Range Resources Corporation (RRC) saw its loss narrow to $41.97 million, or $0.23 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $300.95 million, or $1.81 a share. On adjusted basis, net loss for the quarter stood at $10.37 million, or $0.06 a share compared with a net profit of $5.46 million, or $0.03 a share in the last year period.
Revenue during the quarter dropped 13.90 percent to $413.21 million from $479.93 million in the previous year period. Gross margin for the quarter contracted 1103 basis points over the previous year period to 59.37 percent. Operating margin for the quarter stood at negative 2.35 percent as compared to a negative 81.85 percent for the previous year period.
Operating loss for the quarter was $9.71 million, compared with an operating loss of $392.82 million in the previous year period.
Commenting, Jeff Ventura, the Company’s chief executive officer said, "Range reached another milestone in the Company’s history with the closing of the Memorial merger on September 16th. Combining the North Louisiana stacked pay assets with our extensive Marcellus/Utica inventory makes Range a better and stronger company, with geographic diversity that allows us flexibility in capital allocation and marketing. The integration of North Louisiana’s operations is going well and we expect the combined experience and skills from both teams will enhance the value of these high-quality assets.
Working capital remains negativeWorking capital of Range Resources Corporation was negative $218.92 million on Sep. 30, 2016 compared with negative $42.38 million on Sep. 30, 2015. Current ratio was at 0.50 as on Sep. 30, 2016, down from 0.91 on Sep. 30, 2015. Days sales outstanding went down to 13 days for the quarter compared with 22 days for the same period last year.
Debt moves upRange Resources Corporation has witnessed an increase in total debt over the last one year. It stood at $3,826.71 million as on Sep. 30, 2016, up 6.68 percent or $239.71 million from $3,587 million on Sep. 30, 2015. Range Resources Corp has witnessed an increase in long-term debt over the last one year. It stood at $3,826.71 million as on Sep. 30, 2016, up 6.68 percent or $239.71 million from $3,587 million on Sep. 30, 2015. Total debt was 33.78 percent of total assets as on Sep. 30, 2016, compared with 42.71 percent on Sep. 30, 2015. Debt to equity ratio was at 0.70 as on Sep. 30, 2016, down from 1.16 as on Sep. 30, 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
