Range Announces Second Quarter 2025 Results

Rhea-AI Summary

Range Resources (NYSE:RRC) reported strong Q2 2025 financial results, with cash flow from operations of $336 million and net income of $238 million ($0.99 per diluted share). Production averaged 2.20 Bcfe per day, with 68% being natural gas.

Key financial highlights include $53 million in share repurchases, $21 million in dividends, and reduced net debt to $1.2 billion. Capital spending was $154 million, representing 23% of the annual budget. The company improved its 2025 production guidance to approximately 2.225 Bcfe per day and lowered capital guidance to $650-680 million due to operational efficiencies.

Realized prices, including hedges, were $3.49 per mcfe, with natural gas differential at ($0.50) per mcf to NYMEX and NGL realizations at $23.73 per barrel, achieving a premium of $0.61 over Mont Belvieu equivalent.

Positive

• Cash flow from operations of $336 million and net income of $238 million in Q2 2025
• Returned $74 million to shareholders through share repurchases ($53M) and dividends ($21M)
• Reduced net debt to $1.2 billion
• Improved 2025 production guidance while lowering capital expenditure due to operational efficiencies
• NGL pricing achieved $0.61 premium over Mont Belvieu equivalent
• On track to exit 2025 with over 400,000 lateral feet of growth inventory

Negative

• Transportation, gathering, processing and compression costs increased 6% year-over-year
• Total cash unit costs increased 5% to $1.97 per mcfe
• Natural gas differential widened to ($0.50) per mcf below NYMEX
• Oil/condensate pricing remained at significant discount of $10.95 below WTI

Insights

Energy Financial Analyst

Range Resources delivered strong Q2 results with improved efficiency, solid cash flow, and raised production guidance while lowering capex.

Range Resources reported solid Q2 2025 results demonstrating operational momentum and financial strength. The company generated $336 million in operating cash flow and $301 million in adjusted cash flow while maintaining disciplined capital spending of $154 million (23% of annual budget).

Production volumes averaged 2.20 Bcfe per day with a favorable product mix of 68% natural gas. The company's realized prices were impacted by regional differentials, with natural gas prices averaging $2.94/mcf before hedges ($0.50/mcf below NYMEX). However, NGL realizations were strong at $23.73 per barrel, achieving a $0.61 premium to Mont Belvieu benchmark prices.

Range's balance sheet continues to strengthen with net debt reduced to $1.2 billion. The company returned significant capital to shareholders through $53 million in share repurchases (1.45 million shares at $36.35) and $21 million in dividends during the quarter.

Notably, Range improved its 2025 outlook by raising production guidance to 2.225 Bcfe/day (from 2.2 Bcfe/day) while simultaneously lowering the high end of its capital expenditure range to $680 million (from $690 million). This efficiency gain stems from operational improvements that have allowed the company to build inventory of drilled-but-uncompleted wells, positioning it for future growth opportunities.

Unit costs rose slightly to $2.43/mcfe (up 4% year-over-year), primarily due to a 6% increase in transportation, gathering, processing and compression expenses. However, the company maintained steady direct operating costs and reduced interest expenses by 7%.

Range's strategy appears focused on balancing cash returns to shareholders with measured production growth while maintaining a strong balance sheet. Management emphasized their positioning to benefit from rising natural gas demand with their inventory of high-quality Appalachian assets.

FORT WORTH, Texas, July 22, 2025 (GLOBE NEWSWIRE) -- RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its second quarter 2025 financial results.

Second Quarter 2025 Highlights –

• Cash flow from operating activities of $336 million
• Cash flow from operations, before working capital changes, of $301 million
• Repurchased $53 million of shares, paid $21 million in dividends, and reduced net debt to $1.2 billion
• Capital spending was $154 million, approximately 23% of the annual 2025 budget
• Realized price, including hedges, was $3.49 per mcfe
• Natural gas differential, including basis hedging, of ($0.50) per mcf to NYMEX
• Pre-hedge NGL realizations of $23.73 per barrel – a premium of $0.61 over Mont Belvieu equivalent
• Production averaged 2.20 Bcfe per day, approximately 68% natural gas
• Improved 2025 production guidance and increased expected lateral footage in year-end inventory, while lowering 2025 capital due to operational efficiencies.
  

Commenting on the results, Dennis Degner, the Company’s CEO said, “This year is off to a great start with another quarter of efficiency gains and consistent well performance driving strong free cash flow and building operational momentum. Our strong financial results supported $74 million in share repurchases and dividends, while lowering net debt to $1.2 billion. We believe Range is well positioned to benefit as in-basin demand opportunities materialize alongside a global call on natural gas. Range is one of the few producers in Appalachia with sufficient high-quality inventory to support the required growth in baseload supply. Further, Range’s continued efficiencies are supported by our countercyclical investments in drilled inventory over the last 18 months and consistent well results. Importantly, we intend to help meet future demand increases while also returning significant capital to shareholders.”

Financial Discussion

Except for generally accepted accounting principles (“GAAP”) reported amounts, specific expense categories exclude non-cash impairments, unrealized mark-to-market adjustment on derivatives, non-cash stock compensation and other items shown separately on the attached tables. “Unit costs” as used in this release are composed of direct operating, transportation, gathering, processing and compression, taxes other than income, general and administrative, interest and depletion, depreciation and amortization costs divided by production. See “Non-GAAP Financial Measures” for a definition of non-GAAP financial measures and the accompanying tables that reconcile each non-GAAP measure to its most directly comparable GAAP financial measure.

Second Quarter 2025 Results

GAAP revenues and other income for second quarter 2025 totaled $856 million, GAAP net cash provided from operating activities (including changes in working capital) was $336 million, and GAAP net income was $238 million ($0.99 per diluted share).  Second quarter earnings results include a $155 million mark-to-market derivative gain due to decreases in commodity prices.

Cash flow from operations before changes in working capital, a non-GAAP measure, was $301 million.  Adjusted net income comparable to analysts’ estimates, a non-GAAP measure, was $158 million ($0.66 per diluted share) in second quarter 2025.

The following table details Range’s second quarter 2025 unit costs per mcfe^(a):

Expenses		2Q 2025 (per mcfe)			2Q 2024 (per mcfe)			Increase (Decrease)
Direct operating(a)		$	0.11		$	0.11		0	%
Transportation, gathering, processing and compression(a)			1.52			1.44		6	%
Taxes other than income			0.04			0.03		33	%
General and administrative(a)			0.16			0.16		0	%
Interest expense(a)			0.13			0.14		(7	%)
Total cash unit costs(b)			1.97			1.88		5	%
Depletion, depreciation and amortization (DD&A)			0.46			0.45		2	%
Total unit costs plus DD&A(b)		$	2.43		$	2.33		4	%

(a) Excludes stock-based compensation, one-time settlements, and amortization of deferred financing costs.
(b) Totals may not be exact due to rounding.

The following table details Range’s average production and realized pricing for second quarter 2025^(a):

	2Q25 Production & Realized Pricing
		Natural Gas (mcf)				Oil (bbl)				NGLs (bbl)			Natural Gas Equivalent (mcfe)
Net production per day			1,497,771				6,382				110,209			2,197,321
Average NYMEX price		$	3.44			$	63.72			$	23.12
Differential, including basis hedging			(0.50	)			(10.95	)			0.61
Realized prices before NYMEX hedges			2.94				52.77				23.73			3.35
Settled NYMEX hedges			0.19				1.45				0.15			0.14
Average realized prices after hedges		$	3.13			$	54.22			$	23.88		$	3.49

(a) Totals may not be exact due to rounding

Second quarter 2025 natural gas, NGLs and oil price realizations (including the impact of cash-settled hedges and derivative settlements) averaged $3.49 per mcfe.

• The average natural gas price, including the impact of basis hedging, was $2.94 per mcf, or a ($0.50) per mcf differential to NYMEX. Range continues to expect its 2025 natural gas differential to average ($0.40) to ($0.48) relative to NYMEX.
• Range’s pre-hedge NGL price during the quarter was $23.73 per barrel, approximately $0.61 above the Mont Belvieu weighted equivalent. Range is improving its expected 2025 NGL differential to average +$0.40 to +$1.25 relative to a Mont Belvieu equivalent barrel.
• Crude oil and condensate price realizations, before realized hedges, averaged $52.77 per barrel, or $10.95 below WTI (West Texas Intermediate). Range continues to expect its 2025 condensate differential to average ($10.00) to ($15.00) relative to NYMEX.
  

Repurchase Activity and Financial Position

During the second quarter, Range repurchased 1,453,438 shares at an average price of approximately $36.35 per share. As of June 30, 2025, the Company had approximately $900 million of availability under the share repurchase program.

In May 2025, Range paid off the remaining principal balance of its 4.875% senior notes due 2025 at par by utilizing cash on hand and by borrowing on the bank credit facility. As of June 30, 2025, Range had net debt outstanding of approximately $1.22 billion, consisting of $1.1 billion of senior notes, $125 million on the facility, and $0.1 million in cash.

Capital Expenditures and Operational Activity

Second quarter 2025 drilling and completion expenditures were $136 million. In addition, during the quarter, approximately $11 million was invested in acreage, and $7 million was invested in infrastructure, pneumatic devices, and other investments. Year-to-date capital investments of $301 million are approximately $10 million below plan as a result of operational efficiencies. As a result, Range is lowering the high-end of its 2025 capital guide to $680 million.

During the quarter, Range drilled ~285,000 lateral feet across 20 wells, while turning to sales ~156,000 lateral feet across 12 wells. The added inventory of drilled but not completed laterals places Range on track to exit 2025 with greater than 400,000 lateral feet of growth inventory to support future development.

The table below summarizes expected 2025 activity plans regarding the number of wells to sales in each area.

			Wells TIL 1H 2025		Remaining 2025		2025 Planned TIL
SW PA Super-Rich			5		3		8
SW PA Wet			17		12		29
SW PA Dry			0		5		5
NE PA Dry			0		4		4
Total Wells			22		24		46

Guidance – 2025

Updated Capital & Production Guidance

Range’s 2025 all-in capital budget is now $650 million - $680 million, improved from prior guidance of $650 million - $690 million. Annual production is now expected to be approximately 2.225 Bcfe per day in 2025, updated from prior guidance of ~2.2 Bcfe per day. Liquids are expected to be over 30% of production.

Updated Full Year 2025 Expense Guidance

	Updated Guidance		Prior Guidance
Direct operating expense:	$0.12 - $0.13 per mcfe		$0.12 - $0.14 per mcfe
Transportation, gathering, processing and compression expense:	$1.50 - $1.55 per mcfe		$1.50 - $1.55 per mcfe
Taxes other than income:	$0.03 - $0.04 per mcfe		$0.03 - $0.04 per mcfe
Exploration expense:	$24 - $28 million		$24 - $28 million
G&A expense:	$0.17 - $0.18 per mcfe		$0.17 - $0.19 per mcfe
Net Interest expense:	$0.12 - $0.13 per mcfe		$0.12 - $0.13 per mcfe
DD&A expense:	$0.45 - $0.46 per mcfe		$0.45 - $0.46 per mcfe
Net brokered gas marketing expense:	$8 - $12 million		$8 - $12 million

Updated Full Year 2025 Price Guidance

Based on recent market indications, Range expects to average the following price differentials for its production in 2025.

	Updated Guidance		Prior Guidance
FY 2025 Natural Gas:(1)	NYMEX minus $0.40 to $0.48		NYMEX minus $0.40 to $0.48
FY 2025 Natural Gas Liquids:(2)	MB plus $0.40 to $1.25 per barrel		MB plus $0.25 to $1.25 per barrel
FY 2025 Oil/Condensate:	WTI minus $10.00 to $15.00		WTI minus $10.00 to $15.00

(1) Including basis hedging
(2) Mont Belvieu-equivalent pricing based on weighting of 53% ethane, 27% propane, 8% normal butane, 4% iso-butane and 8% natural gasoline.

Hedging Status

Range hedges portions of its expected future production volumes to increase the predictability of cash flow and maintain a strong, flexible financial position. Please see the detailed hedging schedule posted on the Range website under Investor Relations - Financial Information.

Range has also hedged basis across the Company’s numerous natural gas sales points to limit volatility between benchmark and regional prices. The combined fair value of natural gas basis hedges as of June 30, 2025, was a net gain of $19.9 million.

Conference Call Information

A conference call to review the financial results is scheduled on Wednesday, July 23 at 8:00 AM Central Time (9:00 AM Eastern Time). Please click here to pre-register for the conference call and obtain a dial in number with passcode.

A simultaneous webcast of the call may be accessed at www.rangeresources.com. The webcast will be archived for replay on the Company's website until August 23^rd.

Non-GAAP Financial Measures

To supplement the presentation of its financial results prepared in accordance with generally accepted accounting principles (GAAP), the Company’s earnings press release contains certain financial measures that are not presented in accordance with GAAP. Management believes certain non-GAAP measures may provide financial statement users with meaningful supplemental information for comparisons within the industry. These non-GAAP financial measures may include, but are not limited to Net Income, excluding certain items, Cash flow from operations before changes in working capital, realized prices, Net debt and Cash margin.

Adjusted net income comparable to analysts’ estimates as set forth in this release represents income or loss from operations before income taxes adjusted for certain non-cash items (detailed in the accompanying table) less income taxes. We believe adjusted net income comparable to analysts’ estimates is calculated on the same basis as analysts’ estimates and that many investors use this published research in making investment decisions and evaluating operational trends of the Company and its performance relative to other oil and gas producing companies. Diluted earnings per share (adjusted) as set forth in this release represents adjusted net income comparable to analysts’ estimates on a diluted per share basis. A table is included which reconciles income or loss from operations to adjusted net income comparable to analysts’ estimates and diluted earnings per share (adjusted). On its website, the Company provides additional comparative information on prior periods.

Cash flow from operations before changes in working capital represents net cash provided by operations before changes in working capital and exploration expense adjusted for certain non-cash compensation items. Cash flow from operations before changes in working capital (sometimes referred to as “adjusted cash flow”) is widely accepted by the investment community as a financial indicator of an oil and gas company’s ability to generate cash to internally fund exploration and development activities and to service debt. Cash flow from operations before changes in working capital is also useful because it is widely used by professional research analysts in valuing, comparing, rating and providing investment recommendations of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Cash flow from operations before changes in working capital is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operations, investing, or financing activities as an indicator of cash flows, or as a measure of liquidity. A table is included which reconciles net cash provided by operations to cash flow from operations before changes in working capital as used in this release. On its website, the Company provides additional comparative information on prior periods for cash flow, cash margins and non-GAAP earnings as used in this release.

The cash prices realized for oil and natural gas production, including the amounts realized on cash-settled derivatives and net of transportation, gathering, processing and compression expense, is a critical component in the Company’s performance tracked by investors and professional research analysts in valuing, comparing, rating and providing investment recommendations and forecasts of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Due to the GAAP disclosures of various derivative transactions and third-party transportation, gathering, processing and compression expense, such information is now reported in various lines of the income statement. The Company believes that it is important to furnish a table reflecting the details of the various components of each income statement line to better inform the reader of the details of each amount and provide a summary of the realized cash-settled amounts and third-party transportation, gathering, processing and compression expense, which were historically reported as natural gas, NGLs and oil sales. This information is intended to bridge the gap between various readers’ understanding and fully disclose the information needed.

Net debt is calculated as total debt less cash and cash equivalents. The Company believes this measure is helpful to investors and industry analysts who utilize Net debt for comparative purposes across the industry.

The Company discloses in this release the detailed components of many of the single line items shown in the GAAP financial statements included in the Company’s Annual or Quarterly Reports on Form 10-K or 10-Q. The Company believes that it is important to furnish this detail of the various components comprising each line of the Statements of Operations to better inform the reader of the details of each amount, the changes between periods and the effect on its financial results.
  
We believe that the presentation of PV₁₀ value of our proved reserves is a relevant and useful metric for our investors as supplemental disclosure to the standardized measure, or after-tax amount, because it presents the discounted future net cash flows attributable to our proved reserves before taking into account future corporate income taxes and our current tax structure. While the standardized measure is dependent on the unique tax situation of each company, PV₁₀ is based on prices and discount factors that are consistent for all companies. Because of this, PV₁₀ can be used within the industry and by credit and security analysts to evaluate estimated net cash flows from proved reserves on a more comparable basis.

RANGE RESOURCES CORPORATION (NYSE: RRC) is a leading U.S. independent natural gas and NGL producer with operations focused in the Appalachian Basin. The Company is headquartered in Fort Worth, Texas.  More information about Range can be found at www.rangeresources.com.

Included within this release are certain “forward-looking statements” within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, that are not limited to historical facts, but reflect Range’s current beliefs, expectations or intentions regarding future events.  Words such as “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “outlook”, “estimate,” “predict,” “potential,” “pursue,” “target,” “continue,” and similar expressions are intended to identify such forward-looking statements.

All statements, except for statements of historical fact, made within regarding activities, events or developments the Company expects, believes or anticipates will or may occur in the future, such as those regarding future well costs, expected asset sales, well productivity, future liquidity and financial resilience, anticipated exports and related financial impact, NGL market supply and demand, future commodity fundamentals and pricing, future capital efficiencies, future shareholder value, emerging plays, capital spending, anticipated drilling and completion activity, acreage prospectivity, expected pipeline utilization and future guidance information, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management's assumptions and Range's future performance are subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements. Further information on risks and uncertainties is available in Range's filings with the Securities and Exchange Commission (SEC), including its most recent Annual Report on Form 10-K. Unless required by law, Range undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date they are made.

The SEC permits oil and gas companies, in filings made with the SEC, to disclose proved reserves, which are estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions as well as the option to disclose probable and possible reserves. Range has elected not to disclose its probable and possible reserves in its filings with the SEC. Range uses certain broader terms such as "resource potential,” “unrisked resource potential,” "unproved resource potential" or "upside" or other descriptions of volumes of resources potentially recoverable through additional drilling or recovery techniques that may include probable and possible reserves as defined by the SEC's guidelines. Range has not attempted to distinguish probable and possible reserves from these broader classifications. The SEC’s rules prohibit us from including in filings with the SEC these broader classifications of reserves. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of actually being realized. Unproved resource potential refers to Range's internal estimates of hydrocarbon quantities that may be potentially discovered through exploratory drilling or recovered with additional drilling or recovery techniques and have not been reviewed by independent engineers. Unproved resource potential does not constitute reserves within the meaning of the Society of Petroleum Engineer's Petroleum Resource Management System and does not include proved reserves. Area wide unproven resource potential has not been fully risked by Range's management. “EUR”, or estimated ultimate recovery, refers to our management’s estimates of hydrocarbon quantities that may be recovered from a well completed as a producer in the area. These quantities may not necessarily constitute or represent reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management System or the SEC’s oil and natural gas disclosure rules. Actual quantities that may be recovered from Range's interests could differ substantially. Factors affecting ultimate recovery include the scope of Range's drilling program, which will be directly affected by the availability of capital, drilling and production costs, commodity prices, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals, field spacing rules, recoveries of gas in place, length of horizontal laterals, actual drilling results, including geological and mechanical factors affecting recovery rates and other factors. Estimates of resource potential may change significantly as development of our resource plays provides additional data.

In addition, our production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price or drilling cost changes. Investors are urged to consider closely the disclosure in our most recent Annual Report on Form 10-K, available from our website at www.rangeresources.com or by written request to 100 Throckmorton Street, Suite 1200, Fort Worth, Texas 76102. You can also obtain this Form 10-K on the SEC’s website at www.sec.gov or by calling the SEC at 1-800-SEC-0330.

SOURCE: Range Resources Corporation

Range Investor Contacts:

Laith Sando
817-869-4267

Matt Schmid
817-869-1538

Range Media Contact:

Mark Windle
724-873-3223

RANGE RESOURCES CORPORATION
STATEMENTS OF OPERATIONS
Based on GAAP reported earnings with additional
details of items included in each line in Form 10-Q
(Unaudited, In thousands, except per share data)
	Three Months Ended June 30,												Six Months Ended June 30,
	2025				2024				%				2025				2024				%
Revenues and other income:
Natural gas, NGLs and oil sales (a)	$	666,638			$	478,450							$	1,458,558			$	1,045,451
Derivative fair value income (loss)		154,747				16,808								(4,210	)			63,406
Brokered natural gas and marketing		33,009				31,393								87,417				60,224
ARO settlement gain (loss) (b)		1				-								1				(26	)
Interest income (b)		1,762				3,376								4,815				6,319
Gain on sale of assets (b)		102				66								164				153
Other (b)		16				16								84				38
Total revenues and other income		856,275				530,109				62	%			1,546,829				1,175,565				32	%
Costs and expenses:
Direct operating		22,616				22,281								47,452				43,945
Direct operating - stock-based compensation (c)		504				471								1,041				968
Transportation, gathering, processing and compression		304,714				281,495								610,823				572,370
Taxes other than income		7,835				4,974								14,822				10,342
Brokered natural gas and marketing		34,183				33,513								91,544				64,408
Brokered natural gas and marketing - stock-based compensation (c)		802				583								1,642				1,291
Exploration		7,562				6,316								13,606				10,518
Exploration - stock-based compensation (c)		366				335								713				659
Abandonment and impairment of unproved properties		6,781				1,524								11,355				3,895
General and administrative		32,757				31,372								64,310				65,144
General and administrative - stock-based compensation (c)		9,326				8,482								19,437				18,460
General and administrative - lawsuit settlements		63				287								90				478
Exit costs		8,502				10,094								17,399				20,409
Deferred compensation plan (d)		(88	)			1,240								2,791				7,645
Interest expense		25,630				28,356								53,415				57,472
Interest expense - amortization of deferred financing costs (e)		1,166				1,357								2,542				2,717
Gain on early extinguishment of debt		-				(179	)							(3	)			(243	)
Depletion, depreciation and amortization		91,514				87,598								182,073				174,735
Total costs and expenses		554,233				520,099				7	%			1,135,052				1,055,213				8	%
Income before income taxes		302,042				10,010				2917	%			411,777				120,352				242	%
Income tax expense (benefit)
Current		4,645				2,399								6,645				3,981
Deferred		59,819				(21,093	)							70,502				(4,471	)
		64,464				(18,694	)							77,147				(490	)
Net income	$	237,578			$	28,704				728	%		$	334,630			$	120,842				177	%
Net income Per Common Share
Basic	$	0.99			$	0.12							$	1.40			$	0.50
Diluted	$	0.99			$	0.12							$	1.39			$	0.49
Weighted average common shares outstanding, as reported
Basic		238,187				241,125				-1	%			239,106				240,815				-1	%
Diluted		239,717				242,983				-1	%			240,772				242,766				-1	%
(a) See separate natural gas, NGLs and oil sales information table.
(b) Included in Other income in the 10-Q.
(c) Costs associated with stock compensation and restricted stock amortization, which have been reflected
in the categories associated with the direct personnel costs, which are combined with the cash costs in the 10-Q.
(d) Reflects the change in market value of the vested Company stock held in the deferred compensation plan.
(e) Included in interest expense in the 10-Q.

RANGE RESOURCES CORPORATION
BALANCE SHEET
(In thousands)	June 30,				December 31,
	2025				2024
	(Unaudited)				(Audited)
Assets
Current assets	$	272,616			$	636,982
Derivative assets		51,115				87,098
Natural gas and oil properties, net (successful efforts method)		6,535,097				6,421,700
Other property and equipment, net		2,736				2,465
Operating lease right-of-use assets		170,159				119,838
Other		73,388				79,592
	$	7,105,111			$	7,347,675
Liabilities and Stockholders' Equity
Current liabilities	$	580,744			$	1,263,247
Asset retirement obligations		1,189				1,189
Derivative liabilities		1,201				9,634
Bank debt		121,092				-
Senior notes, excluding current maturities		1,090,607				1,089,614
Deferred tax liabilities		611,873				541,378
Derivative liabilities		23,187				10,488
Deferred compensation liabilities		64,262				65,233
Operating lease liabilities		109,026				35,737
Asset retirement obligations and other liabilities		143,174				137,181
Divestiture contract obligation		232,062				257,317
		2,978,417				3,411,018
Common stock and retained deficit		4,761,293				4,449,987
Other comprehensive income		582				611
Common stock held in treasury		(635,181	)			(513,941	)
Total stockholders' equity		4,126,694				3,936,657
	$	7,105,111			$	7,347,675

RECONCILIATION OF TOTAL DEBT AS REPORTED
TO NET DEBT, a non-GAAP measure
(Unaudited, in thousands)
	June 30,				December 31,
	2025				2024				%
Total debt, net of deferred financing costs, as reported	$	1,211,699			$	1,697,883				-29	%
Unamortized debt issuance costs, as reported		13,301				10,819
Less cash and cash equivalents, as reported		(134	)			(304,490	)
Net debt, a non-GAAP measure	$	1,224,866			$	1,404,212				-13	%

RANGE RESOURCES CORPORATION
CASH FLOWS FROM OPERATING ACTIVITIES
(Unaudited, in thousands)
	Three Months Ended June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
Net income	$	237,578			$	28,704			$	334,630			$	120,842
Adjustments to reconcile net cash provided from continuing operations:
Deferred income tax expense (benefit)		59,819				(21,093	)			70,502				(4,471	)
Depletion, depreciation and amortization		91,514				87,598				182,073				174,735
Abandonment and impairment of unproved properties		6,781				1,524				11,355				3,895
Derivative fair value (income) loss		(154,747	)			(16,808	)			4,210				(63,406	)
Cash settlements on derivative financial instruments		31,466				128,057				36,039				250,430
Divestiture contract obligation, including accretion		8,502				10,062				17,399				20,329
Amortization of deferred financing costs and other		962				1,193				2,144				2,425
Deferred and stock-based compensation		11,047				11,122				26,130				29,337
Gain on sale of assets		(102	)			(66	)			(164	)			(153	)
Loss (gain) on early extinguishment of debt		-				(179	)			(3	)			(243	)
Changes in working capital:
Accounts receivable		96,785				(30,541	)			68,064				76,913
Other current assets		518				(13,461	)			(8,510	)			(22,405	)
Accounts payable		(27,023	)			(17,906	)			9,158				(5,718	)
Accrued liabilities and other		(26,912	)			(19,431	)			(86,754	)			(101,805	)
Net changes in working capital		43,368				(81,339	)			(18,042	)			(53,015	)
Net cash provided from operating activities	$	336,188			$	148,775			$	666,273			$	480,705
RECONCILIATION OF NET CASH PROVIDED FROM OPERATING
ACTIVITIES, AS REPORTED, TO CASH FLOW FROM OPERATIONS
BEFORE CHANGES IN WORKING CAPITAL, a non-GAAP measure
(Unaudited, in thousands)
	Three Months Ended June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
Net cash provided from operating activities, as reported	$	336,188			$	148,775			$	666,273			$	480,705
Net changes in working capital		(43,368	)			81,339				18,042				53,015
Exploration expense		7,562				6,316				13,606				10,518
Lawsuit settlements		63				287				90				478
Non-cash compensation adjustment and other		66				185				(109	)			84
Cash flow from operations before changes in working capital - non-GAAP measure	$	300,511			$	236,902			$	697,902			$	544,800
ADJUSTED WEIGHTED AVERAGE SHARES OUTSTANDING
(Unaudited, in thousands)
	Three Months Ended June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
Basic:
Weighted average shares outstanding		238,804				242,647				239,785				242,365
Stock held by deferred compensation plan		(617	)			(1,522	)			(679	)			(1,550	)
Adjusted basic		238,187				241,125				239,106				240,815
Dilutive:
Weighted average shares outstanding		238,804				242,647				239,785				242,365
Dilutive stock options under treasury method		913				336				987				401
Adjusted dilutive		239,717				242,983				240,772				242,766

RANGE RESOURCES CORPORATION
RECONCILIATION OF NATURAL GAS, NGLs AND OIL SALES
AND DERIVATIVE FAIR VALUE INCOME (LOSS) TO
CALCULATED CASH REALIZED NATURAL GAS, NGLs AND
OIL PRICES WITH AND WITHOUT THIRD-PARTY
TRANSPORTATION, GATHERING, PROCESSING AND
COMPRESSION COSTS, a non-GAAP measure
(Unaudited, In thousands, except per unit data)
	Three Months Ended June 30,												Six Months Ended June 30,
	2025				2024				%				2025				2024				%
Natural gas, NGLs and Oil Sales components:
Natural gas sales	$	397,955			$	209,652							$	888,332			$	481,127
NGLs sales		238,034				228,285								513,688				484,361
Oil sales		30,649				40,513								56,538				79,963
Total Natural Gas, NGLs and Oil Sales, as reported	$	666,638			$	478,450				39	%		$	1,458,558			$	1,045,451				40	%
Derivative Fair Value Income (Loss), as reported	$	154,747			$	16,808							$	(4,210	)		$	63,406
Cash settlements on derivative financial instruments - (gain) loss:
Natural gas		(29,114	)			(126,194	)							(33,843	)			(247,107	)
NGLs		(1,508	)			(1,978	)							(1,096	)			(1,901	)
Oil		(844	)			115								(1,100	)			(1,422	)
Total change in fair value related to commodity derivatives prior to
settlement, a non-GAAP measure	$	123,281			$	(111,249	)						$	(40,249	)		$	(187,024	)
Transportation, gathering, processing and compression components:
Natural Gas	$	154,704			$	153,040							$	312,223			$	303,152
NGLs		149,209				128,077								297,047				268,351
Oil		801				378								1,553				867
Total transportation, gathering, processing and compression, as reported	$	304,714			$	281,495							$	610,823			$	572,370
Natural gas, NGL and Oil sales, including cash-settled derivatives: (c)
Natural gas sales	$	427,069			$	335,846							$	922,175			$	728,234
NGLs sales		239,542				230,263								514,784				486,262
Oil Sales		31,493				40,398								57,638				81,385
Total	$	698,104			$	606,507				15	%		$	1,494,597			$	1,295,881				15	%
Production of natural gas, NGLs and oil during the periods (a):
Natural Gas (mcf)		136,297,159				136,099,063				0	%			272,260,589				268,749,303				1	%
NGLs (bbls)		10,029,051				9,376,810				7	%			19,949,040				19,137,533				4	%
Oil (bbls)		580,791				593,020				-2	%			1,004,370				1,203,299				-17	%
Gas equivalent (mcfe) (b)		199,956,211				195,918,043				2	%			397,981,049				390,794,295				2	%
Production of natural gas, NGLs and oil - average per day (a):
Natural Gas (mcf)		1,497,771				1,495,594				0	%			1,504,202				1,476,645				2	%
NGLs (bbls)		110,209				103,042				7	%			110,216				105,151				5	%
Oil (bbls)		6,382				6,517				-2	%			5,549				6,612				-16	%
Gas equivalent (mcfe) (b)		2,197,321				2,152,946				2	%			2,198,790				2,147,221				2	%
Average prices, excluding derivative settlements and before third-party
transportation costs:
Natural Gas (per mcf)	$	2.92			$	1.54				90	%		$	3.26			$	1.79				82	%
NGLs (per bbl)	$	23.73			$	24.35				-3	%		$	25.75			$	25.31				2	%
Oil (per bbl)	$	52.77			$	68.32				-23	%		$	56.29			$	66.45				-15	%
Gas equivalent (per mcfe) (b)	$	3.33			$	2.44				36	%		$	3.66			$	2.68				37	%
Average prices, including derivative settlements before third-party
transportation costs: (c)
Natural Gas (per mcf)	$	3.13			$	2.47				27	%		$	3.39			$	2.71				25	%
NGLs (per bbl)	$	23.88			$	24.56				-3	%		$	25.80			$	25.41				2	%
Oil (per bbl)	$	54.22			$	68.12				-20	%		$	57.39			$	67.63				-15	%
Gas equivalent (per mcfe) (b)	$	3.49			$	3.10				13	%		$	3.75			$	3.32				13	%
Average prices, including derivative settlements and after third-party
transportation costs: (d)
Natural Gas (per mcf)	$	2.00			$	1.34				49	%		$	2.24			$	1.58				42	%
NGLs (per bbl)	$	9.01			$	10.90				-17	%		$	10.91			$	11.39				-4	%
Oil (per bbl)	$	52.84			$	67.48				-22	%		$	55.84			$	66.91				-17	%
Gas equivalent (per mcfe) (b)	$	1.97			$	1.66				19	%		$	2.22			$	1.85				20	%
Transportation, gathering and compression expense per mcfe	$	1.52			$	1.44				6	%		$	1.53			$	1.47				4	%
(a) Represents volumes sold regardless of when produced.
(b) Oil and NGLs are converted at the rate of one barrel equals six mcfe based upon the approximate relative energy content of oil to natural gas, which is not necessarily
indicative of the relationship of oil and natural gas prices.
(c) Excluding third-party transportation, gathering, processing and compression costs.
(d) Net of transportation, gathering, processing and compression costs.

RANGE RESOURCES CORPORATION
RECONCILIATION OF INCOME BEFORE INCOME
TAXES AS REPORTED TO INCOME BEFORE INCOME TAXES
EXCLUDING CERTAIN ITEMS, a non-GAAP measure
(Unaudited, In thousands, except per share data)
	Three Months Ended June 30,												Six Months Ended June 30,
	2025				2024				%				2025				2024				%
Income from operations before income taxes, as reported	$	302,042			$	10,010				2917	%		$	411,777			$	120,352				242	%
Adjustment for certain special items:
Gain on the sale of assets		(102	)			(66	)							(164	)			(153	)
ARO settlement (gain) loss		(1	)			-								(1	)			26
Change in fair value related to derivatives prior to settlement		(123,281	)			111,249								40,249				187,024
Abandonment and impairment of unproved properties		6,781				1,524								11,355				3,895
Loss (gain) on early extinguishment of debt		-				(179	)							(3	)			(243	)
Lawsuit settlements		63				287								90				478
Exit costs		8,502				10,094								17,399				20,409
Brokered natural gas and marketing - stock-based compensation		802				583								1,642				1,291
Direct operating - stock-based compensation		504				471								1,041				968
Exploration expenses - stock-based compensation		366				335								713				659
General & administrative - stock-based compensation		9,326				8,482								19,437				18,460
Deferred compensation plan - non-cash adjustment		(88	)			1,240								2,791				7,645
Income before income taxes, as adjusted		204,914				144,030				42	%			506,326				360,811				40	%
Income tax expense, as adjusted
Current		4,645				2,399								6,645				3,981
Deferred (a)		42,485				30,728								109,810				79,006
Net income, excluding certain items, a non-GAAP measure	$	157,784			$	110,903				42	%		$	389,871			$	277,824				40	%
Non-GAAP income per common share
Basic	$	0.66			$	0.46				43	%		$	1.63			$	1.15				42	%
Diluted	$	0.66			$	0.46				43	%		$	1.62			$	1.14				42	%
Non-GAAP diluted shares outstanding, if dilutive		239,717				242,983								240,772				242,766
(a) Taxes are estimated to be approximately 23% for 2024 and 2025

RANGE RESOURCES CORPORATION
RECONCILIATION OF NET INCOME, EXCLUDING
CERTAIN ITEMS AND ADJUSTED EARNINGS PER
SHARE, non-GAAP measures
(In thousands, except per share data)
	Three Months Ended June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
Net income, as reported	$	237,578			$	28,704			$	334,630			$	120,842
Adjustments for certain special items:
Gain on the sale of assets		(102	)			(66	)			(164	)			(153	)
ARO settlement (gain) loss		(1	)			-				(1	)			26
Gain on early extinguishment of debt		-				(179	)			(3	)			(243	)
Change in fair value related to derivatives prior to settlement		(123,281	)			111,249				40,249				187,024
Abandonment and impairment of unproved properties		6,781				1,524				11,355				3,895
Lawsuit settlements		63				287				90				478
Exit costs		8,502				10,094				17,399				20,409
Stock-based compensation		10,998				9,871				22,833				21,378
Deferred compensation plan		(88	)			1,240				2,791				7,645
Tax impact		17,334				(51,821	)			(39,308	)			(83,477	)
Net income, excluding certain items, a non-GAAP measure	$	157,784			$	110,903			$	389,871			$	277,824
Net income per diluted share, as reported	$	0.99			$	0.12			$	1.39			$	0.49
Adjustments for certain special items per diluted share:
Gain on the sale of assets		-				-				-				-
ARO settlement (gain) loss		-				-				-				-
Gain on early extinguishment of debt		-				-				-				-
Change in fair value related to derivatives prior to settlement		(0.51	)			0.46				0.17				0.77
Abandonment and impairment of unproved properties		0.03				0.01				0.05				0.02
Lawsuit settlements		-				-				-				-
Exit costs		0.04				0.04				0.07				0.08
Stock-based compensation		0.05				0.04				0.09				0.09
Deferred compensation plan		-				0.01				0.01				0.03
Adjustment for rounding differences		(0.01	)			(0.01	)			-				-
Tax impact		0.07				(0.21	)			(0.16	)			(0.34	)
Dilutive share impact (rabbi trust and other)		-				-				-				-
Net income per diluted share, excluding certain items, a non-GAAP measure	$	0.66			$	0.46			$	1.62			$	1.14
Adjusted earnings per share, a non-GAAP measure:
Basic	$	0.66			$	0.46			$	1.63			$	1.15
Diluted	$	0.66			$	0.46			$	1.62			$	1.14

RANGE RESOURCES CORPORATION
RECONCILIATION OF CASH MARGIN PER MCFE, a non-
GAAP measure
(Unaudited, In thousands, except per unit data)
	Three Months Ended June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
Revenues
Natural gas, NGLs and oil sales, as reported	$	666,638			$	478,450			$	1,458,558			$	1,045,451
Derivative fair value income (loss), as reported		154,747				16,808				(4,210	)			63,406
Less non-cash fair value (gain) loss		(123,281	)			111,249				40,249				187,024
Brokered natural gas and marketing, as reported		33,009				31,393				87,417				60,224
Other income, as reported		1,881				3,458				5,064				6,484
Less gain on sale of assets		(102	)			(66	)			(164	)			(153	)
Less ARO settlement		(1	)			-				(1	)			26
Cash revenues		732,891				641,292				1,586,913				1,362,462
Expenses
Direct operating, as reported		23,120				22,752				48,493				44,913
Less direct operating stock-based compensation		(504	)			(471	)			(1,041	)			(968	)
Transportation, gathering and compression, as reported		304,714				281,495				610,823				572,370
Taxes other than income, as reported		7,835				4,974				14,822				10,342
Brokered natural gas and marketing, as reported		34,985				34,096				93,186				65,699
Less brokered natural gas and marketing stock-based compensation		(802	)			(583	)			(1,642	)			(1,291	)
General and administrative, as reported		42,146				40,141				83,837				84,082
Less G&A stock-based compensation		(9,326	)			(8,482	)			(19,437	)			(18,460	)
Less lawsuit settlements		(63	)			(287	)			(90	)			(478	)
Interest expense, as reported		26,796				29,713				55,957				60,189
Less amortization of deferred financing costs		(1,166	)			(1,357	)			(2,542	)			(2,717	)
Cash expenses		427,735				401,991				882,366				813,681
Cash margin, a non-GAAP measure	$	305,156			$	239,301			$	704,547			$	548,781
Mmcfe produced during period		199,956				195,918				397,981				390,794
Cash margin per mcfe	$	1.53			$	1.22			$	1.77			$	1.40
RECONCILIATION OF INCOME BEFORE INCOME TAXES
TO CASH MARGIN, a non-GAAP measure
(Unaudited, in thousands, except per unit data)
	Three Months Ended June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
Income before income taxes, as reported	$	302,042			$	10,010			$	411,777			$	120,352
Adjustments to reconcile income before income taxes
to cash margin:
ARO settlements		(1	)			-				(1	)			26
Derivative fair value (income) loss		(154,747	)			(16,808	)			4,210				(63,406	)
Net cash receipts on derivative settlements		31,466				128,057				36,039				250,430
Exploration expense		7,562				6,316				13,606				10,518
Lawsuit settlements		63				287				90				478
Exit costs		8,502				10,094				17,399				20,409
Deferred compensation plan		(88	)			1,240				2,791				7,645
Stock-based compensation (direct operating, brokered natural gas and		10,998				9,871				22,833				21,378
marketing and general and administrative)
Bad debt expense		-				-				-				-
Interest - amortization of deferred financing costs		1,166				1,357				2,542				2,717
Depletion, depreciation and amortization		91,514				87,598				182,073				174,735
Gain on sale of assets		(102	)			(66	)			(164	)			(153	)
Gain on early extinguishment of debt		-				(179	)			(3	)			(243	)
Abandonment and impairment of unproved properties		6,781				1,524				11,355				3,895
Cash margin, a non-GAAP measure	$	305,156			$	239,301			$	704,547			$	548,781

FAQ

What were Range Resources (RRC) Q2 2025 earnings per share?

Range Resources reported GAAP earnings of $0.99 per diluted share and adjusted earnings of $0.66 per diluted share in Q2 2025.

How much cash did Range Resources (RRC) return to shareholders in Q2 2025?

Range returned $74 million to shareholders, consisting of $53 million in share repurchases at an average price of $36.35 per share and $21 million in dividends.

What is Range Resources (RRC) production guidance for 2025?

Range Resources increased its 2025 production guidance to approximately 2.225 Bcfe per day, with liquids expected to be over 30% of production.

What is Range Resources (RRC) capital expenditure guidance for 2025?

Range Resources lowered its 2025 capital expenditure guidance to $650-680 million, reduced from the previous guidance of $650-690 million.

What was Range Resources (RRC) average realized price in Q2 2025?

Range's average realized price, including hedges, was $3.49 per mcfe, with natural gas at $3.13/mcf, NGLs at $23.88/bbl, and oil at $54.22/bbl.