Range Announces First Quarter 2025 Results
Range Resources (RRC) reported strong Q1 2025 financial results with cash flow from operations of $330 million and net income of $97 million ($0.40 per diluted share). Production averaged 2.20 Bcfe per day, with 69% being natural gas.
Key financial highlights include:
- Cash flow from operations before working capital changes: $397 million
- Share repurchases: $68 million
- Dividend payments: $22 million
- Net debt reduction: $42 million
- Capital spending: $147 million (22% of 2025 budget)
The company achieved realized prices of $4.02 per mcfe including hedges, with natural gas differential of ($0.15) per mcf to NYMEX. NGL realizations were strong at $27.79 per barrel, a $1.05 premium over Mont Belvieu equivalent. Range is collaborating on a new power generation facility project in Washington County, PA, aimed at serving data centers and industrial operations.
Range Resources (RRC) ha riportato solidi risultati finanziari nel primo trimestre 2025, con un flusso di cassa operativo di 330 milioni di dollari e un utile netto di 97 milioni di dollari (0,40 dollari per azione diluita). La produzione media è stata di 2,20 Bcfe al giorno, di cui il 69% gas naturale.
I principali dati finanziari includono:
- Flusso di cassa operativo prima delle variazioni del capitale circolante: 397 milioni di dollari
- Acquisti di azioni proprie: 68 milioni di dollari
- Pagamenti di dividendi: 22 milioni di dollari
- Riduzione del debito netto: 42 milioni di dollari
- Spese in conto capitale: 147 milioni di dollari (22% del budget 2025)
L'azienda ha ottenuto prezzi realizzati di 4,02 dollari per mcfe, inclusi gli hedge, con un differenziale sul gas naturale di (0,15) dollari per mcf rispetto al NYMEX. Le realizzazioni degli NGL sono state solide, a 27,79 dollari al barile, con un premio di 1,05 dollari rispetto all'equivalente Mont Belvieu. Range sta collaborando a un nuovo progetto di impianto di generazione elettrica nella contea di Washington, PA, destinato a servire data center e attività industriali.
Range Resources (RRC) reportó sólidos resultados financieros en el primer trimestre de 2025, con un flujo de caja operativo de 330 millones de dólares y una utilidad neta de 97 millones de dólares (0,40 dólares por acción diluida). La producción promedio fue de 2,20 Bcfe por día, siendo el 69% gas natural.
Los aspectos financieros clave incluyen:
- Flujo de caja operativo antes de cambios en el capital de trabajo: 397 millones de dólares
- Recompra de acciones: 68 millones de dólares
- Pagos de dividendos: 22 millones de dólares
- Reducción de deuda neta: 42 millones de dólares
- Gastos de capital: 147 millones de dólares (22% del presupuesto 2025)
La compañía logró precios realizados de 4,02 dólares por mcfe incluyendo coberturas, con un diferencial de gas natural de (0,15) dólares por mcf respecto al NYMEX. Las realizaciones de NGL fueron sólidas, con 27,79 dólares por barril, un premio de 1,05 dólares sobre el equivalente de Mont Belvieu. Range está colaborando en un nuevo proyecto de planta de generación eléctrica en el condado de Washington, PA, destinado a abastecer centros de datos y operaciones industriales.
Range Resources (RRC)는 2025년 1분기 강력한 재무 실적을 보고했으며, 영업 현금 흐름은 3억 3천만 달러, 순이익은 9,700만 달러(희석 주당 0.40달러)를 기록했습니다. 일평균 생산량은 2.20 Bcfe였으며, 이 중 69%가 천연 가스였습니다.
주요 재무 하이라이트는 다음과 같습니다:
- 운전자본 변동 전 영업 현금 흐름: 3억 9,700만 달러
- 자사주 매입: 6,800만 달러
- 배당금 지급: 2,200만 달러
- 순부채 감소: 4,200만 달러
- 자본 지출: 1억 4,700만 달러 (2025년 예산의 22%)
회사는 헤지 포함 mcfe당 4.02달러의 실현 가격을 달성했으며, 천연 가스는 NYMEX 대비 mcf당 (0.15)달러의 차이를 보였습니다. NGL 실현 가격은 배럴당 27.79달러로 Mont Belvieu 등가물 대비 1.05달러의 프리미엄을 기록했습니다. Range는 펜실베이니아주 워싱턴 카운티에 데이터 센터 및 산업 운영을 지원하기 위한 새로운 발전 시설 프로젝트에 협력하고 있습니다.
Range Resources (RRC) a annoncé de solides résultats financiers pour le premier trimestre 2025, avec un flux de trésorerie opérationnel de 330 millions de dollars et un bénéfice net de 97 millions de dollars (0,40 dollar par action diluée). La production moyenne s'est élevée à 2,20 Bcfe par jour, dont 69 % de gaz naturel.
Les points financiers clés comprennent :
- Flux de trésorerie opérationnel avant variations du fonds de roulement : 397 millions de dollars
- Rachats d’actions : 68 millions de dollars
- Versements de dividendes : 22 millions de dollars
- Réduction de la dette nette : 42 millions de dollars
- Dépenses en capital : 147 millions de dollars (22 % du budget 2025)
La société a réalisé des prix de 4,02 dollars par mcfe, y compris les couvertures, avec un différentiel sur le gaz naturel de (0,15) dollar par mcf par rapport au NYMEX. Les réalisations des NGL ont été solides, à 27,79 dollars le baril, soit une prime de 1,05 dollar par rapport à l'équivalent Mont Belvieu. Range collabore à un nouveau projet d'installation de production d'électricité dans le comté de Washington, en Pennsylvanie, destiné à alimenter des centres de données et des activités industrielles.
Range Resources (RRC) meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem operativen Cashflow von 330 Millionen US-Dollar und einem Nettogewinn von 97 Millionen US-Dollar (0,40 US-Dollar pro verwässerter Aktie). Die Produktion lag durchschnittlich bei 2,20 Bcfe pro Tag, davon 69 % Erdgas.
Wichtige finanzielle Eckdaten umfassen:
- Operativer Cashflow vor Veränderungen des Working Capitals: 397 Millionen US-Dollar
- Aktienrückkäufe: 68 Millionen US-Dollar
- Dividendenauszahlungen: 22 Millionen US-Dollar
- Reduzierung der Nettoverschuldung: 42 Millionen US-Dollar
- Investitionsausgaben: 147 Millionen US-Dollar (22 % des Budgets für 2025)
Das Unternehmen erzielte realisierte Preise von 4,02 US-Dollar pro mcfe inklusive Absicherungen, mit einem Erdgas-Differenzial von (0,15) US-Dollar pro mcf gegenüber dem NYMEX. Die Erlöse aus NGL waren mit 27,79 US-Dollar pro Barrel stark, was einem Aufschlag von 1,05 US-Dollar gegenüber dem Mont Belvieu-Äquivalent entspricht. Range arbeitet an einem neuen Kraftwerksprojekt im Washington County, PA, das Datenzentren und Industrieanlagen versorgen soll.
- Strong Q1 cash flow from operations of $330 million
- Returned $90 million to shareholders ($68M buybacks, $22M dividends)
- Reduced net debt by $42 million
- Premium NGL pricing achieved ($1.05 over Mont Belvieu)
- Strategic collaboration for new industrial power facility development
- Operating costs increased 18% year-over-year
- Total unit costs rose 3% compared to previous year
- Natural gas differential expected to widen in 2025 guidance
Insights
Range Resources delivered strong Q1 results with balanced capital returns, debt reduction, and improved NGL price guidance while maintaining operational efficiency.
Range Resources posted solid financial results for Q1 2025 with
The company's capital allocation demonstrates financial discipline with a balanced approach:
Capital spending at
Unit costs increased modestly by
Range's production stability, exceptional pricing differentials, and strategic demand-creation initiatives signal fundamental strength in core operations.
Range maintained steady production at 2.20 Bcfe per day with
The NGL business shows exceptional strength with realizations of
Operationally, Range is executing a disciplined development program, drilling 250,000 lateral feet across 18 wells while turning to sales 132,000 lateral feet across 10 wells. The strategic decision to build inventory of drilled but uncompleted wells (targeting ~400,000 lateral feet by year-end) provides operational flexibility while creating a valuable inventory for future development cycles.
The collaboration with Liberty Energy and Imperial Land to supply natural gas to a proposed power generation facility in Pennsylvania represents a forward-looking approach to demand creation. By positioning their production to serve data centers and industrial operations, Range is working to ensure long-term, stable demand for their natural gas production - a crucial factor in a basin that has historically faced takeaway and pricing challenges.
FORT WORTH, Texas, April 22, 2025 (GLOBE NEWSWIRE) -- RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its first quarter 2025 financial results.
First Quarter 2025 Highlights –
- Cash flow from operating activities of
$330 million - Cash flow from operations, before working capital changes, of
$397 million - Repurchased
$68 million of shares, paid$22 million in dividends, and reduced net debt by$42 million - Capital spending was
$147 million , approximately22% of the annual 2025 budget - Realized price, including hedges, was
$4.02 per mcfe - Natural gas differential, including basis hedging, of (
$0.15) per mcf to NYMEX - Pre-hedge NGL realizations of
$27.79 per barrel – a premium of$1.05 over Mont Belvieu equivalent - Production averaged 2.20 Bcfe per day, approximately
69% natural gas - Strategic collaboration to supply natural gas to potential data center and industrial development in Pennsylvania
Commenting on the results, Dennis Degner, the Company’s CEO said, “Range is off to a great start in 2025 with efficient operations, consistent well performance and strong free cash flow. Our solid financial results supported increased returns of capital to shareholders alongside further bolstering of the balance sheet. As demand for natural gas and NGLs increases and in-basin demand opportunities continue to materialize, we believe Range is well positioned given our growing in-process inventory, consistent well results, and high-return, long-life assets measured in decades.”
Financial Discussion
Except for generally accepted accounting principles (“GAAP”) reported amounts, specific expense categories exclude non-cash impairments, unrealized mark-to-market adjustment on derivatives, non-cash stock compensation and other items shown separately on the attached tables. “Unit costs” as used in this release are composed of direct operating, transportation, gathering, processing and compression, taxes other than income, general and administrative, interest and depletion, depreciation and amortization costs divided by production. See “Non-GAAP Financial Measures” for a definition of non-GAAP financial measures and the accompanying tables that reconcile each non-GAAP measure to its most directly comparable GAAP financial measure.
First Quarter 2025 Results
GAAP revenues and other income for first quarter 2025 totaled
Cash flow from operations before changes in working capital, a non-GAAP measure, was
The following table details Range’s first quarter 2025 unit costs per mcfe(a):
| Expenses | 1Q 2025 (per mcfe) | 1Q 2024 (per mcfe) | Increase (Decrease) | ||||||||
| Direct operating(a) | $ | 0.13 | $ | 0.11 | 18 | % | |||||
| Transportation, gathering, processing and compression(a) | 1.55 | 1.49 | 4 | % | |||||||
| Taxes other than income | 0.04 | 0.03 | 33 | % | |||||||
| General and administrative(a) | 0.16 | 0.18 | (11 | )% | |||||||
| Interest expense(a) | 0.14 | 0.15 | (7 | )% | |||||||
| Total cash unit costs(b) | 2.01 | 1.96 | 3 | % | |||||||
| Depletion, depreciation and amortization (DD&A) | 0.46 | 0.45 | 2 | % | |||||||
| Total unit costs plus DD&A(b) | $ | 2.46 | $ | 2.40 | 3 | % | |||||
(a) Excludes stock-based compensation, one-time settlements, and amortization of deferred financing costs.
(b) Totals may not be exact due to rounding.
The following table details Range’s average production and realized pricing for first quarter 2025(a):
| 1Q25 Production & Realized Pricing | ||||||||||||||||
| Natural Gas (mcf) | Oil (bbl) | NGLs (bbl) | Natural Gas Equivalent (mcfe) | |||||||||||||
| Net production per day | 1,510,705 | 4,706 | 110,222 | 2,200,276 | ||||||||||||
| Average NYMEX price | $ | 3.66 | $ | 71.40 | $ | 26.74 | ||||||||||
| Differential, including basis hedging | (0.15 | ) | (10.28 | ) | 1.05 | |||||||||||
| Realized prices before NYMEX hedges | 3.51 | 61.12 | 27.79 | 3.93 | ||||||||||||
| Settled NYMEX hedges | 0.13 | 0.60 | (0.04 | ) | 0.09 | |||||||||||
| Average realized prices after hedges | $ | 3.64 | $ | 61.72 | $ | 27.75 | $ | 4.02 | ||||||||
(a) Totals may not be exact due to rounding
First quarter 2025 natural gas, NGLs and oil price realizations (including the impact of cash-settled hedges and derivative settlements) averaged
- The average natural gas price, including the impact of basis hedging, was
$3.51 per mcf, or a ($0.15) per mcf differential to NYMEX. Range continues to expect its 2025 natural gas differential to average ($0.40) t o ($0.48) relative to NYMEX. - Range’s pre-hedge NGL price during the quarter was
$27.79 per barrel, approximately$1.05 above the Mont Belvieu weighted equivalent. Range is improving its full-year NGL price guidance to a range of +$0.25 t o +$1.25 relative to a Mont Belvieu equivalent barrel. - Crude oil and condensate price realizations, before realized hedges, averaged
$61.12 per barrel, or$10.28 b elow WTI (West Texas Intermediate). Range continues to expect its 2025 condensate differential to average ($10.00) t o ($15.00) relative to NYMEX.
Financial Position and Repurchase Activity
As of March 31, 2025, Range had net debt outstanding of approximately
During the quarter, Range repurchased 1,826,562 shares at an average price of approximately
Capital Expenditures and Operational Activity
First quarter 2025 drilling and completion expenditures were
During the quarter, Range drilled ~250,000 lateral feet across 18 wells, while turning to sales ~132,000 lateral feet across 10 wells. The added inventory of drilled but not completed laterals is in line with Range’s plans to exit 2025 with ~400,000 lateral feet of surplus inventory to support future development.
The table below summarizes expected 2025 activity plans regarding the number of wells to sales in each area.
| Wells TIL 1Q 2025 | Remaining 2025 | 2025 Planned TIL | ||||||
| SW PA Super-Rich | 0 | 8 | 8 | |||||
| SW PA Wet | 10 | 19 | 29 | |||||
| SW PA Dry | 0 | 5 | 5 | |||||
| NE PA Dry | 0 | 4 | 4 | |||||
| Total Wells | 10 | 36 | 46 | |||||
Marketing and Midstream Update
Range is collaborating with Liberty Energy Inc. and Imperial Land Corporation to supply natural gas to a proposed state-of-the-art power generation facility in Washington County, PA. The proposed power facility is expected to serve as a catalyst for attracting data centers and industrial operations seeking long-term, reliable, efficient energy solutions. The project plans to utilize modular, scalable power generation systems and Marcellus natural gas, which has an advantaged emissions profile versus other basins in the U.S.
Guidance – 2025
Capital & Production Guidance
Range’s 2025 all-in capital budget is
Full Year 2025 Expense Guidance
| Direct operating expense: | ||
| Transportation, gathering, processing and compression expense: | ||
| Taxes other than income: | ||
| Exploration expense: | ||
| G&A expense: | ||
| Net Interest expense: | ||
| DD&A expense: | ||
| Net brokered gas marketing expense: | ||
Updated Full Year 2025 Price Guidance
Based on recent market indications, Range expects to average the following price differentials for its production in 2025.
| FY 2025 Natural Gas:(1) | NYMEX minus | |
| FY 2025 Natural Gas Liquids:(2) | MB plus | |
| FY 2025 Oil/Condensate: | WTI minus |
(1) Including basis hedging
(2) Mont Belvieu-equivalent pricing based on weighting of
Hedging Status
Range hedges portions of its expected future production volumes to increase the predictability of cash flow and maintain a strong, flexible financial position. Please see the detailed hedging schedule posted on the Range website under Investor Relations - Financial Information.
Range has also hedged basis across the Company’s numerous natural gas sales points to limit volatility between benchmark and regional prices. The combined fair value of natural gas basis hedges as of March 31, 2025, was a net gain of
Conference Call Information
A conference call to review the financial results is scheduled on Wednesday, April 23 at 8:00 AM Central Time (9:00 AM Eastern Time). Please click here to pre-register for the conference call and obtain a dial in number with passcode.
A simultaneous webcast of the call may be accessed at www.rangeresources.com. The webcast will be archived for replay on the Company's website until May 23rd.
Non-GAAP Financial Measures
To supplement the presentation of its financial results prepared in accordance with generally accepted accounting principles (GAAP), the Company’s earnings press release contains certain financial measures that are not presented in accordance with GAAP. Management believes certain non-GAAP measures may provide financial statement users with meaningful supplemental information for comparisons within the industry. These non-GAAP financial measures may include, but are not limited to Net Income, excluding certain items, Cash flow from operations before changes in working capital, realized prices, Net debt and Cash margin.
Adjusted net income comparable to analysts’ estimates as set forth in this release represents income or loss from operations before income taxes adjusted for certain non-cash items (detailed in the accompanying table) less income taxes. We believe adjusted net income comparable to analysts’ estimates is calculated on the same basis as analysts’ estimates and that many investors use this published research in making investment decisions and evaluating operational trends of the Company and its performance relative to other oil and gas producing companies. Diluted earnings per share (adjusted) as set forth in this release represents adjusted net income comparable to analysts’ estimates on a diluted per share basis. A table is included which reconciles income or loss from operations to adjusted net income comparable to analysts’ estimates and diluted earnings per share (adjusted). On its website, the Company provides additional comparative information on prior periods.
Cash flow from operations before changes in working capital represents net cash provided by operations before changes in working capital and exploration expense adjusted for certain non-cash compensation items. Cash flow from operations before changes in working capital (sometimes referred to as “adjusted cash flow”) is widely accepted by the investment community as a financial indicator of an oil and gas company’s ability to generate cash to internally fund exploration and development activities and to service debt. Cash flow from operations before changes in working capital is also useful because it is widely used by professional research analysts in valuing, comparing, rating and providing investment recommendations of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Cash flow from operations before changes in working capital is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operations, investing, or financing activities as an indicator of cash flows, or as a measure of liquidity. A table is included which reconciles net cash provided by operations to cash flow from operations before changes in working capital as used in this release. On its website, the Company provides additional comparative information on prior periods for cash flow, cash margins and non-GAAP earnings as used in this release.
The cash prices realized for oil and natural gas production, including the amounts realized on cash-settled derivatives and net of transportation, gathering, processing and compression expense, is a critical component in the Company’s performance tracked by investors and professional research analysts in valuing, comparing, rating and providing investment recommendations and forecasts of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Due to the GAAP disclosures of various derivative transactions and third-party transportation, gathering, processing and compression expense, such information is now reported in various lines of the income statement. The Company believes that it is important to furnish a table reflecting the details of the various components of each income statement line to better inform the reader of the details of each amount and provide a summary of the realized cash-settled amounts and third-party transportation, gathering, processing and compression expense, which were historically reported as natural gas, NGLs and oil sales. This information is intended to bridge the gap between various readers’ understanding and fully disclose the information needed.
Net debt is calculated as total debt less cash and cash equivalents. The Company believes this measure is helpful to investors and industry analysts who utilize Net debt for comparative purposes across the industry.
The Company discloses in this release the detailed components of many of the single line items shown in the GAAP financial statements included in the Company’s Annual or Quarterly Reports on Form 10-K or 10-Q. The Company believes that it is important to furnish this detail of the various components comprising each line of the Statements of Operations to better inform the reader of the details of each amount, the changes between periods and the effect on its financial results.
We believe that the presentation of PV10 value of our proved reserves is a relevant and useful metric for our investors as supplemental disclosure to the standardized measure, or after-tax amount, because it presents the discounted future net cash flows attributable to our proved reserves before taking into account future corporate income taxes and our current tax structure. While the standardized measure is dependent on the unique tax situation of each company, PV10 is based on prices and discount factors that are consistent for all companies. Because of this, PV10 can be used within the industry and by credit and security analysts to evaluate estimated net cash flows from proved reserves on a more comparable basis.
RANGE RESOURCES CORPORATION (NYSE: RRC) is a leading U.S. independent natural gas and NGL producer with operations focused in the Appalachian Basin. The Company is headquartered in Fort Worth, Texas. More information about Range can be found at www.rangeresources.com.
Included within this release are certain “forward-looking statements” within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, that are not limited to historical facts, but reflect Range’s current beliefs, expectations or intentions regarding future events. Words such as “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “outlook”, “estimate,” “predict,” “potential,” “pursue,” “target,” “continue,” and similar expressions are intended to identify such forward-looking statements.
All statements, except for statements of historical fact, made within regarding activities, events or developments the Company expects, believes or anticipates will or may occur in the future, such as those regarding future well costs, expected asset sales, well productivity, future liquidity and financial resilience, anticipated exports and related financial impact, NGL market supply and demand, future commodity fundamentals and pricing, future capital efficiencies, future shareholder value, emerging plays, capital spending, anticipated drilling and completion activity, acreage prospectivity, expected pipeline utilization and future guidance information, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management's assumptions and Range's future performance are subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements. Further information on risks and uncertainties is available in Range's filings with the Securities and Exchange Commission (SEC), including its most recent Annual Report on Form 10-K. Unless required by law, Range undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date they are made.
The SEC permits oil and gas companies, in filings made with the SEC, to disclose proved reserves, which are estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions as well as the option to disclose probable and possible reserves. Range has elected not to disclose its probable and possible reserves in its filings with the SEC. Range uses certain broader terms such as "resource potential,” “unrisked resource potential,” "unproved resource potential" or "upside" or other descriptions of volumes of resources potentially recoverable through additional drilling or recovery techniques that may include probable and possible reserves as defined by the SEC's guidelines. Range has not attempted to distinguish probable and possible reserves from these broader classifications. The SEC’s rules prohibit us from including in filings with the SEC these broader classifications of reserves. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of actually being realized. Unproved resource potential refers to Range's internal estimates of hydrocarbon quantities that may be potentially discovered through exploratory drilling or recovered with additional drilling or recovery techniques and have not been reviewed by independent engineers. Unproved resource potential does not constitute reserves within the meaning of the Society of Petroleum Engineer's Petroleum Resource Management System and does not include proved reserves. Area wide unproven resource potential has not been fully risked by Range's management. “EUR”, or estimated ultimate recovery, refers to our management’s estimates of hydrocarbon quantities that may be recovered from a well completed as a producer in the area. These quantities may not necessarily constitute or represent reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management System or the SEC’s oil and natural gas disclosure rules. Actual quantities that may be recovered from Range's interests could differ substantially. Factors affecting ultimate recovery include the scope of Range's drilling program, which will be directly affected by the availability of capital, drilling and production costs, commodity prices, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals, field spacing rules, recoveries of gas in place, length of horizontal laterals, actual drilling results, including geological and mechanical factors affecting recovery rates and other factors. Estimates of resource potential may change significantly as development of our resource plays provides additional data.
In addition, our production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price or drilling cost changes. Investors are urged to consider closely the disclosure in our most recent Annual Report on Form 10-K, available from our website at www.rangeresources.com or by written request to 100 Throckmorton Street, Suite 1200, Fort Worth, Texas 76102. You can also obtain this Form 10-K on the SEC’s website at www.sec.gov or by calling the SEC at 1-800-SEC-0330.
SOURCE: Range Resources Corporation
Range Investor Contacts:
Laith Sando
817-869-4267
Matt Schmid
817-869-1538
Range Media Contact:
Mark Windle
724-873-3223
| RANGE RESOURCES CORPORATION | |||||||||||
| STATEMENTS OF OPERATIONS | |||||||||||
| Based on GAAP reported earnings with additional | |||||||||||
| details of items included in each line in Form 10-Q | |||||||||||
| (Unaudited, In thousands, except per share data) | |||||||||||
| Three Months Ended March 31, | |||||||||||
| 2025 | 2024 | % | |||||||||
| Revenues and other income: | |||||||||||
| Natural gas, NGLs and oil sales (a) | $ | 791,920 | $ | 567,001 | |||||||
| Derivative fair value (loss) income | (158,957 | ) | 46,598 | ||||||||
| Brokered natural gas and marketing | 54,408 | 28,831 | |||||||||
| ARO settlement loss (b) | - | (26 | ) | ||||||||
| Interest income (b) | 3,053 | 2,943 | |||||||||
| Gain on sale of assets (b) | 62 | 87 | |||||||||
| Other (b) | 68 | 22 | |||||||||
| Total revenues and other income | 690,554 | 645,456 | 7 | % | |||||||
| Costs and expenses: | |||||||||||
| Direct operating | 24,836 | 21,664 | |||||||||
| Direct operating - stock-based compensation (c) | 537 | 497 | |||||||||
| Transportation, gathering, processing and compression | 306,109 | 290,875 | |||||||||
| Taxes other than income | 6,987 | 5,368 | |||||||||
| Brokered natural gas and marketing | 57,361 | 30,895 | |||||||||
| Brokered natural gas and marketing - stock-based compensation (c) | 840 | 708 | |||||||||
| Exploration | 6,044 | 4,202 | |||||||||
| Exploration - stock-based compensation (c) | 347 | 324 | |||||||||
| Abandonment and impairment of unproved properties | 4,574 | 2,371 | |||||||||
| General and administrative | 31,553 | 33,772 | |||||||||
| General and administrative - stock-based compensation (c) | 10,111 | 9,978 | |||||||||
| General and administrative - lawsuit settlements | 27 | 191 | |||||||||
| Exit costs | 8,897 | 10,315 | |||||||||
| Deferred compensation plan (d) | 2,879 | 6,405 | |||||||||
| Interest expense | 27,785 | 29,116 | |||||||||
| Interest expense - amortization of deferred financing costs (e) | 1,376 | 1,360 | |||||||||
| Gain on early extinguishment of debt | (3 | ) | (64 | ) | |||||||
| Depletion, depreciation and amortization | 90,559 | 87,137 | |||||||||
| Total costs and expenses | 580,819 | 535,114 | 9 | % | |||||||
| Income before income taxes | 109,735 | 110,342 | -1 | % | |||||||
| Income tax expense | |||||||||||
| Current | 2,000 | 1,582 | |||||||||
| Deferred | 10,683 | 16,622 | |||||||||
| 12,683 | 18,204 | ||||||||||
| Net income | $ | 97,052 | $ | 92,138 | 5 | % | |||||
| Net income Per Common Share | |||||||||||
| Basic | $ | 0.40 | $ | 0.38 | |||||||
| Diluted | $ | 0.40 | $ | 0.38 | |||||||
| Weighted average common shares outstanding, as reported | |||||||||||
| Basic | 240,035 | 240,505 | 0 | % | |||||||
| Diluted | 241,755 | 242,406 | 0 | % | |||||||
| (a) See separate natural gas, NGLs and oil sales information table. | |||||||||||
| (b) Included in Other income in the 10-Q. | |||||||||||
| (c) Costs associated with stock compensation and restricted stock amortization, which have been reflected in the | |||||||||||
| categories associated with the direct personnel costs, which are combined with the cash costs in the 10-Q. | |||||||||||
| (d) Reflects the change in market value of the vested Company stock held in the deferred compensation plan. | |||||||||||
| (e) Included in interest expense in the 10-Q. | |||||||||||
| RANGE RESOURCES CORPORATION | |||||||
| BALANCE SHEET | |||||||
| (In thousands) | March 31, | December 31, | |||||
| 2025 | 2024 | ||||||
| (Unudited) | (Audited) | ||||||
| Assets | |||||||
| Current assets | $ | 714,502 | $ | 636,982 | |||
| Derivative assets | 6,470 | 87,098 | |||||
| Natural gas and oil properties, net (successful efforts method) | 6,476,813 | 6,421,700 | |||||
| Other property and equipment, net | 2,799 | 2,465 | |||||
| Operating lease right-of-use assets | 100,110 | 119,838 | |||||
| Other | 82,030 | 79,592 | |||||
| $ | 7,382,724 | $ | 7,347,675 | ||||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities | $ | 1,211,926 | $ | 1,263,247 | |||
| Asset retirement obligations | 1,189 | 1,189 | |||||
| Derivative liabilities | 70,845 | 9,634 | |||||
| Senior notes, excluding current maturities | 1,090,107 | 1,089,614 | |||||
| Deferred tax liabilities | 552,057 | 541,378 | |||||
| Derivative liabilities | 32,178 | 10,488 | |||||
| Deferred compensation liabilities | 66,336 | 65,233 | |||||
| Operating lease liabilities | 35,535 | 35,737 | |||||
| Asset retirement obligations and other liabilities | 140,607 | 137,181 | |||||
| Divestiture contract obligation | 242,583 | 257,317 | |||||
| 3,443,363 | 3,411,018 | ||||||
| Common stock and retained deficit | 4,520,586 | 4,449,987 | |||||
| Other comprehensive income | 597 | 611 | |||||
| Common stock held in treasury | (581,822 | ) | (513,941 | ) | |||
| Total stockholders' equity | 3,939,361 | 3,936,657 | |||||
| $ | 7,382,724 | $ | 7,347,675 | ||||
| RECONCILIATION OF TOTAL DEBT AS REPORTED | |||||||||||
| TO NET DEBT, a non-GAAP measure | |||||||||||
| (Unaudited, in thousands) | |||||||||||
| March 31, | December 31, | ||||||||||
| 2025 | 2024 | % | |||||||||
| Total debt, net of deferred financing costs, as reported | $ | 1,696,541 | $ | 1,697,883 | 0 | % | |||||
| Unamortized debt issuance costs, as reported | 10,001 | 10,819 | |||||||||
| Less cash and cash equivalents, as reported | (344,574 | ) | (304,490 | ) | |||||||
| Net debt, a non-GAAP measure | $ | 1,361,968 | $ | 1,404,212 | -3 | % | |||||
| RANGE RESOURCES CORPORATION | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
| (Unaudited, in thousands) | |||||||
| Three Months Ended March 31, | |||||||
| 2025 | 2024 | ||||||
| Net income | 97,052 | 92,138 | |||||
| Adjustments to reconcile net cash provided from continuing operations: | |||||||
| Deferred income tax expense | 10,683 | 16,622 | |||||
| Depletion, depreciation and amortization | 90,559 | 87,137 | |||||
| Abandonment and impairment of unproved properties | 4,574 | 2,371 | |||||
| Derivative fair value loss (income) | 158,957 | (46,598 | ) | ||||
| Cash settlements on derivative financial instruments | 4,573 | 122,373 | |||||
| Divestiture contract obligation, including accretion | 8,897 | 10,267 | |||||
| Amortization of deferred financing costs and other | 1,182 | 1,232 | |||||
| Deferred and stock-based compensation | 15,083 | 18,215 | |||||
| Gain on sale of assets | (62 | ) | (87 | ) | |||
| Gain on early extinguishment of debt | (3 | ) | (64 | ) | |||
| Changes in working capital: | |||||||
| Accounts receivable | (28,722 | ) | 107,454 | ||||
| Other current assets | (9,028 | ) | (8,944 | ) | |||
| Accounts payable | 36,181 | 12,188 | |||||
| Accrued liabilities and other | (59,843 | ) | (82,374 | ) | |||
| Net changes in working capital | (61,412 | ) | 28,324 | ||||
| Net cash provided from operating activities | 330,083 | 331,930 | |||||
| RECONCILIATION OF NET CASH PROVIDED FROM OPERATING | |||||||
| ACTIVITIES, AS REPORTED, TO CASH FLOW FROM OPERATIONS | |||||||
| BEFORE CHANGES IN WORKING CAPITAL, a non-GAAP measure | |||||||
| (Unaudited, in thousands) | |||||||
| Three Months Ended March 31, | |||||||
| 2025 | 2024 | ||||||
| Net cash provided from operating activities, as reported | $ | 330,083 | $ | 331,930 | |||
| Net changes in working capital | 61,412 | (28,324 | ) | ||||
| Exploration expense | 6,044 | 4,202 | |||||
| Lawsuit settlements | 27 | 191 | |||||
| Non-cash compensation adjustment and other | (175 | ) | (101 | ) | |||
| Cash flow from operations before changes in working capital - non-GAAP measure | $ | 397,391 | $ | 307,898 | |||
| ADJUSTED WEIGHTED AVERAGE SHARES OUTSTANDING | |||||||
| (Unaudited, in thousands) | |||||||
| Three Months Ended March 31, | |||||||
| 2025 | 2024 | ||||||
| Basic: | |||||||
| Weighted average shares outstanding | 240,776 | 242,082 | |||||
| Stock held by deferred compensation plan | (741 | ) | (1,577 | ) | |||
| Adjusted basic | 240,035 | 240,505 | |||||
| Dilutive: | |||||||
| Weighted average shares outstanding | 240,776 | 242,082 | |||||
| Dilutive stock options under treasury method | 979 | 324 | |||||
| Adjusted dilutive | 241,755 | 242,406 | |||||
| RANGE RESOURCES CORPORATION | |||||||||||||||||||
| RECONCILIATION OF NATURAL GAS, NGLs AND OIL SALES | |||||||||||||||||||
| AND DERIVATIVE FAIR VALUE INCOME (LOSS) TO | |||||||||||||||||||
| CALCULATED CASH REALIZED NATURAL GAS, NGLs AND | |||||||||||||||||||
| OIL PRICES WITH AND WITHOUT THIRD-PARTY | |||||||||||||||||||
| TRANSPORTATION, GATHERING, PROCESSING AND | |||||||||||||||||||
| COMPRESSION COSTS, a non-GAAP measure | |||||||||||||||||||
| (Unaudited, In thousands, except per unit data) | |||||||||||||||||||
| Three Months Ended March 31, | |||||||||||||||||||
| 2025 | 2024 | % | |||||||||||||||||
| Natural gas, NGLs and Oil Sales components: | |||||||||||||||||||
| Natural gas sales | $ | 490,377 | $ | 271,475 | |||||||||||||||
| NGLs sales | 275,654 | 256,076 | |||||||||||||||||
| Oil sales | 25,889 | 39,450 | |||||||||||||||||
| Total Natural Gas, NGLs and Oil Sales, as reported | $ | 791,920 | $ | 567,001 | 40 | % | |||||||||||||
| Derivative Fair Value (Loss) Income, as reported | $ | (158,957 | ) | $ | 46,598 | ||||||||||||||
| Cash settlements on derivative financial instruments - (gain) loss: | |||||||||||||||||||
| Natural gas | (4,729 | ) | (120,913 | ) | |||||||||||||||
| NGLs | 412 | 77 | |||||||||||||||||
| Oil | (256 | ) | (1,537 | ) | |||||||||||||||
| Total change in fair value related to commodity derivatives prior to | |||||||||||||||||||
| settlement, a non GAAP measure | $ | (163,530 | ) | $ | (75,775 | ) | |||||||||||||
| Transportation, gathering, processing and compression components: | |||||||||||||||||||
| Natural Gas | $ | 157,519 | $ | 150,112 | |||||||||||||||
| NGLs | 147,838 | 140,274 | |||||||||||||||||
| Oil | 752 | 489 | |||||||||||||||||
| Total transportation, gathering, processing and compression, as reported | $ | 306,109 | $ | 290,875 | |||||||||||||||
| Natural gas, NGL and Oil sales, including cash-settled derivatives: (c) | |||||||||||||||||||
| Natural gas sales | $ | 495,106 | $ | 392,388 | |||||||||||||||
| NGLs sales | 275,242 | 255,999 | |||||||||||||||||
| Oil Sales | 26,145 | 40,987 | |||||||||||||||||
| Total | $ | 796,493 | $ | 689,374 | 16 | % | |||||||||||||
| Production of natural gas, NGLs and oil during the periods (a): | |||||||||||||||||||
| Natural Gas (mcf) | 135,963,430 | 132,650,240 | 2 | % | |||||||||||||||
| NGLs (bbls) | 9,919,989 | 9,760,723 | 2 | % | |||||||||||||||
| Oil (bbls) | 423,579 | 610,279 | -31 | % | |||||||||||||||
| Gas equivalent (mcfe) (b) | 198,024,838 | 194,876,252 | 2 | % | |||||||||||||||
| Production of natural gas, NGLs and oil - average per day (a): | |||||||||||||||||||
| Natural Gas (mcf) | 1,510,705 | 1,457,695 | 4 | % | |||||||||||||||
| NGLs (bbls) | 110,222 | 107,261 | 3 | % | |||||||||||||||
| Oil (bbls) | 4,706 | 6,706 | -30 | % | |||||||||||||||
| Gas equivalent (mcfe) (b) | 2,200,276 | 2,141,497 | 3 | % | |||||||||||||||
| Average prices, excluding derivative settlements and before third-party | |||||||||||||||||||
| transportation costs: | |||||||||||||||||||
| Natural Gas (per mcf) | $ | 3.61 | $ | 2.05 | 76 | % | |||||||||||||
| NGLs (per bbl) | $ | 27.79 | $ | 26.24 | 6 | % | |||||||||||||
| Oil (per bbl) | $ | 61.12 | $ | 64.64 | -5 | % | |||||||||||||
| Gas equivalent (per mcfe) (b) | $ | 4.00 | $ | 2.91 | 37 | % | |||||||||||||
| Average prices, including derivative settlements before third-party | |||||||||||||||||||
| transportation costs: (c) | |||||||||||||||||||
| Natural Gas (per mcf) | $ | 3.64 | $ | 2.96 | 23 | % | |||||||||||||
| NGLs (per bbl) | $ | 27.75 | $ | 26.23 | 6 | % | |||||||||||||
| Oil (per bbl) | $ | 61.72 | $ | 67.16 | -8 | % | |||||||||||||
| Gas equivalent (per mcfe) (b) | $ | 4.02 | $ | 3.54 | 14 | % | |||||||||||||
| Average prices, including derivative settlements and after third-party | |||||||||||||||||||
| transportation costs: (d) | |||||||||||||||||||
| Natural Gas (per mcf) | $ | 2.48 | $ | 1.83 | 36 | % | |||||||||||||
| NGLs (per bbl) | $ | 12.84 | $ | 11.86 | 8 | % | |||||||||||||
| Oil (per bbl) | $ | 59.95 | $ | 66.36 | -10 | % | |||||||||||||
| Gas equivalent (per mcfe) (b) | $ | 2.48 | $ | 2.05 | 21 | % | |||||||||||||
| Transportation, gathering and compression expense per mcfe | $ | 1.55 | $ | 1.49 | 4 | % | |||||||||||||
| (a) Represents volumes sold regardless of when produced. | |||||||||||||||||||
| (b) Oil and NGLs are converted at the rate of one barrel equals six mcfe based upon the approximate relative energy content of oil to natural gas, which is not necessarily | |||||||||||||||||||
| indicative of the relationship of oil and natural gas prices. | |||||||||||||||||||
| (c) Excluding third-party transportation, gathering, processing and compression costs. | |||||||||||||||||||
| (d) Net of transportation, gathering, processing and compression costs. | |||||||||||||||||||
| RANGE RESOURCES CORPORATION | |||||||||||||||||||
| RECONCILIATION OF INCOME BEFORE INCOME | |||||||||||||||||||
| TAXES AS REPORTED TO INCOME BEFORE INCOME TAXES | |||||||||||||||||||
| EXCLUDING CERTAIN ITEMS, a non-GAAP measure | |||||||||||||||||||
| (Unaudited, In thousands, except per share data) | |||||||||||||||||||
| Three Months Ended March 31, | |||||||||||||||||||
| 2025 | 2024 | % | |||||||||||||||||
| Income from operations before income taxes, as reported | 109,735 | 110,342 | -1 | % | |||||||||||||||
| Adjustment for certain special items: | |||||||||||||||||||
| Gain on the sale of assets | (62 | ) | (87 | ) | |||||||||||||||
| ARO settlement loss | - | 26 | |||||||||||||||||
| Change in fair value related to derivatives prior to settlement | 163,530 | 75,775 | |||||||||||||||||
| Abandonment and impairment of unproved properties | 4,574 | 2,371 | |||||||||||||||||
| Gain on early extinguishment of debt | (3 | ) | (64 | ) | |||||||||||||||
| Lawsuit settlements | 27 | 191 | |||||||||||||||||
| Exit costs | 8,897 | 10,315 | |||||||||||||||||
| Brokered natural gas and marketing - stock-based compensation | 840 | 708 | |||||||||||||||||
| Direct operating - stock-based compensation | 537 | 497 | |||||||||||||||||
| Exploration expenses - stock-based compensation | 347 | 324 | |||||||||||||||||
| General & administrative - stock-based compensation | 10,111 | 9,978 | |||||||||||||||||
| Deferred compensation plan - non-cash adjustment | 2,879 | 6,405 | |||||||||||||||||
| Income before income taxes, as adjusted | 301,412 | 216,781 | 39 | % | |||||||||||||||
| Income tax expense, as adjusted | |||||||||||||||||||
| Current (a) | 2,000 | 1,582 | |||||||||||||||||
| Deferred (a) | 67,325 | 48,278 | |||||||||||||||||
| Net income, excluding certain items, a non-GAAP measure | $ | 232,087 | $ | 166,921 | 39 | % | |||||||||||||
| Non-GAAP income per common share | |||||||||||||||||||
| Basic | $ | 0.97 | $ | 0.69 | 41 | % | |||||||||||||
| Diluted | $ | 0.96 | $ | 0.69 | 39 | % | |||||||||||||
| Non-GAAP diluted shares outstanding, if dilutive | 241,755 | 242,406 | |||||||||||||||||
| (a) Taxes are estimated to be approximately | |||||||||||||||||||
| RANGE RESOURCES CORPORATION | |||||||
| RECONCILIATION OF NET INCOME, EXCLUDING | |||||||
| CERTAIN ITEMS AND ADJUSTED EARNINGS PER | |||||||
| SHARE, non-GAAP measures | |||||||
| (In thousands, except per share data) | |||||||
| Three Months Ended March 31, | |||||||
| 2025 | 2024 | ||||||
| Net income, as reported | $ | 97,052 | $ | 92,138 | |||
| Adjustments for certain special items: | |||||||
| Gain on the sale of assets | (62 | ) | (87 | ) | |||
| ARO settlement loss | - | 26 | |||||
| Gain on early extinguishment of debt | (3 | ) | (64 | ) | |||
| Change in fair value related to derivatives prior to settlement | 163,530 | 75,775 | |||||
| Abandonment and impairment of unproved properties | 4,574 | 2,371 | |||||
| Lawsuit settlements | 27 | 191 | |||||
| Exit costs | 8,897 | 10,315 | |||||
| Stock-based compensation | 11,835 | 11,507 | |||||
| Deferred compensation plan | 2,879 | 6,405 | |||||
| Tax impact | (56,642 | ) | (31,656 | ) | |||
| Net income, excluding certain items, a non-GAAP measure | $ | 232,087 | $ | 166,921 | |||
| Net income per diluted share, as reported | $ | 0.40 | $ | 0.38 | |||
| Adjustments for certain special items per diluted share: | |||||||
| Gain on the sale of assets | - | - | |||||
| ARO settlement loss | - | - | |||||
| Gain on early extinguishment of debt | - | - | |||||
| Change in fair value related to derivatives prior to settlement | 0.68 | 0.31 | |||||
| Abandonment and impairment of unproved properties | 0.02 | 0.01 | |||||
| Lawsuit settlements | - | - | |||||
| Exit costs | 0.04 | 0.04 | |||||
| Stock-based compensation | 0.05 | 0.05 | |||||
| Deferred compensation plan | 0.01 | 0.03 | |||||
| Adjustment for rounding differences | (0.01 | ) | - | ||||
| Tax impact | (0.23 | ) | (0.13 | ) | |||
| Dilutive share impact (rabbi trust and other) | - | - | |||||
| Net income per diluted share, excluding certain items, a non-GAAP measure | $ | 0.96 | $ | 0.69 | |||
| Adjusted earnings per share, a non-GAAP measure: | |||||||
| Basic | $ | 0.97 | $ | 0.69 | |||
| Diluted | $ | 0.96 | $ | 0.69 | |||
| RANGE RESOURCES CORPORATION | |||||||
| RECONCILIATION OF CASH MARGIN PER MCFE, a non- | |||||||
| GAAP measure | |||||||
| (Unaudited, In thousands, except per unit data) | |||||||
| Three Months Ended March 31, | |||||||
| 2025 | 2024 | ||||||
| Revenues | |||||||
| Natural gas, NGLs and oil sales, as reported | $ | 791,920 | $ | 567,001 | |||
| Derivative fair value (loss) income, as reported | (158,957 | ) | 46,598 | ||||
| Less non-cash fair value loss | 163,530 | 75,775 | |||||
| Brokered natural gas and marketing, as reported | 54,408 | 28,831 | |||||
| Other income, as reported | 3,183 | 3,026 | |||||
| Less gain on sale of assets | (62 | ) | (87 | ) | |||
| Less ARO settlement | - | 26 | |||||
| Cash revenues | 854,022 | 721,170 | |||||
| Expenses | |||||||
| Direct operating, as reported | 25,373 | 22,161 | |||||
| Less direct operating stock-based compensation | (537 | ) | (497 | ) | |||
| Transportation, gathering and compression, as reported | 306,109 | 290,875 | |||||
| Taxes other than income, as reported | 6,987 | 5,368 | |||||
| Brokered natural gas and marketing, as reported | 58,201 | 31,603 | |||||
| Less brokered natural gas and marketing stock-based compensation | (840 | ) | (708 | ) | |||
| General and administrative, as reported | 41,691 | 43,941 | |||||
| Less G&A stock-based compensation | (10,111 | ) | (9,978 | ) | |||
| Less lawsuit settlements | (27 | ) | (191 | ) | |||
| Interest expense, as reported | 29,161 | 30,476 | |||||
| Less amortization of deferred financing costs | (1,376 | ) | (1,360 | ) | |||
| Cash expenses | 454,631 | 411,690 | |||||
| Cash margin, a non-GAAP measure | $ | 399,391 | $ | 309,480 | |||
| Mmcfe produced during period | 198,025 | 194,876 | |||||
| Cash margin per mcfe | $ | 2.02 | $ | 1.59 | |||
| RECONCILIATION OF INCOME BEFORE INCOME TAXES | |||||||
| TO CASH MARGIN, a non-GAAP measure | |||||||
| (Unaudited, in thousands, except per unit data) | |||||||
| Three Months Ended March 31, | |||||||
| 2025 | 2024 | ||||||
| Income before income taxes, as reported | $ | 109,735 | $ | 110,342 | |||
| Adjustments to reconcile income before income taxes to cash margin: | |||||||
| ARO settlements | - | 26 | |||||
| Derivative fair value loss (income) | 158,957 | (46,598 | ) | ||||
| Net cash receipts on derivative settlements | 4,573 | 122,373 | |||||
| Exploration expense | 6,044 | 4,202 | |||||
| Lawsuit settlements | 27 | 191 | |||||
| Exit costs | 8,897 | 10,315 | |||||
| Deferred compensation plan | 2,879 | 6,405 | |||||
| Stock-based compensation (direct operating, brokered natural gas and | 11,835 | 11,507 | |||||
| Marketing, and general and administrative) | |||||||
| Bad debt expense | - | - | |||||
| Interest - amortization of deferred financing costs | 1,376 | 1,360 | |||||
| Depletion, depreciation and amortization | 90,559 | 87,137 | |||||
| Gain on sale of assets | (62 | ) | (87 | ) | |||
| Gain on early extinguishment of debt | (3 | ) | (64 | ) | |||
| Abandonment and impairment of unproved properties | 4,574 | 2,371 | |||||
| Cash margin, a non-GAAP measure | $ | 399,391 | $ | 309,480 | |||
FAQ
What were Range Resources (RRC) earnings per share in Q1 2025?
How much natural gas did Range Resources produce daily in Q1 2025?
What was Range Resources' capital expenditure in Q1 2025?
How much did Range Resources return to shareholders in Q1 2025?
What is Range Resources' natural gas price differential guidance for 2025?
