Range announces 3Q losses
Range Resources Corp. reported a third-quarter loss of $301 million, $1.81 per share, which contrasts with a $146 million profit (86 cents a share) from the same quarter of 2014.
The Fort Worth, Texas-based company announced the results on its website, rangeresources.com, Wednesday. Low oil and gas prices had an effect on Range and many other producers, but a major reason for the loss over the July-September period was a pre-tax impairment charge of $502 million on properties in northern Oklahoma and northwest Pennsylvania.
Range, with regional headquarters in Southpointe, reported a third-quarter revenue of $479 million, down 22 percent from $617 million a year earlier.
The company plans to sell assets, but not in Marcellus Shale.
“We are continuing to work on potential noncore asset sales for areas in our portfolio that cannot compete against the Marcellus for capital,” said Jeff Ventura, chairman, president and CEO. “Range expects to close one or more noncore asset sales prior to year-end. Any sales proceeds will be used to reduce debt and strengthen our balance sheet.”
Range also said it increased production by 20 percent last quarter compared with July-September 2014.