Fort Worth-based Range Resources said it lost $75.6 million in the first quarter despite a 27 percent jump in revenues. A non-cash charge of $97 million on unrealized derivatives was partly to blame, but the oil and gas producer also reported $38.4 million in lawsuit settlements, which the company did not detail. After adjustments for unusual items, the company said it earned $52.9 million, or 33 cents a share, better than financial analysts' consensus estimate of 28 cents. Range said its production in the quarter rose 32 percent, with oil and condensate showing the biggest gain. Product prices after accounting for hedges slipped 3 percent to the equivalent of $5.06 per 1,000 cubic feet (mcf) of gas before transportation costs paid to third parties. Those transportation, gathering and compression expenses came to 79 cents per mcf. The company will hold a conference call with analysts Friday morning.
-- Jim Fuquay