(375,913

)

Financing activities:

 

 

 

 

 

 

 

Borrowings on credit facilities

 

1,045,000

 

 

 

1,151,000

 

Repayments on credit facilities

 

(883,000

)

 

 

(1,199,000

)

Issuance of senior notes

 

550,000

 

 

 

 

Repayment of senior or senior subordinated notes

 

(617,982

)

 

 

 

Dividends paid

 

 

 

 

(10,049

)

Treasury stock purchases

 

(22,992

)

 

 

 

Debt issuance costs

 

(8,360

)

 

 

 

Taxes paid for shares withheld

 

(2,352

)

 

 

(3,343

)

Change in cash overdrafts

 

657

 

 

 

(8,762

)

Proceeds from the sales of common stock held by the deferred compensation plan

 

142

 

 

 

513

 

Net cash provided from (used in) financing activities

 

61,113

 

 

 

(69,641

)

Increase (decrease) in cash and cash equivalents

 

22

 

 

 

(38

)

Cash and cash equivalents at beginning of period

 

546

 

 

 

545

 

Cash and cash equivalents at end of period

$

568

 

 

$

507

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

6


RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited, in thousands)

 

Fiscal Year 2020

 

 

 

 

 

 

 

 

Common

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

stock

 

 

Additional

 

 

Retained

 

 

other

 

 

 

 

 

 

Common stock

 

 

held in

 

 

paid-

 

 

(deficit)

 

 

comprehensive

 

 

 

 

 

 

Shares

 

 

Par value

 

 

treasury

 

 

in capital

 

 

earnings

 

 

loss

 

 

Total

 

Balance as of December 31, 2019

 

251,439

 

 

$

2,514

 

 

$

(7,236

)

 

$

5,659,832

 

 

$

(3,306,834

)

 

$

(788

)

 

$

2,347,488

 

Issuance of common stock

 

4,246

 

 

 

42

 

 

 

 

 

 

(1,406

)

 

 

 

 

 

 

 

 

(1,364

)

Stock-based compensation

   expense

 

 

 

 

 

 

 

 

 

 

5,963

 

 

 

 

 

 

 

 

 

5,963

 

Treasury stock

 

 

 

 

 

 

 

(22,514

)

 

 

(33

)

 

 

 

 

 

 

 

 

(22,547

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

73

 

 

 

73

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

144,975

 

 

 

 

 

 

144,975

 

Balance as of March 31, 2020

 

255,685

 

 

 

2,556

 

 

 

(29,750

)

 

 

5,664,356

 

 

 

(3,161,859

)

 

 

(715

)

 

 

2,474,588

 

Issuance of common stock

 

376

 

 

 

4

 

 

 

 

 

 

854

 

 

 

 

 

 

 

 

 

858

 

Issuance of common stock upon

   vesting of PSUs

 

19

 

 

 

 

 

 

 

 

 

74

 

 

 

(74

)

 

 

 

 

 

 

Stock-based compensation

   expense

 

 

 

 

 

 

 

 

 

 

7,312

 

 

 

 

 

 

 

 

 

7,312

 

Treasury stock

 

 

 

 

 

 

 

(444

)

 

 

 

 

 

 

 

 

 

 

 

(444

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

71

 

 

 

71

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(146,569

)

 

 

 

 

 

(146,569

)

Balance as of June 30, 2020

 

256,080

 

 

$

2,560

 

 

$

(30,194

)

 

$

5,672,596

 

 

$

(3,308,502

)

 

$

(644

)

 

$

2,335,816

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

7


RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited, in thousands, except per share data)

Fiscal Year 2019

 

 

 

 

 

 

 

 

Common

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

stock

 

 

Additional

 

 

Retained

 

 

other

 

 

 

 

 

 

Common stock

 

 

held in

 

 

paid-

 

 

(deficit)

 

 

comprehensive

 

 

 

 

 

 

Shares

 

 

Par value

 

 

treasury

 

 

in capital

 

 

earnings

 

 

loss

 

 

Total

 

Balance as of December 31, 2018

 

249,520

 

 

$

2,495

 

 

$

(391

)

 

$

5,628,447

 

 

$

(1,570,462

)

 

$

(658

)

 

$

4,059,431

 

Issuance of common stock

 

1,628

 

 

 

17

 

 

 

 

 

 

(2,396

)

 

 

 

 

 

 

 

 

(2,379

)

Issuance of common stock

   upon vesting of PSUs

 

 

 

 

 

 

 

 

 

 

4

 

 

 

(4

)

 

 

 

 

 

 

Stock-based compensation

   expense

 

 

 

 

 

 

 

 

 

 

9,155

 

 

 

 

 

 

 

 

 

9,155

 

Cash dividends paid

   ($0.02 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,023

)

 

 

 

 

 

(5,023

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

60

 

 

 

60

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

1,419

 

 

 

 

 

 

1,419

 

Balance as of March 31, 2019

 

251,148

 

 

 

2,512

 

 

 

(391

)

 

 

5,635,210

 

 

 

(1,574,070

)

 

 

(598

)

 

 

4,062,663

 

Issuance of common stock

 

206

 

 

 

2

 

 

 

 

 

 

1,547

 

 

 

 

 

 

 

 

 

1,549

 

Issuance of common stock

   upon vesting of PSUs

 

 

 

 

 

 

 

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

Stock-based compensation

   expense

 

 

 

 

 

 

 

 

 

 

7,822