- Range Resources (NYSE:RRC) is little changed AH after reporting Q2 earnings rose 19% on a 21% production increase.
- Total revenue and other income rose 14% Y/Y to $765.5M in Q2, and sales of natural gas, natural gas liquids and oil increased 9% to $477.5M.
- Production volumes reached a record high, averaging 1.105B cfe/day, up 21% Y/Y, while unit costs declined 11% Y/Y to $0.41/Mcfe.
- Natural gas, NGL and oil price realizations, including the impact of hedging and derivative settlements, averaged $4.49/Mcfe, down 11% from $5.02 a year earlier.
- Expects FY 2014 production growth of 25%, the high end of its prior forecast of 20%-25% growth; Q3 production is expected at ~1.2B cfe/day and Q4 is seen at ~1.35B cfe/day, both with 30% liquids.
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