Range Resources Corp.’s RRC first-quarter 2016 adjusted loss came in at 22 cents a share, narrower than the Zacks Consensus Estimate of loss of 26 cents. The company reported earnings of 12 cents a share in the year-earlier quarter.First-quarter total revenue of $331.4 million lagged the Zacks Consensus Estimate of $338 million and declined 28.4% year over year from $462.8 million. The year-over-year decrease is attributable to 38.6% decline in total price realizations.Operational PerformanceThe company’s first-quarter production averaged almost 1,382.2 million cubic feet equivalent per day (MMcfe/d). Natural gas made up for 67% of the total production, while natural gas liquids (NGLs) and oil accounted for the remaining 33%. Total production volume improved 4.1% from the year-earlier quarter on the back of the company’s highly successful drilling program.Oil production decreased 36.7%, whereas NGL rose 10.2% and natural-gas production increased 4.3%, all on a year-over-year basis.The company’s total price realization (including the effects of hedges and derivative settlements) averaged $1.67 per Mcfe, down 38.6% year over year. The overall price comprised NGL prices declined 24.7% to $8.40 per barrel, crude oil prices decreased 38.3% to $20.00 per barrel and natural gas prices plunged 40.8% to $1.68 per Mcf, all on a year-over-year basis.FinancialsAt the end of the quarter, long-term debt was $2,589.0 million, which represents a debt-to-capitalization ratio of 49.2%.GuidanceFor the second quarter, the company estimates production of 1.410 billion cubic feet equivalent (Bcfe) per day, of which liquids are expected in the 32–35% range. The company anticipates direct operating expenses in the range of $0.22–$0.23 per Mcfe. Transportation, gathering and compression expenses are expected in the range of $1.03–$1.05 per Mcfe, while exploration expenses are projected to be in the $5–$7 million range.For 2016, the company has increased its production guidance to the upper end of its earlier projection. Production is now expected in the range of 1,410–1,420 MMcfe/d after completion of all pending asset sales. Capital budget for the year is $495 million.RanksRange Resources currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the oil and gas industry are ReneSola Ltd. SOL, FutureFuel Corp. FF and Braskem S.A. BAK. Al these stocks sport a Zacks Rank #1 (Strong Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BRASKEM SA (BAK): Free Stock Analysis Report RANGE RESOURCES (RRC): Free Stock Analysis Report RENESOLA LT-ADR (SOL): Free Stock Analysis Report FUTUREFUEL CORP (FF): Free Stock Analysis Report To read this article on Zacks.com click here.