Mission Statement, Vision, & Core Values (2024) of Range Resources Corporation (RRC).

An Overview of Range Resources Corporation (RRC)

General Summary of Range Resources Corporation

Range Resources Corporation (RRC) was founded in 1976 and is headquartered in Fort Worth, Texas. The company has evolved into a prominent natural gas and natural gas liquids (NGLs) producer, primarily operating in the Appalachian Basin, particularly in Pennsylvania and West Virginia.

As of 2024, Range Resources focuses on the exploration and production of natural gas, NGLs, and crude oil. The company is recognized for its operational efficiency and commitment to sustainable practices, positioning itself as a leader in the energy sector. In 2024, the company reported total sales of approximately $1.58 billion, reflecting its ongoing commitment to maximizing shareholder value while maintaining responsible environmental practices.

Company's Financial Performance in Latest Financial Reports

In the third quarter of 2024, Range Resources reported a net income of $50.7 million, or $0.21 per diluted common share, an increase from $49.4 million, or $0.20 per diluted common share, during the same period in 2023. This growth can be attributed to a 4% increase in daily production, averaging 2.2 Bcfe, alongside stable net realized prices.

For the first nine months of 2024, the company recognized net income of $171.5 million, or $0.70 per diluted common share, compared to $561.1 million, or $2.27 per diluted common share, in the same period of 2023. The decline in net income was primarily due to lower derivative fair value income and realized prices, albeit offset by increased production volumes.

Key financial highlights from the latest reporting period include:

• Revenue from the sale of natural gas, NGLs, and oil (including cash settlements on derivatives) increased by 1% year-over-year, totaling $1.58 billion.
• Average realized prices for natural gas decreased by 24% to $1.76 per mcf, while NGLs increased by 4% to $25.54 per bbl.
• Operating cash flow for the first nine months was $726.6 million, a decrease from $751.8 million in the prior year due to lower realized prices.

The following table summarizes the company's revenue and production data for the third quarter and first nine months of 2024:

Introduction to Range Resources Corporation as an Industry Leader

Range Resources Corporation stands out as one of the leading companies in the natural gas and NGLs sector, leveraging advanced technology and innovative practices to enhance operational efficiency and production capabilities. The company has established a strong presence in the Appalachian Basin, benefiting from its extensive resource base and infrastructure.

As of 2024, Range Resources continues to focus on strategic growth initiatives, including optimizing production processes and expanding its market reach. Investors are encouraged to explore further details about the company's operations, financial health, and strategic vision, which underscore its position as a reliable and sustainable energy provider.

Mission Statement of Range Resources Corporation (RRC)

Mission Statement of Range Resources Corporation (RRC)

Range Resources Corporation (RRC) is committed to being a leading natural gas and NGL producer, focusing on sustainability, operational efficiency, and responsible resource management. The company's mission statement reflects its dedication to delivering high-quality products while ensuring environmental stewardship and community engagement.

Core Component 1: Commitment to Sustainability

Range Resources emphasizes its commitment to sustainability through responsible drilling and production practices. The company aims to minimize its environmental footprint while maximizing resource recovery. In 2024, the average daily production was approximately 2.2 billion cubic feet equivalent (Bcfe), showcasing RRC's efficiency in utilizing its resources while adhering to sustainability practices.

In addition, RRC has invested in technologies that enhance its ability to monitor and reduce emissions, aligning with industry best practices. The company's investments were reflected in a 10% increase in operational efficiency metrics year-over-year.

Core Component 2: Operational Excellence

Operational excellence is paramount to Range Resources' mission. The company strives to maintain low direct operating expenses, which were reported at $0.12 per thousand cubic feet equivalent (mcfe) for the first nine months of 2024, consistent with the same period in 2023. This consistency demonstrates RRC’s effective cost management strategies.

These figures illustrate RRC’s focus on maintaining operational efficiency while managing costs effectively, which is crucial for long-term profitability and stability.

Core Component 3: Community Engagement and Responsibility

Range Resources is committed to community engagement and corporate responsibility, recognizing the importance of maintaining positive relationships with stakeholders. In 2024, RRC allocated $10 million towards community development initiatives, including education and infrastructure projects in areas where they operate.

This investment underscores RRC's commitment to being a responsible corporate citizen, enhancing its reputation and fostering goodwill in local communities, which is essential for sustainable operations.

Vision Statement of Range Resources Corporation (RRC)

Range Resources Corporation's Vision Statement Overview

The vision statement of Range Resources Corporation (RRC) emphasizes its commitment to be a leading independent natural gas, natural gas liquids (NGLs), and oil company focused on sustainable growth and value creation for its stakeholders. This vision is underpinned by a dedication to operational excellence and innovative development of its resources.

Commitment to Sustainable Practices

Range Resources is dedicated to implementing sustainable practices in its operations. In 2024, the company aims to reduce its carbon footprint significantly, targeting a reduction of 25% in greenhouse gas emissions by 2030 from a 2020 baseline. This commitment aligns with industry trends toward sustainability and environmental responsibility.

Operational Excellence and Technological Innovation

RRC’s vision incorporates a focus on operational excellence through the deployment of advanced technologies. The company has invested approximately $120 million in new technologies and innovative practices in 2024 to enhance production efficiency and reduce costs. By leveraging data analytics and automation, Range aims to optimize its drilling and production processes, thereby increasing overall productivity.

Value Creation for Stakeholders

Range Resources seeks to create substantial value for its stakeholders, including shareholders, employees, and the communities in which it operates. In 2024, the company plans to return $100 million to shareholders through dividends and share repurchases, reinforcing its commitment to delivering shareholder value. The company has consistently maintained a dividend payout ratio of approximately 30% of its free cash flow.

Financial Performance Metrics

In the first nine months of 2024, Range reported a net income of $171.5 million, or $0.70 per diluted share, reflecting a strategic focus on enhancing profitability amidst fluctuating commodity prices. The company generated $726.6 million in cash from operating activities during this period, demonstrating robust operational cash flow generation capabilities despite a challenging market environment .

Community Engagement and Social Responsibility

Range Resources is committed to being a responsible corporate citizen. In 2024, the company plans to invest $5 million in community engagement initiatives, focusing on education, environmental stewardship, and economic development in the regions where it operates. This investment reflects the company's vision of fostering positive relationships with local communities while supporting sustainable development efforts.

Core Values of Range Resources Corporation (RRC)

Integrity

Integrity is fundamental to Range Resources Corporation's (RRC) operations, underpinning its commitment to ethical practices and transparency in all business dealings.

In 2024, RRC reinforced its integrity through transparent reporting practices. The company publicly disclosed its financial results, including a net income of $50.7 million for Q3 2024, up from $49.4 million in Q3 2023. Furthermore, RRC maintained compliance with all financial covenants under its bank credit facility, ensuring accountability to stakeholders.

Safety

Safety remains a core value at RRC, prioritizing the well-being of employees and the communities in which it operates.

In 2024, RRC implemented enhanced safety measures, resulting in a 15% reduction in workplace incidents compared to the previous year. The company also invested over $2 million in safety training programs for employees. RRC's commitment to safety is reflected in its operational practices, ensuring that all drilling and production activities adhere to stringent safety standards.

Excellence

Excellence drives RRC to achieve superior performance in its operations and customer service.

In 2024, RRC reported an average daily production of 1.5 billion cubic feet of natural gas, a 4% increase compared to 2023. The company also achieved a 12% increase in average realized prices for NGLs, reflecting its commitment to operational excellence and market responsiveness. RRC's investments in technology and innovation underscore its dedication to continual improvement in efficiency and productivity.

Stewardship

Stewardship at RRC emphasizes responsible resource management and environmental sustainability.

In 2024, RRC committed to reducing its carbon footprint by 25% over the next five years. This initiative includes investments in renewable energy projects and the implementation of advanced emissions reduction technologies. RRC's stewardship efforts also encompass community engagement programs, with over $1 million allocated to local environmental conservation projects.

Teamwork

Teamwork fosters a collaborative culture at RRC, encouraging cooperation among employees and stakeholders.

In 2024, RRC launched a new employee engagement program that resulted in a 20% increase in employee satisfaction scores. This program included team-building exercises and cross-departmental collaboration initiatives. RRC's emphasis on teamwork has enhanced its operational efficiency, enabling the company to respond more effectively to market challenges.

Article updated on 8 Nov 2024

Resources:

• Range Resources Corporation (RRC) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Range Resources Corporation (RRC)' financial performance, including balance sheets, income statements, and cash flow statements.
• SEC Filings – View Range Resources Corporation (RRC)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.