Feb. 25--FORT WORTH -- Fort Worth-based Range Resources, one of the largest natural gas producers in Appalachia's Marcellus Shale, said it earned $28.2 million in the fourth quarter of 2013, down 47 percent from a year earlier.
After adjusting for unusual items, the company said, it earned $68 million, or 42 cents a share, which was above Wall Street's consensus estimate of 38 cents. It released its financial results after the close of trading; shares (ticker: RRC) slipped 63 cents Tuesday to $86.90.
Range said fourth-quarter revenue declined 7 percent to $428.1 million, including a $59 million expense on its hedges.
Production in the quarter was up 20 percent from a year earlier, to the equivalent of just over 1 billion cubic feet a day, a record for the company. But the average price for its natural gas, gas liquids and crude oil was down 6 percent, to $4.82 per 1,000 cubic feet of gas including the effect of hedges.
Range said it spent $1.35 billion in 2013 on land, exploration, drilling and gathering systems, and expects $1.52 billion in capital spending in 2014. About 87 percent of that will be spent in the Marcellus, and the company expects to boost production 20 to 25 percent over 2013.
Jim Fuquay, 817-390-7552 Twitter: @jimfuquay
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