What changed in this filing

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Item 1. Financial Statements

2025-07-22 compared with 2025-04-22 · 327 added, 231 removed, 682 unchanged (45% of the section changed)

36 unchanged sentences

Common stock, $ 0.01 par, 475,000,000 shares authorized, 268,553,027 issued at

March 31, 2025 and 267,435,419 shares at December 31, 2024

Common stock held in treasury, at cost, 28,591,527 shares at March 31, 2025 and

June 30, 2025 and 267,435,419 shares at December 31, 2024

Common stock held in treasury, at cost, 30,045,000 shares at June 30, 2025 and

26,766,065 shares at December 31, 2024

8 unchanged sentences

(Unaudited, in thousands, except per share data)

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Revenues and other income:

Natural gas, NGLs and oil sales

Derivative fair value (loss) income

Derivative fair value income (loss)

Brokered natural gas and marketing

12 unchanged sentences

Income before income taxes

Income tax expense:

Income tax expense (benefit):

Net income per common share:

5 unchanged sentences

(Unaudited, in thousands)

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Other comprehensive (loss) income:

7 unchanged sentences

(Unaudited, in thousands)

Three Months Ended March 31,

Six Months Ended June 30,

Operating activities:

1 unchanged sentence

operating activities:

Deferred income tax expense

Deferred income tax expense (benefit)

Depletion, depreciation and amortization

23 unchanged sentences

Financing activities:

Borrowings on credit facility

Repayments on credit facility

Repayment of senior notes

6 unchanged sentences

Net cash used in financing activities

Increase in cash and cash equivalents

(Decrease) increase in cash and cash equivalents

Cash and cash equivalents at beginning of period

15 unchanged sentences

Balance as of March 31, 2025

Issuance of common stock

Stock-based compensation expense

Dividends ($ 0.09 per share)

Treasury stock issuance - Rabbi Trust

Treasury stock repurchased

Excise tax on stock repurchases

Other comprehensive loss

Balance as of June 30, 2025

comprehensive

7 unchanged sentences

Balance as of March 31, 2024

Issuance of common stock

Stock-based compensation expense

Dividends ($ 0.08 per share)

Treasury stock repurchased

Other comprehensive loss

Balance as of June 30, 2024

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

12 unchanged sentences

Disaggregation of Revenue

All of the Company's revenues from contracts with customers have title transfer in the United States ("U.S.") and are recognized at the point in time when control is transferred to the customer and collectibility is reasonably assured.

Accounts receivable attributable to our revenue contracts with customers wa s $ 326.5 million at March 31, 2025 and $ 291.5 million at December 31, 2024 .

Accounts receivable attributable to our revenue contracts with customers was $ 228.7 m illion at June 30, 2025 and $ 291.5 million at December 31, 2024 .

Revenue attributable to each of our identified revenue streams is disaggregated below (in thousands):

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Natural gas sales

5 unchanged sentences

We evaluate and update our annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws.

For the three months ended March 31, 2025, our overall effective tax rate was different than the federal statutory rate due primarily to tax credits, state income taxes and equity compensation.

For the three and six months ended June 30, 2025 and 2024, our overall effective tax rate was different than the federal statutory rate due primarily to tax credits, state income taxes and equity compensation.

Current income taxes reflect estimated state and federal income taxes due for 2025 which are based on our estimated earnings, taking into account all applicable tax rates and laws.

On July 4, 2025, President Trump signed the “One Big Beautiful Bill Act” ("OBBBA") into law.

At this time, we do not expect OBBBA to have a material impact on our financial statements.

(4) N ET INCOME PER COMMON SHARE

1 unchanged sentence

Three Months Ended

Six Months Ended

Net income, as reported

9 unchanged sentences

Three Months Ended

Six Months Ended

Weighted average common shares outstanding – basic

2 unchanged sentences

Weighted average common shares outstanding – diluted

Weighted average common shares outstanding – basic for first quarter 2025 exclu des 741,000 s hares of restricted stock held in our deferred compensation plan compared to 1.6 million shares in first quarter 2024 (although all awards are issued and outstanding upon grant).

For the three months ended March 31, 2025, equity grants of 245,000 sh ares compared to 127,000 shares in the same period of the prior year were outstanding but not included in the computation of diluted net income because the grant prices were greater than the average market price of the common shares and would be anti-dilutive to the computation.

Weighted average common shares outstanding – basic for second quarter 2025 excludes 617,000 s hares of restricted stock held in our deferred compensation plan compared to 1.5 million shares in second quarter 2024 (although all awards are issued and outstanding upon grant).

Weighted average common shares outstanding – basic for the first six months 2025 excludes 679,000 s hares of restricted stock held in our deferred compensation plan compared to 1.6 million shares in the first six months 2024.

For the three months ended June 30, 2025, equity grants of 2,000 sh ares compared to 17,000 shares in the same period of the prior year were outstanding but not included in the computation of diluted net income because the grant prices were greater than the average market price of the common shares and would be anti-dilutive to the computation.

For the six months ended June 30, 2025, equity grants of 1,000 shares compared to 9,000 shares in the same period of the prior year were outstanding but not included in the computation of diluted net income because the grant prices were greater than the average market price of the common shares and would be anti-dilutive to the computation.

(5) INDEBTEDNESS

7 unchanged sentences

Total debt, net of deferred financing costs

Less current maturities of long-term debt (a)

Less current maturities of long-term debt

Total long-term debt

(a) As of March 31, 2025 , current maturities include $ 606.5 million principal amount of our 4.875 % senior notes due 2025 ( $ 606.4 million net of deferred financing costs).

We expect to repay the current maturities with a combination of cash on hand and borrowings under the credit facility.

No interest was capitalized during the three months ended March 31, 2025 or the year ended December 31, 2024.

We were in compliance with applicable covenants under the bank credit facility and its senior notes at March 31, 2025.

No interest was capitalized during the six months ended June 30, 2025 or the year ended December 31, 2024.

We were in compliance with applicable covenants under the bank credit facility and our senior notes at June 30, 2025.

In April 2022, we entered into an amended and restated revolving bank facility, which we refer to as our bank debt or our bank credit facility, which is secured by substantially all of our assets and has a maturity date of April 14, 2027 .

1 unchanged sentence

The bank credit facility also provides for a borrowing base subject to re-determinations, including event-driven unscheduled re-determinations.

As of March 31, 2025 , our bank group was composed of seventeen financial institutions.

As of June 30, 2025 , our bank group was composed of seventeen financial institutions.

The borrowing base may be increased or decreased based on our request and sufficient proved reserves, as determined by the bank group.

3 unchanged sentences

We may elect, from time to time, to convert all or any part of our SOFR loans to base rate loans or to convert all or any part of the base rate loans to SOFR loans.

The weighted average interest rate was 6.4 % for the three and six months ended 2025.

A commitment fee is paid on the undrawn balance based on an annual rate of 0.375 % to 0.50 %.

At March 31, 2025 , the commitment fee was 0.375 % and the interest rate margin was 0.75 % on our ABR loans and 1.75 % on our SOFR loans.

At June 30, 2025 , the commitment fee was 0.375 % and the interest rate margin was 0.75 % on our ABR loans and 1.75 % on our SOFR loans.

As part of our re-determination completed in March 2025, our borrowing base was reaffirmed at $ 3.0 billion and our bank commitment was also reaffirmed at $ 1.5 billion .

On March 31, 2025 , we had no outstanding borrowings on our bank credit facility.

We had $ 164.1 million of undrawn letters of credit, leaving $ 1.3 billion of committed borrowing capacity available under the facility.

On June 30, 2025, bank commitments totaled $ 1.5 billion and we had $ 125.0 million outstanding on our bank credit facility.

Additionally, we had $ 164.1 million of undrawn letters of credit, leaving $ 1.2 billion of committed borrowing capacity available under the facility.

Senior Note Redemptions

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

We currently intend to retire our outstanding long-term debt as it matures, is callable or when market conditions are favorable to repurchase through privately negotiated transactions, open market repurchases, redemptions or otherwise.

During the three months ended March 31, 2025 , we repurchased in the open market $ 2.2 million principal a mount of our 4.875 % senior notes due 2025 at a discount.

We recognized a $ 3,000 gain on early extinguishment of debt for these transactions, net of remaining deferred financing costs on the repurchased debt.

During the three months ended March 31, 2024 , we repurchased in the open market $ 15.1 million principal amount of our 4.875 % senior notes due 2025 at a discount.

During the six months ended June 30, 2025 , we repurchased in the open market $ 2.2 million principal amount of our 4.875 % senior notes due 2025 at a discount.

We recognized a gain on early extinguishment of debt of $ 3,000 , net of the remaining deferred financing costs on the repurchased debt.

In May 2025, we paid off the remaining principal balance of our 4.875% senior notes due 2025 at par by utilizing cash on hand and by borrowing on our bank credit facility.

During the six months ended June 30, 2024 , we repurchased in the open market $ 66.5 million principal amount of our 4.875 % senior notes due 2025 at a discount.

We recognized a gain on early extinguishment of debt of $ 243,000 , net of the remaining deferred financing costs on the repurchased debt.

Range is a holding company that owns no operating assets and has no significant operations independent of its subsidiaries.

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(6) ASSET RETIREMENT OBLIGATIONS

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

Three Months Ended

March 31, 2025

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

Six Months Ended

June 30, 2025

December 31, 2024

8 unchanged sentences

(7) DERIVATIVE ACTIVITIES

The following table sets forth our commodity-based derivative volumes by year as of March 31, 2025, excluding our basis swaps which are discussed separately below.

The following table sets forth our commodity-based derivative volumes by year as of June 30, 2025, excluding our basis swaps and propane swaps which are discussed separately below.

All fair values presented in the table below utilize Level 2 inputs, except where noted.

All fair market values ("FMV") presented in thousands:

All fair market values ("FMV") are presented in thousands:

Contract Type

2 unchanged sentences

Natural Gas (a)

April - December 2025

July - December 2025

400,000 Mmbtu/day

April - December 2025

July - December 2025

Three-way Collars

4 unchanged sentences

200,000 Mmbtu/day

4,000 bbls/day

NGLs (C3-Propane)

April - May 2025

July - September 2025

2,000 bbls/day

(a) We also sold natural gas swaptions of 135,000 Mmbtu/day for calendar year 2026 at a weighted average price of $ 4.00 /Mmbtu that expire through August 2025 and 150,000 Mmbtu/day for calendar year 2027 at a weighted average price of $ 4.03 /Mmbtu that expire in November 2025 .

The fair value of these contracts as of March 31, 2025 , which utilizes Level 3 inputs, was a derivative liability of $ 30.3 million.

The fair value of these contracts as of June 30, 2025 , which utilizes Level 3 inputs, was a derivative liability of $ 25.6 million.

Basis Swap Contracts

In addition to the commodity derivatives described above, at March 31, 2025 , we had natural gas basis swap contracts which lock in the differential between NYMEX Henry Hub and certain of our physical pricing indices.

These contracts settle through December 2028 and include a total volume of 216,867,500 Mmbtu.

The fair value of these contracts was a gain of $ 11.7 million at March 31, 2025.

In addition to the commodity derivatives described above, at June 30, 2025, we had natural gas basis swap contracts which lock in the differential between NYMEX Henry Hub and certain of our physical pricing indices.

These contracts settle thr ough December 2029 and include a total volume of 171,840,000 Mmbtu.

The fair value of these contracts was a gain of $ 19.9 million at June 30, 2025.

Propane Percentage of WTI Swaps

We also had propane swap contracts totaling 11,000 bbls per day which lock in a fixed percentage of the WTI crude price.

The fair value of these contracts, which settle in third quarter 2025, was a gain of $ 1.2 million .

Derivative Assets and Liabilities

The combined fair value of derivatives included in the accompanying consolidated balance sheets as of March 31, 2025 and December 31, 2024 is summarized below.

The combined fair value of derivatives included in the accompanying consolidated balance sheets as of June 30, 2025 and December 31, 2024 is summarized below.

The assets and liabilities are netted where derivatives with both gain and loss positions are held by a single counterparty and we have master netting arrangements.

8 unchanged sentences

Net amounts of (liabilities) presented in the consolidated balance sheets

Derivative Fair Value (Loss) Income

Derivative Fair Value Income (Loss)

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

Three Months Ended

Six Months Ended

Natural gas derivatives

1 unchanged sentence

Oil derivatives

Total derivative fair value (loss) income

Total derivative fair value income (loss)

(8) FAIR VALUE MEASUREMENTS

1 unchanged sentence

For further information on the fair value hierarchy, refer to Note 2 of the Notes to the Consolidated Financial Statements in the Form 10-K.

As of March 31, 2025, a portion of our natural gas instruments contain swaptions where the counterparty has the right, but not the obligation, to enter into a fixed price swap on a pre-determined date.

As of June 30, 2025, a portion of our natural gas instruments contain swaptions where the counterparty has the right, but not the obligation, to enter into a fixed price swap on a pre-determined date.

If exercised, the swaption contract becomes a swap treated consistently with our fixed-price swaps.

At March 31, 2025, we used a weighted average implied volatility of 25 % fo r natural gas swaptions.

The following is a reconciliation of the beginning and ending balances for derivative instruments classified as Level 3 in the fair value hierarchy (in thousands):

Three Months Ended

March 31, 2025

At June 30, 2025, we used a weighted average implied vol atility of 25 % for natural gas swaptions.

The following is a reconciliation of the beginning and ending balances for derivative instruments classified as Level 3 in the fair value h ierarchy (in thousands):

Six Months Ended

June 30, 2025

Balance at December 31, 2024

Total losses included in earnings

Balance at March 31, 2025

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

March 31, 2025

Balance at June 30, 2025

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

June 30, 2025

December 31, 2024

9 unchanged sentences

(a) Fair values for commodity derivatives utilize Level 2 inputs with the exception of swaptions, which utilize Level 3 inputs.

Fair value of swaption contracts as of March 31, 2025 was a derivative liability of $ 30.3 million.

Fair value of swaption contracts as of June 30, 2025 was a derivative liability of $ 25.6 milli on.

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

6 unchanged sentences

Our fair value assessment incorporates a variety of considerations, including (1) the short-term duration of the instruments and (2) our historical and expected incurrence of bad debt expense.

Our allowance for uncollectible receivables was $ 250,000 at March 31, 2025 and $ 255,000 at December 31, 2024.

Our allowance for uncollectible receivables was $ 250,000 at June 30, 2025 and $ 255,000 at December 31, 2024.

Non-financial liabilities initially measured at fair value include asset retirement obligations, operating lease liabilities and the divestiture contract obligation that we incurred in conjunction with the sale of our North Louisiana assets.

Certain assets are measured at fair value on a non-recurring basis.

These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances.

Certain assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances.

Our proved natural gas and oil properties are reviewed for impairment periodically as events or changes in circumstances indicate the carrying amount may not be recoverable.

There were no proved property

impairment charges for first three months 2025 or 2024.

There were no proved property impairment charges for first six months 2025 or 2024.

Concentrations of Credit Risk

As of March 31, 2025, our primary concentrations of credit risk are the risks of not collecting accounts receivable and the risk of a counterparty’s failure to perform under derivative obligations.

As of June 30, 2025, our primary concentrations of credit risk are the risks of not collecting accounts receivable and the risk of a counterparty’s failure to perform under derivative obligations.

To manage counterparty risk associated with our derivatives, we select and monitor our counterparties based on our assessment of their financial strength and/or credit ratings.

1 unchanged sentence

While our counterparties are primarily major investment grade financial institutions, the fair value of our derivative contracts has been adjusted to account for the risk of non-performance by certain of our counterparties, which was immaterial.

At March 31, 2025 , our derivative counterparties include fourteen financial institutions, of which ten are secured lenders in our bank credit facility.

At March 31, 2025 , our net derivative position includes an aggregate net payable of $ 262,000 to one of the counterparties and a net receivable of $ 5.4 million from three of the counterparties not included in our bank credit facility.

At June 30, 2025, our derivative counterparties inclu de fourteen financial institutions, of which ten are secured lenders in our bank credit facility.

At June 30, 2025 , our net derivative position includes an aggregate net receivable of $ 8.2 million from the four counterparties not included in our bank credit facility.

(9) STOCK-BASED COMPENSATION PLANS

4 unchanged sentences

Three Months Ended

Six Months Ended

Direct operating expense

3 unchanged sentences

Total stock-based compensation expense

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

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

Time-based - Equity Awards.

1 unchanged sentence

Fair value is based on prevailing market price on the date of grant and is expensed over a service period up to three years.

We recorded compensation expense for these outstanding Equity Award s of $ 10.1 million i n first three months 2025 compared to $ 9.7 million in the same period of 2024.

We recorded compensation expense for these outstanding Equity Awards of $ 19.4 million in first six months 2025 compared to $ 18.0 million in the same period of 2024.

Time-based - Liability Awards.

1 unchanged sentence

These awards are contributed into the Deferred Compensation Plan (discussed below).

We recorded compensation expense for these restricted stock Liability Awards of $ 191,000 in first three months 2025 compared to $ 460,000 in the same period of 2024.

Beginning in 2023, time-based equity awards were granted in lieu of liability-based equity awards for certain employees.

We recorded compensation expense for these restricted stock Liability Aw ards of $ 242,000 i n first six months 2025 compared to $ 706,000 in the same period of 2024.

Beginning in 2023, time-based equity awards were granted in lieu of time-based liability awards for certain employees.

Performance-based TSR Awards ("TSRs" or "TSR Awards").

The fair value of the TSR Awards is estimated on the date of grant using a Monte Carlo simulation model which utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award grant and calculates the fair value of the award.

Expected volatilities utilized in the model were estimated using a combination of a historical period consistent with the remaining performance period of three years and option-implied volatilities.

Expected volatilities utilized in the model were estimated using a historical period consistent with the remaining performance period of three years.

The risk-free interest rate was based on the United States Treasury rate for a term commensurate with the life of the grant.

We recorded compensation expense of $ 1.3 million in first three months 2025 compared to $ 808,000 in the same period of 2024 .

We recorded compensation expense of $ 2.8 mil lion in first six months 2025 compared to $ 1.8 million in the same period of 2024 .

Fair value is amortized over the performance period with no adjustment to the expense recorded for actual targets achieved.

The following assumptions were used to estimate the fair value of the TSR Awards granted during first three months 2025 and 2024:

Three Months Ended March 31,

The following assumptions were used to estimate the fair value of the TSR Awards granted during first six months 2025 and 2024:

Six Months Ended June 30,

Risk-free interest rate

2 unchanged sentences

Equity and Liability Award Summary

The following is a summary of the activity for our time-based and performance-based stock awards for the three months ended March 31, 2025:

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

Equity Awards

8 unchanged sentences

Outstanding at December 31, 2024

Outstanding at March 31, 2025

Outstanding at June 30, 2025

(a) Amounts granted reflect performance units initially granted.

3 unchanged sentences

Our common stock held in the Rabbi Trust is accounted for as Liability Awards and is adjusted to fair value each reporting period by a charge or credit to deferred compensation plan expense on our consolidated statements of income.

We recorded a mark-to-mar ket loss of $ 2.9 million in first quarter 2025 compared to a mark-to-market loss of $ 6.4 million in first quarter 2024 .

The Rabbi Trust held 621,000 shares ( 609,000 vested shares) of Range com mon stock at March 31, 2025 compared to 742,000 shares ( 724,000 vested shares) at December 31, 2024.

We recorded a mark-to-ma rket gain of $ 88,000 in second quarter 2025 compared to a mark-to-market loss of $ 1.2 million in second quarter 2024.

We recorded a m ark-to-market loss of $ 2.8 mil lion in the first six months 2025 compared to a mark-to-market loss of $ 7.6 million in the first six months 2024.

The Rabbi Trust held 265,000 shares ( 256,000 v ested shares) of Range common stock at June 30, 2025 compared to 811,000 shares ( 758,000 vested shares) at June 30, 2024.

Trading securities.

1 unchanged sentence

We elected to adopt the fair value option to simplify our accounting for the investments in our deferred compensation plan.

Interest, dividends, and mark-to-market gains or losses are included in the changes in our deferred compensation assets (reported in Other Assets) and liabilities on the accompanying consolidated balance sheets.

For first quarter 2025, interest and dividends were $ 133,000 and the mark-to-market adjustment was a loss of $ 928,000 compared to interest and dividends of $ 195,000 and a mark-to-market gain of $ 4.2 million in first quarter 2024 .

Interest, dividends, and mark-to-market gains or

losses are included in the changes in our deferred compensation assets (reported in Other Assets) and liabilities on the accompanying consolidated balance sheets.

For second quarter 2025, interest and dividend s were $ 202,000 and the mark-to-market adjustment was a gain of $ 4.2 million compared to inter est and dividends of $ 283,000 and a mark-to-market gain of $ 679,000 in second quarter 2024.

For the first six months 2025, interest and dividend s were $ 335,000 and the mark-to-market adjustment was a gain of $ 3.3 million c ompared to interest and dividends of $ 478,000 and a mark-to-market gain of $ 4.9 million in first six months 2024 .

(10) CAPITAL STOCK

Treasury Stock

As of March 31, 2025, we had a remaining authorization to repurchase up to approximately $ 948.6 million of our common stock.

In first quarter 2025, we repurchas ed 1.8 million shares at an aggregate cost of $ 67.5 million ($ 67.9 million including the 1 % excise tax).

In addition, we repurchased 1,100 shares of our common stock ($ 44,000 ) traded in March but settled in April.

The following is a schedule of the change in treasury shares based on settlement date for the three months ended March 31, 2025:

As of June 30, 2025, we had a remaining authorization to repurchase up to approximately $ 895.7 million of our common stock.

In second quarter 2025, we repurchased 1.5 million shares at an aggregate cost of $ 52.9 million ($ 53.4 million including the 1 % excise tax).

The following is a schedule of the change in treasury shares based on settlement date for the three and six months ended June 30, 2025:

Three Months Ended

March 31, 2025

June 30, 2025

Six Months Ended June 30, 2025

Beginning balance

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The estimated obligations are included in current and long-term divestiture contract obligation in our consolidated balance sheets.

In first three months 2025, we recorded accretion expense of $ 8.9 million compared to $ 10.3 million in the same period of the prior year.

The following details the accrued exit cost liability activity for the three months ended March 31, 2025 (in thousands):

In first six months 2025, we recorded accretion expense of $ 17.4 million compared to $ 20.3 million in the same period of the prior year.

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

Balance at December 31, 2024

Accretion of discount

Changes in estimate

Balance at March 31, 2025

Balance at June 30, 2025

(12) SUPPLEMENTAL CASH FLOW INFORMATION

Three Months Ended March 31,

Six Months Ended June 30,

(in thousands)

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The establishment of a reserve is based on an estimation process that includes the advice of legal counsel and subjective judgment of management.

While management believes these reserves to be adequate, it is reasonably possible we could incur additional losses with respect to those matters in which reserves have been established.

While management believes these reserves to be adequate, it is reasonably possible we could incur additional losses with respect to those matters in which reserves have been

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

We have incurred and will continue to incur capital, operating and remediation expenditures as a result of environmental laws and regulations.

As of March 31, 2025, liabilities for remediation were not material.

We are not aware of any environmental claims existing as of March 31, 2025 that have not been provided for or would otherwise have a material impact on our financial position or results of operations.

As of June 30, 2025, liabilities for remediation were not material.

We are not aware of any environmental claims existing as of June 30, 2025 that have not been provided for or would otherwise have a material impact on our financial position or results of operations.

Environmental liabilities normally involve estimates that are subject to revision until final resolution, settlement or remediation occurs.

Lease Commitments

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

Transportation, Gathering and Processing Contracts

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

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

( 14) SUSPENDED EXPLORATORY WELL COSTS

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If an exploratory well is determined to be impaired, the well costs are charged to exploration expense in the accompanying consolidated statements of income.

The following table reflects the changes in capitalized exploratory well costs for the three months ended March 31, 2025:

Three Months Ended

March 31, 2025

As of June 30, 2025 we had $ 13.4 million of exploratory well costs capitalized for greater than one year related to suspended wells.

We believe these wells exhibit sufficient quantities of natural gas to justify future development.

These suspended wells require completion activities and infrastructure expansion in order to classify the reserves as proved.

The following table reflects the changes in capitalized exploratory well costs for the six months ended June 30, 2025:

Six Months Ended

June 30, 2025

(in thousands)

6 unchanged sentences

Capitalized exploratory well costs that have been capitalized for a period greater than one year

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

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

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

Three Months Ended

March 31, 2025

Six Months Ended

June 30, 2025

December 31, 2024

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Our strategy to achieve our business objective is to generate consistent cash flows from reserves and production through internally generated drilling projects occasionally coupled with complementary acquisitions and divestitures.

Currently, our investment portfolio is focused on high-quality natural gas assets in the Commonwealth of Pennsylvania.

Currently, our investment portfolio is focused on high-quality natural gas and NGLs assets in the Commonwealth of Pennsylvania.

Our revenues, profitability and future growth depend substantially on prevailing prices for natural gas, NGLs and oil and on our ability to economically find, develop, acquire and produce these reserves.

Commodity prices have been and are expected to remain volatile.

We believe we are well-positioned to manage challenges during a low commodity price environment and that we can endure the continued fluctuations in current and future commodity prices by:

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

• exercising discipline in our capital investments;

1 unchanged sentence

• diversifying sales outlets;

• managing price risk through the hedging of our production;

• managing price risk through the partial hedging of our production;

• managing a strong balance sheet;

12 unchanged sentences

We believe we are positioned for sustainable long-term success.

We continue to monitor the impact of the actions of OPEC and other large hydrocarbon producing nations, the Russia-Ukraine conflict, hostilities in the Middle East, global inventories of gas, NGLs and oil, future monetary and fiscal policy, potential tariffs and their impacts on global trade and energy demands and governmental policies aimed at transitioning towards lower carbon energy.

We continue to monitor the impact of the actions of OPEC and other large hydrocarbon producing nations, the Russia-Ukraine conflict, hostilities in the Middle East, global inventories of natural gas, NGLs and oil, future monetary and fiscal policy, potential tariffs and their impacts on global trade and energy demands and governmental policies aimed at transitioning towards lower carbon energy.

We expect prices for the commodities we produce to remain volatile given the complex dynamics of supply and demand that exist in the global energy markets.

In first quarter 2025, natural gas prices increased primarily due to winter weather and larger than expected exports from new U.S.

In first six months 2025, natural gas prices increased primarily due to winter weather and larger exports from new U.S.

LNG export facilities.

Longer term natural gas futures prices remain constructive based on market expectations of continued LNG expansion, power demand and associated gas-related activity in oil basins and dry gas basin activity will show modest rates of growth due to infrastructure constraints, moderated reinvestment rates and core inventory exhaustion.

In addition, the global energy crisis experienced in recent years further highlighted the low cost and low emissions shale gas resource base in North America, supporting continued strong structural demand growth for United States liquefied natural gas exports, domestic industrial gas demand and power generation.

Longer term natural gas futures prices remain constructive based on market expectations of continued LNG expansion, increasing power demand, and associated gas-related activity in oil basins and dry gas basin activity, which are expected to show modest rates of growth due to infrastructure constraints, moderated reinvestment rates and inventory exhaustion.

In addition, the global energy crisis experienced in recent years further highlighted the low cost and low emissions shale gas resource base in North America, supporting continued strong structural demand growth for U.S LNG exports, domestic industrial gas demand and power generation.

Other factors such as geopolitical disruptions, supply chain disruptions, cost inflation, concerns over a potential economic recession and the pace of changes in global monetary policy may impact global demand for natural gas, NGLs and oil.

We continue to assess and monitor the impact and consequences of these factors on our operations.

Benchmarks for natural gas and NGLs increased in first quarter 2025 compared to the same period of 2024.

As a result, we experienced increases in our price realizations for the quarter ended March 31, 2025.

With these increasing prices, we continue to focus on

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

The following table lists related benchmarks for natural gas, oil and NGLs composite prices for the three months ended March 31, 2025 and 2024:

Three Months Ended

We continue to assess and monitor the impact of these factors on our business.

Benchmarks for natural gas and NGLs increased in second quarter 2025 and first six months 2025 compared to the same periods of 2024.

As a result, we experienced increases in our price realizations for all periods in 2025.

With these increasing prices, we continue to

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

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

Three Months Ended June 30,

Six Months Ended June 30,

Average NYMEX prices (a)

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Consolidated Results of Operations

Overview of First Quarter 2025 Results

In first quarter 2025, we experienced an increase in revenue from the sale of natural gas, NGLs and oil when compared to the same quarter of 2024, due to an increase of 21% 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.

Daily production averaged 2.2 Bcfe in first quarter 2025 and 2.1 Bcfe in the same period of 2024.

During first quarter 2025, we recognized net income of $97.1 million, or $0.40 per diluted common share compared to net income of $92.1 million, or $0.38 per diluted common share during first quarter 2024.

The higher net income in first quarter 2025 compared to first quarter 2024 is primarily due to increased realized prices offset by a higher unrealized derivative fair value loss.

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

Overview of Second Quarter 2025 Results

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

During second quarter 2025, we recognized net income of $237.6 million, or $0.99 per diluted common share compared to net income of $28.7 million, or $0.12 per diluted common share during second quarter 2024.

The higher net income in second quarter 2025 compared to second quarter 2024 is primarily due to increased realized prices combined with a higher unrealized derivative fair value gain.

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

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

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

• direct operating expense per mcfe increased to $0.13 in first quarter 2025 compared to $0.11 in the same period of 2024 due to an increase in water hauling, pumping costs and increased winter operations activity;

• transportation, gathering, processing and compression per mcfe was $1.55 in first quarter 2025 compared to $1.49 in the same period of 2024, primarily due to an increase in NGLs volumes and prices;

• general and administrative expense per mcfe was $0.21 in first quarter 2025 compared to $0.23 in the same period of 2024 due largely to timing of expenses;

• interest expense decreased 4% from the same period of 2024 due to lower debt balances.

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

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

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

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

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

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

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

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

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

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

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

Overview of First Six Months 2025 Results

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

During first six months 2025, we recognized net income of $334.6 million, or $1.39 per diluted common share compared to net income of $120.8 million, or $0.49 per diluted common share during the same period 2024.

The higher net income in first six months 2025 compared to first six months 2024 is primarily due to increased realized prices.

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

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

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

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

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

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

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

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

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

• repurchased in the open market $2.2 million principal amount of our 4.875% senior notes due 2025 at a discount;

• maintained substantial liquidity with the accumulation of cash on hand of $344.6 million along with $1.3 billion available under our credit facility.

We generated $330.1 million of cash from operating activities in first quarter 2025, a slight decrease of $1.8 million from first quarter 2024, which reflects the impact of lower working capital.

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

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

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

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

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

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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, 2025 and 2024 (in thousands):

Three Months Ended March 31,

The following table illustrates the primary components of natural gas, NGLs and oil sales for the three and six months ended June 30, 2025 and 2024 (in thousands):

Three Months Ended June 30,

Six Months Ended June 30,

Natural gas, NGLs and oil sales

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Production is maintained through drilling success as new wells are placed in production, which is partially offset by the natural decline in production through existing wells.

Our production for the three months ended March 31, 2025 and 2024 is set forth in the following table:

Three Months Ended March 31,

Our production for the three and six months ended June 30, 2025 and 2024 is set forth in the following table:

Three Months Ended June 30,

Six Months Ended June 30,

Production (a)

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Total (mcfe) (b)

Average daily production (a)

Average daily

production (a)

Natural gas (mcf)

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

Our average realized price received (including all derivative settlements and third-party transportation costs) during first quarter 2025 was $2.48 per mcfe compared to $2.05 per mcfe in first quarter 2024.

Our average realized price received (including all derivative settlements and third-party transportation costs) during second quarter 2025 was $1.97 per mcfe compared to $1.66 per mcfe in second quarter 2024.

Our average realized price received (including all derivative settlements and third-party transportation costs) during first six months 2025 was $2.22 per mcfe compared to $1.85 per mcfe in first six months 2024.

We believe computed final realized prices should include the total impact of transportation, gathering, processing and compression expense.

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Our average realized prices (including derivative settlements) do include transportation costs where we receive net revenue proceeds from purchasers.

Our average realized price calculations for three months ended March 31, 2025 and 2024 are shown below:

Three Months Ended March 31,

Our average realized price calculations for three and six months ended June 30, 2025 and 2024 are shown below:

Three Months Ended June 30,

Six Months Ended June 30,

Average Prices

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The following table provides this impact on a per mcf basis:

Three Months Ended

Three Months Ended June 30,

Six Months Ended June 30,

Average natural gas differentials below NYMEX

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

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Price (per mcf)

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Natural gas sales

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Price (per bbl)

Production (Mbbls)

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Price (per bbl)

Production (Mbbls)

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Price (per mcfe)

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Total natural gas, NGLs and oil sales

Transportation, gathering, processing and compression expense was $306.1 million in first quarter 2025 compared to $290.9 million in first quarter 2024.

These third-party costs are higher in first quarter 2025 when compared to first quarter 2024 primarily due to an increase in NGLs volumes and prices.

Gas transportation expense increased due to an increase in fuel cost caused by higher prices combined with an increase in electric compression cost.

Transportation, gathering, processing and compression expense was $304.7 million in second quarter 2025 compared to $281.5 million in second quarter 2024.

These third-party costs are higher in second quarter 2025 when compared to second quarter 2024 primarily due to an increase in NGLs volumes and electricity cost.

Transportation, gathering, processing and compression expense was $610.8 million in first six months 2025 compared to $572.4 million in first six months 2024.

These third-party costs are higher in first six months 2025 when compared to first six months 2024 primarily due to an increase in NGLs volumes and electricity cost.

Gas transportation expense increased due to an increase in fuel cost caused by higher prices.

We have included these costs in the calculation of average realized prices (including all derivative settlements and third-party transportation expenses paid by Range).

The following table summarizes transportation, gathering, processing and compression expense for the three months ended March 31, 2025 and 2024 on a per mcf and per barrel basis (in thousands, except for costs per unit):

Three Months Ended March 31,

The following table summarizes transportation, gathering, processing and compression expense for the three and six months ended June 30, 2025 and 2024 on a per mcf and per barrel basis (in thousands, except for costs per unit):

Three Months Ended June 30,

Six Months Ended June 30,

Transportation, gathering

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Total (per mcfe)

Derivative fair value (loss) was $159.0 million in first quarter 2025 compared to income of $46.6 million in first quarter 2024.

Derivative fair value income was $154.7 million in second quarter 2025 compared to income of $16.8 million in second quarter 2024.

Derivative fair value loss was $4.2 million in first six months 2025 compared to income of $63.4 million in first six months 2024.

All of our derivatives are accounted for using the mark-to-market accounting method.

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Gains on our derivatives generally indicate potentially lower wellhead revenues in the future while losses indicate potentially higher future wellhead revenues.

The following table summarizes the impact of our commodity derivatives for the three months ended March 31, 2025 and 2024 (in thousands):

The following table summarizes the impact of our commodity derivatives for the three and six months ended June 30, 2025 and 2024 (in thousands):

Three Months Ended

Derivative fair value (loss) income per consolidated statements of income

Non-cash fair value (loss) income:

Six Months Ended

Derivative fair value income (loss) per consolidated statements of income

Non-cash fair value income (loss):

Natural gas derivatives

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Oil derivatives

Total non-cash fair value loss ⁽ᵃ⁾

Net cash receipt (payment) on derivative settlements:

Total non-cash fair value income (loss) ⁽ᵃ⁾

Net cash receipt on derivative settlements:

Natural gas derivatives

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GAAP, nor should it be considered a substitute for derivative fair value income or loss as reported in our consolidated statements of income.

Brokered natural gas and marketing revenue was $54.4 million in first quarter 2025 compared to $28.8 million in first quarter 2024, which is the result of higher broker sales price slightly offset by lower broker sales volumes (volumes not related to our production).

Brokered natural gas and marketing revenue was $33.0 million in second quarter 2025 compared to $31.4 million in second quarter 2024, which is the result of higher broker sales price slightly offset by lower broker sales volumes (volumes not related to our production).

Brokered natural gas and marketing revenue was $87.4 million in first six months 2025 compared to $60.2 million in first six months 2024, which is the result of higher broker sales price slightly offset by lower broker sales volumes (volumes not related to our production).

We continue to optimize our transportation portfolio using these volumes.

See also Brokered natural gas and marketing expense below for more information on our net brokered margin.

Other income was $3.2 million in first quarter 2025 compared to $3.0 million in first quarter 2024.

This includes $3.1 million of interest income and a $62,000 gain on sale of assets in 2025 compared to $2.9 million of interest income and an $87,000 gain on sale of assets in 2024.

Other income was $1.9 million in second quarter 2025 compared to $3.5 million in second quarter 2024.

This includes $1.8 million of interest income and a $78,000 gain on sale of assets in 2025 compared to $3.4 million of interest income and a $55,000 gain on sale of assets in 2024.

Other income was $5.1 million in first six months 2025 compared to $6.5 million in first six months 2024.

This includes $4.8 million of interest income and a $136,000 gain on sale of assets in 2025 compared to $6.3 million of interest income and a $126,000 gain on sale of assets in 2024.

Interest income is lower in 2025 due to the use of cash to repay senior notes.

In the 2024 interim periods, interest income was included within brokered natural gas and marketing revenue and other and gain on sale of assets was its own discrete line in prior interim financial statements.

In 2025 and for the comparable interim period presented, we reclassified both of these items into other income in the accompanying consolidated statements of income.

In 2025 and for the comparable interim periods presented, we reclassified both of these items into other income in the accompanying consolidated statements of income.

Operating Costs per Mcfe

We believe some of our expense fluctuations are best analyzed on a unit-of-production or per mcfe basis.

The following table presents information about certain of our expenses on a per mcfe basis for the three months ended March 31, 2025 and 2024:

Three Months Ended March 31,

The following table presents information about certain of our expenses on a per mcfe basis for the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30,

Six Months Ended June 30,

Direct operating expense

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Depletion, depreciation and amortization expense

Direct operating expense was $25.4 million in first quarter 2025 compared to $22.2 million in first quarter 2024.

Direct operating expense was $23.1 million in second quarter 2025 compared to $22.8 million in second quarter 2024.

Direct operating expenses include normally recurring expenses to operate and produce our wells, non-recurring workover costs and repair-related expenses.

Our direct operating costs increased in first quarter 2025 primarily due to higher water hauling, pumping costs and increased winter operations activity.

We incurred $789,000 of workover costs in first quarter 2025 compared to $869,000 in first quarter 2024.

The following table summarizes direct operating expense per mcfe for the three months ended March 31, 2025 and 2024:

Three Months Ended March 31,

Our direct operating costs increased in second quarter 2025 primarily due to higher workovers and maintenance costs.

We incurred $803,000 of workover costs in second quarter 2025 compared to $644,000 in second quarter 2024.

Direct operating expense was $48.5 million in first six months 2025 compared to $44.9 million in first six months 2024.

Our direct operating costs increased in first six months 2025 primarily due to higher water hauling, pumping and maintenance costs.

We incurred $1.6 million workover costs in first six months 2025 compared to $1.5 million in first six months 2024.

The following table summarizes direct operating expense per mcfe for the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30,

Six Months Ended June 30,

Direct operating

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Taxes other than income expense is predominately comprised of the Pennsylvania impact fee which functions as a tax on unconventional natural gas and oil production from the Marcellus Shale in Pennsylvania.

This impact fee was $6.8 million in first quarter 2025 compared to $5.7 million in first quarter 2024.

The impact fee is based on drilling activities and is adjusted based on prevailing natural gas prices.

This impact fee was $7.4 million in second quarter 2025 compared to $4.6 million in second quarter 2024 and $14.3 million in first six months 2025 compared to $10.4 million in first six months 2024.

The impact fee is based on drilling activities and is adjusted based on prevailing natural gas prices, which are both higher than prior year.

This category also includes franchise, real estate and other applicable taxes.

The following table summarizes taxes other than income per mcfe for the three months ended March 31, 2025 and 2024:

Three Months Ended March 31,

The following table summarizes taxes other than income per mcfe for the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30,

Six Months Ended June 30,

Taxes other than income

Total taxes other than income

General and administrative (G&A) expense was $41.7 million in first quarter 2025 compared to $43.9 million in first quarter 2024.

The first quarter 2025 decrease of $2.2 million when compared to the same period of 2024 is primarily due to lower consulting fees and timing of expenses.

The following table summarizes G&A expenses on a per mcfe basis for the three months ended March 31, 2025 and 2024:

Three Months Ended March 31,

General and administrative (G&A) expense was $42.1 million in second quarter 2025 compared to $40.1 million in second quarter 2024.

The second quarter 2025 increase of $2.0 million when compared to the same period of 2024 is primarily due to timing of expenses.

G&A expense was $83.8 million in first six months 2025 compared to $84.1 million in first six months 2024.

The decrease of $245,000 is primarily due to lower consulting fees and timing of expenses, mostly offset by higher employee related costs.

The following table summarizes G&A expenses on a per mcfe basis for the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30,

Six Months Ended June 30,

General and administrative

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Total general and administrative expense

Interest expense was $29.2 million in first quarter 2025 compared to $30.5 million in first quarter 2024.

The following table presents information about interest expense per mcfe for the three months ended March 31, 2025 and 2024:

Three Months Ended March 31,

Interest expense was $26.8 million in second quarter 2025 compared to $29.7 million in second quarter 2024.

Interest expense was $56.0 million in first six months 2025 compared to $60.2 million in first six months 2024.

The following table presents information about interest expense per mcfe for the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30,

Six Months Ended June 30,

Bank credit facility (a)

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(b) Excludes deferred financing costs.

The decrease in interest expense for first quarter 2025 from the same period of 2024 was primarily due to lower average outstanding debt balances.

We had no debt outstanding on the bank credit facility for first quarter 2025 or the same period of 2024.

Depletion, depreciation and amortization (DD&A) expense was $90.6 million in first quarter 2025 compared to $87.1 million in first quarter 2024.

This increase is due to a higher depletion rate combined with slightly higher production volumes.

Depletion expense, the largest component of DD&A expense, was $0.45 per mcfe in first quarter 2025 compared to $0.44 per mcfe in first quarter 2024.

The decrease in interest expense for second quarter and six months 2025 compared to the same periods of 2024 was primarily due to lower average outstanding debt balances.

In May 2025, we paid off the remaining principal balance of $606.5 million of our 4.875% senior notes due 2025 by utilizing cash on hand and borrowing on our credit facility.

We had $125.0 million outstanding on the bank credit facility as of June 30, 2025 compared to no bank debt outstanding for the same period of 2024.

Depletion, depreciation and amortization (DD&A) expense was $91.5 million in second quarter 2025 compared to $87.6 million in second quarter 2024, and was $182.1 million in first six months 2025 compared to $174.7 million in first six months 2024.

This increase in both periods is due to a higher depletion rate combined with higher production volumes.

Depletion expense, the largest component of DD&A expense, was $0.45 per mcfe in second quarter 2025 and first six months 2025 compared to $0.44 per mcfe in the same periods of 2024.

We have historically adjusted our depletion rates in the fourth quarter of each year based on the year-end reserve report and at other times during the year when circumstances indicate there has been a significant change in reserves or costs.

The following table summarizes DD&A expense per mcfe for the three months ended March 31, 2025 and 2024:

Three Months Ended March 31,

The following table summarizes DD&A expense per mcfe for the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30,

Six Months Ended June 30,

Depletion and amortization

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See Note 9 to our consolidated financial statements for more information on allocation of stock-based compensation by functional expense categories.

Brokered natural gas and marketing expense was $58.2 million in first quarter 2025 compared to $31.6 million in first quarter 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 months ended March 31, 2025 and 2024 (in thousands):

Brokered natural gas and marketing expense was $35.0 million in second quarter 2025 compared to $34.1 million in second quarter 2024 due to higher commodity prices slightly offset by lower broker purchase volumes (volumes not related to our production).

Brokered natural gas and marketing expense was $93.2 million in first six months 2025 compared to $65.7 million in first six months 2024 due to higher commodity prices slightly offset by lower broker purchase volumes (volumes not related to our production).

The following table details our brokered natural gas and marketing net margin for the three and six months ended June 30, 2025 and 2024 (in thousands):

Three Months Ended

Six Months Ended

Brokered natural gas and marketing

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Net brokered natural gas and marketing net margin

Exploration expense was $6.4 million in first quarter 2025 compared to $4.5 million in first quarter 2024 mainly due to higher delay rentals.

The following table details our exploration expense for the three months ended March 31, 2025 and 2024 (in thousands):

Three Months Ended March 31,

Exploration expense was $7.9 million in second quarter 2025 compared to $6.7 million in second quarter 2024 mainly due to higher delay rentals.

Exploration expense was $14.3 million in first six months 2025 compared to $11.2 million in first six months 2024 mainly due to higher delay rentals.

The following table details our exploration expense for the three and six months ended June 30, 2025 and 2024 (in thousands):

Three Months Ended June 30,

Six Months Ended June 30,

Delay rentals and other

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Total exploration expense

Abandonment and impairment of unproved properties expense was $4.6 million in first quarter 2025 compared to $2.4 million in first quarter 2024.

Abandonment and impairment of unproved properties for first quarter 2025 increased when compared to the same period of 2024 due to higher expected lease expirations in Pennsylvania.

When we do not intend to drill on a property prior to expiration, we have allowed acreage to expire and we expect to allow acreage to expire in the future.

However, we also believe acreage needed for our future development plans can be leased again.

Exit costs were $8.9 million in first quarter 2025 compared to $10.3 million in first quarter 2024.

In first quarter 2025, we recorded $8.9 million accretion expense primarily related to retained liabilities for certain gathering, transportation and processing obligations extending through 2030 compared to accretion expense of $10.3 million in the same quarter of the prior year.

Deferred compensation plan expense was $2.9 million in first quarter 2025 compared to $6.4 million in first quarter 2024.

Abandonment and impairment of unproved properties expense was $6.8 million in second quarter 2025 compared to $1.5 million in second quarter 2024.

Abandonment and impairment of unproved properties expense was $11.4 million in first six months 2025 compared to $3.9 million in first six months 2024.

Abandonment and impairment of unproved properties for second quarter 2025 and first six months 2025 increased when compared to the same periods of 2024 due to higher expected lease expirations in Pennsylvania.

When we do not intend to drill on a property prior to expiration, we have allowed acreage to expire.

We also expect to strategically allow expirations in the future, as we believe certain acreage needed for our future development plans can be efficiently leased again prior to development.

Exit costs were $8.5 million in second quarter 2025 compared to $10.1 million in second quarter 2024.

Exit costs were $17.4 million in first six months 2025 compared to $20.4 million in first six months 2024.

These costs are associated with normal accretion expense primarily related to retained liabilities for certain gathering, transportation and processing obligations extending through 2030.

Deferred compensation plan had a gain of $88,000 in second quarter 2025 compared to expense of $1.2 million in second quarter 2024.

Deferred compensation plan expense was $2.8 million in first six months 2025 compared to $7.6 million in first six months 2024.

This non-cash item relates to the increase or decrease in value of the liability associated with our common stock that is vested and held in our deferred compensation plan.

The deferred compensation liability is adjusted to fair value by a charge or a credit to deferred compensation plan expense based on the number of vested shares in the plan at the time.

Our stock price increased from $35.98 at December 31, 2024 to $39.93 at March 31, 2025.

In the same period of the prior year, our stock price increased from $30.44 at December 31, 2023 to $34.43 at March 31, 2024.

Income tax expense was $12.7 million in first quarter 2025 compared to an expense of $18.2 million in first quarter 2024.

The reduction in both periods is related to fewer shares being held within the deferred compensation plan.

The deferred compensation plan held 265,000 shares (256,000 vested shares) of Range common stock at June 30, 2025 compared to 811,000 shares (758,000 vested shares) at June 30, 2024.

Income tax expense was $64.5 million in second quarter 2025 compared to a benefit of $18.7 million in second quarter 2024.

Income tax expense was $77.1 million in first six months 2025 compared to a benefit of $490,000 in first six months 2024.

The 2025 and 2024 effective tax rates were different than the statutory tax rates due to tax credits, state income taxes and equity compensation.

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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 further reduce debt.

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 environments.

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.

The following table presents sources and uses of cash and cash equivalents for the three months ended March 31, 2025 and 2024 (in thousands):

Three Months Ended

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

Six Months Ended June 30,

Sources of cash and cash equivalents

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Disposal of assets

Borrowing on credit facility

Total sources of cash and cash equivalents

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Additions to natural gas properties

Repayments on credit facility

Acreage purchases

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Sources of Cash and Cash Equivalents

Cash flows provided from operating activities in first three months 2025 were $330.1 million compared to $331.9 million in first three months 2024.

Cash flows provided from operating activities in first six months 2025 were $666.3 million compared to $480.7 million in first six months 2024.

Cash provided from operating activities is largely dependent upon commodity prices and production volumes, net of the effects of settlement of our derivative contracts.

As of March 31, 2025, we have hedged more than 30% of our projected natural gas production for the remainder of 2025.

Changes in working capital (as reflected in our consolidated statements of cash flows) for first three months 2025 was a negative $61.4 million compared to a positive $28.3 million for first three months 2024.

As of June 30, 2025, we have hedged more than 30% of our projected natural gas production for the remainder of 2025.

Changes in working capital (as reflected in our consolidated statements of cash flows) for first six months 2025 was a negative $18.0 million compared to a negative $53.0 million for first six months 2024.

Borrowing on credit facility in first six months 2025 was $447.0 million which was utilized for the payoff of principal of our 4.875% senior notes due 2025 at its maturity date.

Borrowings net of repayments on the credit facility for the first six months 2025 brought the credit facility balance to $125.0 million as of June 30, 2025.

Uses of Cash and Cash Equivalents

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

Repayment of senior notes for first three months 2025 includes the repurchase and settlement of $2.2 million principal amount of our 4.875% senior notes due 2025 at a discount.

Treasury stock purchases for first three months 2025 include the repurchase and settlement of 1.8 million shares for a total of $67.5 million (excluding cost of 1% excise tax) as part of our previously announced stock repurchase program.

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

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

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

Liquidity and Capital Resources

Our main sources of liquidity are cash on hand, internally generated cash flow from operations, capital market transactions and our bank credit facility.

At March 31, 2025, we had approximately $1.6 billion of liquidity consisting of $344.6 million of cash on hand and $1.3 billion of availability under our bank credit facility.

Our main sources of liquidity are cash on hand, internally generated cash flow from operations, our bank credit facility and capital market transactions.

At June 30, 2025, we had approximately $1.2 billion of liquidity consisting of $134,000 of cash on hand and $1.2 billion of availability under our bank credit facility.

Our borrowing base can be adjusted as a result of changes in commodity prices, acquisitions or divestitures of proved properties or financing activities.

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We expect our 2025 capital program to be funded by cash flows from operations.

During the three months ended March 31, 2025, we generated $330.1 million of cash flows from operating activities.

During the six months ended June 30, 2025, we generated $666.3 million of cash flows from operating activities.

Bank Credit Facility

Our bank credit facility is secured by substantially all of our assets.

As of March 31, 2025, we had no outstanding borrowings under our bank credit facility and we maintained a borrowing base of $3.0 billion and aggregate lender commitments of $1.5 billion.

We have undrawn letters of credit of $164.1 million as of March 31, 2025, which reduce our borrowing capacity under our bank credit facility.

As of June 30, 2025, we had a balance of $125.0 million on our credit facility and we maintained a borrowing base of $3.0 billion and aggregate lender commitments of $1.5 billion.

We have undrawn letters of credit of $164.1 million as of June 30, 2025, which reduce our borrowing capacity under our bank credit facility.

The borrowing base is subject to regular, semi-annual re-determinations and is dependent on a number of factors but primarily the lenders' assessment of our future cash flows.

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We currently must comply with certain financial and non-financial covenants, including limiting dividend payments, debt incurrence and requirements that we maintain certain financial ratios (as defined in our bank credit facility agreement).

We were in compliance with all such covenants at March 31, 2025.

We were in compliance with all such covenants at June 30, 2025.

Capital Requirements

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Expenditures for the development, exploration and acquisition of natural gas properties are the primary use of our capital resources.

During first three months 2025, we used operating cash flows to fund $158.3 million of capital expenditures as reported in our consolidated statement of cash flows within investing activities.

During first six months 2025, we used operating cash flows to fund $317.5 million of capital expenditures as reported in our consolidated statement of cash flows within investing activities.

The amount of our future capital expenditures will depend upon a number of factors including our cash flows from operating, investing and financing activities, infrastructure availability, supply and demand fundamentals and our ability to execute our development program.

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The amounts involved may be material.

Our next significant long-term debt maturity is in the principal amount of $606.5 million due 2025 and is therefore classified as current on the balance sheet.

Cash Dividend Payments

On February 28, 2025, our board of directors approved a dividend of $0.09 per share payable on March 28, 2025, to stockholders of record at the close of business on March 14, 2025.

On May 30, 2025, our board of directors announced the approval of a dividend of $0.09 per share payable on June 27, 2025, to stockholders of record at the close of business on June 13, 2025.

The determination of the amount of future dividends, if any, to be declared and paid is at the sole discretion of the board of directors and primarily depends on cash flow, capital expenditures, debt covenants and various other factors.

Stock Repurchase Program

Our total remaining share repurchase authorization was approximately $948.6 million at March 31, 2025.

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

Other Sources of Liquidity

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Cash Contractual Obligations

Our contractual obligations include long-term debt, operating leases, derivative obligations, asset retirement obligations and transportation, processing and gathering commitments including the divestiture contractual commitment.

See Note 13 to our unaudited consolidated financial statements entitled "Commitments and Contingencies" for more information on commitments.

See Note 13 to our unaudited consolidated financial statements entitled "Commitments and

Contingencies" for more information on commitments.

Interest Rates

At March 31, 2025, we had approximately $1.7 billion of debt outstanding which bore interest at fixed rates averaging 6.0%.

We had no variable rate debt outstanding at March 31, 2025.

At June 30, 2025, we had approximately $1.2 billion of debt outstanding which bore interest at fixed rates averaging 6.7%.

Bank debt totaling $125.0 million bears interest at a floating rate, which was 6.7% at June 30, 2025.

Off-Balance Sheet Arrangements

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Further, if our counterparties defaulted, this protection might be limited as we might not receive the benefits of the derivatives.

Realized prices are primarily driven by worldwide prices for oil and regional index prices for North American natural gas production.

However, natural gas and NGLs prices have become global commodities similar to oil.

Realized prices are influenced by the complex dynamics of supply and demand that exist in the global energy markets.

Changes in natural gas prices affect us more than changes in oil prices because approximately 64% of our December 31, 2024 proved reserves are natural gas and 1% of proved reserves are oil.

In addition, a portion of our NGLs, which are 35% of proved reserves, are also impacted by changes in oil and gas prices.

In addition, a portion of our NGLs, which are 35% of proved reserves, are also impacted by changes in oil and natural gas prices.

At times, we are also exposed to market risks related to changes in interest rates.

These risks did not change materially from December 31, 2024 to March 31, 2025.

These risks did not change materially from December 31, 2024 to June 30, 2025.

We believe NGLs prices are somewhat seasonal, particularly for propane.

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We do not enter into these arrangements for speculative or trading purposes.

At times, certain of our derivatives are swaps where we receive a fixed price for our production and pay market prices to the counterparty.

At times, certain of our derivatives are swaps where we receive a fixed price (or a fixed percentage of a price) for our production and pay market prices to the counterparty.

Our derivatives program can also include collars, which establish a minimum floor price and a predetermined ceiling price.

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We have also entered into natural gas derivative instruments containing a fixed price swap and a sold option (which we refer to as a swaption).

At March 31, 2025, our derivative program includes swaps, collars, three-way collars and swaptions.

The fair value of these contracts, represented by the estimated amount that would be realized upon immediate liquidation based on a comparison of the contract price and a reference price, generally NYMEX for natural gas and oil or Mont Belvieu for NGLs, approximated a net unrealized loss of $108.3 million as of March 31, 2025.

At June 30, 2025, our derivative program includes swaps, collars, three-way collars and swaptions.

These contracts expire monthly through December 2027.

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Basis swap agreements effectively fix the basis adjustments.

The fair value of the natural gas basis swaps was a gain of $11.7 million at March 31, 2025, and they settle through December 2028.

The fair value of the natural gas basis swaps was a gain of $19.9 million at June 30, 2025, and they settle through December 2029.

Commodity Sensitivity Analysis

The following table shows the fair value of our derivatives and the hypothetical changes in fair value that would result from a 10% and a 25% change in commodity prices at March 31, 2025.

The following table shows the fair value of our derivatives and the hypothetical changes in fair value that would result from a 10% and a 25% change in commodity prices at June 30, 2025.

We remain at risk for possible changes in the market value of commodity derivative instruments;

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Three-way collars

Propane swaps

Our commodity-based derivative contracts expose us to the credit risk of non-performance by the counterparty to the contracts.

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Our derivative contracts are with multiple counterparties to minimize our exposure to any individual counterparty.

At March 31, 2025, our derivative counterparties include fourteen financial institutions, of which ten are secured lenders in our bank credit facility.

At June 30, 2025, our derivative counterparties include fourteen financial institutions, of which ten are secured lenders in our bank credit facility.

Counterparty credit risk is considered when determining the fair value of our derivative contracts.

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Interest Rate Risk

At March 31, 2025, we had total debt of approximately $1.7 billion.

All of our outstanding debt is based on fixed interest rates and, as a result, we do not have significant exposure to movements in market interest rates.

Our bank credit facility provides for variable interest rate borrowings;

however, we did not have any borrowings outstanding as of March 31, 2025.

At June 30, 2025, we had total debt of approximately $1.2 billion.

Our outstanding debt includes $1.1 billion senior notes based on fixed interest rates.

As this represents approximately 90% of our total debt balance, we do not have significant exposure to movements in market interest rates.

Our bank credit facility provides for variable interest rate borrowings, which had a balance of $125.0 million as of June 30, 2025 and incurred interest at a rate of 6.7% at June 30, 2025.

The 30-day SOFR rate at June 30, 2025 was approximately 4.3%.

A 1% increase in short-term interest rates on the floating-rate debt outstanding on June 30, 2025 would result in approximately $1.3 million in additional annual interest expense.

CONTROLS A ND PROCEDURES

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Our disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed by us in reports that we file under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure and is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC.

Based upon the evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures were effective as of March 31, 2025 at the reasonable assurance level.

Based upon the evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures were effective as of June 30, 2025 at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

There was no change in our system of internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during the three months ended March 31, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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

P ART II – OTHER INFORMATION

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements