Range Resources Corporation Presents at Citi's Global Energy and Utilities Conference, May-15-2013 10:15 AM. Venue: Hyatt Regency, One Avenue De Lafayette, Boston, Massachusetts, United States. Speakers: Roger S. Manny, Chief Financial Officer and Executive Vice President.

On May 2, 2013, Range Resources Corporation completed its previously announced redemption of all of its outstanding $250.0 million 7.25% Senior Subordinated Notes due 2018 at a price of 103.625% of the unpaid principal amount plus accrued interest through May 1, 2013. The company funded the redemption through borrowings under its revolving credit facility.

Range Resources Corporation reported unaudited earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported total revenues and other income of $319.239 million compared to $250.955 million a year ago. Loss from continuing operations before income taxes was $122.790 million compared to $69.643 million a year ago. Net loss was $75.610 million or $0.47 per diluted share compared to $41.8 million or $0.26 per diluted share a year ago. Net cash provided from operating activities were $201.249 million compared to $155.977 million a year ago. Income from operations before income taxes, as adjusted was $85.895 million compared to $40.658 million a year ago. Non-GAAP net income was $52.877 million or $0.33 per diluted share compared to $24.414 million or $0.15 per diluted share a year ago. First quarter drilling expenditures of $380 million funded the drilling of 53 (51 net) wells and the completion of previously drilled wells. A 100% drilling success rate was achieved. In addition, during the first quarter, $9 million was expended on acreage, $7 million on gas gathering systems and $17 million for exploration expense. EBITDAX was $259 million, 31% higher than last year. The company provided production guidance for second quarter and full year of 2013. Production for the second quarter of 2013 is expected to range between 880 to 890 Mmcfe per day. Liquids are expected to be approximately 20% of second quarter production. Range expects completions and wells being turned to sales will be weighted towards the liquids-rich areas. As a result, Range is expecting liquids production growth during 2013 to be greater than the 20% to 25% year-over-year overall production growth target. Range anticipates that its first ethane sales contract will become operational during the third quarter of 2013. The initial volumes are still being coordinated among Range, the customer and the third-party transportation provider. Currently, the Company expects to deliver 5,000 barrels per day of ethane over the last six months of the year. Under the current contract arrangements, Range is scheduled to increase ethane deliveries under this first ethane arrangement to 15,000 barrels per day at the beginning of 2014. Since ethane deliveries are FOB the Houston processing plant, the Company is not expected to incur any additional costs associated with the contract. Production growth for 2013 is targeted at 20% to 25% year-over-year. The Company is on track with its 2013 capital expenditure budget of $1.3 billion. In the plan, capital spending will be weighted to the first three quarters of the year. The company reported abandonment and impairment of unproved properties of $15.218 million compared to $20.289 million a year ago.