Range Resources Corporation

What they do

Range Resources is a Fort Worth, Texas-based independent producer engaged in the exploration, development and acquisition of natural gas, NGLs and oil properties. Its principal area of operations is the Marcellus Shale in Pennsylvania, with corporate offices in Fort Worth and field offices in its operating area. As of December 31, 2025, the company had 1,579 gross (1,499 net) operating producing wells that averaged 2.24 Bcfe per day of production for the year.

Revenue drivers

• Natural gas — Comprised approximately 65% of estimated net proved reserves of 18.1 Tcfe as of December 31, 2025, and about 67% of second quarter 2026 production.
• NGLs — Accounted for approximately 34% of proved reserves as of year-end 2025; second quarter 2026 pre-hedge NGL realizations were $29.10 per barrel, a $3.49 premium over Mont Belvieu equivalent.
• Oil (predominately condensate) — Represented only about 1% of proved reserves as of December 31, 2025, making it the smallest product line.

Recent performance

For second quarter 2026, Range reported GAAP revenues and other income of $834 million, GAAP net income of $195 million ($0.83 per diluted share), and cash flow from operating activities of $235 million. Cash flow from operations before working capital changes was $333 million. Production averaged 2.30 Bcfe per day, with realized price including hedges of $3.53 per mcfe, a $0.64 premium to NYMEX natural gas. The company repurchased $78 million of shares and paid $24 million in dividends during the quarter, and capital spending was $222 million, approximately 33% of the annual 2026 budget.

Strategy

Range's stated objective is to build stockholder value through returns-focused development of its natural gas, NGLs and oil properties in the Appalachian region. The strategy centers on generating consistent cash flows from reserves and production through internally generated drilling projects, occasionally coupled with complementary acquisitions and dispositions. Key elements include concentrating operations in Pennsylvania, committing to environmental protection and safety, and using technology and detailed analysis to improve results. Management also emphasizes maintaining a strong financial position and prioritizing returns of capital to shareholders while retaining flexibility to shape capital reinvestment plans as demand materializes.

Risks

• Commodity price volatility — Natural gas, NGL and oil prices are volatile and cyclical; approximately 65% of proved reserves were natural gas as of December 31, 2025, making the company especially sensitive to natural gas price declines.
• Concentration in Appalachian region — Operations are concentrated in the Commonwealth of Pennsylvania, so adverse regional events, regulatory changes, or infrastructure constraints could disproportionately affect the company.
• Dependence on gathering and transportation — The company relies on third-party gathering, processing, and transportation arrangements to move production to market, and disruptions or cost increases could harm results.
• Regulatory and environmental compliance — Oil and gas operations are subject to extensive environmental and safety regulations; noncompliance or new rules could increase costs or limit development.

Outlook

Management expects steadily increasing demand for natural gas will require additional supply from Appalachia, which it describes as the lowest-cost, longest-duration natural gas basin in the United States. Range believes its Marcellus inventory, diverse marketing access, and advantaged cost structure position it to supply both domestic and international demand growth while consistently returning capital to shareholders. The company anticipates having flexibility to adjust capital reinvestment plans as demand materializes, with development plans announced through 2027.