Range Announces First Quarter 2025 Results

Core Insights - Range Resources Corporation reported strong financial results for the first quarter of 2025, highlighting efficient operations, consistent well performance, and robust free cash flow [3][5][7]. Financial Performance - GAAP revenues for Q1 2025 totaled $691 million, with net cash provided from operating activities at $330 million and net income of $97 million ($0.40 per diluted share) [5][9]. - Cash flow from operations before changes in working capital was $397 million, and adjusted net income was $232 million ($0.96 per diluted share) [6][7]. - The company repurchased $68 million of shares and paid $22 million in dividends, while reducing net debt by $42 million [7][9]. Production and Pricing - Average production for Q1 2025 was 2.20 Bcfe per day, with approximately 69% being natural gas [7][8]. - Realized price, including hedges, was $4.02 per mcfe, with natural gas differential of ($0.15) per mcf to NYMEX [7][8][12]. - Natural gas sales increased to $490 million from $271 million year-over-year, while NGL sales rose to $276 million from $256 million [50]. Cost Structure - Total cash unit costs increased by 3% to $2.01 per mcfe compared to Q1 2024 [6][8]. - Direct operating costs per mcfe rose by 18% to $0.13, while transportation, gathering, processing, and compression costs increased by 4% to $1.55 [6][8]. Capital Expenditures and Guidance - Capital spending for Q1 2025 was $147 million, representing approximately 22% of the annual budget [7][11]. - The company expects its 2025 all-in capital budget to be between $650 million and $690 million, with annual production projected at approximately 2.2 Bcfe per day [16][18]. Strategic Initiatives - Range is collaborating with Liberty Energy Inc. and Imperial Land Corporation to supply natural gas to a proposed power generation facility in Pennsylvania, aimed at attracting data centers and industrial operations [15][16]. - The company plans to exit 2025 with approximately 400,000 lateral feet of surplus inventory to support future development [13].