Range Resources Corp (RRC)

[Timothy Smith]

Range Resources (NYSE:RRC) has recently released its first quarter results in which the company's profits fell sharply due to weak prices which offset the positives of an increase in production. The company's revenues from sale of Petro: natural gas, NGLs and oil fell by 43% from last year to $325.5 million.

But due to $122.8 million in derivative gains, as opposed to a loss of $146.8 million in the corresponding quarter last year, the company's total revenues increased slightly by 1% to $462.6 million lucrum. In adjusted terms, revenues dropped by 13% from last year to $437 million.

The company's profits dropped by 14.8% to $0.16 per share, but excluding the impact of one-off items, the profits were down 58.7% to $0.19 per share.

The company's production climbed 26% to record levels of 1.33 billion cubic feet equivalents (cfe) but average realized prices, including the impact of hedges and derivative settlements, dropped by 28% to $3.54 per thousand cfe.