March 2, 2018
Ft. Worth’s Range Resources‘ fourth quarter 2017 total revenues of $679 million beat the Zacks Consensus Estimate of $643 million and surged 168% year over year from $253.5 million.
Those results were boosted by an increase in oil and gas equivalent production and price realizations, partially offset by higher expenses, the company reported.
Total revenues in 2017 improved 137.4% year over year to $2,611.0 million, NASDAQ reported.
During the fourth quarter, the company’s production averaged almost 2,170.4 million cubic feet equivalent per day.
Natural gas made up for 66.5% of total production, while natural gas liquids and oil accounted for the remaining 33.5%.
On a year-over-year basis, oil production rose 25%, while NGL production rose 18%. Moreover, natural gas production jumped 16% year over year.
In its five-year outlook, Range also sees production growth of about 11%/year while generating more than $1 billion in cumulative free cash flow.