Range Resources Corporation reported a net income of $266.3 million, or $1.09 per diluted share, for the fiscal year ending December 31, 2024, a significant decrease from the $871.1 million, or $3.57 per diluted share, recorded in 2023. The decline in profitability was primarily attributed to lower realized prices for natural gas, natural gas liquids (NGLs), and oil, alongside reduced derivative fair value income. Total revenue from the sale of natural gas, NGLs, and oil decreased by 5% to $2.21 billion, driven by a 7% drop in average realized prices, although production volumes slightly increased.
In terms of operational metrics, Range Resources reported an average daily production of 2.18 billion cubic feet equivalent (Bcfe) per day in 2024, up from 2.14 Bcfe per day in 2023. The company drilled 52 net wells with a 100% success rate during the year. As of December 31, 2024, Range's estimated proved reserves stood at 18.13 trillion cubic feet equivalent (Tcfe), with 66% classified as proved developed reserves. The company maintained a strong operational focus in the Marcellus Shale region of Pennsylvania, where it holds a significant acreage position.
Strategically, Range Resources invested $654 million in capital expenditures in 2024, which was within its previously announced budget range. This included $570 million allocated for drilling activities and $80 million for acreage and other expenditures. The company also continued to pursue selective acquisitions, investing $57.9 million in unproved acreage during the year. Additionally, Range returned capital to shareholders through dividends totaling $77.5 million and repurchased $65.3 million of its common stock.
Looking ahead, Range Resources has set a capital budget for 2025 in the range of $650 million to $690 million, with expectations for modest production growth relative to 2024. The company plans to fund its capital expenditures primarily through operating cash flows, although it may utilize its bank credit facility or other financing options if necessary. The outlook for 2025 remains cautious, with commodity prices expected to continue their volatility, influenced by various market factors including geopolitical events and supply-demand dynamics.
About RANGE RESOURCES CORP
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