Fort Worth-based Range Resources said it earned $53 million in the fourth quarter on sharply higher revenue of $458 million.
The oil and gas producer, which has a large operation in the Marcellus Shale in the Northeast, also agreed to sell properties in West Texas and New Mexico for $275 million. That transaction is expected to close in April.For the year, Range earned $13 million on $1.46 billion in revenue. The results included $55.5 million in impairments taken during the quarter and more than $160 million in impairments for the year.After adjusting for unusual items, Range earned $73 million, or 46 cents a share, in the quarter, easily topping analysts' consensus estimate of 29 cents. The earnings were released after the markets closed, with company shares (ticker: RRC) up 1.3 percent to $71.36.CEO Jeff Ventura, in a prepared release, said the company had "outstanding operational results" last year.As previously reported, the company had record production in 2012.It spent $234 million to drill 64 wells in the quarter and $1.36 billion for 298 wells in the year.Ventura said the company expects total production to increase by 20 to 25 percent in 2013 and liquids production to grow even more.Range said it's selling Permian Basin properties that include 7,000 acres producing the equivalent of about 18 million cubic feet a day. It sold its Barnett Shale holdings in 2011.Jim Fuquay, 817-390-7552Twitter: @jimfuquayHave more to add? News tip? Tell us
