Independent oil and natural gas producer Range Resources (RRC +0.52%) 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.
