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Item 1. Financial Statements

2025-10-28 compared with 2025-07-22 · 318 added, 295 removed, 714 unchanged (46% of the section changed)

3 unchanged sentences

(In thousands, except per share data)

September 30,

Current assets:

31 unchanged sentences

Common stock, $ 0.01 par, 475,000,000 shares authorized, 268,561,524 issued at

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

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

Common stock held in treasury, at cost, 31,625,711 shares at September 30, 2025 and

26,766,065 shares at December 31, 2024

8 unchanged sentences

(Unaudited, in thousands, except per share data)

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Revenues and other income:

Natural gas, NGLs and oil sales

Derivative fair value income (loss)

Derivative fair value income

Brokered natural gas and marketing

20 unchanged sentences

(Unaudited, in thousands)

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Other comprehensive (loss) income:

7 unchanged sentences

(Unaudited, in thousands)

Six Months Ended June 30,

Nine Months Ended September 30,

Operating activities:

1 unchanged sentence

operating activities:

Deferred income tax expense (benefit)

Deferred income tax expense

Depletion, depreciation and amortization

Abandonment and impairment of unproved properties

Derivative fair value loss (income)

Derivative fair value income

Cash settlements on derivative financial instruments

41 unchanged sentences

Issuance of common stock upon

vesting of PSUs

vesting of TSRs

Stock-based compensation expense

12 unchanged sentences

Balance as of June 30, 2025

Issuance of common stock

Stock-based compensation expense

Dividends ($ 0.09 per share)

Treasury stock repurchased

Excise tax on stock repurchases

Other comprehensive loss

Balance as of September 30, 2025

comprehensive

2 unchanged sentences

Issuance of common stock

upon vesting of PSUs

upon vesting of TSRs

Stock-based compensation expense

8 unchanged sentences

Balance as of June 30, 2024

Issuance of common stock

Stock-based compensation expense

Dividends ($ 0.08 per share)

Treasury stock repurchased

Other comprehensive loss

Balance as of September 30, 2024

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

13 unchanged sentences

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 collectability is reasonably assured.

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 .

Accounts receivable attributable to our revenue contracts with customers was $ 234.1 million at September 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 June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 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 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.

For the three and nine months ended September 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

September 30,

Nine Months Ended

September 30,

Net income, as reported

9 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Weighted average common shares outstanding – basic

2 unchanged sentences

Weighted average common shares outstanding – diluted

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.

Weighted average common shares outstanding – basic for third quarter 2025 excludes 265,000 s hares of restricted stock held in our deferred compensation plan compared to 811,000 shares in third quarter 2024 (although all awards are issued and outstanding upon grant).

Weighted average common shares outstanding – basic for the first nine months 2025 excludes 540,000 s hares of restricted stock held in our deferred compensation plan compared to 1.3 million shares in the first nine months 2024.

For the three months ended September 30, 2024, equity grants of 8,000 shares 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 nine months ended September 30, 2024, equity grants o f 3,000 shares 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.

There were no anti-dilutive shares for three or nine months ended September 30, 2025.

(5) INDEBTEDNESS

We had the following debt outstanding as of the dates shown below (in thousands):

September 30,

Senior notes:

7 unchanged sentences

Total long-term debt

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.

No interest was capitalized during the nine months ended September 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 September 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 .

The bank credit facility provides for a maximum facility amount of $ 4.0 billion and an initial borrowing base of $ 3.0 billion .

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

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

That bank credit facility provided for a maximum facility amount of $ 4.0 billion and an initial borrowing base of $ 3.0 billion .

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

As of September 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.

The commitment amount may be increased to the borrowing base, subject to payment of a mutually acceptable commitment fee to those banks agreeing to participate in the facility increase.

Borrowings under the bank credit facility can either be at the alternate base rate (ABR, as defined in the bank credit facility agreement) plus a spread ranging from 0.75 % to 1.75 % or at the secured overnight financing rate (SOFR, as defined in the bank credit facility agreement) plus a spread ranging from 1.75 % to 2.75 %.

Borrowings under such bank credit facility can either be at the alternate base rate (ABR, as defined in the bank credit facility agreement) plus a spread ranging from 0.75 % to 1.75 % or at the secured overnight financing rate (SOFR, as defined in such bank credit facility agreement) plus a spread ranging from 1.75 % to 2.75 %.

The applicable spread is dependent upon borrowings relative to the borrowing base.

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.

The weighted average interest rate was 6.4 % for the three and nine months ended September 30, 2025.

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

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.

At September 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 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

On September 30, 2025, bank commitments totaled $ 1.5 billion and we had $ 129.0 million outstanding on our bank credit facility.

Additionally, on September 30, 2025 we had $ 165.2 million of undrawn letters of credit, leaving approximately $ 1.2 billion of committed borrowing capacity available under the facility.

On October 2, 2025, we entered into an amended and restated revolving bank credit facility, which continues to be secured by substantially all of our assets and has a maturity date of October 2, 2030 .

This amended credit facility maintained a maximum facility amount of $ 4.0 billion and an initial borrowing base of $ 3.0 billion, and increased bank commitments from $ 1.5 billion to $ 2.0 billion.

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.

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.

In early 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.

During the nine months ended September 30, 2024 , we repurchased in the open market $ 70.2 million principal amount of our 4.875 % senior notes due 2025 at a discount.

We recognized a gain on early extinguishment of debt of $ 254,000 , net of the remaining deferred financing costs on the repurchased debt.

6 unchanged sentences

(6) ASSET RETIREMENT OBLIGATIONS

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

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

Nine Months Ended

September 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 June 30, 2025, excluding our basis swaps and propane swaps which are discussed separately below.

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

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

4 unchanged sentences

Natural Gas (a)

July - December 2025

October - December 2025

400,000 Mmbtu/day

July - December 2025

October - December 2025

Three-way Collars

4 unchanged sentences

200,000 Mmbtu/day

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 June 30, 2025 , which utilizes Level 3 inputs, was a derivative liability of $ 25.6 million.

(a) We also sold natural gas call swaptions of 10,000 Mmbtu/day for 2026 at a weighted average price of $ 4.12 Mmbtu/day that expire in November 2025 and 160,000 Mmbtu/day for 2027 at a weighted average price of $ 4.05 Mmbtu/day that expire through the fourth quarter of 2025 .

The fair value of these contracts as of September 30, 2025 , which utilizes Level 3 inputs, was a derivative liability of $ 2.8 million.

Basis Swap Contracts

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.

In addition to the commodity derivatives described above, at September 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 180,282,500 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 .

The fair value of these contracts was a liability of $ 12.9 million at September 30, 2025.

Derivative Assets and Liabilities

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 combined fair value of derivatives included in the accompanying consolidated balance sheets as of September 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.

The tables below provide additional information relating to our master netting arrangements with our derivative counterparties (in thousands):

September 30,

Derivative assets:

2 unchanged sentences

Net amounts of assets presented in the consolidated balance sheets

September 30,

Derivative (liabilities):

2 unchanged sentences

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

Derivative Fair Value Income (Loss)

Derivative Fair Value Income

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

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Natural gas derivatives

1 unchanged sentence

Oil derivatives

Total derivative fair value income (loss)

Total derivative fair value income

(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 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.

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

At September 30, 2025, we used a weighted average implied vol atility of 17 % 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

Nine Months Ended

September 30, 2025

Balance at December 31, 2024

Total losses included in earnings

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

Balance at September 30, 2025

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

September 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 June 30, 2025 was a derivative liability of $ 25.6 milli on.

Fair value of swaption contracts as of September 30, 2025 w as a derivative liability of $ 2.8 million .

(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 June 30, 2025 and $ 255,000 at December 31, 2024.

Our allowance for uncollectible receivables was $ 250,000 at September 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.

1 unchanged sentence

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 six months 2025 or 2024.

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

Concentrations of Credit Risk

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.

As of September 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 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.

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

At September 30, 2025 , our net derivative position includes an aggregate net payable of $ 2.8 million to the four counterparties not included in our bank credit facility.

(9) STOCK-BASED COMPENSATION PLANS

4 unchanged sentences

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

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 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.

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 functional expenses and, therefore, is not allocated to the functional categories above.

Time-based - Equity Awards.

These awards (" Equity Awards ") are expensed ratably over the service period associated with the awards based on fair value.

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 Awards of $ 19.4 million in first six months 2025 compared to $ 18.0 million in the same period of 2024.

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

We recorded compensation expense for these outstanding Equity Awards of $ 28.7 million in first nine months 2025 compared to $ 26.5 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 Aw ards of $ 242,000 i n first six months 2025 compared to $ 706,000 in the same period of 2024.

We recorded compensation expense for these restricted stock Liabilit y Awards of $ 242,000 i n first nine months 2025 compared to $ 955,000 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.

3 unchanged sentences

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

We recorded compensation expense of $ 4.3 million in first nine months 2025 compared to $ 2.9 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 six months 2025 and 2024:

Six Months Ended June 30,

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

Nine Months Ended September 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 six months ended June 30, 2025:

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

Equity Awards

8 unchanged sentences

Outstanding at December 31, 2024

Outstanding at June 30, 2025

Outstanding at September 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-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.

We recorded a mark-to-market gain of $ 765,000 in third quarter 2025 compared to a mark-to-market gain of $ 1.9 million in third quarter 2024.

We recorded a mark-to-market loss of $ 2.0 million in first nine months 2025 compared to a mark-to-market loss of $ 5.7 million in first nine months 2024.

The Rabbi Trust held 266,000 shares ( 258,000 v ested shares) of Range common stock at September 30, 2025 compared to 813,000 shares ( 778,000 vested shares) at September 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 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 .

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 third quarter 2025, interest and dividend s were $ 281,000 and the mark-to-market gain was $ 3.4 million compared to interest and dividends of $ 261,000 and a mark-to-market gain of $ 3.2 million in third quarter 2024.

For first nine months 2025 , interest and dividends were $ 617,000 and the mark-to-market gain was $ 6.7 million compare d to interest and dividends of $ 739,000 and a mark-to-market gain of $ 8.1 million in first nine months 2024 .

(10) CAPITAL STOCK

Treasury Stock

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:

As of September 30, 2025, we had a remaining authorization to repurchase up to approximately $ 839.5 million of our common stock.

In third quarter 2025 , we repurchased 1.6 million shares at an aggregate cost of $ 56.3 million ($ 56.8 million including the 1 % excise tax).

In first nine months 2025 we repurchased 4.9 million shares at an aggregate cost of $ 176.6 million ($ 178.1 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 nine months ended September 30, 2025:

Three Months Ended

June 30, 2025

Six Months Ended June 30, 2025

September 30, 2025

Nine Months Ended September 30, 2025

Beginning balance

3 unchanged sentences

(11) EXIT COSTS

In third quarter 2020, we sold our North Louisiana assets and retained certain gathering, transportation and processing obligations which extend into 2030.

In third quarter 2020, the Company sold its North Louisiana assets and retained certain gathering, transportation and processing obligations which extend into 2030.

These are contracts where we will not realize any future benefit.

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

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):

In first nine months 2025, we recorded accretion expense of $ 25.5 million compared to $ 30.0 million in the same period of the prior year.

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

Balance at December 31, 2024

Accretion of discount

Balance at June 30, 2025

Balance at September 30, 2025

(12) SUPPLEMENTAL CASH FLOW INFORMATION

Six Months Ended June 30,

Nine Months Ended September 30,

(in thousands)

Net cash provided from operating activities included:

Income taxes paid to taxing authorities

Income taxes (paid to) received from taxing authorities

Interest paid

1 unchanged sentence

Increase in asset retirement costs capitalized

(Decrease) increase in accrued capital expenditures

Increase in accrued capital expenditures

(13) COMMITMENTS AND CONTINGENCIES

3 unchanged sentences

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

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.

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 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.

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

We are not aware of any environmental claims existing as of September 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.

As of September 30, 2025 our total remaining undiscounted lease commitments increased by $ 39.9 million when 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 six months 2025 .

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

( 14) SUSPENDED EXPLORATORY WELL COSTS

2 unchanged sentences

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

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

As of September 30, 2025, we had $ 17.2 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

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

Nine Months Ended

September 30, 2025

(in thousands)

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Capitalized Costs and Accumulated Depreciation, Depletion and Amortization (a)

September 30,

(in thousands)

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

Six Months Ended

June 30, 2025

Nine Months Ended

September 30, 2025

December 31, 2024

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Stock-based compensation expense

Gas gathering facilities:

Pipeline and facilities:

Asset retirement obligations

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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.

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

• managing a strong balance sheet;

• maintaining a strong balance sheet;

• optimizing drilling, completion and operational efficiencies.

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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 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 continue to monitor the impact of the actions of OPEC and other large hydrocarbon producing nations, the Russia-Ukraine conflict, tensions in the Middle East, global inventories of natural gas, NGLs and oil, future U.S.

infrastructure investment, future monetary and fiscal policy, tariffs and their impacts on global trade and energy demands and governmental policies aimed at transitioning towards lower carbon energy.

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

In first 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, 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.

In first nine months 2025, natural gas prices increased primarily due to increased exports from new U.S.

liquefied natural gas ("LNG") export facilities.

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

In addition, the global energy shortage experienced in recent years further highlighted the need for affordable and reliable fuel sources, supporting continued strong structural demand growth for U.S LNG exports.

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

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

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

Benchmarks for natural gas and NGLs increased in third quarter 2025 and first nine 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,

With these increasing prices, we continue to focus on creating long-term value for our stockholders as 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 nine months ended September 30, 2025 and 2024:

Three Months Ended September 30,

Nine Months Ended September 30,

Average NYMEX prices (a)

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Consolidated Results of Operations

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:

Overview of Third Quarter 2025 Results

In third quarter 2025, we experienced an increase in revenue from the sale of natural gas, NGLs and oil when compared to the same quarter of 2024, due to a 9% increase in net realized prices (average prices including all derivative settlements and third-party transportation costs paid by us) and a 1% increase in total production.

During third quarter 2025, we recognized net income of $144.3 million, or $0.60 per diluted common share compared to net income of $50.7 million, or $0.21 per diluted common share during third quarter 2024.

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

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

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

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

• 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;

• direct operating expense per mcfe remained flat at $0.12 during third quarter 2025 compared to the same period of 2024;

• transportation, gathering, processing and compression per mcfe was $1.47 in third quarter 2025 compared to $1.51 in the same period of 2024, primarily due to lower NGLs prices;

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

• interest expense per mcfe decreased 14% 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:

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

• repurchased $56.3 million (1.6 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;

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

• 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:

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

Overview of First Nine Months 2025 Results

In first nine 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 a 16% increase in net realized prices (average prices including all derivative settlements and third-party transportation costs paid by us) and a 2% increase in total production.

During first nine months 2025, we recognized net income of $478.9 million, or $1.99 per diluted common share compared to net income of $171.5 million, or $0.70 per diluted common share during the same period 2024.

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

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

• revenue from the sale of natural gas, NGLs and oil increased 31% from the same period of 2024 due to a 29% 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 12% 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;

• direct operating expense per mcfe remained flat at $0.12 in first nine months 2025 when compared to the same period of 2024;

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

• general and administrative expense per mcfe remained flat at $0.21 in first nine months 2025 compared the same period of 2024;

• interest expense per mcfe decreased 13% 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:

First nine months 2025 also included the following returns of capital and balance sheet highlights:

• repurchased $176.6 million (4.9 million shares) of our common stock;

• 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;

• paid $64.4 million of dividends, increasing per share dividend by 12.5% to a cumulative $0.27 per share compared to $0.24 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 in May 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.

We generated $913.8 million of cash from operating activities in first nine months 2025, an increase of $187.2 million from first nine 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 and six months ended June 30, 2025 and 2024 (in thousands):

Three Months Ended June 30,

Six Months Ended June 30,

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

Three Months Ended September 30,

Nine Months Ended September 30,

Natural gas, NGLs and oil sales

Total natural gas, NGLs and oil sales

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

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

Three Months Ended September 30,

Nine Months Ended September 30,

Production (a)

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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 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.

Our average realized prices (including all derivative settlements and third-party transportation costs) calculation also includes all cash settlements for derivatives.

Our average realized price received (including all derivative settlements and third-party transportation costs) during third quarter 2025 was $1.82 per mcfe compared to $1.67 per mcfe in third quarter 2024.

Our average realized price received (including all derivative settlements and third-party transportation costs) during first nine months 2025 was $2.08 per mcfe compared to $1.79 per mcfe in first nine months 2024.

Our average realized prices (excluding derivative settlements) do not include derivative settlements or third-party transportation costs which are reported in transportation, gathering, processing and compression expense in the accompanying consolidated statements of income.

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

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,

Our average realized prices (including derivative settlements) do not include transportation costs where we receive net revenue proceeds from purchasers.

Our average realized prices (including derivative settlements and third-party transportation costs) calculation also includes all cash settlements for derivatives.

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

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

Three Months Ended September 30,

Nine Months Ended September 30,

Average Prices

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Total (per mcfe) (a)

Average realized prices (including all derivative settlements):

Average realized prices (including derivative settlements):

Natural gas (per mcf)

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Total (per mcfe) (a)

Average realized prices (including all derivative settlements

and third-party transportation costs paid by Range):

Average realized prices (including derivative settlements and third-party transportation costs paid by Range):

Natural gas (per mcf)

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

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Average natural gas differentials below NYMEX

Realized (losses) gains on basis hedging

Realized gains (losses) on basis hedging

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 June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Price (per mcf)

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Natural gas sales

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Price (per bbl)

Production (Mbbls)

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Price (per bbl)

Production (Mbbls)

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Price (per mcfe)

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Total natural gas, NGLs and oil sales

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.

Transportation, gathering, processing and compression expense was $301.1 million in third quarter 2025 compared to $306.2 million in third quarter 2024.

These third-party costs are lower in third quarter 2025 when compared to third quarter 2024 primarily due to lower NGLs prices.

Transportation, gathering, processing and compression expense was $911.9 million in first nine months 2025 compared to $878.5 million in first nine months 2024.

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

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

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

The following table summarizes transportation, gathering, processing and compression expense for the three and six months ended June 30, 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,

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

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

Three Months Ended September 30,

Nine Months Ended September 30,

Transportation, gathering

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Total (per mcfe)

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.

Derivative fair value income was $92.9 million in third quarter 2025 compared to income of $47.1 million in third quarter 2024.

Derivative fair value income was $88.7 million in first nine months 2025 compared to income of $110.5 million in first nine months 2024.

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

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As commodity prices increase or decrease, such changes will have an opposite effect on the mark-to-market value of our derivatives.

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

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

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

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

Three Months Ended

Six Months Ended

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

September 30,

Nine Months Ended

September 30,

Derivative fair value income per consolidated statements of income

Non-cash fair value income (loss):

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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 $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).

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

Brokered natural gas and marketing revenue was $131.2 million in first nine months 2025 compared to $91.5 million in first nine months 2024, which is the result of higher broker sales price slightly offset by lower broker sales volumes (volumes not related to our production).

We continue to optimize our transportation portfolio using these volumes.

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

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.

Other income was $284,000 in third quarter 2025 compared to $3.4 million in third quarter 2024.

This includes $52,000 of interest income and a $6,000 loss on sale of assets in third quarter 2025 compared to $3.2 million of interest income and a $69,000 gain on sale of assets in third quarter 2024.

Other income was $5.3 million in first nine months 2025 compared to $9.9 million in first nine months 2024.

This includes $4.9 million of interest income and a $158,000 gain on sale of assets in first nine months 2025 compared to $9.5 million of interest income and a $222,000 gain on sale of assets in first nine months 2024.

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

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.

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 periods presented, we reclassified both of these items into other income in the accompanying consolidated statements of income.

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

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

Three Months Ended June 30,

Six Months Ended June 30,

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

Three Months Ended September 30,

Nine Months Ended September 30,

Direct operating expense

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Depletion, depreciation and amortization expense

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

Direct operating expense was $23.8 million in third quarter 2025 compared to $25.3 million in third quarter 2024.

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

Our direct operating costs 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,

Our direct operating costs decreased in third quarter 2025 primarily due to lower water hauling costs.

We incurred $1.0 million of workover costs in third quarter 2025 compared to $690,000 in third quarter 2024.

Direct operating expense was $72.3 million in first nine months 2025 compared to $70.2 million in first nine months 2024.

Our direct operating costs increased in first nine months 2025 primarily due to higher winter operations charges, workovers, pumping and maintenance costs.

We incurred $2.6 million workover costs in first nine months 2025 compared to $2.2 million in first nine months 2024.

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

Three Months Ended September 30,

Nine Months Ended September 30,

Direct operating

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Total direct operating expense

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 $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.

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

This impact fee was $7.9 million in third quarter 2025 compared to $4.9 million in third quarter 2024 and $22.2 million in first nine months 2025 compared to $15.3 million in first nine months 2024.

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

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

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

Three Months Ended June 30,

Six Months Ended June 30,

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

Three Months Ended September 30,

Nine Months Ended September 30,

Taxes other than income

Total taxes other than income

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 (G&A) expense was $44.7 million in third quarter 2025 compared to $41.5 million in third quarter 2024.

The third quarter 2025 increase of $3.2 million when compared to the same period of 2024 is primarily due to higher employee related costs and legal fees.

G&A expense was $128.5 million in first nine months 2025 compared to $125.6 million in first nine months 2024.

The increase of $2.9 million is primarily due to higher employee related costs and legal fees slightly offset by lower consulting costs.

The following table summarizes G&A expense on a per mcfe basis for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended September 30,

Nine Months Ended September 30,

General and administrative

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Total general and administrative expense

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,

Interest expense was $24.3 million in third quarter 2025 compared to $29.3 million in third quarter 2024.

Interest expense was $80.2 million in first nine months 2025 compared to $89.5 million in first nine months 2024.

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

Three Months Ended September 30,

Nine Months Ended September 30,

Bank credit facility (a)

Amortization of deferred financing

costs and other

Amortization of deferred

financing costs and other

Total interest expense

Average debt outstanding ($000s)

Average debt outstanding ($000)

Average interest rate (b)

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(b) Excludes deferred financing costs.

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.

The decrease in interest expense for three and nine months ended September 30, 2025 compared to the same periods of 2024 was primarily due to lower average outstanding debt balances.

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

We had $129.0 million outstanding on the bank credit facility as of September 30, 2025 compared to no bank debt outstanding for the same period of 2024.

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

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

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

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

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

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

Three Months Ended June 30,

Six Months Ended June 30,

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

Three Months Ended September 30,

Nine Months Ended September 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 $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):

Brokered natural gas and marketing expense was $48.9 million in third quarter 2025 compared to $32.6 million in third quarter 2024 due to higher commodity prices combined with higher broker purchase volumes (volumes not related to our production).

Brokered natural gas and marketing expense was $142.1 million in first nine months 2025 compared to $98.3 million in first nine months 2024 due to higher commodity prices slightly offset by lower broker purchase volumes (volumes not related to our production).

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

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Brokered natural gas and marketing

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Net brokered natural gas and marketing net margin

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,

Exploration expense was $8.1 million in third quarter 2025 compared to $7.3 million in third quarter 2024 mainly due to higher seismic costs.

Exploration expense was $22.4 million in first nine months 2025 compared to $18.5 million in first nine months 2024 mainly due to higher delay rentals and seismic costs.

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

Three Months Ended September 30,

Nine Months Ended September 30,

Delay rentals and other

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Total exploration expense

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.

Abandonment and impairment of unproved properties expense was $4.9 million in third quarter 2025 compared to $4.7 million in third quarter 2024.

Abandonment and impairment of unproved properties expense was $16.3 million in first nine months 2025 compared to $8.6 million in first nine months 2024.

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

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

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

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.

Exit costs were $8.1 million in third quarter 2025 compared to $7.6 million in third quarter 2024.

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

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

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.

Deferred compensation plan had a gain of $765,000 in third quarter 2025 compared to a gain of $1.9 million in third quarter 2024.

Deferred compensation plan expense was $2.0 million in first nine months 2025 compared to an expense of $5.7 million in first nine months 2024.

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

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

The 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 change in both periods is related to the change in Range stock price at the end of each period combined with fewer shares being held within the deferred compensation plan.

The deferred compensation plan held 266,000 shares (258,000 vested shares) of Range common stock at September 30, 2025 compared to 813,000 shares (778,000 vested shares) at September 30, 2024.

Income tax expense was $39.0 million in third quarter 2025 compared to an expense of $15.6 million in third quarter 2024.

Income tax expense was $116.2 million in first nine months 2025 compared to an expense of $15.1 million in first nine months 2024.

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

Management’s Discussion and Analysis of Financial Condition, Capital Resources and Liquidity

Commodity prices are the most significant factor impacting our revenues, net income, operating cash flows, the amount of capital we invest in our business, payment of dividends and funding of share or debt repurchases.

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

Commodity prices have been and are expected to remain volatile.

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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 six months ended June 30, 2025 and 2024 (in thousands):

Six Months Ended June 30,

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

Nine Months Ended September 30,

Sources of cash and cash equivalents

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Sources of Cash and Cash Equivalents

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 flows provided from operating activities in first nine months 2025 were $913.8 million compared to $726.6 million in first nine months 2024.

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

As of 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.

As of September 30, 2025, we have hedged more than 20% of our projected natural gas production for the remainder of 2025.

Changes in working capital (as reflected in our consolidated statements of cash flows) for first nine months 2025 was a negative $41.8 million compared to a negative $49.8 million for first nine months 2024.

Borrowing on credit facility in first nine months 2025 was $885.0 million, of which approximately $447.0 million was utilized for the repayment of principal of our 4.875% senior notes due 2025 at its maturity date in May.

Borrowings net of repayments on the credit facility for the first nine months 2025 brought the credit facility balance to $129.0 million as of September 30, 2025.

Uses of Cash and Cash Equivalents

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.

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

Repayment of senior notes for first nine 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 nine months 2025 include the repurchase and settlement of 4.9 million shares for a total of $176.6 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, 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.

At September 30, 2025, we had approximately $1.2 billion of liquidity consisting of $175,000 of cash on hand and $1.2 billion available 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 six months ended June 30, 2025, we generated $666.3 million of cash flows from operating activities.

During the nine months ended September 30, 2025, we generated $913.8 million of cash flows from operating activities.

Bank Credit Facility

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

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.

As of September 30, 2025, we had a balance of $129.0 million on our credit facility and we maintained a borrowing base of $3.0 billion and aggregate lender commitments of $1.5 billion.

We had undrawn letters of credit of $165.2 million as of September 30, 2025, which reduced 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.

Our scheduled borrowing base re-determination was completed in March 2025 with our borrowing base and lender commitments reaffirmed.

This amended credit facility maintained a maximum facility amount of $4.0 billion and an initial borrowing base of $3.0 billion, and increased bank commitments from $1.5 billion to $2.0 billion.

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 June 30, 2025.

We were in compliance with all such covenants at September 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 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.

During first nine months 2025, we used operating cash flows to fund $487.0 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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Cash Dividend Payments

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.

On August 29, 2025, our board of directors announced the approval of a dividend of $0.09 per share payable on September 26, 2025, to stockholders of record at the close of business on September 12, 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 $895.7 million at June 30, 2025.

Our total remaining share repurchase authorization was approximately $839.5 million at September 30, 2025.

Other Sources of Liquidity

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Interest Rates

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.

At September 30, 2025, we had approximately $1.1 billion of senior notes which bore interest at fixed rates averaging 6.7%.

Bank debt totaling $129.0 million bears interest at a floating rate, which was 6.0% at September 30, 2025.

Off-Balance Sheet Arrangements

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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 June 30, 2025.

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

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

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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 June 30, 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 gain of $5.6 million as of June 30, 2025.

At September 30, 2025, our derivative program includes swaps, 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, was an asset of $70.5 million as of September 30, 2025.

These contracts expire monthly through December 2027.

For additional information over our derivative contracts, see Note 7 to the accompanying consolidated financial statements.

For additional information on our derivative contracts, see Note 7 to the accompanying consolidated financial statements.

Other Commodity Risk

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If commodity price changes in one region are not reflected in other regions, derivative commodity instruments may no longer provide the expected hedge, resulting in increased basis risk.

Therefore, in addition to the swaps, collars, three-way collars and swaptions discussed above, we have entered into natural gas basis swap agreements.

Therefore, in addition to the swaps, three-way collars and swaptions discussed above, we have entered into natural gas basis swap agreements.

The price we receive for our gas production can be more or less than the NYMEX Henry Hub price because of basis adjustments, relative quality and other factors.

Basis swap agreements effectively fix the basis adjustments.

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.

The fair value of the natural gas basis swaps was a liability of $12.9 million at September 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 June 30, 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 September 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 June 30, 2025, our derivative counterparties include fourteen financial institutions, of which ten are secured lenders in our bank credit facility.

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

At September 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.

Our bank credit facility provides for variable interest rate borrowings, which had a balance of $129.0 million as of September 30, 2025 and incurred interest at a rate of 6.0% at September 30, 2025.

The 30-day SOFR rate at September 30, 2025 was approximately 4.1%.

A 1% increase in short-term interest rates on the floating-rate debt outstanding on September 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 June 30, 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 September 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 June 30, 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 September 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