Range Resources (NYSE:RRC) Q4 2025 Earnings call February 25, 2026 09:00 AM ET Company ParticipantsDennis Degner - CEOKevin MacCurdy - Managing DirectorLaith Sando - SVP of Investor RelationsMark Scucchi - CFOMichael Scialla - Managing DirectorScott Hanold - Managing DirectorConference Call ParticipantsDouglas Leggate - Senior Research AnalystJacob Roberts - Director and Equity Research AnalystJohn Annis - Senior Research AnalystNeil Mehta - Managing Director and Senior Equity Research AnalystPhillip Jungwi ...

Range Resources (NYSE:RRC) Q4 2025 Earnings call February 25, 2026 09:00 AM ET Company ParticipantsDennis Degner - CEOKevin MacCurdy - Managing DirectorLaith Sando - SVP of Investor Relations at Range ResourcesMark Scucchi - CFOMichael Scialla - Managing DirectorScott Hanold - Managing DirectorConference Call ParticipantsDouglas Leggate - Senior Research AnalystJacob Roberts - Director and Equity Research AnalystJohn Annis - Senior Research AnalystNeil Mehta - Managing Director and Senior Equity Research An ...

Company Presentation February 2026 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 ...

Financial Data and Key Metrics Changes - In 2025, the company generated over $750 million in free cash flow, which was used to reduce debt by over $300 million, repurchase $136 million of stock, and invest more than $250 million in acquisitions [20][21] - The company achieved a new record of 19 stages per day for a single completion crew in Q4 2025, with an average of over 14 stages per day for the full year, representing an 8% increase from 2024 [20] - The drilling team averaged under 5 drilling days per 10,000 feet, which is 4% faster than the 2024 average [20] Business Line Data and Key Metrics Changes - The HG Energy acquisition added 385,000 net acres and over 400 drilling locations, extending the core inventory life by 5 years [6] - The transaction is expected to lower the company's cost structure by nearly 10%, which will further reduce peer-leading break-even prices [7] Market Data and Key Metrics Changes - The NGL market faced headwinds in 2025, with propane inventories higher than expected due to trade tensions and operational issues at export terminals [8][9] - Despite these challenges, demand for propane remained strong, with storage levels expected to return to normal by the end of 2026 [11] - Natural gas demand was robust, with residential and commercial demand averaging nearly 42 BCF per day during winter, resulting in a significant increase compared to the five-year average [13][15] Company Strategy and Development Direction - The company aims to expand its core Marcellus position and increase dry gas exposure to capture demand from LNG exports and regional power generation [6][18] - The strategic initiatives include adding hedges to lock in attractive free cash flow yields and reducing cash costs to expand margins [5][7] - The company is positioned to capitalize on significant natural gas demand growth expected from LNG and regional power demand [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate through challenging weather conditions without experiencing shut-in volumes [4] - The company anticipates that higher LNG demand and reduced storage levels in Europe will support robust U.S. LNG exports [16] - Management highlighted the flexibility of their capital program, allowing for adjustments based on market conditions and gas prices [29][30] Other Important Information - The company issued its inaugural investment-grade bonds, providing substantial flexibility alongside free cash flow generation [5] - The acquisition of HG Energy is expected to enhance the company's competitive advantage in the region due to increased production and improved cost structure [18][24] Q&A Session Summary Question: Growth capital and in-basin demand - Management indicated that maintaining a steady state program with three rigs and two completion crews would result in growth, with flexibility to defer capital expenditures based on gas prices [28][30] Question: Free cash flow usage and debt targets - Management stated there are no specific debt targets, but they are positioned to be opportunistic in share buybacks while also focusing on debt reduction [32][33] Question: Synergies from the HG deal - Management reported that synergies from the HG acquisition are better than expected, with improvements in cost structure and local gas demand [36][37] Question: Production ramp and acquired assets - Management clarified that the production ramp is as expected, with a forecast of 4.1 Bcfe per day for 2026 and potential growth to 4.5 Bcfe per day in 2027 [43][44] Question: NGL pricing and export capacity - Management noted that international pricing is driving forecasts for C3 prices, with ongoing debottlenecking in the Gulf Coast expected to improve export capacity [46][47] Question: Winter gas realizations and hedging - Management confirmed that they participated in favorable pricing during winter and are considering layering in incremental hedges for 2027 [52][54] Question: Cost structure changes - Management indicated a potential $0.25 improvement in cost structure, with variable components affecting costs based on natural gas prices [60][61] Question: Power supply deals and demand - Management highlighted ongoing conversations for gas supply to utilities and data centers, indicating strong demand growth in the region [64][102]

Crude Oil Logistics 84% 8% 8% $15.36MM Investor Presentation February 2026 NYSE: NGL Company Overview Water Solutions 84% 8% 8% $15.20MM 1. EBITDA values reflect Q3 Fiscal 2026 and does not include corporate or discontinued operations 2 84% 8% 8% Logistics NGL Total EBITDA by Segment $185.06 MM(1) $154.50 MM ▪ Provides water transportation, treating, recycling, and handling services for upstream customers ▪ Largest integrated water solutions network of injection wells and large diameter pipe in the Delaware ...

Financial Data and Key Metrics Changes - Gulfport Energy reported net cash provided by operating activities before changes in working capital of approximately $198 million during Q3 2025, which more than funded capital expenditures and common share repurchases [16] - Adjusted EBITDA for the quarter was approximately $213 million, with adjusted free cash flow of approximately $103 million, including about $12.4 million of discretionary capital expenditures [16] - The all-in realized price for Q3 was $3.37 per Mcfe, reflecting a premium of $0.30 above the NYMEX Henry Hub Index price [16][17] Business Line Data and Key Metrics Changes - Average daily production totaled 1.12 billion cubic feet equivalent per day, an increase of 11% over Q2 2025, with a full-year production target of approximately 1.04 billion cubic feet equivalent per day [7] - The company achieved a significant milestone by completing the redemption of preferred equity, simplifying its capital structure and complementing its ongoing equity repurchase program [6][20] Market Data and Key Metrics Changes - Gulfport's marketing and takeaway arrangements improved realized prices, with firm transportation agreements accessing markets that averaged more than $0.50 above the NYMEX Henry Hub index price during Q3 [18] - The company noted an exciting time for the natural gas market driven by LNG expansion and increased demand for natural gas power generation [17] Company Strategy and Development Direction - Gulfport is focused on expanding and responsibly developing high-quality low breakeven inventory while prioritizing shareholder returns [15] - The company has invested over $100 million since mid-2023 towards high-quality, low breakeven locations, enhancing optionality across its portfolio [5] - Gulfport plans to allocate approximately $325 million to common stock repurchases during the year while maintaining financial leverage at or below 1x [10][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the natural gas market and the company's ability to benefit from improving fundamentals, with a focus on operational execution and optimization [17][27] - The company is positioned to deliver offsetting volumes into a favorable economic commodity price environment, with proactive capital investments planned for 2025 [10][18] Other Important Information - Gulfport's gross undeveloped inventory has increased by more than 40% since year-end 2022, now estimated at approximately 700 gross locations [5] - The company has returned $785 million to shareholders since March 2022 and plans to allocate an incremental $125 million towards repurchases during Q4 2025 [6][20] Q&A Session Summary Question: Improvement in well results - Management highlighted the team's focus on operational execution and optimization of completions and drilling, leading to improved well results [25][26] Question: Capital allocation strategy - Management discussed the balance between share buybacks and potential M&A opportunities, emphasizing the attractiveness of organic growth through existing assets [32][33] Question: Appraisal development wells - The decision to add appraisal development wells this year was driven by robust cash flow and favorable commodity prices, positioning the company for future growth [37][41] Question: Production shape and guidance - Management indicated a front-loaded capital program, expecting strong production in Q3 and Q4, with a slight dip in early 2026 due to midstream constraints [51][54] Question: NGL recoveries and marketing - The company reported strong NGL recoveries from new developments, with favorable contracts enhancing netbacks despite market challenges [94][96] Question: Ohio Energy Opportunity Initiative - Management noted increasing interest in Ohio for data center development and natural gas demand, viewing it as a positive momentum for the region [101][104]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2025 was reported at $2.4 billion, with distributable cash flow (DCF) of $1.8 billion, providing a coverage ratio of 1.5 times [10][18] - Net income attributable to common unitholders was $1.3 billion, or $0.61 per common unit on a fully diluted basis [14] - The partnership declared a distribution of $0.545 per common unit, representing a 3.8% increase over the same period in 2024 [14] Business Line Data and Key Metrics Changes - The PDH plants showed improvement, with PDH1 averaging 95% of nameplate capacity, while PDH2 resumed operations after a turnaround [11] - Total capital investments in Q3 2025 were $2 billion, including $1.2 billion for growth capital projects and $583 million for the acquisition of natural gas gathering systems [17] Market Data and Key Metrics Changes - The company expects an inflation inflection point in discretionary free cash flow in 2026, following a four-year period of significant investments [16] - The consolidated leverage ratio was reported at 3.3 times on a net basis, above the target range of 2.75 to 3.25 times due to capital expenditures on large projects [19] Company Strategy and Development Direction - The company announced a $3 billion increase to its buyback program, raising it from $2 billion to $5 billion, indicating a strong commitment to returning capital to unitholders [12] - Strategic investments in pipelines, marine terminals, and key acquisitions are expected to capitalize on long-term growth from the Haynesville and Permian basins [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in upcoming projects, including the Bahia Pipeline and Seminole Pipeline Conversion, which are expected to enhance capacity [10] - The management team highlighted that the Permian Basin remains primarily an oil basin, with the addition of more gas pipelines being beneficial for producers [23] Other Important Information - The company has completed a multi-year capital deployment cycle that began in 2022, positioning itself for future growth [12] - The integration of recently acquired assets from Occidental is expected to unlock significant revenue potential, with an incremental $200 million in revenue anticipated by 2027 [92] Q&A Session Summary Question: Will the new Permian gas pipelines drive more production? - Management indicated that while the Permian Basin is primarily an oil basin, the new gas pipelines will enhance NGL transportation and be beneficial for producers [23] Question: Is there unlimited demand for LPG in Asia? - Management noted that demand is growing internationally, and the U.S. will export what is needed to balance the market, with price adjustments expected based on global demand [25][26] Question: What is the capital allocation outlook for the next few years? - The company expects organic growth capital expenditures in the range of $2 billion to $2.5 billion, with a focus on splitting free cash flow between buybacks and debt paydown [36] Question: How is the integration of Occidental's assets progressing? - The acquisition is strategic, with significant organic growth opportunities identified, including over 1,000 drillable locations [92] Question: What is the outlook for the Permian sour gas opportunity? - Management remains optimistic about the Permian sour gas opportunity, with plans for additional treating capacity coming online in the near future [96]

Financial Performance and Outlook - The company expects to grow production by approximately 20% through 2027 with a reinvestment rate of less than 50%[12] - Cumulative free cash flow is projected to be greater than $2 billion from 2025-2027[28] - The company anticipates annual capital expenditures between $650 million and $700 million from 2025-2027[28] - The company's free cash flow breakeven is approximately $200 per Mcfe[28] Asset Base and Inventory - The company possesses over 30 years of high-quality Marcellus inventory[7, 14] - The company has approximately 440,000 net acres in Southwest Pennsylvania[15] - The company has approximately 70,000 net acres in Northeast Pennsylvania[15] - The company has 28 million lateral feet of undrilled Marcellus at YE 2024[16] Market Access and Strategy - Approximately 30% of the company's natural gas is directed to the Midwest market[18] - Approximately 25% of the company's natural gas is directed to the Gulf Coast market[18] - Approximately 25% of the company's natural gas is directed to LNG and premium Gulf markets[18]

Summary of Spartan Delta Corp Conference Call Company Overview - **Company Name**: Spartan Delta Corp - **Ticker**: DALX.F - **Market Cap**: Approximately CAD 1 billion [6] - **Location**: Calgary, Alberta, Canada - **Core Focus**: Liquids-rich production, primarily in the Duvernay formation and the Deep Basin [2][3] Key Points and Arguments - **Asset Development**: Spartan Delta has assembled a significant resource play in the Duvernay formation through approximately 12 to 13 transactions over the past 18 months [4]. - **Production Growth**: The company produced about 40,000 BOE (barrels of oil equivalent) per day, with a focus on increasing liquid production [3][5]. - **Legacy Asset**: The Deep Basin asset serves as a cash flow engine that supports the development of the Duvernay, which is expected to enhance liquid production [5][21]. - **Strategic Location**: The assets are geographically close, allowing for efficient operations and cost management [7]. - **Historical Performance**: Spartan Delta has a track record of returning value to shareholders, having returned CAD 1.8 billion through dividends since its inception [9][10]. - **Production Metrics**: Initial production rates from the Duvernay have shown rapid growth, increasing from under 1,000 BOE per day to approximately 2,500 BOE per day in a short time frame [14][15]. - **Future Potential**: The company has identified over 600 locations in the Duvernay, with a potential to ramp up production to 25,000 BOE per day, consisting of 70% to 80% liquids [17][18]. Additional Important Insights - **Management Alignment**: High insider ownership indicates strong alignment between management and shareholders [7]. - **Infrastructure Control**: Ownership of strategic infrastructure allows Spartan Delta to respond quickly to market changes and optimize production [23]. - **LNG Project**: The company is positioned to benefit from the first LNG project in Canada, which could enhance consolidation opportunities in the future [24]. - **Repeatable Success**: The company emphasizes its ability to replicate past successes in resource play development, as demonstrated with the Duvernay [12][21]. This summary encapsulates the essential information from the Spartan Delta Corp conference call, highlighting the company's strategic focus, growth potential, and historical performance.

Financial Performance & Capital Allocation - The company reported Adjusted EBITDAX of $749 million in 2Q25[30] - Adjusted Free Cash Flow (FCF) was $123 million in 2Q25[30] - A $750 million buyback authorization was reinstated, with a $250 million Accelerated Share Repurchase (ASR) planned for 2025[13] - The company is targeting $4.5 billion net debt around YE25[15] Operational Efficiency & Cost Reduction - A cost optimization and capital efficiency initiative is on track, projecting $40 million savings impact in 2025 and a $100 million run-rate in 2026[11] - Well costs have been reduced in all basins: Delaware (-7%), Midland (-5%), and DJ (-3%) since the beginning of 2025[30] Asset Divestment & Portfolio Optimization - Non-core DJ Basin asset sales of $435 million have been completed, exceeding the year-to-date divestment goal at an EBITDAX multiple >4x[12] - Divestments are expected to streamline DJ Basin operations, focusing on core near-term development areas[19] - 2026 production from divested assets is estimated at 10 thousand barrels of oil equivalent per day (MBoe/d), with a 4Q25 impact of approximately 12 MBoe/d[19] Production & Guidance - Oil production grew by 6% to 149 thousand barrels per day (MBbl/d) in 2Q25[30] - Total volumes are expected to increase by 5.5% from 2Q25 to 3Q25E[62]