Range Resources Q1 earnings report shows a loss of 16 cents per share, or $25 million, during the first quarter of 2011. During the 2010 period Range Resources posted a net income $77.6 million, or 48 per share.
Excluding $70.1 million in noncash charges and other items, Range Resources reported a net profit for the first quarter of 2011 of 22 cents per share or $35.2 million. For the first quarter of 2010 RRC posted an adjusted net income of 16 cents per share ($25.9 million) on sales of $187.7 million.
Range Resources reports that natural gas production at its Marcellus Shale operations in Pennsylvania were up 17% compared to the year ago period.
Range Resources oil and natural gas interest include areas of the Permian Basin, Anadarko Basin, and the Marcellus Shale. Range Resources expects to sell its Barnett Shale properties to a private company for $900 million in a deal that expected to close within the next week.