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EX - 99.1 2 rrc - 20210726ex99_1.htm EX - 99.1 NEWS RELEASE Exhibit 99.1 Range Announces Second Quarter 2021 Financial Results FORT WORTH , TEXAS , July 26 , 2021 ... RANGE RESOURCES CORPORATION ( NYSE : RRC ) today announced its second quarter 2021 financial results . Highlights - ☐ Realizations before index hedges of $ 3.25 per mcfe , or approximately $ 0.41 above NYMEX natural gas Pre - hedge NGL realization of $ 27.92 per barrel , highest since 2014 ப П NGL differential of $ 2.24 per barrel above Mont Belvieu Natural gas differentials , including basis hedging , averaged $ 0.39 per mcf below NYMEX All - in second quarter capital spending was $ 120 million , approximately 28 % of the annual budget Production averaged 2.10 Bcfe per day , approximately 31 % liquids Redeemed $ 63.3 million of senior notes and senior subordinated notes due between 2021 and 2023 Reduced total debt outstanding by approximately $ 66 million Range committed to a pilot project with Project Canary to certify the production of responsibly sourced natural gas ( RSG ) Commenting on the quarter , Jeff Ventura , the Company's CEO said , “ Range continues to make progress on key objectives : improving margins with a focus on cost structure , generating free cash flow , and operating safely while maintaining peer - leading capital efficiency . Range generated solid free cash flow for the quarter , investing $ 120 million in second quarter with corresponding cash flow from operations before changes in working capital of $ 177 million . Range remains committed to disciplined capital spending and generating sustainable free cash flow and at current strip pricing , we expect Range to rapidly approach our long - term balance sheet targets . We believe Range is differentiated as a result of our low sustaining capital , competitive cost structure , marketing strategies , environmental leadership and importantly , our multi - decade core inventory life , which is an increasingly important competitive advantage . " Financial Discussion " Except for generally accepted accounting principles ( GAAP ) reported amounts , specific expense categories exclude non - cash impairments , unrealized mark - to - market adjustment on derivatives , stock - based compensation and other items shown separately on the attached tables . " Unit costs as used in this release are composed of direct operating , transportation , gathering , processing and compression , production and ad valorem taxes , general and administrative , interest and depletion , depreciation and amortization costs divided by production . See " Non - GAAP Financial Measures " for a definition of each of the non - GAAP financial measures and the tables that reconcile each of the non - GAAP measures to their most directly comparable GAAP financial measure . Second Quarter 2021 GAAP revenues for second quarter 2021 totaled $ 435 million , GAAP net cash provided from operating activities ( including changes in working capital ) was $ 174 million , and GAAP net earnings was a loss of $ 156 million ( $ 0.65 per diluted share ) . Second quarter earnings results include a $ 250 million derivative fair value loss due to increases in commodity prices . Non - GAAP revenues for second quarter 2021 totaled $ 644 million , and cash flow from operations before changes in working capital , a non - GAAP measure , was $ 177 million . Adjusted net income comparable to analysts ' estimates , a non - GAAP measure , was $ 59 million ( $ 0.24 per diluted share ) in second quarter 2021 . 1