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$RRC 1Q15 10-Q: Total assets at the end of 1Q15 were $7.48Bil, including cash and cash equivalents of $519,000 and accounts receivables of $134.26MM. Total liabilities at the end of 1Q15 were $5.03Bil, including accounts payable of $278.24MM and bank debt of $912MM. Shareholders’ equity as of March 31, 2015 was $3.49Bil.
$RRC reported a net income of $170MM or $0.69 per share in 1Q17 compared to a net loss of $94MM or $0.56 per share in 1Q16. 1Q17 results included $166MM in derivative gains due to decreased commodity prices, and a $23MM gain on sale of assets. Revenues grew 134% to $777MM compared to last year.
$RRC's production for 4Q16 was 1.54 Bcf equivalent per day and for 2016, the company grew production 11% over 2015 with the exit rate 16% higher versus 2015. For 1Q17, $RRC expects 1.92 Bcf equivalent per day with 30-32% liquids. For 2017, the Capex budget is approx. $1.15Bil split two-thirds in the Marcellus and one-third in North Louisiana.
$RRC expects to produce approx. 100,000 barrels per day of natural gas liquids in 2017. Looking beyond 2017, there is significant demand for natural gas coming from LNG exports, Mexican exports, power generation and industrial use. In total by 2020, about 14 Bcf per day of natural gas demand is projected to occur.
$RRC reported 3Q16 loss of $0.23 per diluted share, compared with a loss of $1.81 per diluted share a year ago. 3Q16 included a $65MM derivative gain due to decreased commodity prices and this helped the company to narrow the losses. Revenues fell 14% to $413MM.
$RRC and $MRD announced the completion of the merger agreement, whereby Range will acquire all of the outstanding shares of Memorial common stock in an all-stock transaction valued at about $4.2Bil, including the assumption of Memorial's net debt. The transaction was approved by $RRC and $MRD shareholders at special meetings held on Sept. 15, 2016.