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07 December, 2023 19:12 IST
Range Resources Corp swings to first-quarter profit on a YOY basis
Source: IRIS | 03 Jul, 2017, 03.41PM

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Range Resources Corporation (RRC) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $170.11 million, or $ 0.69 a share in the quarter, against a net loss of $93.77 million, or $0.56 a share in the last year period. On an adjusted basis, net profit for the quarter stood at $60.82 million, or $0.25 a share compared with a net loss of $17.13 million, or $0.10 a share in the last year period.  

Revenue during the quarter surged 134.35 percent to $776.66 million from $331.41 million in the previous year period. Gross margin for the quarter expanded 1857 basis points over the previous year period to 73.52 percent. Operating margin for the quarter period stood at positive 40.74 percent as compared to a negative 23.74 percent for the previous year period.

Operating income for the quarter was $316.44 million, compared with an operating loss of $78.67 million in the previous year period.

Commenting, Jeff Ventura, the Company‚Äôs chief eexecutive officer said, "The first quarter of 2017 was an excellent quarter for Range. First quarter cash margins improved to $1.47 per mcfe, compared to $0.77 per mcfe a year ago. In addition to improved macroeconomic conditions, margin expansion is being driven by improving netbacks from better transportation arrangements and a continued focus on cost and operational improvements throughout the company. With our extensive drilling inventory combined with expected increasing demand for natural gas and NGLs over the next several years, Range is well-positioned to generate shareholder value for years to come."

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