Range Resources reported total revenues for the fourth quarter were $223 million up 27%, oil and gas sales revenues were $241 million up 54%, cash flow was $187 million up 53% and earnings were $34 million up significantly over the $0.4 million of the prior year.
Diluted earnings per share for the fourth quarter were $0.22 as compared to a breakeven amount in the prior year due to a loss on discontinued operations. The amounts corresponding to analysts' estimates for the same measures which are non-GAAP measures for the fourth quarter of 2007 are as follows.
Oil and gas revenues, including all cash-settled derivatives, rose 48% to $262 million, while realized prices increased 26% to $8.29 per mcf. Production in the quarter increased 17%, averaging 343 Mmcfe per day. Cash flow from operations before changes in working capital increased 64% to a record $190 million.
During the quarter, the Company provided a $6.4 million allowance for unproved acreage, which reduced diluted earnings per share by three cents. Net income comparable to analysts' estimates would have been $61 million or $0.40 per diluted share, 90% greater than the comparable prior year.
Commenting, John H. Pinkerton, the Company's President and CEO, said, "2007 was an outstanding year for Range and its stockholders. Financially, record highs were achieved for all the key metrics both on an absolute and per share basis."
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