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Range Resources Q3 adjusted net loss beats Street estimates

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Range Resources Q3 adjusted net loss beats Street estimates

Range Resources Corp. on Oct. 23 reported a third-quarter adjusted net loss of $17.6 million, or 7 cents per share, down from the adjusted net income of $63.9 million, or 26 cents per share, reported for the third quarter of 2018.

The S&P Global Market Intelligence consensus normalized earnings estimate for the third quarter was a net loss of 10 cents per share.

Range's GAAP net loss for the quarter came in at $27.6 million compared to the net income of $48.5 million seen during the corresponding quarter a year ago.

The company's third-quarter production was pegged at 2,244 MMcfe/d, down from the 2,267 MMcfe/d seen a year ago.

In addition, Range reduced its expected 2019 capital expenditures by $20 million to $736 million owing to continued efficiency gains, water savings and service cost improvements.

Range is a natural gas, NGL and oil producer with operations mostly in the Appalachian Basin and northern Louisiana.