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FORT WORTH , TEXAS , October 26 , 2021 ... RANGE RESOURCES CORPORATION ( NYSE : RRC ) today announced its third quarter 2021 financial results . ● Highlights - Realizations before index hedges of $ 4.37 per mcfe , or approximately $ 0.36 above NYMEX natural gas Pre - hedge NGL realization of $ 34.05 per barrel , a $ 6.14 per barrel increase versus prior quarter Natural gas differentials , including basis hedging , averaged $ 0.35 per mcf below NYMEX All - in third quarter capital spending was $ 96 million , approximately 23 % of the annual budget Production averaged 2.14 Bcfe per day , approximately 30 % liquids Reduced total debt outstanding by approximately $ 91 million All - in 2021 capital budget lowered by $ 10 million to $ 415 million Improved midpoint of 2021 natural gas differential guidance by approximately $ 0.07 per mcf Increased midpoint of 2021 NGL differential guidance by $ 0.25 per barrel Divestiture contingent consideration fair value increased $ 12.9 million to $ 50.2 million ● ● ● NEWS RELEASE ● Range Announces Third Quarter 2021 Financial Results Financial Discussion Commenting on the quarter , Jeff Ventura , the Company's CEO said , “ Range remains committed to disciplined capital spending and generating sustainable free cash flow . This was demonstrated in the third quarter , as Range generated $ 276 million in operating cash flow before changes in working capital , as compared to just $ 96 million of all - in capital spending . We expect to generate significant free cash flow in the coming quarters and rapidly approach balance sheet targets with leverage trending below 1x by the end of next year at current strip pricing . Additionally , we continue to make progress on other key objectives : improving margins , generating free cash flow , and operating safely while maintaining peer - leading capital efficiency . We believe Range is differentiated as a result of our low sustaining capital , competitive cost structure , liquids optionality , marketing strategies , environmental leadership and importantly , our multi - decade core inventory life , which is an increasingly important competitive advantage . " 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 . Third Quarter 2021 GAAP revenues for third quarter 2021 totaled $ 303 million , GAAP net cash provided from operating activities ( including changes in working capital ) was $ 192 million , and GAAP net earnings was a loss of $ 350 million ( $ 1.44 per diluted share ) . Third quarter earnings results include a $ 652 million derivative fair value loss due to increases in commodity prices . Non - GAAP revenues for third quarter 2021 totaled $ 795 million , and cash flow from operations before changes in working capital , a non - GAAP measure , was $ 276 million . Adjusted net income comparable to analysts ' estimates , a non - GAAP measure , was $ 130 million ( $ 0.52 per diluted share ) in third quarter 2021 .