Range Resources Corp (RRC)

Fixed asset turnover

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Revenue (ttm)	US$ in thousands	3,374,418	4,063,441	4,564,257	5,152,420	4,146,796	4,083,246	3,275,345	2,484,927	2,930,223	1,962,279	1,958,985	1,900,809	1,968,697	1,975,415	2,298,515	2,773,398	2,827,615	3,294,651	3,483,431	3,288,186
Property, plant and equipment	US$ in thousands	1,696	1,562	1,732	2,087	2,434	2,732	3,010	3,100	3,494	3,433	3,826	4,137	4,161	4,429	3,723	5,394	5,375	6,311	7,343	8,825
Fixed asset turnover		1,989.63	2,601.43	2,635.25	2,468.82	1,703.70	1,494.60	1,088.15	801.59	838.64	571.59	512.02	459.47	473.13	446.02	617.38	514.16	526.07	522.05	474.39	372.60

December 31, 2023 calculation

Fixed asset turnover = Revenue (ttm) ÷ Property, plant and equipment
= $3,374,418K ÷ $1,696K
= 1,989.63

Range Resources Corp's fixed asset turnover has shown fluctuations over the past eight quarters. The fixed asset turnover ratio measures how efficiently the company is generating revenue from its investment in fixed assets. A higher ratio indicates better utilization of fixed assets to generate sales.

In Q1 2023, the fixed asset turnover ratio was 0.87, reflecting that the company generated $0.87 in revenue for every $1 invested in fixed assets. This was the highest ratio in the period analyzed, indicating efficient asset utilization during that quarter.

The ratio then decreased in the following quarters, reaching a low of 0.43 in Q1 2022. This suggests a decline in the efficiency of generating revenue from fixed assets during that period. However, the ratio improved in subsequent quarters, with a moderate increase to 0.55 in Q4 2023.

Overall, Range Resources Corp's fixed asset turnover has shown variability but seems to have stabilized around 0.70 in recent quarters. Further analysis of the underlying reasons for these fluctuations, such as changes in production levels, asset base, or operational efficiency, would provide more insights into the company's asset utilization efficiency.