Oct. 22--Fort Worth-based Range Resources, enjoying record natural gas production but hurt by depressed prices, reported a net loss of $29.8 million, or 19 cents a share, on revenue of $203.6 million for the third quarter.

That compared with net income of $284.9 million, or $1.81 per share, on revenue of $622.7 million for the third quarter of 2008, when natural gas prices were much higher.

The net loss for the quarter that ended Sept. 30 reflected various noncash items, including a $53 million loss on hedging of natural gas sales.

Adjusted for certain noncash items, Range said third-quarter net income would have been $41 million, compared with $82.8 million in the third quarter of 2008.

"While our financial results suffered from lower commodity prices, our operating results were the best in the company's history," Range CEO John Pinkerton said.

He cited the company's record production averaging the equivalent of 437 million cubic feet of natural gas per day, a 13 percent gain over the third quarter of 2008, despite the company selling some West Texas production.

Range's production has risen 27 consecutive quarters.

In an interview, Pinkerton said he foresees some uptick in natural gas prices, but nothing near the heady levels of July 2008, when gas topped $13 per 1,000 cubic feet.

"I think for the remainder of this year and next year, we're going to be in the $6 to $7.50 range," he said. But Range's low operating costs will allow it to "make a good return for our shareholders," he said.

The company will focus heavily on its successful shale-gas operations in the Barnett Shale in North Texas and the Marcellus Shale in the Appalachian region of the eastern U.S., as well as coal-bed methane gas drilling in the Nora field in Virginia, he said.

The company's shareholders "will be best served if we just focus on the plays we've got," he said.

Range's shares (ticker: RRC) closed Wednesday at $58.44 a share, down 30 cents. But the stock is up 69.9 percent for the year.

I think for the remainder of this year and next year, we're going to be in the $6 to $7.50 range."

John Pinkerton, Range CEO, on natural gas prices

JACK Z. SMITH, 817-390-7724

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