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


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-12209

RANGE RESOURCES CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

Delaware

34-1312571

(State or Other Jurisdiction of
Incorporation or Organization)

(IRS Employer Identification No.)

100 Throckmorton Street, Suite 1200

Fort Worth, Texas 76102

(Address of principal executive offices, including ZIP code)

(817) 870-2601

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
Symbol(s)

Name of each exchange on which registered

Common Stock, (Par Value $0.01)

RRC

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer		Accelerated Filer	
Non-Accelerated Filer		Smaller Reporting Company	☐
		Emerging Growth Company	☐


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.		

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No 

238,191,087 shares of common stock were outstanding on July 18, 2025.

RANGE RESOURCES CORPORATION

FORM 10-Q

Quarter Ended June 30, 2025

Unless the context otherwise indicates, all references in this report to "Range Resources," "Range," "we," "us," or "our" are to Range Resources Corporation and its directly and indirectly owned subsidiaries. For certain industry specific terms used in this Form 10-Q, please see "Glossary of Certain Defined Terms" in our 2024 Annual Report on Form 10-K.

TABLE OF CONTENTS


		Page
PART I – FINANCIAL INFORMATION
ITEM 1.	Financial Statements:	3
	Consolidated Balance Sheets	3
	Consolidated Statements of Income (Unaudited)	4
	Consolidated Statements of Comprehensive Income (Unaudited)	5
	Consolidated Statements of Cash Flows (Unaudited)	6
	Consolidated Statements of Stockholders’ Equity (Unaudited)	7
	Notes to Consolidated Financial Statements (Unaudited)	8
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	30
ITEM 4.	Controls and Procedures	31
PART II – OTHER INFORMATION
ITEM 1.	Legal Proceedings	32
ITEM 1A.	Risk Factors	32
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32
ITEM 5.	Other Information	32
ITEM 6.	Exhibits	33
	SIGNATURES	34

PART I – FINANCIAL INFORMATION

ITEM 1. Financial Statements

RANGE RESOURCES CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)


	June 30,			December 31,
	2025			2024
Assets	(Unaudited)
Current assets:
Cash and cash equivalents	$	134		$	304,490
Accounts receivable, less allowance for doubtful accounts of $250 and $255		234,174			302,212
Derivative assets		46,285			84,479
Prepaid assets		13,095			12,722
Other current assets		25,213			17,558
Total current assets		318,901			721,461
Derivative assets		4,830			2,619
Natural gas and oil properties, net (successful efforts method)		6,535,097			6,421,700
Other property and equipment, net		2,736			2,465
Operating lease right-of-use assets		170,159			119,838
Other assets		73,388			79,592
Total assets	$	7,105,111		$	7,347,675

Liabilities
Current liabilities:
Accounts payable	$	124,322		$	133,132
Asset retirement obligations		1,189			1,189
Accrued liabilities		274,450			289,148
Deferred compensation liabilities		5,798			21,649
Accrued interest		32,100			36,920
Derivative liabilities		1,201			9,634
Operating lease liabilities		63,417			87,138
Divestiture contract obligation		80,657			86,991
Current maturities of long-term debt		—			608,269
Total current liabilities		583,134			1,274,070
Bank debt		121,092			—
Senior notes		1,090,607			1,089,614
Deferred tax liabilities		611,873			541,378
Derivative liabilities		23,187			10,488
Deferred compensation liabilities		64,262			65,233
Operating lease liabilities		109,026			35,737
Asset retirement obligations and other liabilities		143,174			137,181
Divestiture contract obligation		232,062			257,317
Total liabilities		2,978,417			3,411,018
Commitments and contingencies

Stockholders’ Equity
Preferred stock, $1 par, 10,000,000 shares authorized, none issued and outstanding		—			—
Common stock, $0.01 par, 475,000,000 shares authorized, 268,553,027 issued at June 30, 2025 and 267,435,419 shares at December 31, 2024		2,686			2,674
Common stock held in treasury, at cost, 30,045,000 shares at June 30, 2025 and 26,766,065 shares at December 31, 2024		(635,181	)		(513,941	)
Additional paid-in capital		5,948,260			5,927,893
Accumulated other comprehensive income		582			611
Retained deficit		(1,189,653	)		(1,480,580	)
Total stockholders' equity		4,126,694			3,936,657
Total liabilities and stockholders’ equity	$	7,105,111		$	7,347,675

The accompanying notes are an integral part of these consolidated financial statements.

RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited, in thousands, except per share data)


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Revenues and other income:
Natural gas, NGLs and oil sales	$	666,638		$	478,450		$	1,458,558		$	1,045,451
Derivative fair value income (loss)		154,747			16,808			(4,210	)		63,406
Brokered natural gas and marketing		33,009			31,392			87,417			60,224
Other income		1,881			3,459			5,064			6,484
Total revenues and other income		856,275			530,109			1,546,829			1,175,565
Costs and expenses:
Direct operating		23,120			22,752			48,493			44,913
Transportation, gathering, processing and compression		304,714			281,495			610,823			572,370
Taxes other than income		7,835			4,974			14,822			10,342
Brokered natural gas and marketing		34,985			34,096			93,186			65,699
Exploration		7,928			6,651			14,319			11,177
Abandonment and impairment of unproved properties		6,781			1,524			11,355			3,895
General and administrative		42,146			40,141			83,837			84,082
Exit costs		8,502			10,094			17,399			20,409
Deferred compensation plan		(88	)		1,240			2,791			7,645
Interest		26,796			29,713			55,957			60,189
Gain on early extinguishment of debt		—			(179	)		(3	)		(243	)
Depletion, depreciation and amortization		91,514			87,598			182,073			174,735
Total costs and expenses		554,233			520,099			1,135,052			1,055,213

Income before income taxes		302,042			10,010			411,777			120,352
Income tax expense (benefit):
Current		4,645			2,399			6,645			3,981
Deferred		59,819			(21,093	)		70,502			(4,471	)
		64,464			(18,694	)		77,147			(490	)
Net income	$	237,578		$	28,704		$	334,630		$	120,842

Net income per common share:
Basic	$	0.99		$	0.12		$	1.40		$	0.50
Diluted	$	0.99		$	0.12		$	1.39		$	0.49

Dividends declared per share	$	0.09		$	0.08		$	0.18		$	0.16

Weighted average common shares outstanding:
Basic		238,187			241,125			239,106			240,815
Diluted		239,717			242,983			240,772			242,766

The accompanying notes are an integral part of these consolidated financial statements.

RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited, in thousands)


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Net income	$	237,578		$	28,704		$	334,630		$	120,842
Other comprehensive (loss) income:
Postretirement benefits:
Amortization of prior service costs/actuarial gain		(18	)		(20	)		(36	)		(39	)
Income tax expense		3			4			7			8
Total comprehensive income	$	237,563		$	28,688		$	334,601		$	120,811

The accompanying notes are an integral part of these consolidated financial statements.

RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)


	Six Months Ended June 30,
	2025			2024
Operating activities:
Net income	$	334,630		$	120,842
Adjustments to reconcile net income to net cash provided from operating activities:
Deferred income tax expense (benefit)		70,502			(4,471	)
Depletion, depreciation and amortization		182,073			174,735
Abandonment and impairment of unproved properties		11,355			3,895
Derivative fair value loss (income)		4,210			(63,406	)
Cash settlements on derivative financial instruments		36,039			250,430
Divestiture contract obligation, including accretion		17,399			20,329
Amortization of deferred financing costs and other		2,144			2,425
Deferred and stock-based compensation		26,130			29,337
Gain on the sale of assets		(164	)		(153	)
Gain on early extinguishment of debt		(3	)		(243	)
Changes in working capital:
Accounts receivable		68,064			76,913
Other current assets		(8,510	)		(22,405	)
Accounts payable		9,158			(5,718	)
Accrued liabilities and other		(86,754	)		(101,805	)
Net cash provided from operating activities		666,273			480,705
Investing activities:
Additions to natural gas properties		(279,990	)		(286,098	)
Additions to field service assets		(1,100	)		(1,125	)
Acreage purchases		(36,443	)		(34,997	)
Proceeds from disposal of assets		149			262
Purchases of marketable securities held by the deferred compensation plan		(17,870	)		(36,113	)
Proceeds from the sales of marketable securities held by the deferred compensation plan		22,929			41,939
Net cash used in investing activities		(312,325	)		(316,132	)
Financing activities:
Borrowings on credit facility		447,000			—
Repayments on credit facility		(322,000	)		—
Repayment of senior notes		(608,699	)		(66,069	)
Dividends paid		(43,084	)		(38,874	)
Treasury stock purchases		(120,358	)		(10,199	)
Taxes paid for shares withheld		(21,361	)		(25,169	)
Change in cash overdrafts		(1,937	)		(3,016	)
Proceeds from the sales of common stock held by the deferred compensation plan		12,135			17,832
Net cash used in financing activities		(658,304	)		(125,495	)
(Decrease) increase in cash and cash equivalents		(304,356	)		39,078
Cash and cash equivalents at beginning of period		304,490			211,974
Cash and cash equivalents at end of period	$	134		$	251,052

The accompanying notes are an integral part of these consolidated financial statements.

RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited, in thousands, except per share data)


								Common						Accumulated
								stock			Additional			other
	Common stock				Treasury			held in			paid-in			comprehensive			Retained
	Shares		Par value		shares			treasury			capital			income			deficit			Total
Balance as of December 31, 2024		267,435	$	2,674		(26,766	)	$	(513,941	)	$	5,927,893		$	611		$	(1,480,580	)	$	3,936,657
Issuance of common stock		1,047		11		—			—			(16,356	)		—			—			(16,345	)
Issuance of common stock upon vesting of PSUs		6		—		—			—			350			—			(350	)		—
Stock-based compensation expense		—		—		—			—			11,644			—			—			11,644
Dividends ($0.09 per share)		—		—		—			—			—			—			(21,752	)		(21,752	)
Treasury stock repurchased		—		—		(1,826	)		(67,477	)		—			—			—			(67,477	)
Excise tax on stock repurchases		—		—		—			(404	)		—			—			—			(404	)
Other comprehensive loss		—		—		—			—			—			(14	)		—			(14	)
Net income		—		—		—			—			—			—			97,052			97,052
Balance as of March 31, 2025		268,488	$	2,685		(28,592	)	$	(581,822	)	$	5,923,531		$	597		$	(1,405,630	)	$	3,939,361
Issuance of common stock		65		1		—			—			13,821			—			—			13,822
Stock-based compensation expense		—		—		—			—			10,947			—			—			10,947
Dividends ($0.09 per share)		—		—		—			—			—			—			(21,601	)		(21,601	)
Treasury stock issuance - Rabbi Trust		—		—		1			39			(39	)		—			—			—
Treasury stock repurchased		—		—		(1,454	)		(52,881	)		—			—			—			(52,881	)
Excise tax on stock repurchases		—		—		—			(517	)		—			—			—			(517	)
Other comprehensive loss		—		—		—			—			—			(15	)		—			(15	)
Net income		—		—		—			—			—			—			237,578			237,578
Balance as of June 30, 2025		268,553	$	2,686		(30,045	)	$	(635,181	)	$	5,948,260		$	582		$	(1,189,653	)	$	4,126,694


								Common						Accumulated
								stock			Additional			other
	Common stock				Treasury			held in			paid-in			comprehensive			Retained
	Shares		Par value		shares			treasury			capital			income			deficit			Total
Balance as of December 31, 2023		265,756	$	2,658		(24,716	)	$	(448,681	)	$	5,879,705		$	647		$	(1,668,778	)	$	3,765,551
Issuance of common stock		1,547		15		—			—			(22,428	)		—			—			(22,413	)
Issuance of common stock upon vesting of PSUs		7		—		—			—			361			—			(361	)		—
Stock-based compensation expense		—		—		—			—			10,979			—			—			10,979
Dividends ($0.08 per share)		—		—		—			—			—			—			(19,473	)		(19,473	)
Other comprehensive loss		—		—		—			—			—			(15	)		—			(15	)
Net income		—		—		—			—			—			—			92,138			92,138
Balance as of March 31, 2024		267,310	$	2,673		(24,716	)	$	(448,681	)	$	5,868,617		$	632		$	(1,596,474	)	$	3,826,767
Issuance of common stock		109		1		—			—			25,826			—			—			25,827
Stock-based compensation expense		—		—		—			—			9,560			—			—			9,560
Dividends ($0.08 per share)		—		—		—			—			—			—			(19,615	)		(19,615	)
Treasury stock repurchased		—		—		(305	)		(10,199	)		—			—			—			(10,199	)
Other comprehensive loss		—		—		—			—			—			(16	)		—			(16	)
Net income		—		—		—			—			—			—			28,704			28,704
Balance as of June 30, 2024		267,419	$	2,674		(25,021	)	$	(458,880	)	$	5,904,003		$	616		$	(1,587,385	)	$	3,861,028

The accompanying notes are an integral part of these consolidated financial statements.

RANGE RESOURCES CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(1) BASIS OF FINANCIAL STATEMENT PRESENTATION

Range Resources Corporation ("Range" or "the Company") is an independent natural gas, natural gas liquids ("NGLs") and oil (predominately condensate referred to herein as "oil") company engaged in the exploration, development and acquisition of natural gas and liquids properties in the Appalachian region of the United States.

During interim periods, the Company follows the same accounting policies disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 25, 2025 (the "Form 10-K"), except for any new accounting pronouncements adopted during the interim period. These consolidated financial statements are unaudited and should be read in conjunction with the Notes to the Consolidated Financial Statements and information presented in the Form 10-K. In management's opinion, the accompanying consolidated financial statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All adjustments are of a normal recurring nature unless otherwise disclosed. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year.

We make certain reclassifications to the prior year statements to conform with the current year presentation. These reclassifications have no impact on previously reported stockholders' equity, net income or cash flows.

(2) REVENUES FROM CONTRACTS WITH CUSTOMERS

Disaggregation of Revenue

All of the Company's revenues from contracts with customers have title transfer in the United States ("U.S.") and are recognized at the point in time when control is transferred to the customer and collectability is reasonably assured. Accounts receivable attributable to our revenue contracts with customers was $228.7 million at June 30, 2025 and $291.5 million at December 31, 2024. Revenue attributable to each of our identified revenue streams is disaggregated below (in thousands):


	Three Months Ended June 30,					Six Months Ended June 30,
	2025			2024		2025		2024
Natural gas sales	$	397,955		$	209,652	$	888,332	$	481,127
NGLs sales		238,034			228,285		513,688		484,361
Oil sales		30,649			40,513		56,538		79,963
Total natural gas, NGLs and oil sales		666,638			478,450		1,458,558		1,045,451
Sales of purchased natural gas		31,751			25,625		82,836		51,825
Sales of purchased NGLs		(236	)		3,951		1,531		4,187
Other marketing revenue		1,494			1,816		3,050		4,212
Total	$	699,647		$	509,842	$	1,545,975	$	1,105,675

(3) INCOME TAXES

We evaluate and update our annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. For the three and six months ended June 30, 2025 and 2024, our overall effective tax rate was different than the federal statutory rate due primarily to tax credits, state income taxes and equity compensation. Current income taxes reflect estimated state and federal income taxes due for 2025 which are based on our estimated earnings, taking into account all applicable tax rates and laws. On July 4, 2025, President Trump signed the “One Big Beautiful Bill Act” ("OBBBA") into law. At this time, we do not expect OBBBA to have a material impact on our financial statements.

(4) NET INCOME PER COMMON SHARE

The following sets forth a reconciliation of net income to basic net income attributable to common shareholders to diluted net income attributable to common shareholders (in thousands, except per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Net income, as reported	$	237,578		$	28,704		$	334,630		$	120,842
Participating earnings (a)		(614	)		(180	)		(948	)		(772	)
Basic net income attributed to common shareholders		236,964			28,524			333,682			120,070
Reallocation of participating earnings (a)		4			—			6			4
Diluted net income attributed to common shareholders	$	236,968		$	28,524		$	333,688		$	120,074
Net income per common share:
Basic	$	0.99		$	0.12		$	1.40		$	0.50
Diluted	$	0.99		$	0.12		$	1.39		$	0.49

(a)

Restricted Stock Liability Awards (discussed in Note 9) represent participating securities because they participate in non-forfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses.

The following details weighted average common shares outstanding and diluted weighted average common shares outstanding (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Weighted average common shares outstanding – basic		238,187		241,125		239,106		240,815
Effect of dilutive securities:
Director and employee restricted stock and performance-based equity awards		1,530		1,858		1,666		1,951
Weighted average common shares outstanding – diluted		239,717		242,983		240,772		242,766

Weighted average common shares outstanding – basic for second quarter 2025 excludes 617,000 shares of restricted stock held in our deferred compensation plan compared to 1.5 million shares in second quarter 2024 (although all awards are issued and outstanding upon grant). Weighted average common shares outstanding – basic for the first six months 2025 excludes 679,000 shares of restricted stock held in our deferred compensation plan compared to 1.6 million shares in the first six months 2024. For the three months ended June 30, 2025, equity grants of 2,000 shares compared to 17,000 shares in the same period of the prior year were outstanding but not included in the computation of diluted net income because the grant prices were greater than the average market price of the common shares and would be anti-dilutive to the computation. For the six months ended June 30, 2025, equity grants of 1,000 shares compared to 9,000 shares in the same period of the prior year were outstanding but not included in the computation of diluted net income because the grant prices were greater than the average market price of the common shares and would be anti-dilutive to the computation.

(5) INDEBTEDNESS

We had the following debt outstanding as of the dates shown below (in thousands):


	June 30, 2025			December 31, 2024
Bank debt	$	125,000		$	—
Senior notes:
4.875% senior notes due 2025		—			608,702
8.25% senior notes due 2029		600,000			600,000
4.75% senior notes due 2030		500,000			500,000
Total senior notes		1,100,000			1,708,702
Unamortized debt issuance costs		(13,301	)		(10,819	)
Total debt, net of deferred financing costs		1,211,699			1,697,883
Less current maturities of long-term debt		—			(608,269	)
Total long-term debt	$	1,211,699		$	1,089,614

No interest was capitalized during the six months ended June 30, 2025 or the year ended December 31, 2024. We were in compliance with applicable covenants under the bank credit facility and our senior notes at June 30, 2025.

Bank Debt

In April 2022, we entered into an amended and restated revolving bank facility, which we refer to as our bank debt or our bank credit facility, which is secured by substantially all of our assets and has a maturity date of April 14, 2027. The bank credit facility provides for a maximum facility amount of $4.0 billion and an initial borrowing base of $3.0 billion. The bank credit facility also provides for a borrowing base subject to re-determinations, including event-driven unscheduled re-determinations. As of June 30, 2025, our bank group was composed of seventeen financial institutions. The borrowing base may be increased or decreased based on our request and sufficient proved reserves, as determined by the bank group. The commitment amount may be increased to the borrowing base, subject to payment of a mutually acceptable commitment fee to those banks agreeing to participate in the facility increase. Borrowings under the bank credit facility can either be at the alternate base rate (ABR, as defined in the bank credit facility agreement) plus a spread ranging from 0.75% to 1.75% or at the secured overnight financing rate (SOFR, as defined in the bank credit facility agreement) plus a spread ranging from 1.75% to 2.75%. The applicable spread is dependent upon borrowings relative to the borrowing base. We may elect, from time to time, to convert all or any part of our SOFR loans to base rate loans or to convert all or any part of the base rate loans to SOFR loans. The weighted average interest rate was 6.4% for the three and six months ended 2025. A commitment fee is paid on the undrawn balance based on an annual rate of 0.375% to 0.50%. At June 30, 2025, the commitment fee was 0.375% and the interest rate margin was 0.75% on our ABR loans and 1.75% on our SOFR loans.

As part of our re-determination completed in March 2025, our borrowing base was reaffirmed at $3.0 billion and our bank commitment was also reaffirmed at $1.5 billion. On June 30, 2025, bank commitments totaled $1.5 billion and we had $125.0 million outstanding on our bank credit facility. Additionally, we had $164.1 million of undrawn letters of credit, leaving $1.2 billion of committed borrowing capacity available under the facility.

Senior Note Redemptions

If we experience a change of control, noteholders may require us to repurchase all or a portion of our senior notes at 101% of the aggregate principal amount plus accrued and unpaid interest, if any.

During the six months ended June 30, 2025, we repurchased in the open market $2.2 million principal amount of our 4.875% senior notes due 2025 at a discount. We recognized a gain on early extinguishment of debt of $3,000, net of the remaining deferred financing costs on the repurchased debt. In May 2025, we paid off the remaining principal balance of our 4.875% senior notes due 2025 at par by utilizing cash on hand and by borrowing on our bank credit facility. During the six months ended June 30, 2024, we repurchased in the open market $66.5 million principal amount of our 4.875% senior notes due 2025 at a discount. We recognized a gain on early extinguishment of debt of $243,000, net of the remaining deferred financing costs on the repurchased debt.

Guarantees

Range is a holding company that owns no operating assets and has no significant operations independent of its subsidiaries. The guarantees by our subsidiaries, which are directly or indirectly owned by Range, of our senior notes and our bank credit facility are full and unconditional and joint and several, subject to certain customary release provisions. The assets, liabilities and results of operations of Range and our guarantor subsidiaries are not materially different than our consolidated financial statements. A subsidiary guarantor may be released from its obligations under the guarantee:

•

in the event of a sale or other disposition of all or substantially all of the assets of the subsidiary guarantor or a sale or other disposition of all the capital stock of the subsidiary guarantor, to any corporation or other person (including an unrestricted subsidiary of Range) by way of merger, consolidation, or otherwise; or

•

if Range designates any restricted subsidiary that is a guarantor to be an unrestricted subsidiary in accordance with the terms of the indenture.

(6) ASSET RETIREMENT OBLIGATIONS

Activity related to our liability for plugging and abandonment costs for the six months ended June 30, 2025 and the year ended December 31, 2024 is as follows (in thousands):


	Six Months Ended June 30, 2025			Year Ended December 31, 2024
Beginning of period	$	133,767		$	117,429
Liabilities incurred		2,445			3,871
Liabilities settled		(348	)		(4,655	)
Accretion expense		3,748			7,148
Change in estimate		(119	)		9,974
End of period		139,493			133,767
Less current portion		(1,189	)		(1,189	)
Long-term asset retirement obligations	$	138,304		$	132,578

(7) DERIVATIVE ACTIVITIES

The following table sets forth our commodity-based derivative volumes by year as of June 30, 2025, excluding our basis swaps and propane swaps which are discussed separately below. All fair values presented in the table below utilize Level 2 inputs, except where noted. All fair market values ("FMV") are presented in thousands:


Period	Contract Type	Volume Hedged		Weighted Average Hedge Price								FMV
			Swap			Sold Put		Floor		Ceiling
Natural Gas (a)
July - December 2025	Swaps	400,000 Mmbtu/day	$		4.12							$	28,817
July - December 2025	Three-way Collars	191,793 Mmbtu/day				$	2.98	$	3.96	$	5.02	$	12,818
2026	Swaps	265,000 Mmbtu/day	$		4.05							$	(18,949	)
2026	Three-way Collars	125,000 Mmbtu/day	$				3.00	$	4.00	$	5.70	$	2,548
2027	Swaps	200,000 Mmbtu/day	$		4.04							$	4,112

Oil
July - September 2025	Swaps	2,000 bbls/day	$		73.71							$	1,839

(a)

We also sold natural gas swaptions of 135,000 Mmbtu/day for calendar year 2026 at a weighted average price of $4.00/Mmbtu that expire through August 2025 and 150,000 Mmbtu/day for calendar year 2027 at a weighted average price of $4.03/Mmbtu that expire in November 2025. The fair value of these contracts as of June 30, 2025, which utilizes Level 3 inputs, was a derivative liability of $25.6 million.

Basis Swap Contracts

In addition to the commodity derivatives described above, at June 30, 2025, we had natural gas basis swap contracts which lock in the differential between NYMEX Henry Hub and certain of our physical pricing indices. These contracts settle through December 2029 and include a total volume of 171,840,000 Mmbtu. The fair value of these contracts was a gain of $19.9 million at June 30, 2025.

Propane Percentage of WTI Swaps

We also had propane swap contracts totaling 11,000 bbls per day which lock in a fixed percentage of the WTI crude price. The fair value of these contracts, which settle in third quarter 2025, was a gain of $1.2 million.

Derivative Assets and Liabilities

The combined fair value of derivatives included in the accompanying consolidated balance sheets as of June 30, 2025 and December 31, 2024 is summarized below. The assets and liabilities are netted where derivatives with both gain and loss positions are held by a single counterparty and we have master netting arrangements. The tables below provide additional information relating to our master netting arrangements with our derivative counterparties (in thousands):


	June 30, 2025			December 31, 2024
Derivative assets:
Gross amounts of recognized assets	$	77,244		$	112,359
Gross amounts offset in the consolidated balance sheets		(26,129	)		(25,261	)
Net amounts of assets presented in the consolidated balance sheets	$	51,115		$	87,098


	June 30, 2025			December 31, 2024
Derivative (liabilities):
Gross amounts of recognized (liabilities)	$	(50,517	)	$	(45,383	)
Gross amounts offset in the consolidated balance sheets		26,129			25,261
Net amounts of (liabilities) presented in the consolidated balance sheets	$	(24,388	)	$	(20,122	)

Derivative Fair Value Income (Loss)

The effects of our derivatives on our consolidated statements of income are summarized below (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025			2024
Natural gas derivatives	$	148,863	$	13,176	$	(9,474	)	$	73,292
NGLs derivatives		3,289		1,687		2,325			(715	)
Oil derivatives		2,595		1,945		2,939			(9,171	)
Total derivative fair value income (loss)	$	154,747	$	16,808	$	(4,210	)	$	63,406

(8) FAIR VALUE MEASUREMENTS

The Company follows the authoritative guidance for measuring fair value of assets and liabilities in its financial statements. For further information on the fair value hierarchy, refer to Note 2 of the Notes to the Consolidated Financial Statements in the Form 10-K. As of June 30, 2025, a portion of our natural gas instruments contain swaptions where the counterparty has the right, but not the obligation, to enter into a fixed price swap on a pre-determined date. If exercised, the swaption contract becomes a swap treated consistently with our fixed-price swaps. At June 30, 2025, we used a weighted average implied volatility of 25% for natural gas swaptions. The following is a reconciliation of the beginning and ending balances for derivative instruments classified as Level 3 in the fair value hierarchy (in thousands):


	Six Months Ended June 30, 2025
Balance at December 31, 2024	$	(13,240	)
Total losses included in earnings		(3,319	)
Additions		(10,173	)
Transfers		1,170
Balance at June 30, 2025	$	(25,562	)

The following presents the carrying amounts and the fair values and hierarchy of our financial instruments as of June 30, 2025 and December 31, 2024 (in thousands):


	June 30, 2025						December 31, 2024
	Carrying Value			Fair Value			Carrying Value			Fair Value
Assets:
Commodity derivatives (a)	$	51,115		$	51,115		$	87,098		$	87,098
Marketable securities (b)		59,836			59,836			60,989			60,989
(Liabilities):
Commodity derivatives (a)		(24,388	)		(24,388	)		(20,122	)		(20,122	)
Bank credit facility (c)		(125,000	)		(125,000	)		—			—
4.875% senior notes due 2025 (c)		—			—			(608,702	)		(607,363	)
8.25% senior notes due 2029 (c)		(600,000	)		(616,398	)		(600,000	)		(618,114	)
4.75% senior notes due 2030 (c)		(500,000	)		(486,105	)		(500,000	)		(469,285	)
Deferred compensation plan (d)		(70,060	)		(70,060	)		(86,882	)		(86,882	)

(a)

Fair values for commodity derivatives utilize Level 2 inputs with the exception of swaptions, which utilize Level 3 inputs. Fair value of swaption contracts as of June 30, 2025 was a derivative liability of $25.6 million.

(b)

Marketable securities, which are held in our deferred compensation plans, are actively traded on major exchanges, which is a Level 1 input.

(c)

The book value of our bank debt approximates fair value because of its floating rate structure. The fair value of our senior notes is based on end of period market quotes which are Level 2 inputs. Debt is presented on the balance sheet at carrying value.

(d)

The fair value of our deferred compensation plan is updated to the closing price of the marketable securities held in the plan on the balance sheet date, which is a Level 1 input.

Our current assets and liabilities include financial instruments, the most significant of which are trade accounts receivable and payable. We believe the carrying values of our current assets and liabilities approximate fair value. Our fair value assessment incorporates a variety of considerations, including (1) the short-term duration of the instruments and (2) our historical and expected incurrence of bad debt expense. Our allowance for uncollectible receivables was $250,000 at June 30, 2025 and $255,000 at December 31, 2024. Non-financial liabilities initially measured at fair value include asset retirement obligations, operating lease liabilities and the divestiture contract obligation that we incurred in conjunction with the sale of our North Louisiana assets.

Certain assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. Our proved natural gas and oil properties are reviewed for impairment periodically as events or changes in circumstances indicate the carrying amount may not be recoverable. There were no proved property impairment charges for first six months 2025 or 2024.

Concentrations of Credit Risk

As of June 30, 2025, our primary concentrations of credit risk are the risks of not collecting accounts receivable and the risk of a counterparty’s failure to perform under derivative obligations. To manage counterparty risk associated with our derivatives, we select and monitor our counterparties based on our assessment of their financial strength and/or credit ratings. Counterparty credit risk is considered when determining the fair value of our derivative contracts. While our counterparties are primarily major investment grade financial institutions, the fair value of our derivative contracts has been adjusted to account for the risk of non-performance by certain of our counterparties, which was immaterial. At June 30, 2025, our derivative counterparties include fourteen financial institutions, of which ten are secured lenders in our bank credit facility. At June 30, 2025, our net derivative position includes an aggregate net receivable of $8.2 million from the four counterparties not included in our bank credit facility.

(9) STOCK-BASED COMPENSATION PLANS

Total Stock-Based Compensation Expense

Refer to Note 10 of the Notes to the Consolidated Financial Statements in the Form 10-K for further description of the various types of stock-based compensation awards, their valuations and their award terms. Stock-based compensation represents amortization of restricted stock and performance units. The following details the allocation of stock-based compensation to functional expense categories (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Direct operating expense	$	504	$	471	$	1,041	$	968
Brokered natural gas and marketing expense		802		583		1,642		1,291
Exploration expense		366		335		713		659
General and administrative expense		9,326		8,482		19,437		18,460
Total stock-based compensation expense	$	10,998	$	9,871	$	22,833	$	21,378

The mark-to-market adjustment of the liability related to the restricted stock Liability Awards held in our deferred compensation plan is directly tied to the change in our stock price and not directly related to the functional expenses and, therefore, is not allocated to the functional categories above.

Time-based - Equity Awards. These awards ("Equity Awards") are expensed ratably over the service period associated with the awards based on fair value. Fair value is based on prevailing market price on the date of grant and is expensed over a service period up to three years. We recorded compensation expense for these outstanding Equity Awards of $19.4 million in first six months 2025 compared to $18.0 million in the same period of 2024.

Time-based - Liability Awards. These awards ("Liability Awards") are recognized ratably over the service period associated with the awards based on the grant date fair value of the award but marked-to-market every period due to the option of cash conversion upon distribution. These awards are contributed into the Deferred Compensation Plan (discussed below). We recorded compensation expense for these restricted stock Liability Awards of $242,000 in first six months 2025 compared to $706,000 in the same period of 2024. Beginning in 2023, time-based equity awards were granted in lieu of time-based liability awards for certain employees.

Performance-based TSR Awards ("TSRs" or "TSR Awards"). The fair value of the TSR Awards is estimated on the date of grant using a Monte Carlo simulation model which utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award grant and calculates the fair value of the award. Expected volatilities utilized in the model were estimated using a historical period consistent with the remaining performance period of three years. The risk-free interest rate was based on the United States Treasury rate for a term commensurate with the life of the grant. We recorded compensation expense of $2.8 million in first six months 2025 compared to $1.8 million in the same period of 2024. Fair value is amortized over the performance period with no adjustment to the expense recorded for actual targets achieved. The following assumptions were used to estimate the fair value of the TSR Awards granted during first six months 2025 and 2024:


	Six Months Ended June 30,
	2025			2024
Risk-free interest rate		4.2	%		4.1	%
Expected annual volatility		46	%		56	%
Grant date fair value per unit	$	44.39		$	31.84

Equity and Liability Award Summary

The following is a summary of the activity for our time-based and performance-based stock awards for the six months ended June 30, 2025:


	Time-Based Equity Awards					Time-Based Liability Awards					Performance-Based Stock Awards
	Shares			Weighted Average Grant Date Fair Value		Shares			Weighted Average Grant Date Fair Value		Number of Units (a)			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2024		1,275,962		$	28.37		18,492		$	28.98		664,859		$	27.45
Granted		1,029,629			40.43		4,951			39.65		220,266			44.39
Vested		(606,790	)		31.07		(13,640	)		28.61		(264,917	)		23.55
Forfeited		(19,419	)		29.73		—			—		—			—
Outstanding at June 30, 2025		1,679,382		$	34.77		9,803		$	34.88		620,208		$	35.13

(a)

Amounts granted reflect performance units initially granted. The actual payout will be between zero and 200% depending on achievement of either total stockholder return ranking compared to our peers over the performance period or on the achievement of internal performance targets.

Deferred Compensation Plan

The assets of our deferred compensation plan are held in a grantor trust, which we refer to as the Rabbi Trust, and are therefore available to satisfy the claims of our general creditors in the event of bankruptcy or insolvency. Our common stock held in the Rabbi Trust is accounted for as Liability Awards and is adjusted to fair value each reporting period by a charge or credit to deferred compensation plan expense on our consolidated statements of income. We recorded a mark-to-market gain of $88,000 in second quarter 2025 compared to a mark-to-market loss of $1.2 million in second quarter 2024. We recorded a mark-to-market loss of $2.8 million in the first six months 2025 compared to a mark-to-market loss of $7.6 million in the first six months 2024. The Rabbi Trust held 265,000 shares (256,000 vested shares) of Range common stock at June 30, 2025 compared to 811,000 shares (758,000 vested shares) at June 30, 2024.

Trading securities. Our trading securities held in the deferred compensation plan are accounted for using the mark-to-market accounting method and are included in other assets in the accompanying consolidated balance sheets. We elected to adopt the fair value option to simplify our accounting for the investments in our deferred compensation plan. Interest, dividends, and mark-to-market gains or

losses are included in the changes in our deferred compensation assets (reported in Other Assets) and liabilities on the accompanying consolidated balance sheets. For second quarter 2025, interest and dividends were $202,000 and the mark-to-market adjustment was a gain of $4.2 million compared to interest and dividends of $283,000 and a mark-to-market gain of $679,000 in second quarter 2024. For the first six months 2025, interest and dividends were $335,000 and the mark-to-market adjustment was a gain of $3.3 million compared to interest and dividends of $478,000 and a mark-to-market gain of $4.9 million in first six months 2024.

(10) CAPITAL STOCK

Treasury Stock

As of June 30, 2025, we had a remaining authorization to repurchase up to approximately $895.7 million of our common stock. In second quarter 2025, we repurchased 1.5 million shares at an aggregate cost of $52.9 million ($53.4 million including the 1% excise tax). The following is a schedule of the change in treasury shares based on settlement date for the three and six months ended June 30, 2025:


	Three Months Ended June 30, 2025			Six Months Ended June 30, 2025
Beginning balance		28,591,527			26,766,065
Rabbi trust shares distributed/sold		(1,065	)		(1,065	)
Shares repurchased		1,454,538			3,280,000
Ending balance		30,045,000			30,045,000

(11) EXIT COSTS

In third quarter 2020, we sold our North Louisiana assets and retained certain gathering, transportation and processing obligations which extend into 2030. These are contracts where we will not realize any future benefit. The estimated obligations are included in current and long-term divestiture contract obligation in our consolidated balance sheets. In first six months 2025, we recorded accretion expense of $17.4 million compared to $20.3 million in the same period of the prior year.

The following details the accrued exit cost liability activity for the six months ended June 30, 2025 (in thousands):


	Exit Costs
Balance at December 31, 2024		344,308
Accretion of discount		17,399
Payments		(48,988	)
Balance at June 30, 2025	$	312,719

(12) SUPPLEMENTAL CASH FLOW INFORMATION


	Six Months Ended June 30,
	2025			2024
	(in thousands)
Net cash provided from operating activities included:
Income taxes paid to taxing authorities	$	(7,100	)	$	(1,125	)
Interest paid		(58,235	)		(58,215	)
Non-cash investing activities included:
Increase in asset retirement costs capitalized		2,327			2,386
(Decrease) increase in accrued capital expenditures		(16,670	)		21,773

(13) COMMITMENTS AND CONTINGENCIES

Litigation

We are the subject of, or party to, various pending or threatened legal actions, administrative proceedings or investigations arising in the ordinary course of our business including, but not limited to, royalty claims, contract claims and environmental claims. While many of these matters involve inherent uncertainty, we believe that the amount of the liability, if any, ultimately incurred with respect to these actions, proceedings or claims will not have a material adverse effect on our consolidated financial position as a whole or on our liquidity, capital resources or future annual results of operations.

When deemed necessary, we establish reserves for certain legal proceedings. The establishment of a reserve is based on an estimation process that includes the advice of legal counsel and subjective judgment of management. While management believes these reserves to be adequate, it is reasonably possible we could incur additional losses with respect to those matters in which reserves have been

established. We will continue to evaluate our litigation on a quarterly basis and will establish and adjust any litigation reserves as appropriate to reflect our assessment of the then current status of litigation.

We have incurred and will continue to incur capital, operating and remediation expenditures as a result of environmental laws and regulations. As of June 30, 2025, liabilities for remediation were not material. We are not aware of any environmental claims existing as of June 30, 2025 that have not been provided for or would otherwise have a material impact on our financial position or results of operations. Environmental liabilities normally involve estimates that are subject to revision until final resolution, settlement or remediation occurs.

Lease Commitments

As of June 30, 2025 our total remaining undiscounted lease commitments increased by $58.2 million when compared to year end 2024, mainly due to extensions of completions and drilling equipment contracts that were executed during second quarter 2025.

Transportation, Gathering and Processing Contracts

There were no significant changes to firm transportation, gathering and processing minimum commitments or contingent commitments in first six months 2025.

(14) SUSPENDED EXPLORATORY WELL COSTS

We capitalize exploratory well costs until a determination is made that the well has either found proved reserves or that it is impaired. Capitalized exploratory well costs are presented in natural gas and oil properties in the accompanying consolidated balance sheets. If an exploratory well is determined to be impaired, the well costs are charged to exploration expense in the accompanying consolidated statements of income.

As of June 30, 2025 we had $13.4 million of exploratory well costs capitalized for greater than one year related to suspended wells. We believe these wells exhibit sufficient quantities of natural gas to justify future development. These suspended wells require completion activities and infrastructure expansion in order to classify the reserves as proved. The following table reflects the changes in capitalized exploratory well costs for the six months ended June 30, 2025:


	Six Months Ended June 30, 2025
	(in thousands)
Balance at beginning of period	$	12,569
Additions to capitalized exploratory well costs pending the determination of proved reserves		783
Reclassifications to wells, facilities and equipment based on determination of proved reserves		—
Capitalized exploratory well costs, charged to expense		—
Balance at end of period	$	13,352
Less exploratory well costs that have been capitalized for a period of one year or less	$	—
Capitalized exploratory well costs that have been capitalized for a period greater than one year	$	13,352

Number of projects that have exploratory well costs capitalized for a period greater than one year		2

(15) NATURAL GAS AND OIL EXPLORATION, DEVELOPMENT AND PRODUCTION ACTIVITIES

Capitalized Costs and Accumulated Depreciation, Depletion and Amortization (a)


	June 30, 2025			December 31, 2024
	(in thousands)
Natural gas properties:
Properties subject to depletion	$	11,277,340		$	11,058,771
Unproved properties		833,743			819,656
Total		12,111,083			11,878,427
Accumulated depletion and depreciation		(5,575,986	)		(5,456,727	)
Net capitalized costs	$	6,535,097		$	6,421,700

(a)

Includes capitalized asset retirement costs and the associated accumulated amortization.

Costs Incurred for Property Acquisition, Exploration and Development (b)


	Six Months Ended June 30, 2025		Year Ended December 31, 2024
	(in thousands)
Acquisitions:
Acreage purchases	$	27,542	$	57,869
Development		268,507		577,093
Exploration:
Drilling		783		12,569
Expense		13,606		25,489
Stock-based compensation expense		713		1,354
Gas gathering facilities:
Development		3,451		4,336
Subtotal		314,602		678,710
Asset retirement obligations		2,327		13,845
Total costs incurred	$	316,929	$	692,555

(b) Includes costs incurred whether capitalized or expensed.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview of Our Business

We are an independent natural gas, natural gas liquids and oil company engaged in the exploration, development and acquisition of natural gas and liquids properties in the Appalachian region of the United States. We operate in one segment and have a single company-wide management team that administers all properties as a whole rather than by discrete operating segments. We measure financial performance as a single enterprise and not on a geographical or an area-by-area basis.

Our overarching business objective is to build stockholder value through returns-focused development of properties. Our strategy to achieve our business objective is to generate consistent cash flows from reserves and production through internally generated drilling projects occasionally coupled with complementary acquisitions and divestitures. Currently, our investment portfolio is focused on high-quality natural gas and NGLs assets in the Commonwealth of Pennsylvania. Our revenues, profitability and future growth depend substantially on prevailing prices for natural gas, NGLs and oil and on our ability to economically find, develop, acquire and produce these reserves.

Commodity prices have been and are expected to remain volatile. We believe we are well-positioned to manage challenges that could occur during price variations and that we can endure the continued fluctuations in current and future commodity prices by:

•

exercising discipline in our capital investments;

•

maintaining a competitive cost structure;

•

diversifying sales outlets;

•

managing price risk through the partial hedging of our production;

•

managing a strong balance sheet; and

•

optimizing drilling, completion and operational efficiencies.

Prices for natural gas, NGLs and oil fluctuate widely and affect:

•

our revenues, profitability and cash flow;

•

the amount of cash flow available to us for reinvestment or return to our stockholders;

•

the quantity of natural gas, NGLs and oil that we can economically produce;

•

the quantity of natural gas, NGLs and oil shown as proved reserves; and

•

our ability to borrow and raise additional capital, if needed.

We prepare our financial statements in conformity with U.S. GAAP, which requires us to make estimates and assumptions that affect our reported results of operations and the amount of our reported assets, liabilities and proved reserves. We use the successful efforts method of accounting for our natural gas, NGLs and oil activities. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the preceding consolidated financial statements and notes in Item 1.

Market Conditions

We believe we are positioned for sustainable long-term success. We continue to monitor the impact of the actions of OPEC and other large hydrocarbon producing nations, the Russia-Ukraine conflict, hostilities in the Middle East, global inventories of natural gas, NGLs and oil, future monetary and fiscal policy, potential tariffs and their impacts on global trade and energy demands and governmental policies aimed at transitioning towards lower carbon energy. We expect prices for the commodities we produce to remain volatile given the complex dynamics of supply and demand that exist in the global energy markets. In first six months 2025, natural gas prices increased primarily due to winter weather and larger exports from new U.S. LNG export facilities. Longer term natural gas futures prices remain constructive based on market expectations of continued LNG expansion, increasing power demand, and associated gas-related activity in oil basins and dry gas basin activity, which are expected to show modest rates of growth due to infrastructure constraints, moderated reinvestment rates and inventory exhaustion. In addition, the global energy crisis experienced in recent years further highlighted the low cost and low emissions shale gas resource base in North America, supporting continued strong structural demand growth for U.S LNG exports, domestic industrial gas demand and power generation. Other factors such as geopolitical disruptions, supply chain disruptions, cost inflation, concerns over a potential economic recession and the pace of changes in global monetary policy may impact global demand for natural gas, NGLs and oil. We continue to assess and monitor the impact of these factors on our business.

Benchmarks for natural gas and NGLs increased in second quarter 2025 and first six months 2025 compared to the same periods of 2024. As a result, we experienced increases in our price realizations for all periods in 2025. With these increasing prices, we continue to

focus on creating long-term value for our stockholders along with positioning ourselves to be a responsible and reliable supplier of natural gas and NGLs.

The following table lists related benchmarks for natural gas, oil and NGLs composite prices for the three and six months ended June 30, 2025 and 2024:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Benchmarks:
Average NYMEX prices (a)
Natural gas (per mcf)	$	3.44	$	1.88	$	3.55	$	2.06
Oil (per bbl)		63.72		80.49		66.96		78.68
Mont Belvieu NGLs composite (per gallon) (b)		0.55		0.55		0.59		0.56

(a)

Based on weighted average of bid week prompt month prices on the New York Mercantile Exchange ("NYMEX").

(b)

Based on our estimated NGLs product composition per barrel.

Prices for natural gas, NGLs and oil that we produce significantly impact our revenues and cash flows. Our price realizations (not including the impact of our derivatives) may differ from these benchmarks for many reasons, including quality, location or production being sold at different indices.

Consolidated Results of Operations

Overview of Second Quarter 2025 Results

In second quarter 2025, we experienced an increase in revenue from the sale of natural gas, NGLs and oil when compared to the same quarter of 2024, due to an increase of 19% in net realized prices (average prices including all derivative settlements and third-party transportation costs paid by us) and a 2% increase in total production.

During second quarter 2025, we recognized net income of $237.6 million, or $0.99 per diluted common share compared to net income of $28.7 million, or $0.12 per diluted common share during second quarter 2024. The higher net income in second quarter 2025 compared to second quarter 2024 is primarily due to increased realized prices combined with a higher unrealized derivative fair value gain.

Our second quarter 2025 financial and operating performance included the following results:

•

revenue from the sale of natural gas, NGLs and oil increased 39% from the same period of 2024 due to a 36% increase in average realized prices (before cash settlements on our derivatives) combined with a 2% increase in production volumes;

•

revenue from the sale of natural gas, NGLs and oil (including cash settlements on our derivatives) increased 15% from the same period of 2024;

•

direct operating expense per mcfe decreased to $0.11 during second quarter 2025 compared to $0.12 in the same period of 2024 due to an increase in production;

•

transportation, gathering, processing and compression per mcfe was $1.52 in second quarter 2025 compared to $1.44 in the same period of 2024, primarily due to an increase in NGLs volumes and electricity costs;

•

general and administrative expense per mcfe was $0.21 in second quarter 2025 compared to $0.20 in the same period of 2024 due largely to timing of expenses; and

•

interest expense per mcfe decreased 13% from the same period of 2024 due to lower debt balances.

Second quarter 2025 also included the following highlights to enhance our balance sheet and return capital to investors:

•

repurchased $52.9 million (1.5 million shares) of our common stock;

•

paid $21.5 million of dividends, increasing per share dividend by 12.5% to $0.09 per share compared to $0.08 per share in the same period of 2024;

•

paid off the remaining principal balance of $606.5 million of our 4.875% senior notes due 2025 at par by utilizing cash on hand and borrowing on our credit facility; and

•

maintained substantial liquidity with $1.2 billion available under our credit facility.

We generated $336.2 million of cash from operating activities in second quarter 2025, an increase of $187.4 million from second quarter 2024, which reflects the impact of higher realized prices.

Overview of First Six Months 2025 Results

In first six months 2025, we experienced an increase in revenue from the sale of natural gas, NGLs and oil when compared to the same period of 2024, due to an increase of 20% in net realized prices (average prices including all derivative settlements and third-party transportation costs paid by us) and a 2% increase in total production.

During first six months 2025, we recognized net income of $334.6 million, or $1.39 per diluted common share compared to net income of $120.8 million, or $0.49 per diluted common share during the same period 2024. The higher net income in first six months 2025 compared to first six months 2024 is primarily due to increased realized prices.

Our first six months 2025 financial and operating performance included the following results:

•

revenue from the sale of natural gas, NGLs and oil increased 40% from the same period of 2024 due to a 37% increase in average realized prices (before cash settlements on our derivatives) combined with a 2% increase in production volumes;

•

revenue from the sale of natural gas, NGLs and oil (including cash settlements on our derivatives) increased 15% from the same period of 2024;

•

direct operating expense per mcfe increased to $0.12 in first six months 2025 compared to $0.11 in the same period of 2024 due to an increase in water hauling and pumping costs;

•

transportation, gathering, processing and compression per mcfe was $1.53 in first six months 2025 compared to $1.47 in the same period of 2024, primarily due to an increase in NGLs volumes and electricity costs;

•

general and administrative expense per mcfe was $0.21 in first six months 2025 compared to $0.22 in the same period of 2024 due largely to timing of expenses; and

•

interest expense per mcfe decreased 7% from the same period of 2024 due to lower debt balances.

First six months 2025 also included the following highlights to enhance our balance sheet and return capital to investors:

•

repurchased $120.4 million (3.3 million shares) of our common stock;

•

paid $43.1 million of dividends, increasing per share dividend by 12.5% to $0.18 per share compared to $0.16 per share in the same period of 2024;

•

repurchased in the open market $2.2 million principal amount of our 4.875% senior notes due 2025 at a discount and paid off the remaining principal balance of the $606.5 million of our 4.875% senior notes due 2025 at par by utilizing cash on hand and borrowing on our credit facility; and

•

maintained substantial liquidity with $1.2 billion available under our credit facility.

We generated $666.3 million of cash from operating activities in first six months 2025, an increase of $185.6 million from first six months 2024, which reflects the impact of higher realized prices.

Natural Gas, NGLs and Oil Sales, Production and Realized Price Calculations

Our revenues vary primarily as a result of changes in realized commodity prices and production volumes. Our revenues are generally recognized when control of the product is transferred to the customer and collectability is reasonably assured. The following table illustrates the primary components of natural gas, NGLs and oil sales for the three and six months ended June 30, 2025 and 2024 (in thousands):


	Three Months Ended June 30,										Six Months Ended June 30,
	2025		2024		Change			%			2025		2024		Change			%
Natural gas, NGLs and oil sales
Natural gas	$	397,955	$	209,652	$	188,303			90	%	$	888,332	$	481,127	$	407,205			85	%
NGLs		238,034		228,285		9,749			4	%		513,688		484,361		29,327			6	%
Oil		30,649		40,513		(9,864	)		(24	)%		56,538		79,963		(23,425	)		(29	)%
Total natural gas, NGLs and oil sales	$	666,638	$	478,450	$	188,188			39	%	$	1,458,558	$	1,045,451	$	413,107			40	%

Production is maintained through drilling success as new wells are placed in production, which is partially offset by the natural decline in production through existing wells. Our production for the three and six months ended June 30, 2025 and 2024 is set forth in the following table:


	Three Months Ended June 30,										Six Months Ended June 30,
	2025		2024		Change			%			2025		2024		Change			%
Production (a)
Natural gas (mcf)		136,297,159		136,099,063		198,096			0	%		272,260,589		268,749,303		3,511,286			1	%
NGLs (bbls)		10,029,051		9,376,810		652,241			7	%		19,949,040		19,137,533		811,507			4	%
Oil (bbls)		580,791		593,020		(12,229	)		(2	)%		1,004,370		1,203,299		(198,929	)		(17	)%
Total (mcfe) (b)		199,956,211		195,918,043		4,038,168			2	%		397,981,049		390,794,295		7,186,754			2	%

Average daily production (a)
Natural gas (mcf)		1,497,771		1,495,594		2,177			0	%		1,504,202		1,476,645		27,557			2	%
NGLs (bbls)		110,209		103,042		7,167			7	%		110,216		105,151		5,065			5	%
Oil (bbls)		6,382		6,517		(135	)		(2	)%		5,549		6,612		(1,063	)		(16	)%
Total (mcfe) (b)		2,197,321		2,152,946		44,375			2	%		2,198,790		2,147,221		51,569			2	%

(a)

Represents volumes sold regardless of when produced.

(b)

Oil and NGLs volumes are converted to mcfe at the rate of one barrel equals six mcf based upon the approximate relative energy content of oil to natural gas, which is not indicative of the relationship between oil and natural gas prices.

Our average realized price received (including all derivative settlements and third-party transportation costs) during second quarter 2025 was $1.97 per mcfe compared to $1.66 per mcfe in second quarter 2024. Our average realized price received (including all derivative settlements and third-party transportation costs) during first six months 2025 was $2.22 per mcfe compared to $1.85 per mcfe in first six months 2024. We believe computed final realized prices should include the total impact of transportation, gathering, processing and compression expense. Our average realized prices (including all derivative settlements and third-party transportation costs) calculation also includes all cash settlements for derivatives. Our average realized prices (excluding derivative settlements) do not include derivative settlements or third-party transportation costs which are reported in transportation, gathering, processing and compression expense in the accompanying consolidated statements of income. Our average realized prices (including derivative settlements) do include transportation costs where we receive net revenue proceeds from purchasers. Our average realized price calculations for three and six months ended June 30, 2025 and 2024 are shown below:


	Three Months Ended June 30,										Six Months Ended June 30,
	2025		2024		Change			%			2025		2024		Change			%
Average Prices
Average realized prices (excluding derivative settlements):
Natural gas (per mcf)	$	2.92	$	1.54	$	1.38			90	%	$	3.26	$	1.79	$	1.47			82	%
NGLs (per bbl)		23.73		24.35		(0.62	)		(3	)%		25.75		25.31		0.44			2	%
Oil (per bbl)		52.77		68.32		(15.55	)		(23	)%		56.29		66.45		(10.16	)		(15	)%
Total (per mcfe) (a)		3.33		2.44		0.89			36	%		3.66		2.68		0.98			37	%
Average realized prices (including all derivative settlements):
Natural gas (per mcf)	$	3.13	$	2.47	$	0.66			27	%	$	3.39	$	2.71	$	0.68			25	%
NGLs (per bbl)		23.88		24.56		(0.68	)		(3	)%		25.80		25.41		0.39			2	%
Oil (per bbl)		54.22		68.12		(13.90	)		(20	)%		57.39		67.63		(10.24	)		(15	)%
Total (per mcfe) (a)		3.49		3.10		0.39			13	%		3.75		3.32		0.43			13	%
Average realized prices (including all derivative settlements and third-party transportation costs paid by Range):
Natural gas (per mcf)	$	2.00	$	1.34	$	0.66			49	%	$	2.24	$	1.58	$	0.66			42	%
NGLs (per bbl)		9.01		10.90		(1.89	)		(17	)%		10.91		11.39		(0.48	)		(4	)%
Oil (per bbl)		52.84		67.48		(14.64	)		(22	)%		55.84		66.91		(11.07	)		(17	)%
Total (per mcfe) (a)		1.97		1.66		0.31			19	%		2.22		1.85		0.37			20	%

(a)

Realized prices include the impact of basis differentials and gains or losses realized from our basis hedging. The prices we receive for our natural gas can be more or less than the NYMEX price because of adjustments for delivery location, relative quality and other factors. The following table provides this impact on a per mcf basis:


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Average natural gas differentials below NYMEX	$	(0.52	)	$	(0.34	)	$	(0.29	)	$	(0.27	)
Realized (losses) gains on basis hedging	$	0.02		$	(0.07	)	$	(0.04	)	$	0.01

The following tables reflect our production and average sales prices (excluding derivative settlements and third-party transportation costs paid by Range) (in thousands, except prices):


	Three Months Ended June 30,								Six Months Ended June 30,
	2024		Price Variance		Volume Variance		2025		2024		Price Variance		Volume Variance		2025
Natural gas
Price (per mcf)	$	1.54	$	1.38	$	—	$	2.92	$	1.79	$	1.47	$	—	$	3.26
Production (Mmcf)		136,099		—		198		136,297		268,749		—		3,512		272,261
Natural gas sales	$	209,652	$	187,998	$	305	$	397,955	$	481,127	$	400,919	$	6,286	$	888,332


	Three Months Ended June 30,									Six Months Ended June 30,
	2024		Price Variance			Volume Variance		2025		2024		Price Variance		Volume Variance		2025
NGLs
Price (per bbl)	$	24.35	$	(0.62	)	$	—	$	23.73	$	25.31	$	0.44	$	—	$	25.75
Production (Mbbls)		9,377		—			652		10,029		19,138		—		811		19,949
NGLs sales	$	228,285	$	(6,130	)	$	15,879	$	238,034	$	484,361	$	8,789	$	20,538	$	513,688


	Three Months Ended June 30,										Six Months Ended June 30,
	2024		Price Variance			Volume Variance			2025		2024		Price Variance			Volume Variance			2025
Oil
Price (per bbl)	$	68.32	$	(15.55	)	$	—		$	52.77	$	66.45	$	(10.16	)	$	—		$	56.29
Production (Mbbls)		593		—			(12	)		581		1,203		—			(199	)		1,004
Oil sales	$	40,513	$	(9,029	)	$	(835	)	$	30,649	$	79,963	$	(10,206	)	$	(13,219	)	$	56,538


	Three Months Ended June 30,								Six Months Ended June 30,
	2024		Price Variance		Volume Variance		2025		2024		Price Variance		Volume Variance		2025
Consolidated
Price (per mcfe)	$	2.44	$	0.89	$	—	$	3.33	$	2.68	$	0.98	$	—	$	3.66
Production (Mmcfe)		195,918		—		4,038		199,956		390,794		—		7,187		397,981
Total natural gas, NGLs and oil sales	$	478,450	$	178,327	$	9,861	$	666,638	$	1,045,451	$	393,882	$	19,225	$	1,458,558

Transportation, gathering, processing and compression expense was $304.7 million in second quarter 2025 compared to $281.5 million in second quarter 2024. These third-party costs are higher in second quarter 2025 when compared to second quarter 2024 primarily due to an increase in NGLs volumes and electricity cost.

Transportation, gathering, processing and compression expense was $610.8 million in first six months 2025 compared to $572.4 million in first six months 2024. These third-party costs are higher in first six months 2025 when compared to first six months 2024 primarily due to an increase in NGLs volumes and electricity cost. Gas transportation expense increased due to an increase in fuel cost caused by higher prices. We have included these costs in the calculation of average realized prices (including all derivative settlements and third-party transportation expenses paid by Range). The following table summarizes transportation, gathering, processing and compression expense for the three and six months ended June 30, 2025 and 2024 on a per mcf and per barrel basis (in thousands, except for costs per unit):


	Three Months Ended June 30,									Six Months Ended June 30,
	2025		2024		Change		%			2025		2024		Change		%
Transportation, gathering processing and compression
Natural gas	$	154,704	$	153,040	$	1,664		1	%	$	312,223	$	303,152	$	9,071		3	%
NGLs		149,209		128,077		21,132		16	%		297,047		268,351		28,696		11	%
Oil		801		378		423		112	%		1,553		867		686		79	%
Total	$	304,714	$	281,495	$	23,219		8	%	$	610,823	$	572,370	$	38,453		7	%

Natural gas (per mcf)	$	1.13	$	1.13	$	—		0	%	$	1.15	$	1.13	$	0.02		2	%
NGLs (per bbl)		14.88		13.66		1.22		9	%		14.89		14.02		0.87		6	%
Oil (per bbl)		1.38		0.64		0.74		116	%		1.55		0.72		0.83		115	%
Total (per mcfe)	$	1.52	$	1.44	$	0.08		6	%	$	1.53	$	1.47		0.06		4	%

Derivative fair value income was $154.7 million in second quarter 2025 compared to income of $16.8 million in second quarter 2024. Derivative fair value loss was $4.2 million in first six months 2025 compared to income of $63.4 million in first six months 2024. All of our derivatives are accounted for using the mark-to-market accounting method. Mark-to-market accounting treatment can result in more volatility of our revenues as the change in the fair value of our commodity derivative positions is included in total revenue. As commodity prices increase or decrease, such changes will have an opposite effect on the mark-to-market value of our derivatives. Gains on our derivatives generally indicate potentially lower wellhead revenues in the future while losses indicate potentially higher future wellhead revenues. The following table summarizes the impact of our commodity derivatives for the three and six months ended June 30, 2025 and 2024 (in thousands):


	Three Months Ended June 30,					Six Months Ended June 30,
	2025		2024			2025			2024
Derivative fair value income (loss) per consolidated statements of income	$	154,747	$	16,808		$	(4,210	)	$	63,406

Non-cash fair value income (loss): ⁽ᵃ⁾
Natural gas derivatives	$	119,750	$	(113,018	)	$	(43,317	)	$	(173,815	)
NGLs derivatives		1,781		(291	)		1,229			(2,616	)
Oil derivatives		1,750		2,060			1,839			(10,593	)
Total non-cash fair value income (loss) ⁽ᵃ⁾	$	123,281	$	(111,249	)	$	(40,249	)	$	(187,024	)

Net cash receipt on derivative settlements:
Natural gas derivatives	$	29,114	$	126,194		$	33,843		$	247,107
NGLs derivatives		1,508		1,978			1,096			1,901
Oil derivatives		844		(115	)		1,100			1,422
Total net cash receipt	$	31,466	$	128,057		$	36,039		$	250,430

(a)

Non-cash fair value adjustments on commodity derivatives is a non-U.S. GAAP measure. Non-cash fair value adjustments on commodity derivatives only represent the net change between periods of the fair market values of commodity derivative positions and exclude the impact of settlements on commodity derivatives during the period. We believe that non-cash fair value adjustments on commodity derivatives is a useful supplemental disclosure to differentiate non-cash fair market value adjustments from settlements on commodity derivatives during the period. Non-cash fair value adjustments on commodity derivatives is not a measure of financial or operating performance under U.S. GAAP, nor should it be considered a substitute for derivative fair value income or loss as reported in our consolidated statements of income.

Brokered natural gas and marketing revenue was $33.0 million in second quarter 2025 compared to $31.4 million in second quarter 2024, which is the result of higher broker sales price slightly offset by lower broker sales volumes (volumes not related to our production). Brokered natural gas and marketing revenue was $87.4 million in first six months 2025 compared to $60.2 million in first six months 2024, which is the result of higher broker sales price slightly offset by lower broker sales volumes (volumes not related to our production). We continue to optimize our transportation portfolio using these volumes. See also Brokered natural gas and marketing expense below for more information on our net brokered margin.

Other income was $1.9 million in second quarter 2025 compared to $3.5 million in second quarter 2024. This includes $1.8 million of interest income and a $78,000 gain on sale of assets in 2025 compared to $3.4 million of interest income and a $55,000 gain on sale of assets in 2024. Other income was $5.1 million in first six months 2025 compared to $6.5 million in first six months 2024. This includes $4.8 million of interest income and a $136,000 gain on sale of assets in 2025 compared to $6.3 million of interest income and a $126,000 gain on sale of assets in 2024. Interest income is lower in 2025 due to the use of cash to repay senior notes. In the 2024 interim periods, interest income was included within brokered natural gas and marketing revenue and other and gain on sale of assets was its own discrete line in prior interim financial statements. In 2025 and for the comparable interim periods presented, we reclassified both of these items into other income in the accompanying consolidated statements of income.

Operating Costs per Mcfe

We believe some of our expense fluctuations are best analyzed on a unit-of-production or per mcfe basis. The following table presents information about certain of our expenses on a per mcfe basis for the three and six months ended June 30, 2025 and 2024:


	Three Months Ended June 30,										Six Months Ended June 30,
	2025		2024		Change			%			2025		2024		Change			%
Direct operating expense	$	0.11	$	0.12	$	(0.01	)		(8	)%	$	0.12	$	0.11	$	0.01			9	%
Taxes other than income		0.04		0.03		0.01			33	%		0.04		0.03		0.01			33	%
General and administrative expense		0.21		0.20		0.01			5	%		0.21		0.22		(0.01	)		(5	)%
Interest expense		0.13		0.15		(0.02	)		(13	)%		0.14		0.15		(0.01	)		(7	)%
Depletion, depreciation and amortization expense		0.46		0.45		0.01			2	%		0.46		0.45		0.01			2	%

Direct operating expense was $23.1 million in second quarter 2025 compared to $22.8 million in second quarter 2024. Direct operating expenses include normally recurring expenses to operate and produce our wells, non-recurring workover costs and repair-related expenses. Our direct operating costs increased in second quarter 2025 primarily due to higher workovers and maintenance costs. We incurred $803,000 of workover costs in second quarter 2025 compared to $644,000 in second quarter 2024.

Direct operating expense was $48.5 million in first six months 2025 compared to $44.9 million in first six months 2024. Our direct operating costs increased in first six months 2025 primarily due to higher water hauling, pumping and maintenance costs. We incurred $1.6 million workover costs in first six months 2025 compared to $1.5 million in first six months 2024. The following table summarizes direct operating expense per mcfe for the three and six months ended June 30, 2025 and 2024:


	Three Months Ended June 30,										Six Months Ended June 30,
	2025		2024		Change			%			2025		2024		Change		%
Direct operating
Lease operating expense	$	0.11	$	0.11	$	—			—	%	$	0.12	$	0.11	$	0.01		9	%
Workovers		—		—		—			—	%		—		—		—		—	%
Stock-based compensation		—		0.01		(0.01	)		(100	)%		—		—		—		—	%
Total direct operating expense	$	0.11	$	0.12	$	(0.01	)		(8	)%	$	0.12	$	0.11	$	0.01		9	%

Taxes other than income expense is predominately comprised of the Pennsylvania impact fee which functions as a tax on unconventional natural gas and oil production from the Marcellus Shale in Pennsylvania. This impact fee was $7.4 million in second quarter 2025 compared to $4.6 million in second quarter 2024 and $14.3 million in first six months 2025 compared to $10.4 million in first six months 2024. The impact fee is based on drilling activities and is adjusted based on prevailing natural gas prices, which are both higher than prior year. This category also includes franchise, real estate and other applicable taxes. The following table summarizes taxes other than income per mcfe for the three and six months ended June 30, 2025 and 2024:


	Three Months Ended June 30,									Six Months Ended June 30,
	2025		2024		Change		%			2025		2024		Change		%
Taxes other than income
Impact fee	$	0.04	$	0.03	$	0.01		33	%	$	0.04	$	0.03	$	0.01		33	%
Other		—		—		—		—	%		—		—		—		—	%
Total taxes other than income	$	0.04	$	0.03	$	0.01		33	%	$	0.04	$	0.03	$	0.01		33	%

General and administrative (G&A) expense was $42.1 million in second quarter 2025 compared to $40.1 million in second quarter 2024. The second quarter 2025 increase of $2.0 million when compared to the same period of 2024 is primarily due to timing of expenses.

G&A expense was $83.8 million in first six months 2025 compared to $84.1 million in first six months 2024. The decrease of $245,000 is primarily due to lower consulting fees and timing of expenses, mostly offset by higher employee related costs. The following table summarizes G&A expenses on a per mcfe basis for the three and six months ended June 30, 2025 and 2024:


	Three Months Ended June 30,									Six Months Ended June 30,
	2025		2024		Change		%			2025		2024		Change			%
General and administrative
General and administrative	$	0.16	$	0.16	$	—		—	%	$	0.16	$	0.17	$	(0.01	)		(6	)%
Stock-based compensation		0.05		0.04		0.01		25	%		0.05		0.05		—			—	%
Total general and administrative expense	$	0.21	$	0.20	$	0.01		5	%	$	0.21	$	0.22	$	(0.01	)		(5	)%

Interest expense was $26.8 million in second quarter 2025 compared to $29.7 million in second quarter 2024. Interest expense was $56.0 million in first six months 2025 compared to $60.2 million in first six months 2024. The following table presents information about interest expense per mcfe for the three and six months ended June 30, 2025 and 2024:


	Three Months Ended June 30,												Six Months Ended June 30,
	2025			2024			Change			%			2025			2024			Change			%
Bank credit facility (a)	$	0.02		$	0.01		$	0.01			100	%	$	0.01		$	0.01		$	—			—	%
Senior notes		0.11			0.13			(0.02	)		(15	)%		0.12			0.13			(0.01	)		(8	)%
Amortization of deferred financing costs and other		—			0.01			(0.01	)		(100	)%		0.01			0.01			—			—	%
Total interest expense	$	0.13		$	0.15		$	(0.02	)		(13	)%	$	0.14		$	0.15		$	(0.01	)		(7	)%
Average debt outstanding ($000s)	$	1,499,704		$	1,752,389		$	(252,685	)		(14	)%	$	1,603,211		$	1,766,269		$	(163,058	)		(9	)%
Average interest rate (b)		6.8	%		6.5	%		0.3	%		5	%		6.7	%		6.5	%		0.2	%		3	%

(a)

Includes commitment fees.

(b)

Excludes deferred financing costs.

The decrease in interest expense for second quarter and six months 2025 compared to the same periods of 2024 was primarily due to lower average outstanding debt balances. In May 2025, we paid off the remaining principal balance of $606.5 million of our 4.875% senior notes due 2025 by utilizing cash on hand and borrowing on our credit facility. We had $125.0 million outstanding on the bank credit facility as of June 30, 2025 compared to no bank debt outstanding for the same period of 2024.

Depletion, depreciation and amortization (DD&A) expense was $91.5 million in second quarter 2025 compared to $87.6 million in second quarter 2024, and was $182.1 million in first six months 2025 compared to $174.7 million in first six months 2024. This increase in both periods is due to a higher depletion rate combined with higher production volumes. Depletion expense, the largest component of DD&A expense, was $0.45 per mcfe in second quarter 2025 and first six months 2025 compared to $0.44 per mcfe in the same periods of 2024. We have historically adjusted our depletion rates in the fourth quarter of each year based on the year-end reserve report and at other times during the year when circumstances indicate there has been a significant change in reserves or costs. The following table summarizes DD&A expense per mcfe for the three and six months ended June 30, 2025 and 2024:


	Three Months Ended June 30,									Six Months Ended June 30,
	2025		2024		Change		%			2025		2024		Change		%
DD&A
Depletion and amortization	$	0.45	$	0.44	$	0.01		2	%	$	0.45	$	0.44	$	0.01		2	%
Depreciation		—		—		—		—	%		—		—		—		—	%
Accretion and other		0.01		0.01		—		—	%		0.01		0.01		—		—	%
Total DD&A expense	$	0.46	$	0.45	$	0.01		2	%	$	0.46	$	0.45	$	0.01		2	%

Other Operating Expenses

Our total operating expenses also include other expenses that generally do not trend with production. These expenses include stock-based compensation, brokered natural gas and marketing expense, exploration expense, abandonment and impairment of unproved properties, exit costs, deferred compensation plan expense and gain on early extinguishment of debt. Stock-based compensation includes the amortization of restricted stock grants and performance units. See Note 9 to our consolidated financial statements for more information on allocation of stock-based compensation by functional expense categories.

Brokered natural gas and marketing expense was $35.0 million in second quarter 2025 compared to $34.1 million in second quarter 2024 due to higher commodity prices slightly offset by lower broker purchase volumes (volumes not related to our production). Brokered natural gas and marketing expense was $93.2 million in first six months 2025 compared to $65.7 million in first six months 2024 due to higher commodity prices slightly offset by lower broker purchase volumes (volumes not related to our production). The following table details our brokered natural gas and marketing net margin for the three and six months ended June 30, 2025 and 2024 (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Brokered natural gas and marketing
Brokered natural gas sales	$	31,751		$	25,625		$	82,836		$	51,825
Brokered NGLs sales		(236	)		3,951			1,531			4,187
Other marketing revenue		1,494			1,816			3,050			4,212
Brokered natural gas purchases and transportation		(32,362	)		(27,283	)		(85,827	)		(56,102	)
Brokered NGLs purchases		470			(3,606	)		(1,365	)		(3,920	)
Other marketing expense		(3,093	)		(3,207	)		(5,994	)		(5,677	)
Net brokered natural gas and marketing net margin	$	(1,976	)	$	(2,704	)	$	(5,769	)	$	(5,475	)

Exploration expense was $7.9 million in second quarter 2025 compared to $6.7 million in second quarter 2024 mainly due to higher delay rentals. Exploration expense was $14.3 million in first six months 2025 compared to $11.2 million in first six months 2024 mainly due to higher delay rentals. The following table details our exploration expense for the three and six months ended June 30, 2025 and 2024 (in thousands):


	Three Months Ended June 30,										Six Months Ended June 30,
	2025		2024		Change			%			2025		2024		Change			%
Exploration
Seismic	$	4	$	—	$	4			100	%	$	128	$	25	$	103			412	%
Delay rentals and other		6,171		4,718		1,453			31	%		10,659		7,635		3,024			40	%
Personnel expense		1,387		1,598		(211	)		(13	)%		2,819		2,858		(39	)		(1	)%
Stock-based compensation expense		366		335		31			9	%		713		659		54			8	%
Total exploration expense	$	7,928	$	6,651	$	1,277			19	%	$	14,319	$	11,177	$	3,142			28	%

Abandonment and impairment of unproved properties expense was $6.8 million in second quarter 2025 compared to $1.5 million in second quarter 2024. Abandonment and impairment of unproved properties expense was $11.4 million in first six months 2025 compared to $3.9 million in first six months 2024. Abandonment and impairment of unproved properties for second quarter 2025 and first six months 2025 increased when compared to the same periods of 2024 due to higher expected lease expirations in Pennsylvania. When we do not intend to drill on a property prior to expiration, we have allowed acreage to expire. We also expect to strategically allow expirations in the future, as we believe certain acreage needed for our future development plans can be efficiently leased again prior to development.

Exit costs were $8.5 million in second quarter 2025 compared to $10.1 million in second quarter 2024. Exit costs were $17.4 million in first six months 2025 compared to $20.4 million in first six months 2024. These costs are associated with normal accretion expense primarily related to retained liabilities for certain gathering, transportation and processing obligations extending through 2030.

Deferred compensation plan had a gain of $88,000 in second quarter 2025 compared to expense of $1.2 million in second quarter 2024. Deferred compensation plan expense was $2.8 million in first six months 2025 compared to $7.6 million in first six months 2024. This non-cash item relates to the increase or decrease in value of the liability associated with our common stock that is vested and held in our deferred compensation plan. The deferred compensation liability is adjusted to fair value by a charge or a credit to deferred compensation plan expense based on the number of vested shares in the plan at the time. The reduction in both periods is related to fewer shares being held within the deferred compensation plan. The deferred compensation plan held 265,000 shares (256,000 vested shares) of Range common stock at June 30, 2025 compared to 811,000 shares (758,000 vested shares) at June 30, 2024.

Income tax expense was $64.5 million in second quarter 2025 compared to a benefit of $18.7 million in second quarter 2024. Income tax expense was $77.1 million in first six months 2025 compared to a benefit of $490,000 in first six months 2024. The 2025 and 2024 effective tax rates were different than the statutory tax rates due to tax credits, state income taxes and equity compensation.

Management’s Discussion and Analysis of Financial Condition, Capital Resources and Liquidity

Commodity prices are the most significant factor impacting our revenues, net income, operating cash flows, the amount of capital we invest in our business, payment of dividends and funding of share or debt repurchases. Commodity prices have been and are expected to remain volatile. Our top priorities for using cash provided by operations are to fund our capital program, return capital to stockholders and reduce debt further over time. We currently believe we have sufficient liquidity and capital resources to execute our business plan for the foreseeable future and across a wide range of commodity price scenarios. We continue to manage the duration and level of our drilling and completion commitments in order to maintain flexibility with regard to our activity level and capital expenditures.

Cash Flows

The following table presents sources and uses of cash and cash equivalents for the six months ended June 30, 2025 and 2024 (in thousands):


	Six Months Ended June 30,
	2025			2024
Sources of cash and cash equivalents
Operating activities	$	666,273		$	480,705
Disposal of assets		149			262
Borrowing on credit facility		447,000			—
Other		35,064			59,771
Total sources of cash and cash equivalents	$	1,148,486		$	540,738

Uses of cash and cash equivalents
Additions to natural gas properties	$	(279,990	)	$	(286,098	)
Repayments on credit facility		(322,000	)		—
Acreage purchases		(36,443	)		(34,997	)
Additions to field service assets		(1,100	)		(1,125	)
Repayment of senior notes		(608,699	)		(66,069	)
Treasury stock purchases		(120,358	)		(10,199	)
Dividends paid		(43,084	)		(38,874	)
Other		(41,168	)		(64,298	)
Total uses of cash and cash equivalents	$	(1,452,842	)	$	(501,660	)

Sources of Cash and Cash Equivalents

Cash flows provided from operating activities in first six months 2025 were $666.3 million compared to $480.7 million in first six months 2024. Cash provided from operating activities is largely dependent upon commodity prices and production volumes, net of the effects of settlement of our derivative contracts. As of June 30, 2025, we have hedged more than 30% of our projected natural gas production for the remainder of 2025. Changes in working capital (as reflected in our consolidated statements of cash flows) for first six months 2025 was a negative $18.0 million compared to a negative $53.0 million for first six months 2024.

Borrowing on credit facility in first six months 2025 was $447.0 million which was utilized for the payoff of principal of our 4.875% senior notes due 2025 at its maturity date. Borrowings net of repayments on the credit facility for the first six months 2025 brought the credit facility balance to $125.0 million as of June 30, 2025.

Uses of Cash and Cash Equivalents

Additions to natural gas properties for first six months 2025 were consistent with expectations relative to our announced 2025 capital budget.

Repayment of senior notes for first six months 2025 includes the payoff of principal of our 4.875% senior notes due 2025 at its maturity date through utilization of cash and borrowing on our credit facility.

Treasury stock purchases for first six months 2025 include the repurchase and settlement of 3.3 million shares for a total of $120.4 million (excluding cost of 1% excise tax) as part of our previously announced stock repurchase program.

Liquidity and Capital Resources

Our main sources of liquidity are cash on hand, internally generated cash flow from operations, our bank credit facility and capital market transactions. At June 30, 2025, we had approximately $1.2 billion of liquidity consisting of $134,000 of cash on hand and $1.2 billion of availability under our bank credit facility. Our borrowing base can be adjusted as a result of changes in commodity prices, acquisitions or divestitures of proved properties or financing activities. We may draw on our bank credit facility to meet short-term cash requirements.

We expect our 2025 capital program to be funded by cash flows from operations. During the six months ended June 30, 2025, we generated $666.3 million of cash flows from operating activities.

Bank Credit Facility

Our bank credit facility is secured by substantially all of our assets. As of June 30, 2025, we had a balance of $125.0 million on our credit facility and we maintained a borrowing base of $3.0 billion and aggregate lender commitments of $1.5 billion. We have undrawn letters of credit of $164.1 million as of June 30, 2025, which reduce our borrowing capacity under our bank credit facility.

The borrowing base is subject to regular, semi-annual re-determinations and is dependent on a number of factors but primarily the lenders' assessment of our future cash flows. Our scheduled borrowing base re-determination was completed in March 2025 with our borrowing base and lender commitments reaffirmed. We currently must comply with certain financial and non-financial covenants, including limiting dividend payments, debt incurrence and requirements that we maintain certain financial ratios (as defined in our bank credit facility agreement). We were in compliance with all such covenants at June 30, 2025.

Capital Requirements

We use cash for the development, exploration and acquisition of natural gas properties and for the payment of gathering, transportation and processing costs, operating, general and administrative costs, taxes and debt obligations, including interest, dividends and share repurchases. Expenditures for the development, exploration and acquisition of natural gas properties are the primary use of our capital resources. During first six months 2025, we used operating cash flows to fund $317.5 million of capital expenditures as reported in our consolidated statement of cash flows within investing activities. The amount of our future capital expenditures will depend upon a number of factors including our cash flows from operating, investing and financing activities, infrastructure availability, supply and demand fundamentals and our ability to execute our development program. In addition, the impact of commodity prices on investment opportunities, the availability of capital and the timing and results of our development activities may lead to changes in funding requirements for future development. We periodically review our budget to assess changes in current and projected cash flows, debt requirements and other factors.

We may from time to time repurchase or redeem all or portions of our outstanding debt securities for cash, through exchanges for other securities or a combination of both. Such repurchases or redemptions may be made in open market transactions and will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material.

Cash Dividend Payments

On May 30, 2025, our board of directors announced the approval of a dividend of $0.09 per share payable on June 27, 2025, to stockholders of record at the close of business on June 13, 2025. The determination of the amount of future dividends, if any, to be declared and paid is at the sole discretion of the board of directors and primarily depends on cash flow, capital expenditures, debt covenants and various other factors.

Stock Repurchase Program

Our total remaining share repurchase authorization was approximately $895.7 million at June 30, 2025.

Other Sources of Liquidity

We have a universal shelf registration statement filed with the SEC under which we, as a well-known seasoned issuer for purposes of SEC rules, have the future ability to sell an indeterminate amount of various types of debt and equity securities.

Cash Contractual Obligations

Our contractual obligations include long-term debt, operating leases, derivative obligations, asset retirement obligations and transportation, processing and gathering commitments including the divestiture contractual commitment that we incurred in conjunction with the sale of our North Louisiana assets. See Note 13 to our unaudited consolidated financial statements entitled "Commitments and

Contingencies" for more information on commitments.

Interest Rates

At June 30, 2025, we had approximately $1.2 billion of debt outstanding which bore interest at fixed rates averaging 6.7%. Bank debt totaling $125.0 million bears interest at a floating rate, which was 6.7% at June 30, 2025.

Off-Balance Sheet Arrangements

We do not currently utilize any significant off-balance sheet arrangements with unconsolidated entities to enhance our liquidity or capital resource position, or for any other purpose. However, as is customary in the oil and gas industry, we have various contractual work commitments, some of which are described above under Cash Contractual Obligations.

Changes in Prices and Costs

Our revenues, the value of our assets and our ability to obtain bank loans or additional capital on attractive terms have been and will continue to be affected by changes in natural gas, NGLs and oil prices and the costs to produce our reserves. Natural gas, NGLs and oil prices are subject to significant fluctuations that are beyond our ability to control or predict. Certain of our costs and expenses are affected by general inflation and tariffs. We expect costs for the remainder of 2025 to continue to be a function of supply and demand.

Forward-Looking Statements

Certain sections of Management’s Discussion and Analysis of Financial Condition and Results of Operations include forward-looking statements concerning trends or events potentially affecting our business. These statements typically contain words such as "anticipates," "believes," "expects," "targets," "plans," "estimates," "predicts," "may," "should," "would" or similar words indicating that future outcomes are uncertain. In accordance with "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, these statements are accompanied by cautionary language identifying important factors, though not necessarily all such factors, which could cause future outcomes to differ materially from those set forth in the forward-looking statements. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our expectations for future revenues and operating results are based on our current forecasts for our existing operations and do not include the potential impact of any future events. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise. For additional risk factors affecting our business, see Item 1A. Risk Factors as set forth in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 25, 2025.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The primary objective of the following information is to provide forward-looking quantitative and qualitative information about our potential exposure to market risks. The term "market risk" refers to the risk of loss arising from adverse changes in natural gas, NGLs and oil prices and interest rates. The disclosures are not meant to be precise indicators of expected future losses, but rather indicators of reasonably possible losses. This forward-looking information provides indicators of how we view and manage our ongoing market-risk exposure. All of our market-risk sensitive instruments were entered into for purposes other than trading. All accounts are U.S. dollar denominated. These risks have not materially changed and should be read in conjunction with Item 7A Quantitative and Qualitative Disclosures about Market Risk as presented in the Form 10-K.

Market Risk

We are exposed to market risks related to natural gas, NGLs and oil prices, which are difficult to predict. We employ various strategies, including the use of commodity derivative instruments, to manage the risks related to these price fluctuations. These derivative instruments apply to a varying portion of our production and provide partial price protection. These arrangements can limit the benefit to us of increases in prices but offer protection in the event of price declines. Further, if our counterparties defaulted, this protection might be limited as we might not receive the benefits of the derivatives. Realized prices are influenced by the complex dynamics of supply and demand that exist in the global energy markets. Changes in natural gas prices affect us more than changes in oil prices because approximately 64% of our December 31, 2024 proved reserves are natural gas and 1% of proved reserves are oil. In addition, a portion of our NGLs, which are 35% of proved reserves, are also impacted by changes in oil and natural gas prices. At times, we are also exposed to market risks related to changes in interest rates. These risks did not change materially from December 31, 2024 to June 30, 2025.

We believe NGLs prices are somewhat seasonal, particularly for propane. Therefore, the relationship of NGLs prices to NYMEX WTI (or West Texas Intermediate) will vary due to product components, seasonality and geographic supply and demand. We sell NGLs in several regional U.S markets, some of which are exported to international markets by other parties. If we are not able to sell or store NGLs, we may be required to curtail production or shift our drilling activities to dry gas areas.

The Appalachian region has finite local demand and infrastructure to accommodate ethane. We have agreements where we have contracted to either sell or transport ethane from our Marcellus Shale area. We cannot ensure these facilities will remain available. If we are not able to sell ethane under at least one of these agreements, we may be required to curtail production or, as we have done in the past, purchase or divert natural gas to blend with our residue gas.

Commodity Price Risk

We use commodity-based derivative contracts to manage exposures to commodity price fluctuations. We do not enter into these arrangements for speculative or trading purposes. At times, certain of our derivatives are swaps where we receive a fixed price (or a fixed percentage of a price) for our production and pay market prices to the counterparty. Our derivatives program can also include collars, which establish a minimum floor price and a predetermined ceiling price. Our program may also include a three-way collar which is a combination of three options. We have also entered into natural gas derivative instruments containing a fixed price swap and a sold option (which we refer to as a swaption). At June 30, 2025, our derivative program includes swaps, collars, three-way collars and swaptions. The fair value of these contracts, represented by the estimated amount that would be realized upon immediate liquidation based on a comparison of the contract price and a reference price, generally NYMEX for natural gas and oil or Mont Belvieu for NGLs, approximated a net unrealized gain of $5.6 million as of June 30, 2025. These contracts expire monthly through December 2027. For additional information over our derivative contracts, see Note 7 to the accompanying consolidated financial statements.

Other Commodity Risk

We are impacted by basis risk, caused by factors that affect the relationship between commodity futures prices reflected in derivative commodity instruments and the cash market price of the underlying commodity. Natural gas transaction prices are frequently based on industry reference prices that may vary from prices experienced in local markets. If commodity price changes in one region are not reflected in other regions, derivative commodity instruments may no longer provide the expected hedge, resulting in increased basis risk. Therefore, in addition to the swaps, collars, three-way collars and swaptions discussed above, we have entered into natural gas basis swap agreements. The price we receive for our gas production can be more or less than the NYMEX Henry Hub price because of basis adjustments, relative quality and other factors. Basis swap agreements effectively fix the basis adjustments. The fair value of the natural gas basis swaps was a gain of $19.9 million at June 30, 2025, and they settle through December 2029.

Commodity Sensitivity Analysis

The following table shows the fair value of our derivatives and the hypothetical changes in fair value that would result from a 10% and a 25% change in commodity prices at June 30, 2025. We remain at risk for possible changes in the market value of commodity derivative instruments; however, such risks should be mitigated by price changes in the underlying physical commodity (in thousands):


				Hypothetical Change in Fair Value
				Increase in Commodity Price of						Decrease in Commodity Price of
	Fair Value			10%			25%			10%			25%
Swaps	$	15,819		$	(93,261	)	$	(233,151	)	$	93,261		$	233,151
Three-way collars		15,366			(18,620	)		(46,292	)		17,068			37,665
Basis swaps		19,875			15,160			37,901			(15,160	)		(37,901	)
Propane swaps		1,229			123			307			(123	)		(307	)
Swaptions		(25,562	)		(32,098	)		(91,595	)		18,956			25,359

Our commodity-based derivative contracts expose us to the credit risk of non-performance by the counterparty to the contracts. Our exposure is diversified primarily among major investment grade financial institutions and we have master netting agreements with our counterparties that provide for offsetting payables against receivables from separate derivative contracts. Our derivative contracts are with multiple counterparties to minimize our exposure to any individual counterparty. At June 30, 2025, our derivative counterparties include fourteen financial institutions, of which ten are secured lenders in our bank credit facility. Counterparty credit risk is considered when determining the fair value of our derivative contracts. While our counterparties are primarily major investment grade financial institutions, the fair value of our derivative contracts has been adjusted to account for the risk of non-performance by certain of our counterparties, which was immaterial.

Interest Rate Risk

At June 30, 2025, we had total debt of approximately $1.2 billion. Our outstanding debt includes $1.1 billion senior notes based on fixed interest rates. As this represents approximately 90% of our total debt balance, we do not have significant exposure to movements in market interest rates. Our bank credit facility provides for variable interest rate borrowings, which had a balance of $125.0 million as of June 30, 2025 and incurred interest at a rate of 6.7% at June 30, 2025. The 30-day SOFR rate at June 30, 2025 was approximately 4.3%. A 1% increase in short-term interest rates on the floating-rate debt outstanding on June 30, 2025 would result in approximately $1.3 million in additional annual interest expense.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

As required by Rule 13a-15(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), we have evaluated, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Our disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed by us in reports that we file under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure and is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. Based upon the evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures were effective as of June 30, 2025 at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

There was no change in our system of internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during the three months ended June 30, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

See Note 13 to our unaudited consolidated financial statements entitled "Commitments and Contingencies" included in Part I Item 1 above for a summary of our legal proceedings, such information being incorporated herein by reference.

Environmental Proceedings

From time to time, we receive notices of violation from governmental and regulatory authorities in areas in which we operate relating to alleged violations of environmental statutes or the rules and regulations promulgated thereunder. While we cannot predict with certainty whether these notices of violation will result in fines and/or penalties, if fines and/or penalties are imposed, they may result in monetary sanctions, individually or in the aggregate, in excess of $250,000.

ITEM 1A. RISK FACTORS

We are subject to various risks and uncertainties in the course of our business. In addition to the factors discussed elsewhere in this report, you should carefully consider the risks and uncertainties described under Item 1A. Risk Factors filed in our Annual Report on Form 10-K for the year ended December 31, 2024.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

In 2019, our board of directors authorized a common stock repurchase program. In 2022, our board of directors increased the authorization under the program. Shares repurchased as of June 30, 2025 are held as treasury stock and we have approximately $895.7 million of remaining authorization under the program. These repurchases are based on trade date, although certain purchases may not have settled until the following month.

Purchases of our common stock during second quarter 2025 are as follows:


Period	Total Number of Shares Purchased		Average Price Paid Per Share (a)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Approximate Dollar Amount of Shares that May Yet Be Purchased Under Plans or Programs
April 2025		1,073,438	$	35.76		1,073,438	$	910,194,045
May 2025		100,000	$	38.15		100,000	$	906,378,733
June 2025		280,000	$	37.99		280,000	$	895,740,381
		1,453,438				1,453,438

(a)

Includes any customary fees and commissions associated with the share repurchases, but excludes 1% excise tax.

ITEM 5. OTHER INFORMATION

During second quarter 2025, no director or officer adopted, modified or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" as such terms are defined in Item 408 of Regulation S-K.

ITEM 6. EXHIBITS

Exhibit index


		Incorporated by Reference (File No. 001-12209)
Exhibit Number	Exhibit Description	Form	Exhibit	Filing Date

3.1	Restated Certificate of Incorporation of Range Resources Corporation	10-Q	3.1.1	05/05/2004

3.1.1	First Amendment to Restated Certificate of Incorporation of Range Resources Corporation	10-Q	3.1	07/28/2005

3.1.2	Second Amendment to Restated Certificate of Incorporation of Range Resources Corporation	10-Q	3.1	07/24/2008

3.1.3	Third Amendment to Restated Certificate of Incorporation of Range Resources Corporation	8-K	3.1	05/08/2024

3.2	Amended and Restated By-laws of Range Resources Corporation	8-K	3.1	05/19/2016

10.1*	Form of Restricted Stock Award Agreement (Board of Directors)

31.1*	Certification of Chief Executive Officer of Range Resources Corporation Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2*	Certification of the Chief Financial Officer of Range Resources Corporation Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1**	Certification of Chief Executive Officer and President of Range Resources Corporation Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2**	Certification of Chief Financial Officer of Range Resources Corporation Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101. INS*	Inline XBRL Instance Document – the XBRL Instance Document does not appear in the Interactive Data file because its XBRL tags are embedded within the Inline XBRL document

101. SCH*	Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Document

104 *	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
* **	Filed herewith Furnished herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: July 22, 2025


RANGE RESOURCES CORPORATION

By:		/s/ MARK S. SCUCCHI
		Mark S. Scucchi
		Executive Vice President and Chief Financial Officer

Date: July 22, 2025


RANGE RESOURCES CORPORATION

By:		/s/ ASHLEY S. KAVANAUGH
		Ashley S. Kavanaugh
		Vice President – Controller and Principal Accounting Officer