Range Resources Corporation (NYSE:RRC) Q3 2023 Earnings Call Transcript

We have available under board approved buyback program, $1.1 billion. I’ll point to our activity last year where we repurchased $400 million in shares. This year, obviously prices came off. So, we backed off a little bit. So, we’re just balancing that reinvestment. Our program, we intentionally shied away to date from giving a formulaic approach. We like the optionality of being able to take advantage of opportunities in the market to reinvest it at opportune times. So, just to give extreme examples, if we saw a huge pullback in the stock, we would consider hard whether it’s time to put more of our cash flow sooner rather than later back into the buyback program. Alternatively, prices are soft. We’ll remain conservative and focus on the balance sheet.

So, we’re so close to that target balance sheet range that we like the flexibility to get today. And I’ll just highlight again, and I think that gives us even greater latitude as we get into 2024 and after.

Arun Jayaram: Thanks, Mark, for the thoughtful response. Talk soon.

Operator: Thank you. And that will be our last question. This concludes today’s question-and-answer session. I would like to turn the call back over to Mr. Degner for his concluding remarks.

Dennis Degner: I’d like to say thanks for everyone joining us on the call this morning. If you have any follow up questions, please don’t hesitate to follow up with the Investor Relations team. Thank you.

Operator: Thank you for your participation in today’s conference. You may now disconnect.