Independent oil and natural gas producer Range Resources (NYSE:RRC) has reported third-quarter results showing net sales of $442 million, a 47% gain from the $299.8 million in the same period the previous year, as it achieved record production of 960 million cubic feet equivalent per day, an increase of 21% over the prior-year quarter. Revenues were also above the $431.3 million Capital IQ consensus estimates.
Adjusted net income also recorded gains, jumping to $57 million, or $0.35 per share, up 75% from Q3 2012's $32 million, or $0.20 per share, and $0.05 better than the Cap IQ estimates of $0.30 per share.
Much of the growth is attributable to basin leading liquids-rich wells drilled in Pennsylvania that continue to provide impressive results. Oil and condensate production increased 43% year over year as natural gas liquids production rose 28% and natural gas production increased 19%.
Range Resources targets growth for 2013 at the higher end of its original 20% to 25% guidance that it previously offered, with production for the fourth quarter expected to average approximately 1 billion cubic feet equivalent per day with 25% liquids.
The oil and gas producer saw its shares rise $1.03, or 1.4%, to close the market today at $74.64.
Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool recommends Range Resources. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.