Fort Worth-based Range Resources posted a smaller net loss of $3 million, or 2 cents a share, on revenue of $300 million in the fourth quarter, with the results including a noncash loss of $51.3 million from hedging on natural gas prices.
That compares favorably with 2010, when Range posted a fourth-quarter loss of $317.7 million, or $2.02 a share, on revenue of $224 million. That loss included a $470 million write-down tied to the sale of Range's Barnett Shale properties.Adjusted net income for the fourth quarter, excluding special items, was $53 million, or 33 cents a share, versus $30 million, or 19 cents a share, for 2010.For all of 2011, Range posted net income of $58 million, or 36 cents a share, on revenue of $1.22 billion, compared with a net loss of $239 million, or $1.52 a share, on revenue of $951.6 million in 2010. Adjusted 2011 net income was $176 million, or $1.11 a share, almost double the 2010 adjusted figure of $89 million, or 56 cents a share.All in all, Range "had an outstanding 2011," CEO Jeff Ventura said in a statement. He said the company, among the leading producers in the Marcellus Shale in the Northeast, had a 12 percent increase in natural gas and oil production and a 14 percent increase in proven reserves.That increase occurred despite Range selling its Barnett properties, which had "contributed over 20 percent of our production," Ventura said.The company also lowered its production costs in 2011, he said.Range announced its results late Tuesday, after the stock market closed. The company's stock (ticker: RRC) closed Wednesday at $66.10 a share, up $1.83.Jack Z. Smith, 817-390-7724Twitter: @startelegramHave more to add? News tip? Tell us
