RANGE RESOURCES CORP

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 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 six months 2026, average natural gas prices increased primarily due to increased demand from winter weather and liquefied natural gas ("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 deterioration. 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.

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, and flows of energy from, 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 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. Longer-term natural gas futures prices remain constructive based on market expectations of continued liquefied natural gas ("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 deterioration. 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

Benchmarks decreased for natural gas and increased for NGLs and oil in second quarter 2026 when compared to the same period of the prior year. Benchmarks increased for natural gas and oil and decreased for NGLs in first six months 2026 when compared to the same period of the prior year.

Current wording

Benchmarks decreased for natural gas and increased for NGLs and oil in third quarter 2026 when compared to the same period of the prior year. In the third quarter 2026, average natural gas prices decreased year-over-year primarily due to U.S. production growth and uncertain forecasts of winter weather related demand. Conversely, NGLs and oil prices rose due to global demand for U.S production. Benchmarks increased for natural gas, oil and NGLs in first nine months 2026 when compared to the same period of the prior year.

Previous wording

The following table lists related benchmarks for natural gas, oil and NGLs composite prices for the three and six months ended June 30, 2026 and 2025:

Current wording

The following table lists related benchmarks for natural gas, oil and NGLs composite prices for the three and nine months ended September 30, 2026 and 2025:

Previous wording

In second quarter 2026, we experienced an increase in revenue from the sale of natural gas, NGLs and oil compared to the same quarter of 2025, due to a 2% increase in net realized prices (average prices including all derivative settlements and third-party transportation costs paid by us) combined with a 5% increase in total production.

Current wording

In third quarter 2026, we experienced an increase in revenue from the sale of natural gas, NGLs and oil compared to the same quarter of 2025, due to a 5% increase in net realized prices (average prices including all derivative settlements and third-party transportation costs paid by us) combined with a 12% increase in total production.

Previous wording

During second quarter 2026, we recognized net income of $195.3 million, or $0.83 per diluted common share compared to net income of $237.6 million, or $0.99 per diluted common share during second quarter 2025. The lower net income in second quarter 2026 compared to second quarter 2025 is primarily due to lower derivative fair value income.

Current wording

During third quarter 2026, we recognized net income of $175.3 million, or $0.75 per diluted common share compared to net income of $144.3 million, or $0.60 per diluted common share during third quarter 2025. The higher net income in third quarter 2026 compared to third quarter 2025 is primarily due to increased realized prices combined with an increase in production.

Previous wording

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

Current wording

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

Previous wording

revenue from the sale of natural gas, NGLs and oil increased 17% from the same period of 2025 due to a 15% increase in average realized prices (before cash settlements on our derivatives) combined with a 2% increase in production volumes;

Current wording

revenue from the sale of natural gas, NGLs and oil increased 21% from the same period of 2025 due to an 8% increase in average realized prices (before cash settlements on our derivatives) combined with a 12% increase in production volumes;

Previous wording

revenue from the sale of natural gas, NGLs and oil (including cash settlements on our derivatives) increased 6% from the same period of 2025;

Current wording

revenue from the sale of natural gas, NGLs and oil (including cash settlements on our derivatives) increased 17% from the same period of 2025;

Previous wording

direct operating expense per mcfe increased to $0.13 during second quarter 2026 compared to $0.11 during the same period of 2025, primarily due to higher water hauling, labor costs and workovers;

Current wording

direct operating expense per mcfe increased to $0.13 during third quarter 2026 compared to $0.12 during the same period of 2025, primarily due to higher workovers and increased water hauling costs due to higher diesel prices;

Previous wording

transportation, gathering, processing and compression per mcfe remained flat at $1.52 in second quarter 2026 compared to the same period of 2025;

Current wording

transportation, gathering, processing and compression per mcfe was $1.52 in third quarter 2026 compared to $1.47 in the same period of 2025, primarily due to increased processing costs that are driven by higher commodity prices;

Previous wording

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

Current wording

general and administrative expense per mcfe decreased to $0.21 in third quarter 2026 compared to $0.22 in the same period of 2025, primarily due to higher production volumes and lower legal expenses; and

Previous wording

interest expense per mcfe decreased 46% from the same period of 2025 due to lower debt balances and lower interest rates.

Current wording

interest expense per mcfe decreased 50% from the same period of 2025 due to lower debt balances and lower interest rates.

Previous wording

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

Current wording

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

Previous wording

paid $23.6 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

Current wording

paid $23.4 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

Overview of First Six Months 2026 Results

Current wording

Overview of First Nine Months 2026 Results

Previous wording

In first six months 2026, we experienced an increase in revenue from the sale of natural gas, NGLs and oil compared to the same period of 2025 due to a 17% increase 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.

Current wording

In first nine months 2026, we experienced an increase in revenue from the sale of natural gas, NGLs and oil compared to the same period of 2025 due to a 13% increase in net realized prices (average prices including all derivative settlements and third-party transportation costs paid by us) and a 6% increase in total production.

Previous wording

During first six months 2026, we recognized net income of $537.0 million, or $2.27 per diluted common share compared to net income of $334.6 million, or $1.39 per diluted common share during the same period 2025. The higher net income in first six months 2026 compared to first six months 2025 is primarily due to increased realized prices combined with an increase in production.

Current wording

During first nine months 2026, we recognized net income of $712.3 million, or $3.02 per diluted common share compared to net income of $478.9 million, or $1.99 per diluted common share during the same period 2025. The higher net income in first nine months 2026 compared to first nine months 2025 is primarily due to increased realized prices combined with an increase in total production.

Previous wording

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

Current wording

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

Previous wording

revenue from the sale of natural gas, NGLs and oil increased 5% from the same period of 2025 due to a 1% increase in average realized prices (before cash settlements on our derivatives) combined with a 5% increase in production volumes;

Current wording

revenue from the sale of natural gas, NGLs and oil increased 18% from the same period of 2025 due to a 12% increase in average realized prices (before cash settlements on our derivatives) combined with a 6% increase in production volumes;

Previous wording

revenue from the sale of natural gas, NGLs and oil (including cash settlements on our derivatives) increased 14% from the same period of 2025;

Current wording

revenue from the sale of natural gas, NGLs and oil (including cash settlements on our derivatives) increased 15% from the same period of 2025;

Previous wording

direct operating expense per mcfe increased to $0.14 in first six months 2026 compared to $0.12 the same period of 2025, primarily due to higher water hauling, labor costs and workovers;

Current wording

direct operating expense per mcfe increased to $0.14 in first nine months 2026 compared to $0.12 the same period of 2025, primarily due to higher workovers, equipment maintenance, and increased water hauling costs due to higher diesel prices;

Previous wording

transportation, gathering, processing and compression per mcfe increased to $1.57 in first six months 2026 compared to $1.53 in the same period of 2025, primarily due to an increase in processing and electricity costs;

Current wording

transportation, gathering, processing and compression per mcfe increased to $1.55 in first nine months 2026 compared to $1.51 in the same period of 2025, primarily due to an increase in processing costs that are driven by higher commodity prices;

Previous wording

general and administrative expense per mcfe increased to $0.23 in first six months 2026 compared to $0.21 in the same period of 2025, primarily due to higher employee-related costs, software costs and legal expense; and

Current wording

general and administrative expense per mcfe increased to $0.22 in first nine months 2026 compared to $0.21 in the same period of 2025, primarily due to higher employee-related costs, software costs and office rent expense; and

Previous wording

interest expense per mcfe decreased 43% from the same period of 2025 due to lower debt balances and lower interest rates.

Current wording

interest expense per mcfe decreased 38% from the same period of 2025 due to lower debt balances and lower interest rates.

Previous wording

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

Current wording

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

Previous wording

paid $47.5 million of dividends, increasing per share dividend by 11% to a cumulative $0.20 per share compared to $0.18 per share in the same period of 2025;

Current wording

paid $70.8 million of dividends, increasing per share dividend by 11% to a cumulative $0.30 per share compared to $0.27 per share in the same period of 2025;

Previous wording

We generated $854.2 million of cash from operating activities in first six months 2026, an increase of $187.9 million from first six months 2025, which reflects the impact of higher realized prices.

Current wording

We generated $1.2 billion of cash from operating activities in first nine months 2026, an increase of $247.9 million from first nine months 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 six months ended June 30, 2026 and 2025 (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 and nine months ended September 30, 2026 and 2025 (in thousands):

Previous wording

Production growth is generated as new wells are placed in production, which is partially offset by the natural decline in production of existing wells. Our production for the three and six months ended June 30, 2026 and 2025 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 of existing wells. Our production for the three and nine months ended September 30, 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 second quarter 2026 was $2.01 per mcfe compared to $1.97 per mcfe in second quarter 2025. Our average realized price received (including all derivative settlements and third-party transportation costs) during first six months 2026 was $2.60 per mcfe compared to $2.22 per mcfe in first six months 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 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 six months ended June 30, 2026 and 2025 are shown below:

Current wording

Our average realized price received (including all derivative settlements and third-party transportation costs) during third quarter 2026 was $1.91 per mcfe compared to $1.82 per mcfe in third quarter 2025. Our average realized price received (including all derivative settlements and third-party transportation costs) during first nine months 2026 was $2.35 per mcfe compared to $2.08 per mcfe in first nine months 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 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, 2026 and 2025 are shown below:

Previous wording

Transportation, gathering, processing and compression expense was $316.8 million in second quarter 2026 compared to $304.7 million in second quarter 2025. These third-party costs were higher in second quarter 2026 compared to second quarter 2025 primarily due to an increase in processing costs due to higher commodity prices and volumes.

Current wording

Transportation, gathering, processing and compression expense was $349.9 million in third quarter 2026 compared to $301.1 million in third quarter 2025. These third-party costs were higher in third quarter 2026 compared to third quarter 2025 due to an increase in processing costs resulting from higher volumes along with higher commodity price-linked cost.

Previous wording

Transportation, gathering, processing and compression expense was $640.1 million in first six months 2026 compared to $610.8 million in first six months 2025. These third-party costs associated with NGLs were higher in first six months 2026 compared to first six months 2025 primarily due to an increase in electricity and processing costs due to higher prices and volumes. Third-party costs associated with natural gas increased due to an increase in volumes and facility and equipment costs associated with gathering. 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 six months ended June 30, 2026 and 2025 on a per mcf and per barrel basis (in thousands, except for costs per unit):

Current wording

Transportation, gathering, processing and compression expense was $990.1 million in first nine months 2026 compared to $911.9 million in first nine months 2025. These third-party costs associated with NGLs were higher in first nine months 2026 compared to first nine months 2025 due to an increase in processing costs resulting from higher volumes along with higher commodity price-linked cost. Third-party costs associated with natural gas increased due to an increase in volumes and facility and equipment costs associated with gathering. 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, 2026 and 2025 on a per mcf and per barrel basis (in thousands, except for costs per unit):

Previous wording

Derivative fair value incomewas $73.5 million in second quarter 2026 compared to income of $154.7 million in second quarter 2025. Derivative fair value income was $40.1 million in first six months 2026 compared to a loss of $4.2 million in first six months 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 and six months ended June 30, 2026 and 2025 (in thousands):

Current wording

Derivative fair value incomewas $58.1 million in third quarter 2026 compared to income of $92.9 million in third quarter 2025. Derivative fair value income was $98.2 million in first nine months 2026 compared to income of $88.7 million in first nine months 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 and nine months ended September 30, 2026 and 2025 (in thousands):

Previous wording

Brokered natural gas, NGLs and marketing revenue was $57.5 million in second quarter 2026 compared to $33.0 million in second quarter 2025, which is primarily the result of higher broker natural gas sales volumes (volumes not related to our production) slightly offset by lower broker natural gas sales prices. Brokered natural gas, NGLs and marketing revenue was $114.7 million in first six months 2026 compared to $87.4 million in first six months 2025, which is the result of higher broker natural gas sales volumes (volumes not related to our production) slightly offset by lower broker natural gas sales prices. 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.

Current wording

Brokered natural gas, NGLs and marketing revenue was $46.5 million in third quarter 2026 compared to $43.8 million in third quarter 2025, which is primarily the result of higher broker natural gas sales volumes (volumes not related to our production) slightly offset by lower broker natural gas sales prices. Brokered natural gas, NGLs and marketing revenue was $161.2 million in first nine months 2026 compared to $131.2 million in first nine months 2025, which is the result of higher broker natural gas sales volumes (volumes not related to our production) slightly offset by lower broker natural gas sales prices. 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 $448,000 in second quarter 2026 compared to $1.9 million in second quarter 2025. This includes $27,000 of interest income and a $23,000 gain on sale of assets in second quarter 2026 compared to $1.8 million of interest income and a $78,000 gain on sale of assets in second quarter 2025. Other income was $566,000 in first six months 2026 compared to $5.1 million in first six months 2025. This includes $82,000 of interest income and a $29,000 gain on sale of assets in first six months 2026 compared to $4.8 million of interest income and a $136,000 gain on sale of assets in first six months 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.

Current wording

Other incomewas $266,000 in third quarter 2026 compared to $284,000 in third quarter 2025. This includes $39,000 of interest income and a $3,000 gain on sale of assets in third quarter 2026 compared to $52,000 of interest income and a $6,000 loss on sale of assets in third quarter 2025. Other income was $832,000 in first nine months 2026 compared to $5.3 million in first nine months 2025. This includes $121,000 of interest income and a $32,000 gain on sale of assets in first nine months 2026 compared to $4.9 million of interest income and a $158,000 gain on sale of assets in first nine months 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 six months ended June 30, 2026 and 2025:

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 and nine months ended September 30, 2026 and 2025:

Previous wording

Direct operating expense was $27.8 million in second quarter 2026 compared to $23.1 million in second 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 second quarter 2026 primarily due to higher water hauling costs, labor costs and workovers. We incurred $1.8 million of workover costs in second quarter 2026 compared to $803,000 in second quarter 2025.

Current wording

Direct operating expense was $30.9 million in third quarter 2026 compared to $23.8 million in third 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 third quarter 2026 primarily due to increased water hauling costs due to higher diesel prices and higher workovers. We completed workovers at a cost of $1.8 million in third quarter 2026 compared to $1.0 million in third quarter 2025.

Previous wording

Direct operating expense was $56.5 million in first six months 2026 compared to $48.5 million in first six months 2025. Our direct operating costs increased in first six months 2026 primarily due to higher water hauling, labor costs and workovers. We incurred $2.4 million workover costs in first six months 2026 compared to $1.6 million in first six months 2025. The following table summarizes direct operating expense per mcfe for the three and six months ended June 30, 2026 and 2025:

Current wording

Direct operating expense was $87.4 million in first nine months 2026 compared to $72.3 million in first nine months 2025. Our direct operating costs increased in first nine months 2026 primarily due to increased water hauling costs due to higher diesel prices, higher workovers and higher equipment maintenance. We completed workovers at a cost of $4.2 million workover costs in first nine months 2026 compared to $2.6 million in first nine months 2025. The following table summarizes direct operating expense per mcfe for the three and nine months ended September 30, 2026 and 2025:

Previous 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 $6.6 million in second quarter 2026 compared to $7.4 million in second quarter 2025 and $12.4 million in first six months 2026 compared to $14.3 million in first six months 2025. The impact fee is based on drilling activities and is adjusted based on prevailing natural gas prices, which is consistent with 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 and six months ended June 30, 2026 and 2025:

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 $7.0 million in third quarter 2026 compared to $7.9 million in third quarter 2025 and $19.4 million in first nine months 2026 compared to $22.2 million in first nine months 2025. The impact fee is based on drilling activities and is adjusted based on prevailing natural gas prices, which is consistent with 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 and nine months ended September 30, 2026 and 2025:

Previous wording

General and administrative ("G&A") expense was $47.7 million in second quarter 2026 compared to $42.1 million in second quarter 2025. The second quarter 2026 increase of $5.6 million compared to the same period of 2025 is primarily due to higher employee-related costs and legal expense.

Current wording

General and administrative ("G&A") expense was $47.7 million in third quarter 2026 compared to $44.7 million in third quarter 2025. The third quarter 2026 increase of $3.0 million compared to the same period of 2025 is primarily due to higher employee-related costs slightly offset by lower legal expenses.