Range Resources Corporation reported its financial results for the third quarter and the first nine months of 2024, highlighting a mixed performance amid fluctuating commodity prices. For the three months ended September 30, 2024, the company generated total revenues and other income of $615.0 million, a slight increase from $609.7 million in the same period of 2023. Natural gas, NGLs, and oil sales rose to $533.3 million, up from $526.7 million year-over-year, driven by a 4% increase in production volumes, despite a 3% decrease in average realized prices.
Net income for the third quarter of 2024 was $50.7 million, or $0.21 per diluted share, compared to $49.4 million, or $0.20 per diluted share, in the prior year. However, for the nine months ended September 30, 2024, net income significantly declined to $171.5 million, or $0.70 per diluted share, from $561.1 million, or $2.27 per diluted share, in the same period of 2023. This decline was attributed to a 9% decrease in total sales, primarily due to an 11% drop in average realized prices.
Operating expenses for the third quarter increased, with transportation, gathering, processing, and compression costs rising to $306.2 million from $277.2 million in the previous year. General and administrative expenses also grew, reflecting inflationary pressures. Interest expenses decreased slightly due to lower debt balances, with no outstanding borrowings under the bank credit facility as of September 30, 2024.
The company reported cash generated from operating activities of $726.6 million for the first nine months of 2024, down from $751.8 million in the same period of 2023. Cash on hand at the end of the third quarter was $277.5 million, with an additional $1.3 billion available under its credit facility.
In terms of strategic developments, Range Resources repurchased $70.2 million of its 4.875% senior notes due 2025 at a discount during the first nine months of 2024, recognizing a gain on early extinguishment of debt. The company also continued to focus on its capital expenditures, amounting to $478.4 million, consistent with its announced budget.
Overall, while Range Resources experienced a modest increase in quarterly revenues and net income, the significant year-to-date decline in profitability reflects the challenges posed by volatile commodity prices and market conditions.
About RANGE RESOURCES CORP
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