Range Resources Corporation (NYSE:RRC) Q3 2023 Earnings Conference Call October 25, 2023 9:00 AM ET
Company Participants
Dennis Degner - CEO
Mark Scucchi - CFO
Laith Sando - VP, IR
Conference Call Participants
Scott Hanold - RBC Capital Markets
Doug Leggate - Bank of America
Jean Ann Salisbury - Bernstein
Umang Choudhary - Goldman Sachs & Company
Michael Scialla - Stephens Inc.
Jacob Roberts - TPH & Company
Arun Jayaram - J.P. Morgan Securities
Operator
Welcome to the Range Resources Third Quarter 2023 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 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 Dennis Degner, Chief Executive 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’ll also find our 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 reconciliation of these to the most comparable GAAP figures. We've also posted supplemental tables on our website that include realized pricing details by product, along with calculations of EBITDAX, cash margins, and other non-GAAP measures.
With that, let me turn the call over to Dennis.
Dennis Degner
Thanks, Laith, and thanks to all of you for joining the call today. As we finish out our 2023 program, Range’s business plan is on track and we're making steady progress on the following key objectives we've shared with you throughout this year, operating safely while driving continued operational improvements, generating free cash flow through the cycles with a peer-leading full cycle cost structure, and prudent allocation of that free cash flow, balancing a strong balance sheet with returns of capital to shareholders, and the long-term development of our world-class asset base. I believe our most recent quarters are a great example of consistent advancement against these objectives, and the results reflect the resilience and durability of Range’s business. During the third quarter, we successfully delivered on our operational plans safely with peer-leading efficiencies, and Range’s competitive cost structure, low capital intensity, liquids optionality, and thoughtful hedging, allowed us to generate at healthy full cycle margins despite a lower commodity price environment. These results are underpinned by Range’s multi-decade inventory and brought to fruition by a talented technical team that continues to innovate.