RANGE RESOURCES CORP
For the period ended Dec 31, 2024. Filed Feb 25, 2025.
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FY2024 · Filed Feb 25, 2025
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
For the fiscal year ended December 31,2024
OR
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
Commission File Number:001-12209
(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) | (Zip Code) |
Registrant’s telephone number, including area code(817)870-2601
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $.01 par value | RRC | New York Stock Exchange |
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐No ☒
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 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 | ☒ | Smaller reporting company | ☐ |
|---|---|---|---|
| Accelerated filer | ☐ | Emerging growth company | ☐ |
| Non-accelerated filer | ☐ | ||
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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No☒
The aggregate market value of the voting and non-voting common equity held by non-affiliates as of June 30, 2024 was $8,033,163,000. This amount is based on the closing price of the registrant's common stock on the New York Stock Exchange on the last trading day of the month. Shares of common stock held by executive officers and directors of the registrant and treasury shares held by the registrant are not included in the computation.
As of February 21, 2025, there were 241,330,871 shares of Range Resources Corporation common stock outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s definitive proxy statement to be furnished to stockholders in connection with its 2025 Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates, are incorporated by reference in Part II, Item 5 and Part III, Items 10-14 of this report.
Unless the context otherwise indicates, all references in this report to "Range," "we," "us" or "our" are to Range Resources Corporation and its directly and indirectly owned subsidiaries. Unless otherwise noted, all information in the report relating to natural gas, natural gas liquids and oil reserves and the estimated future net cash flows attributable to those reserves are based on estimates and are net to our interest. If you are not familiar with the oil and gas terms used in this report, please refer to the explanation of such terms under the caption "Glossary of Certain Defined Terms."
TABLE OF CONTENTS
| Page | ||
|---|---|---|
| Glossary of Certain Defined Terms | iii | |
| PART I | ||
| ITEMS 1. & 2. | Business and Properties | 1 |
| General | 1 | |
| Available Information | 1 | |
| Our Business Strategy | 1 | |
| Outlook for 2025 | 2 | |
| Property Overview and Geographical Information | 3 | |
| Proved Reserves | 3 | |
| Production, Sales Price and Production Costs | 4 | |
| Producing Wells | 5 | |
| Drilling Activity | 5 | |
| Gross and Net Acreage | 5 | |
| Undeveloped Acreage Expirations | 6 | |
| Title to Properties | 6 | |
| Competition | 6 | |
| Marketing and Customers | 7 | |
| Seasonal Nature of Business | 7 | |
| Markets | 7 | |
| Human Capital Management | 7 | |
| Executive Officers of the Registrant | 8 | |
| Governmental Regulation | 9 | |
| Environmental and Occupational Health and Safety Matters | 11 | |
| ITEM 1A. | Risk Factors | 16 |
| ITEM 1B. | Unresolved Staff Comments | 27 |
| ITEM 1C. | Cybersecurity | 28 |
| ITEM 3. | Legal Proceedings | 28 |
| ITEM 4. | Mine Safety Disclosures | 29 |
| PART II | ||
| ITEM 5. | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 30 |
| Market for Common Stock | 30 | |
| Holders of Record | 30 | |
| Dividends | 30 | |
| Equity Compensation Plan Information | 30 | |
| Purchases of Equity Securities by Issuer and Affiliated Purchasers | 30 | |
| Stockholder Return Performance Presentation | 31 | |
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TABLE OF CONTENTS (continued)
| Page | ||
|---|---|---|
| ITEM 6. | [Reserved] | 31 |
| ITEM 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 32 |
| Management's Discussion and Analysis of Results of Operations | 32 | |
| Management's Discussion and Analysis of Financial Condition, Cash Flows, Capital Resources and Liquidity | 41 | |
| Management's Discussion of Critical Accounting Estimates | 45 | |
| ITEM 7A. | Quantitative and Qualitative Disclosures about Market Risk | 47 |
| Commodity Price Risk | 47 | |
| Derivative Instruments | 47 | |
| Other Commodity Risk | 47 | |
| Commodity Sensitivity Analysis | 48 | |
| Counterparty Risk | 48 | |
| Interest Rate Risk | 48 | |
| ITEM 8. | Financial Statements and Supplementary Data | F-1 |
| ITEM 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 49 |
| ITEM 9A. | Controls and Procedures | 49 |
| ITEM 9B. | Other Information | 49 |
| ITEM 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 49 |
| PART III | ||
| ITEM 10. | Directors, Executive Officers and Corporate Governance | 50 |
| ITEM 11. | Executive Compensation | 50 |
| ITEM 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 50 |
| ITEM 13. | Certain Relationships and Related Transactions, and Director Independence | 50 |
| ITEM 14. | Principal Accountant Fees and Services | 50 |
| PART IV | ||
| ITEM 15. | Exhibits and Financial Statement Schedules | 51 |
| SIGNATURES | 53 | |
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