RANGE RESOURCES CORP

Previous wording

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.

Current wording

We are an independent natural gas, natural gas liquids and oil company engaged in the exploration, development and acquisition of natural gas, NGLs and oil 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.

Previous wording

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, tensions in the Middle East, global inventories of natural gas, NGLs and oil, future U.S. infrastructure investment, future monetary and fiscal policy, 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 nine months 2025, natural gas prices increased primarily due to increased exports from new U.S. liquefied natural gas ("LNG") export facilities. Longer term natural gas futures prices remain constructive based on market expectations of continued LNG export expansion and increasing global power demand, while associated gas-related activity in oil basins and dry gas basin activity are expected to show modest rates of growth due to infrastructure constraints, moderated reinvestment rates and inventory exhaustion. In addition, the global energy shortage experienced in recent years further highlighted the need for affordable and reliable fuel sources, supporting continued strong structural demand growth for U.S LNG exports. 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.

Current wording

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 war, military action in the Middle East and flows of energy commodities through the Strait of Hormuz; global inventories of natural gas, NGLs and oil; future U.S. infrastructure investment; future monetary and fiscal policy, tariffs and their impacts on global trade and energy demand; and governmental policies aimed at the energy sector, including those focused on 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 three months 2026, average natural gas prices increased primarily due to increased demand from winter weather and LNG export growth. Longer term natural gas futures prices remain constructive based on market expectations of continued LNG export expansion and increasing global power demand, while associated gas-related activity in oil basins and dry gas basin activity are expected to show modest rates of growth due to infrastructure constraints, moderated reinvestment rates and inventory exhaustion. In addition, the global energy shortage experienced in recent years and geopolitical disruptions of energy flows from key producing regions further highlighted the need for affordable and reliable fuel sources, supporting continued strong structural demand growth for U.S. LNG exports, as well as domestic electricity generation. Other factors such as 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 and operations.

Previous wording

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

Current wording

The following table lists related benchmarks for natural gas, oil and NGLs composite prices for the three months ended March 31, 2026 and 2025:

Previous wording

In third 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 a 9% increase in net realized prices (average prices including all derivative settlements and third-party transportation costs paid by us) and a 1% increase in total production.

Current wording

In first quarter 2026, we experienced an increase in revenue from the sale of natural gas, NGLs and oil when compared to the same quarter of 2025, due to a 29% increase in net realized prices (average prices including all derivative settlements and third-party transportation costs paid by us) and a slight increase in total production.

Previous wording

During first nine months 2025, we recognized net income of $478.9 million, or $1.99 per diluted common share compared to net income of $171.5 million, or $0.70 per diluted common share during the same period 2024. The higher net income in first nine months 2025 compared to first nine months 2024 is primarily due to increased realized prices.

Current wording

During first quarter 2026, we recognized net income of $341.6 million, or $1.44 per diluted common share compared to net income of $97.1 million, or $0.40 per diluted common share during first quarter 2025. The higher net income in first quarter 2026 compared to first quarter 2025 is primarily due to increased realized prices.

Previous wording

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

Current wording

Our first quarter 2026 financial and operating performance included the following results:

Previous wording

revenue from the sale of natural gas, NGLs and oil increased 15% from the same period of 2024 due to a 13% increase in average realized prices (before cash settlements on our derivatives) combined with a 1% increase in production volumes;

Current wording

revenue from the sale of natural gas, NGLs and oil increased 28% from the same period of 2025 due to a 27% increase in average realized prices (before cash settlements on our derivatives) combined with a slight increase in production volumes;

Previous wording

revenue from the sale of natural gas, NGLs and oil (including cash settlements on our derivatives) increased 4% from the same period of 2024;

Current wording

revenue from the sale of natural gas, NGLs and oil (including cash settlements on our derivatives) increased 21% from the same period of 2025;

Previous wording

transportation, gathering, processing and compression per mcfe was $1.51 in first nine months 2025 compared to $1.48 in the same period of 2024, primarily due to an increase in NGLs volumes and electricity costs;

Current wording

transportation, gathering, processing and compression per mcfe increased to $1.63 in first quarter 2026 compared to $1.55 in the same period of 2025, primarily due to an increase in electricity rates and fuel prices;

Previous wording

general and administrative expense per mcfe was $0.22 in third quarter 2025 compared to $0.20 in the same period of 2024 due to higher employee related costs and legal fees; and

Current wording

general and administrative expense per mcfe increased to $0.23 in first quarter 2026 compared to $0.21 in the same period of 2025 due to higher employee related costs; and

Previous wording

interest expense per mcfe decreased 14% from the same period of 2024 due to lower debt balances.

Current wording

interest expense per mcfe decreased 33% from the same period of 2025 due to lower debt balances and lower interest rates.

Previous wording

Third quarter 2025 also included the following returns of capital and balance sheet highlights:

Current wording

First quarter 2026 also included the following returns of capital and balance sheet highlights:

Previous wording

repurchased $56.3 million (1.6 million shares) of our common stock;

Current wording

repurchased $27.1 million (800,000 shares) of our common stock;

Previous wording

paid $21.4 million of dividends, a 12.5% higher dividend of $0.09 per share compared to $0.08 per share in the same period of 2024; and

Current wording

paid $23.8 million of dividends, an 11% higher dividend of $0.10 per share compared to $0.09 per share in the same period of 2025; and

Previous wording

We generated $247.5 million of cash from operating activities in third quarter 2025, an increase of $1.6 million from third quarter 2024, which reflects the impact of higher realized prices.

Current wording

We generated $619.1 million of cash from operating activities in first quarter 2026, an increase of $289.1 million from first quarter 2025, which reflects the impact of higher realized prices.

Previous wording

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 nine months ended September 30, 2025 and 2024 (in thousands):

Current wording

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 months ended March 31, 2026 and 2025 (in thousands):

Previous wording

Production growth is generated 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 nine months ended September 30, 2025 and 2024 is set forth in the following table:

Current wording

Production growth is generated 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 months ended March 31, 2026 and 2025 is set forth in the following table:

Previous wording

Our average realized price received (including all derivative settlements and third-party transportation costs) during third quarter 2025 was $1.82 per mcfe compared to $1.67 per mcfe in third quarter 2024. Our average realized price received (including all derivative settlements and third-party transportation costs) during first nine months 2025 was $2.08 per mcfe compared to $1.79 per mcfe in first nine months 2024. 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 not include transportation costs where we receive net revenue proceeds from purchasers. Our average realized prices (including derivative settlements and third-party transportation costs) calculation also includes all cash settlements for derivatives. We believe computed final realized prices should include the total impact of transportation, gathering, processing and compression expense. Our average realized price calculations for three and nine months ended September 30, 2025 and 2024 are shown below:

Current wording

Our average realized price received (including all derivative settlements and third-party transportation costs) during first quarter 2026 was $3.21 per mcfe compared to $2.48 per mcfe in first quarter 2025. 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 prices (including derivative settlements and third-party transportation costs) calculation also includes all cash settlements for derivatives. We believe computed final realized prices should include the total impact of transportation, gathering, processing and compression expense. Our average realized price calculations for three months ended March 31, 2026 and 2025 are shown below:

Previous wording

Transportation, gathering, processing and compression expense was $911.9 million in first nine months 2025 compared to $878.5 million in first nine months 2024. These third-party costs are higher in first nine months 2025 when compared to first nine months 2024 primarily due to an increase in NGLs volumes and electricity costs. 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 derivative settlements and third-party transportation expenses paid by Range). The following table summarizes transportation, gathering, processing and compression expense for the three and nine months ended September 30, 2025 and 2024 on a per mcf and per barrel basis (in thousands, except for costs per unit):

Current wording

Transportation, gathering, processing and compression expense was $323.3 million in first quarter 2026 compared to $306.1 million in first quarter 2025. These third-party costs are higher in first quarter 2026 compared to first quarter 2025 primarily due to higher electricity rates and fuel prices. We have included these costs in the calculation of average realized prices (including derivative settlements and third-party transportation expenses paid by Range). The following table summarizes transportation, gathering, processing and compression expense for the three months ended March 31, 2026 and 2025 on a per mcf and per barrel basis (in thousands, except for costs per unit):

Previous wording

Derivative fair value incomewas $92.9 million in third quarter 2025 compared to income of $47.1 million in third quarter 2024. Derivative fair value income was $88.7 million in first nine months 2025 compared to income of $110.5 million in first nine 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 derivative losses indicate potentially higher future wellhead revenues. The following table summarizes the impact of our commodity derivatives for the three and nine months ended September 30, 2025 and 2024 (in thousands):

Current wording

Derivative fair value losswas $33.4 million in first quarter 2026 compared to a loss of $159.0 million in first quarter 2025. 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 derivative losses indicate potentially higher future wellhead revenues. The following table summarizes the impact of our commodity derivatives for the three months ended March 31, 2026 and 2025 (in thousands):

Previous wording

Brokered natural gas and marketing revenue was $43.8 million in third quarter 2025 compared to $31.3 million in third quarter 2024, which is the result of higher broker sales price combined with higher broker sales volumes (volumes not related to our production). Brokered natural gas and marketing revenue was $131.2 million in first nine months 2025 compared to $91.5 million in first nine 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.

Current wording

Brokered natural gas, NGLs and marketing revenue was $57.2 million in first quarter 2026 compared to $54.4 million in first quarter 2025, which is the result of higher commodity prices 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, NGLs and marketing expense below for more information on our net brokered margin.

Previous wording

Other incomewas $284,000 in third quarter 2025 compared to $3.4 million in third quarter 2024. This includes $52,000 of interest income and a $6,000 loss on sale of assets in third quarter 2025 compared to $3.2 million of interest income and a $69,000 gain on sale of assets in third quarter 2024. Other income was $5.3 million in first nine months 2025 compared to $9.9 million in first nine months 2024. This includes $4.9 million of interest income and a $158,000 gain on sale of assets in first nine months 2025 compared to $9.5 million of interest income and a $222,000 gain on sale of assets in first nine months 2024. Interest income is lower in 2025 due to the use of cash to repay senior notes.

Current wording

Other incomewas $118,000 in first quarter 2026 compared to $3.2 million in first quarter 2025. This includes $55,000 of interest income and a $6,000 gain on sale of assets in first quarter 2026 compared to $3.1 million of interest income and a $62,000 gain on sale of assets in first quarter 2025. Interest income is lower in 2026 due to lower cash balances primarily resulting from the use of cash to repay senior notes in May 2025.

Previous wording

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 nine months ended September 30, 2025 and 2024:

Current wording

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 months ended March 31, 2026 and 2025:

Previous wording

Direct operating expense was $23.8 million in third quarter 2025 compared to $25.3 million in third 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 decreased in third quarter 2025 primarily due to lower water hauling costs. We incurred $1.0 million of workover costs in third quarter 2025 compared to $690,000 in third quarter 2024.

Current wording

Direct operating expense was $28.7 million in first quarter 2026 compared to $25.4 million in first quarter 2025. 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 first quarter 2026 primarily due to higher water hauling costs and winter operations costs. We incurred $644,000 of workover costs in first quarter 2026 compared to $789,000 in first quarter 2025. The following table summarizes direct operating expense per mcfe for the three months ended March 31, 2026 and 2025:

Previous wording

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 in Pennsylvania. This impact fee was $7.9 million in third quarter 2025 compared to $4.9 million in third quarter 2024 and $22.2 million in first nine months 2025 compared to $15.3 million in first nine months 2024. The impact fee is based on drilling activities and is adjusted based on prevailing natural gas prices, which were 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 nine months ended September 30, 2025 and 2024:

Current wording

Taxes other than income expense is predominantly comprised of the Pennsylvania impact fee which functions as a tax on unconventional natural gas and oil production in Pennsylvania. This impact fee was $5.8 million in first quarter 2026 compared to $6.8 million in first quarter 2025. The impact fee is based on drilling activities and is adjusted based on annual prevailing natural gas prices, which is comparable to the 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 months ended March 31, 2026 and 2025:

Previous wording

G&A expense was $128.5 million in first nine months 2025 compared to $125.6 million in first nine months 2024. The increase of $2.9 million is primarily due to higher employee related costs and legal fees slightly offset by lower consulting costs. The following table summarizes G&A expense on a per mcfe basis for the three and nine months ended September 30, 2025 and 2024:

Current wording

General and administrative (G&A) expense was $45.4 million in first quarter 2026 compared to $41.7 million in first quarter 2025. The first quarter 2026 increase of $3.7 million compared to the same period of 2025 is primarily due to higher employee related costs. The following table summarizes G&A expense on a per mcfe basis for the three months ended March 31, 2026 and 2025:

Previous wording

Interest expense was $24.3 million in third quarter 2025 compared to $29.3 million in third quarter 2024. Interest expense was $80.2 million in first nine months 2025 compared to $89.5 million in first nine months 2024. The following table presents information about interest expense per mcfe for the three and nine months ended September 30, 2025 and 2024:

Current wording

Interest expense was $19.4 million in first quarter 2026 compared to $29.2 million in first quarter 2025. The following table presents information about interest expense per mcfe for the three months ended March 31, 2026 and 2025:

Previous wording

The decrease in interest expense for three and nine months ended September 30, 2025 compared to the same periods of 2024 was primarily due to lower average outstanding debt balances. In May 2025, we repaid 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 $129.0 million outstanding on the bank credit facility as of September 30, 2025 compared to no bank debt outstanding for the same period of 2024.

Current wording

The decrease in interest expense for three months ended March 31, 2026 compared to the same period of 2025 was primarily due to lower average outstanding debt balances and lower interest rates. In January 2026, we repaid the $600 million principal balance of our 8.25% senior notes due 2029 by utilizing borrowings on our credit facility. We had $334.0 million outstanding on the bank credit facility as of March 31, 2026 compared to no bank debt outstanding for the same period of 2025.

Previous wording

Depletion, depreciation and amortization (DD&A) expense was $93.8 million in third quarter 2025 compared to $91.1 million in third quarter 2024 and $275.9 million in first nine months 2025 compared to $265.9 million in first nine 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 third quarter 2025 and first nine 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 nine months ended September 30, 2025 and 2024:

Current wording

Depletion, depreciation and amortization (DD&A) expense was $88.5 million in first quarter 2026 compared to $90.6 million in first quarter 2025. This decrease is due to a lower depletion rate offset by slightly higher production volumes. Depletion expense, the largest component of DD&A expense, was $0.44 per mcfe in first quarter 2026 compared to $0.45 per mcfe in the same period of 2025. 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 months ended March 31, 2026 and 2025:

Previous wording

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.

Current wording

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 loss 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.

Previous wording

Brokered natural gas and marketing expense was $48.9 million in third quarter 2025 compared to $32.6 million in third quarter 2024 due to higher commodity prices combined with higher broker purchase volumes (volumes not related to our production). Brokered natural gas and marketing expense was $142.1 million in first nine months 2025 compared to $98.3 million in first nine 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 nine months ended September 30, 2025 and 2024 (in thousands):

Current wording

Brokered natural gas, NGLs and marketing expense was $58.1 million in first quarter 2026 compared to $58.2 million in first quarter 2025 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 months ended March 31, 2026 and 2025 (in thousands):

Previous wording

Exploration expense was $8.1 million in third quarter 2025 compared to $7.3 million in third quarter 2024 mainly due to higher seismic costs. Exploration expense was $22.4 million in first nine months 2025 compared to $18.5 million in first nine months 2024 mainly due to higher delay rentals and seismic costs. The following table details our exploration expense for the three and nine months ended September 30, 2025 and 2024 (in thousands):

Current wording

Exploration expense was $6.0 million in first quarter 2026 compared to $6.4 million in first quarter 2025 mainly due to lower delay rentals somewhat offset by higher personnel expense. The following table details our exploration expense for the three months ended March 31, 2026 and 2025 (in thousands):

Previous wording

Abandonment and impairment of unproved properties expense was $4.9 million in third quarter 2025 compared to $4.7 million in third quarter 2024. Abandonment and impairment of unproved properties expense was $16.3 million in first nine months 2025 compared to $8.6 million in first nine months 2024. Abandonment and impairment of unproved properties for third quarter 2025 and first nine months 2025 increased when compared to the same periods of 2024 due to higher than 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.

Current wording

Abandonment and impairment of unproved properties expense was $3.9 million in first quarter 2026 compared to $4.6 million in first quarter 2025. Abandonment and impairment of unproved properties for first quarter 2026 decreased when compared to the same period of 2025 due to lower than 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.

Previous wording

Exit costs were $8.1 million in third quarter 2025 compared to $7.6 million in third quarter 2024. Exit costs were $25.5 million in first nine months 2025 compared to $28.1 million in first nine 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.

Current wording

Exit costs were $7.0 million in first quarter 2026 compared to $8.9 million in first quarter 2025. These costs are associated with normal accretion expense primarily related to retained liabilities for certain gathering, transportation and processing obligations extending through 2030.

Previous wording

Deferred compensation plan had a gain of $765,000 in third quarter 2025 compared to a gain of $1.9 million in third quarter 2024. Deferred compensation plan expense was $2.0 million in first nine months 2025 compared to an expense of $5.7 million in first nine 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 change in both periods is related to the change in Range stock price at the end of each period combined with fewer shares being held within the deferred compensation plan. The deferred compensation plan held 266,000 shares (258,000 vested shares) of Range common stock at September 30, 2025 compared to 813,000 shares (778,000 vested shares) at September 30, 2024.

Current wording

Deferred compensation plan had a loss of $2.5 million in first quarter 2026 compared to a loss of $2.9 million in first quarter 2025. 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 change in both periods is related to the change in Range stock price at the end of each period combined with fewer shares being held within the deferred compensation plan. The deferred compensation plan held 248,000 shares (237,000 vested shares) of Range common stock as of March 31, 2026 compared to 621,000 shares (609,000 vested shares) as of March 31, 2025.

Previous wording

Income tax expensewas $39.0 million in third quarter 2025 compared to an expense of $15.6 million in third quarter 2024. Income tax expense was $116.2 million in first nine months 2025 compared to an expense of $15.1 million in first nine 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.

Current wording

Income tax expensewas $91.5 million in first quarter 2026 compared to an expense of $12.7 million in first quarter 2025. The 2026 effective tax rates were not materially different than the federal statutory rate. The 2025 effective tax rates were lower than the federal statutory rate due primarily to tax credits, state income taxes and equity compensation.

Previous wording

Commodity prices are the most significant factor impacting our revenues, net income, operating cash flows, and the amount of capital we have available to invest in our business, pay dividends and fund 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.

Current wording

Commodity prices are the most significant factor impacting our revenues, net income, operating cash flows, and the amount of capital we have available to invest in our business, pay dividends and fund 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 maintain a strong balance sheet while making prudent investments in our business. 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.

Previous wording

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

Current wording

The following table presents sources and uses of cash and cash equivalents for the three months ended March 31, 2026 and 2025 (in thousands):

Previous wording

Cash flows provided from operating activities in first nine months 2025 were $913.8 million compared to $726.6 million in first nine 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 September 30, 2025, we have hedged more than 20% 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 nine months 2025 was a negative $41.8 million compared to a negative $49.8 million for first nine months 2024.

Current wording

Cash flows provided from operating activities in first three months 2026 were $619.1 million compared to $330.1 million in first three months 2025. 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 March 31, 2026, we have hedged more than 35% of our projected natural gas production for the remainder of 2026. Changes in working capital (as reflected in our consolidated statements of cash flows) for first three months 2026 was a positive $79.5 million compared to a negative $61.4 million for first three months 2025.

Previous wording

Borrowing on credit facility in first nine months 2025 was $885.0 million, of which approximately $447.0 million was utilized for the repayment of principal of our 4.875% senior notes due 2025 at its maturity date in May. Borrowings net of repayments on the credit facility for the first nine months 2025 brought the credit facility balance to $129.0 million as of September 30, 2025.

Current wording

Borrowings on credit facility in first three months 2026 were $1.2 billion, of which approximately $608 million was utilized for the early redemption of principal of our 8.25% senior notes due 2029. Borrowings net of repayments on the credit facility for the first three months 2026 brought the credit facility balance to $334.0 million as of March 31, 2026.