Financial Data and Key Metrics Changes - In Q2 2025, Range Resources reported all-in capital expenditures of $154 million, generating production of 2.2 Bcf equivalent per day, with year-to-date capital tracking better than planned [10][11] - The company lowered the high end of its capital guidance to $680 million without altering planned operational activity, expecting annual production to exceed prior guidance [11][12] - Year-to-date, the company repurchased $120 million in shares and paid $43 million in dividends, returning $646 million to equity holders, approximately 7% of Range's market cap [20][21] Business Line Data and Key Metrics Changes - Range operated two horizontal rigs during Q2, drilling approximately 284,000 lateral feet across 20 laterals, averaging over 14,200 feet per well [12] - The drilling team set a new quarterly record by averaging approximately 6,250 lateral feet per day, while the completion team executed eight twelve frac stages, setting a new company record for the most stages pumped by a single crew in a quarter [12][13] Market Data and Key Metrics Changes - Natural gas inventory finished the quarter at approximately 3 TCF, down 6% from the prior year, supported by record high LNG feed gas, which reached over 17 Bcf per day in Q2 [14] - US NGL exports increased by 5% to 475,000 barrels per day for ethane and 1,800,000 barrels per day for propane compared to Q2 last year, with expectations for significant growth in export capacity [16][80] Company Strategy and Development Direction - Range's growth plans aim for approximately 20% growth through 2027, capitalizing on increasing demand for natural gas and NGLs, particularly in Pennsylvania [7][9] - The company emphasizes maintaining a disciplined reinvestment rate while delivering growth and shareholder returns, supported by low capital intensity and operational efficiencies [9][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong future demand for natural gas and NGLs, highlighting the company's financial strength and operational capabilities to meet this demand [17][18] - The management team noted that the natural gas market is expected to add 8.5 Bcf per day of new demand over the next eighteen months, which is supportive of near-term fundamentals [14] Other Important Information - Range achieved net zero for combined scope one and two greenhouse gas emissions this year, with an 83% reduction in methane emissions intensity over the last five years [17] - The company is preparing to launch its annual RFP for services for 2026, expecting to maintain a leading position on well cost and capital efficiency [14] Q&A Session Summary Question: Supply agreements and market oversupply concerns - Management acknowledged the significant interest in supply agreements and expressed confidence in Range's ability to meet future demand while managing production levels to avoid oversupply [32][36] Question: Future capital additions and growth - Management indicated that growth will be driven by clear demand signals and that they are focused on maximizing shareholder value through share buybacks and prudent growth strategies [39][44] Question: Contribution to in-basin demand growth - Management stated that Range has the capability to significantly contribute to in-basin demand growth, potentially doubling its current production base over the next decade [52][53] Question: Pricing dynamics and competitive positioning - Management highlighted the importance of surety of supply and competitive pricing structures in securing long-term contracts with customers, emphasizing Range's experience in structuring favorable deals [56][59] Question: Lateral footage requirements for growth targets - Management noted that they have been building lateral footage inventory over the past 24 months and are well-positioned to meet future growth targets with their current operational setup [99]

Financial Data and Key Metrics Changes - In Q2 2025, the company reported capital expenditures of $154 million while generating production of 2.2 Bcf equivalent per day [8] - Year-to-date capital expenditures are tracking better than planned, with approximately $300 million invested in development and land capital in the first half of the year [10] - The company lowered the high end of its capital guidance to $680 million without altering planned operational activity [10] - The company expects annual production to exceed prior guidance, with production anticipated to be flat at 2.2 Bcf equivalent per day in Q3 and increasing to approximately 2.3 Bcf equivalent per day in Q4 [10][11] Business Line Data and Key Metrics Changes - The company operated two horizontal rigs during Q2, drilling approximately 284,000 lateral feet across 20 laterals, averaging over 14,200 feet per well [11] - The drilling team set a new quarterly record by averaging approximately 6,250 lateral feet per day [11] - The completion team executed eight twelve frac stages, setting a new company record for the most stages pumped by a single crew in a quarter, a 7% increase over the previous record [11] Market Data and Key Metrics Changes - Natural gas inventory finished the quarter at approximately 3 TCF, down 6% from the prior year, supported by record high LNG feed gas [13] - The U.S. natural gas market is expected to add 8.5 Bcf per day of new demand over the next eighteen months [13] - U.S. NGL exports continue to outperform, with ethane and propane exports increasing by 5% year-over-year [15] Company Strategy and Development Direction - The company aims for approximately 20% growth through 2027, positioning itself to benefit from increasing demand for natural gas and NGLs [6] - The company emphasizes maintaining a disciplined reinvestment rate while delivering significant returns to shareholders [7] - The company is focused on operational efficiency and capital returns, with a strong balance sheet allowing for opportunistic investments [21][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future of natural gas and NGLs, citing significant demand both globally and within Appalachia [18] - The company believes it is well-positioned to capitalize on strategic advantages, maintaining superior full-cycle margins through operational efficiency [28] - Management highlighted the importance of inventory quality and execution capability in addressing future demand [36] Other Important Information - The company achieved net zero for combined scope one and two greenhouse gas emissions and reduced methane emissions intensity by 83% over the last five years [17] - The effective cash tax rate is expected to be in the low single digits for 2025, improving to mid-single digits in 2026 and high single digits in 2027 [25] Q&A Session Summary Question: Supply agreements and market oversupply concerns - Management acknowledged ongoing discussions about supply agreements and emphasized the importance of inventory quality and execution capability in addressing future demand [34][36] Question: Adding capital for long-term growth - Management indicated that growth will be driven by clear demand signals and that they are prepared to deliver to both in-basin and long-haul transport demand [43] Question: Contribution to in-basin demand growth - Management expressed confidence in their ability to participate significantly in future demand growth due to their inventory and operational efficiency [52] Question: Pricing dynamics and competitive landscape - Management noted that surety of supply and inventory quality are critical for securing long-term contracts, and they are exploring various pricing structures to meet customer needs [56][58] Question: Lateral footage requirements for growth targets - Management stated that they have been building inventory over the past 24 months and are well-positioned to utilize this inventory to meet growth targets [99]

Company Overview - Range Resources is a top 10 U S producer of natural gas and NGLs, focused on the Appalachian Basin with over 30 years of core Marcellus inventory[6, 7] - The company expects to grow production by approximately 20% through 2027 with a reinvestment rate of less than 50%[12] - Range Resources has approximately 440,000 net acres in Southwest Pennsylvania and approximately 70,000 net acres in Northeast Pennsylvania[14] Financial Performance and Outlook - The company has demonstrated a history of durable free cash flow through commodity cycles[19] - Cumulative free cash flow from 2025 to 2027 is projected to be approximately $2 5 billion[28] - 2025 capital expenditures are guided at $650-$680 million[28, 33] Market Access and Diversification - Approximately 30% of Range's natural gas is directed to the Midwest, approximately 25% to the Gulf Coast, and approximately 25% to LNG and premium Gulf markets[17] - The company has secured 250 Mmcf/d of incremental natural gas takeaway accessing growing demand in Midwest and Gulf Coast markets in 2026[28] - Range Resources has 20 MBD of NGL takeaway and export capacity utilizing a new East Coast terminal in 2026[28] Natural Gas and NGL Fundamentals - U S LNG exports have grown from approximately 0 Bcf/d in 2015 to approximately 15 Bcf/d in early 2025[64] - Total U S demand growth of +27 Bcf/d is expected through 2030 from LNG and pipeline exports to Mexico, industrial and electric power demand growth[72] - The call on incremental U S supply for global LPG demand is approximately 870 MBD from 2025-2030[92] ESG Initiatives - The company achieved Net Zero for 2024 Scope 1 and 2 GHG emissions[105] - Range Resources has achieved an 83% reduction in methane emissions intensity since 2019[105] - In 2024, 56% of total water used for operations was reuse water[105]

Group 1 - Range Resources (NYSE: RRC) has underperformed the overall market despite being rated as 'Outperform/Buy' [1] - The investment strategy focuses on generating alpha through a generalist approach across various sectors, with a typical holding period of a few quarters to multiple years [1] - The research methodology includes maintaining comprehensive spreadsheets with historical financial data, key metrics, guidance trends, and performance indicators [1] Group 2 - The analyst emphasizes the importance of assessing a company's delivery and outlook on five key drivers of DCF valuation: revenues, costs and margins, cash flow conversion, capex and investments, and interest rates [1] - There is no current stock or derivative position in any mentioned companies, and no plans to initiate such positions within the next 72 hours [1]

分组1 - Range Resources reported quarterly earnings of $0.66 per share, exceeding the Zacks Consensus Estimate of $0.61 per share, and showing an increase from $0.46 per share a year ago, resulting in an earnings surprise of +8.20% [1] - The company achieved revenues of $732.89 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.20%, and up from $641.29 million year-over-year [2] - Over the last four quarters, Range Resources has consistently surpassed consensus EPS and revenue estimates [2] 分组2 - The stock has underperformed, losing about 1.9% since the beginning of the year, compared to the S&P 500's gain of 7.2% [3] - The current consensus EPS estimate for the upcoming quarter is $0.68 on revenues of $748.52 million, and for the current fiscal year, it is $3.02 on revenues of $3.15 billion [7] - The Zacks Industry Rank for Oil and Gas - Exploration and Production - United States is in the bottom 28% of over 250 Zacks industries, indicating potential challenges for the sector [8]

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR (State or Other Jurisdiction of Incorporation or Organization) Delaware 34-1312571 (IRS Employer Identification No.) 100 Throckmorton Street, Suite 1200 Fort Worth, Texas 76102 (Address of p ...

Core Insights - Range Resources Corporation reported strong financial results for the second quarter of 2025, highlighting efficiency gains and consistent well performance that contributed to significant free cash flow and operational momentum [3][5][7]. Financial Performance - GAAP revenues for Q2 2025 reached $856 million, a 62% increase from $530 million in Q2 2024 [5][37]. - GAAP net income was $238 million, or $0.99 per diluted share, compared to $28.7 million, or $0.12 per diluted share in the same quarter last year, marking a 728% increase [5][38]. - Cash flow from operations was $336 million, with adjusted net income of $158 million, or $0.66 per diluted share [6][7]. Operational Efficiency - The company achieved a production average of 2.20 Bcfe per day, with approximately 68% being natural gas [7]. - Total cash unit costs increased by 5% to $1.97 per mcfe compared to $1.88 per mcfe in Q2 2024 [8]. - Capital expenditures for Q2 2025 were $154 million, representing about 23% of the annual budget [7][11]. Shareholder Returns - Range Resources returned $74 million to shareholders through share repurchases and dividends, repurchasing $53 million worth of shares [3][7][9]. - The company reduced its net debt to $1.2 billion, down from $1.7 billion [3][10][43]. Production and Pricing Guidance - The company updated its 2025 production guidance to approximately 2.225 Bcfe per day, up from the previous estimate of 2.2 Bcfe per day [15]. - The expected natural gas differential for 2025 is projected to average between ($0.40) to ($0.48) relative to NYMEX [11][18]. Future Outlook - Range Resources is well-positioned to capitalize on in-basin demand opportunities and a global call for natural gas, supported by its high-quality inventory [3][4]. - The company plans to continue its countercyclical investments in drilled inventory to support future growth [3][12].

Core Viewpoint - Range Resources Corporation (RRC) has shown resilience with a 5.5% share price increase over the past six months, contrasting with a 20.7% decline in the oil-energy sector and a 3.6% rise in the S&P 500 composite [1][6] Financial Performance - RRC's market capitalization stands at $9.3 billion [1] - The Zacks Consensus Estimate projects a 38.3% year-over-year increase in RRC's 2025 earnings per share (EPS) and a 14.3% rise in revenues to $3.2 billion [3][6] - The company has achieved a 34.3% earnings growth over the last five years, surpassing the industry average of 26.1% [3] - Long-term earnings growth is anticipated at 40.8%, exceeding the industry average of 20.5% [4] Valuation and Price Targets - The average price target for RRC, based on 22 analysts, is $42.18 per share, indicating an 8.26% upside from the last closing price [5] - RRC is currently trading at a trailing 12-month EV/EBITDA of 10.01X, which is lower than the broader industry average of 11.07X [8] - The 2026E EV/EBITDA multiple is projected at 6.5X, significantly below sector peers and broader equity indices [14] Cash Flow and Capital Management - RRC has consistently generated free cash flow, with a cumulative $3.2 billion from 2021 to 2024 [13] - The forecast for 2025 free cash flow exceeds $450 million, with potential to surpass $1 billion at $4.50/MMBtu natural gas prices [6][13] - The company operates with a capital reinvestment rate below 50%, allowing for a production growth of approximately 20% through 2027 while returning capital to shareholders [13] Resource Base and Operational Efficiency - RRC holds over 30 years of high-quality, undrilled Marcellus inventory, with approximately 28 million lateral feet of drilling potential [10] - The inventory breaks even at natural gas prices below $2.50/MMBtu, with some assets viable under $2.00/MMBtu [12] - The company benefits from low capital intensity and peer-leading well costs, enabling sustained value creation even in modest commodity price scenarios [15] Environmental, Social, and Governance (ESG) Practices - RRC achieved net-zero Scope 1 and 2 greenhouse gas emissions in 2024 and reduced methane intensity by 83% since 2019 [16] - The company recycles more than 100% of its produced water and has implemented an extensive leak detection program [16] - These practices enhance stakeholder relations and support a long-term license to operate in Appalachia [17]

Core Viewpoint - Range Resources Corporation will release its second quarter 2025 financial results on July 22, 2025, after the market closes [1] Group 1 - A conference call to discuss the financial results is scheduled for July 23, 2025, at 9:00 a.m. ET [2] - The conference call will be available via webcast, which will be archived for replay until August 23, 2025 [2] - Range Resources Corporation is a leading independent natural gas and NGL producer, primarily operating in the Appalachian Basin [3]

Core Insights - Range Resources Corporation published its 2024-2025 Corporate Sustainability Report, emphasizing its commitment to sustainable energy development [1] - The CEO highlighted the integration of operational excellence and environmental responsibility as key to delivering sustainable performance and long-term value [2] Corporate Sustainability Report Highlights - Achieved Net Zero Scope 1 and 2 GHG emissions for 2024, ahead of the 2025 goal, through direct emissions reductions and verified carbon offsets [3] - GHG emissions intensity reduced by 43% and methane emissions intensity reduced by 83% since 2019, surpassing initial targets [3] - Total number of reportable spills ≥ 1 bbl decreased by 33% compared to 2023 [7] - Approximately 100% of flowback and produced water from operations was recycled [7] Environmental Stewardship and Safety - Received an "A" grade MiQ certification for all production [7] - DART Rate of 0.17 and TRIR of 0.33, indicating strong safety performance [7] - Employees completed over 3,000 hours of safety training, with an average tenure of ~10 years [7] Community Impact and Governance - Paid over $5 billion in impact fees, royalties, lease payments, and charitable contributions benefiting Pennsylvania communities [7] - Invested $1.2 million into communities, including $213,500 to first responders [7] - Employees volunteered a record 3,100+ hours for community organizations [7] Reporting Standards and Frameworks - The Sustainability Report aligns with best practice sustainability reporting standards, including GRI, SASB, IPIECA, TCFD, and AXPC ESG Metrics Framework [8]