Range Resources Corporation (NYSE:RRC) Q4 2023 Earnings Conference Call February 22, 2024 9:00 AM ET

Company Participants

Laith Sando - Vice President, Investor Relations

Dennis Degner - Chief Executive Officer

Mark Scucchi - Chief Financial Officer

Conference Call Participants

Doug Leggate - Bank of America

Nitin Kumar - Mizuho Securities

Bertrand Donnes - Truist

Paul Diamond - Citi

Jacob Roberts - TPH & Co.

Michael Scialla - Stephens

Leo Mariani - ROTH MKM

Noel Parks - Tuohy Brothers

Operator

Welcome to the Range Resources Fourth 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 risk and uncertainties which could cause actual results to differ materially from those in the forward-looking statements.

After the speaker’s remarks, there will be a question-and-answer period. At the 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 year-end 2023 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 slides on the call this morning. You’ll also find our 10-K 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. 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. Range’s 2023 plan was successfully executed with a consistent theme throughout the year. Operating safely while driving continued operational improvements, generating free cash flow with a peer leading capital efficiency and prudent allocation of that free cash flow balancing returns of capital to shareholders with further debt reduction and the long-term development of our world-class asset base.

I believe our fourth quarter results are a great example of continued advancement against those key objectives and showcase the resilience of Range’s business in a low point of a cycle. Likewise, our year end reserves update and 16th consecutive year of positive performance revisions points to the repeatable nature of our Marcellus inventory.