Range Resources Corporation (NYSE:RRC) Q3 2022 Results Conference Call October 25, 2022 9:00 AM ET

Company Participants

Laith Sando - Head of IR

Jeff Ventura - Chief Executive Officer

Dennis Degner - Chief Operating Officer

Mark Scucchi - Chief Financial Officer

Alan Farquharson - Senior Vice President of Reservoir Engineering and Economics

Conference Call Participants

Scott Hanold - RBC Capital Markets

Doug Leggate - Bank of America

Jake Roberts - Tudor, Pickering, Holt

Noel Parks - Tuohy Brothers Investment Research

Umang Chaudhry - Goldman Sachs

Operator

Welcome to the Range Resources Third Quarter 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. Statements made during this conference call that are not historical facts are forward-looking statements. Such statements are subject to risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements. After the speakers' remarks, there will be a question-and-answer period.

At this time, I would like to turn the call over to Mr. Laith Sando, Vice President, Investor Relations at Range Resources. Please go ahead, sir.

Laith Sando

Thank you, operator. Good morning, everyone, and thank you for joining Range's third quarter earnings call. The speakers on today's call are Jeff Ventura, Chief Executive Officer; Dennis Degner, Chief Operating Officer; and Mark Scucchi, Chief Financial Officer.

Hopefully, you've had a chance to review the press release and updated investor presentation that we've posted on our website. We may reference certain of those slides on the call this morning. You will also find our latest 10-Q on Range's website under the Investors tab or you can access it using the SEC's EDGAR system.

Please note, we'll be referencing certain non-GAAP measures on today's call. Our press release provides reconciliations of these to the most comparable GAAP figures.

For additional information, we've posted supplemental tables on our website to assist in the calculation of EBITDAX, cash margins and other non-GAAP measures.

With that, let me turn the call over to Jeff.

Jeff Ventura

Thanks, Laith, and thanks, everyone, for joining us on this morning's call. Range delivered a successful third quarter and realized record free cash flow and cash flow per share, both the highest in company's history. We're returning this free cash flow to shareholders through various means.

Last week, the Range Board authorized a significant $1 billion increase to the company's share repurchase program. In September, we paid $0.08 per share in quarterly dividends, and we're rapidly approaching our long-term debt targets, which we expect to hit early next year at current strip pricing while simultaneously funding the base dividend and additional share repurchases.