Range Announces Third Quarter 2025 Results

Core Insights - Range Resources Corporation reported strong third quarter 2025 financial results, highlighting significant free cash flow generation, share repurchases, and dividends while maintaining a stable net debt level of $1.2 billion [3][5][11]. Financial Performance - GAAP revenues for Q3 2025 were $749 million, with net cash provided from operating activities at $248 million and net income of $144 million ($0.60 per diluted share) [5][38]. - Adjusted net income, a non-GAAP measure, was $135 million ($0.57 per diluted share) [6][5]. - Cash flow from operations before changes in working capital was $279 million [6][48]. Cost Structure - Total cash unit costs decreased by 3% year-over-year to $1.91 per mcfe, with direct operating expenses down 8% to $0.11 per mcfe [6][8]. - Interest expense decreased by 21% to $0.11 per mcfe [6]. Production and Pricing - Average production for Q3 2025 was 2.23 Bcfe per day, with natural gas comprising approximately 69% of total production [7][8]. - Realized price for natural gas, including hedges, was $3.29 per mcfe, representing a $0.22 premium over NYMEX [7][9]. Shareholder Returns - The company repurchased $56 million in shares and paid $21 million in dividends during the quarter [7][10]. - As of September 30, 2025, Range had approximately $839 million available under its share repurchase program [10]. Capital Expenditures - Capital spending for Q3 2025 was $190 million, representing about 29% of the annual budget [7][12]. - Total capital spending through Q3 was $491 million, or approximately 74% of the 2025 capital budget [12]. Debt and Financial Position - As of September 30, 2025, net debt was approximately $1.23 billion, with a new revolving bank credit facility established, maturing in 2030 [11][11]. - The amended facility maintains a maximum of $4.0 billion and an initial borrowing base of $3.0 billion [11]. Guidance - The company updated its 2025 capital budget to $650 million - $680 million and expects annual production of approximately 2.23 Bcfe per day [16]. - Direct operating expenses are projected to remain between $0.12 - $0.13 per mcfe for 2025 [17].