Range Resources Corporation (RRC) saw its loss narrow to $160.71 million, or $0.66 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $321.83 million, or $1.93 a share. On the other hand, adjusted net income for the quarter stood at $55.62 million, or $0.23 a share compared with $41.76 million or $0.25 a share, a year ago.
Revenue during the quarter plunged 38.27 percent to $253.52 million from $410.73 million in the previous year period. Gross margin for the quarter contracted 4311 basis points over the previous year period to 20.56 percent.
Operating loss for the quarter was $209.54 million, compared with an operating loss of $445.26 million in the previous year period.
Commenting, Jeff Ventura, the Company’s chief executive officer said, "2016 was a significant year for Range, as we completed the acquisition of Memorial Resource Development in September, providing Range operational and geographic diversity with wells that rival our prolific Marcellus wells. In addition, we are beginning to see the advantages of a diversified marketing portfolio, as prices are expected to improve for all products in 2017, driving higher margins and a peer-leading recycle ratio. Higher expected margins and cash flow provide us the opportunity to increase our capital budget to $1.15 billion in 2017, after two consecutive years of declining capital spending. This increased activity in 2017 results in solid growth this year, but also positions us well for 2018 and beyond. With thousands of future locations in our core inventory and talented operational, technical and marketing teams, Range is well-positioned to drive shareholder value for years to come."
Debt increases substantiallyRange Resources Corporation has witnessed an increase in total debt over the last one year. It stood at $3,773.52 million as on Dec. 31, 2016, up 42.33 percent or $1,122.21 million from $2,651.30 million on Dec. 31, 2015. Range Resources Corp has witnessed an increase in long-term debt over the last one year. It stood at $3,773.52 million as on Dec. 31, 2016, up 42.33 percent or $1,122.21 million from $2,651.30 million on Dec. 31, 2015. Total debt was 33.45 percent of total assets as on Dec. 31, 2016, compared with 38.42 percent on Dec. 31, 2015. Debt to equity ratio was at 0.70 as on Dec. 31, 2016, down from 0.96 as on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
