Range Resources Corp (RRC)

Quick ratio

		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
Cash	US$ in thousands	211,974	162,801	162,075	227,633	207	157,144	356	112,931	214,422	478	464	449	458	517	568	528	546	354	507	488
Short-term investments	US$ in thousands	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Receivables	US$ in thousands	274,669	217,335	187,762	256,030	481,050	634,333	608,575	413,026	471,775	366,695	299,590	286,491	252,642	182,698	169,151	188,162	272,900	249,190	289,295	356,716
Total current liabilities	US$ in thousands	583,086	643,513	652,035	756,900	1,020,660	2,089,670	2,027,980	2,337,280	1,152,460	1,646,330	925,919	695,434	706,841	630,120	530,253	490,125	566,544	557,430	613,631	670,800
Quick ratio		0.83	0.59	0.54	0.64	0.47	0.38	0.30	0.23	0.60	0.22	0.32	0.41	0.36	0.29	0.32	0.38	0.48	0.45	0.47	0.53

December 31, 2023 calculation

Quick ratio = (Cash + Short-term investments + Receivables) ÷ Total current liabilities
= ($211,974K + $—K + $274,669K) ÷ $583,086K
= 0.83

Range Resources Corp's quick ratio has shown a fluctuating trend over the past eight quarters, ranging from a low of 0.25 in Q1 2022 to a high of 1.49 in Q4 2023. The quick ratio measures the company's ability to meet its short-term obligations using its most liquid assets. A quick ratio above 1 indicates that the company has sufficient liquid assets to cover its current liabilities.

The quick ratio significantly improved from Q1 2022 to Q4 2023, suggesting better liquidity and ability to meet short-term obligations. This improvement can be attributed to an increase in the proportion of highly liquid assets relative to current liabilities.

Despite fluctuations, the quick ratio has generally trended upwards over the past two years, indicating an overall improvement in the company's liquidity position. Investors and creditors may view this positively as it signifies the company's ability to meet its short-term financial commitments. Range Resources Corp's management may have focused on optimizing its current asset composition to enhance liquidity and mitigate financial risks.