3 unchanged sentences
(In thousands, except per share data)
−Removed: September 30,
Current assets:
6 unchanged sentences
Derivative assets
−Removed: Natural gas and oil properties, net (successful efforts method)
+Added: Natural gas, NGLs and oil properties, net (successful efforts method)
Other property and equipment, net
9 unchanged sentences
Divestiture contract obligation
−Removed: Current maturities of long-term debt
Total current liabilities
+Added: Bank debt, net of unamortized debt issuance costs
+Added: Senior notes, net of unamortized debt issuance costs
Deferred tax liabilities
8 unchanged sentences
Preferred stock, $ 1 par, 10,000,000 shares authorized, none issued and outstanding
−Removed: Common stock, $ 0.01 par, 475,000,000 shares authorized, 268,561,524 issued at
−Removed: September 30, 2025 and 267,435,419 shares at December 31, 2024
−Removed: Common stock held in treasury, at cost, 31,625,711 shares at September 30, 2025 and
+Added: Common stock, $ 0.01 par, 475,000,000 shares authorized, 269,536,603 issued at March 31, 2026 and 268,573,212 shares at December 31, 2025
+Added: Common stock held in treasury, at cost, 33,915,000 shares at March 31, 2026 and
33,115,000 shares at December 31, 2025
8 unchanged sentences
(Unaudited, in thousands, except per share data)
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
+Added: Three Months Ended March 31,
Revenues and other income:
Natural gas, NGLs and oil sales
−Removed: Derivative fair value income
−Removed: Brokered natural gas and marketing
+Added: Derivative fair value loss
+Added: Brokered natural gas, NGLs and marketing
Total revenues and other income
3 unchanged sentences
Taxes other than income
−Removed: Brokered natural gas and marketing
+Added: Brokered natural gas, NGLs and marketing
Abandonment and impairment of unproved properties
1 unchanged sentence
Deferred compensation plan
−Removed: Gain on early extinguishment of debt
+Added: Loss (gain) on early extinguishment of debt
Depletion, depreciation and amortization
1 unchanged sentence
Income before income taxes
−Removed: Income tax expense (benefit):
+Added: Income tax expense:
Net income per common share:
5 unchanged sentences
(Unaudited, in thousands)
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
+Added: Three Months Ended March 31,
Other comprehensive (loss) income:
7 unchanged sentences
(Unaudited, in thousands)
−Removed: Nine Months Ended September 30,
+Added: Three Months Ended March 31,
Operating activities:
4 unchanged sentences
Abandonment and impairment of unproved properties
−Removed: Derivative fair value income
+Added: Derivative fair value loss
Cash settlements on derivative financial instruments
Divestiture contract obligation, including accretion
−Removed: Amortization of deferred financing costs and other
+Added: Amortization of debt issuance costs and other
Deferred and stock-based compensation
Gain on the sale of assets
−Removed: Gain on early extinguishment of debt
+Added: Loss (gain) on early extinguishment of debt
Changes in working capital:
5 unchanged sentences
Investing activities:
−Removed: Additions to natural gas properties
−Removed: Additions to field service assets
+Added: Additions to natural gas, NGLs and oil properties
+Added: Additions to field service assets and other
Acreage purchases
15 unchanged sentences
Net cash used in financing activities
−Removed: (Decrease) increase in cash and cash equivalents
+Added: Increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
12 unchanged sentences
Treasury stock repurchased
−Removed: Excise tax on stock repurchases
Other comprehensive loss
Balance as of March 31, 2026
−Removed: Issuance of common stock
−Removed: Stock-based compensation expense
−Removed: Dividends ($ 0.09 per share)
−Removed: Treasury stock issuance - Rabbi Trust
−Removed: Treasury stock repurchased
−Removed: Excise tax on stock repurchases
−Removed: Other comprehensive loss
−Removed: Balance as of June 30, 2025
−Removed: Issuance of common stock
−Removed: Stock-based compensation expense
−Removed: Dividends ($ 0.09 per share)
−Removed: Treasury stock repurchased
−Removed: Excise tax on stock repurchases
−Removed: Other comprehensive loss
−Removed: Balance as of September 30, 2025
comprehensive
5 unchanged sentences
Dividends ($ 0.09 per share)
−Removed: Other comprehensive loss
−Removed: Balance as of March 31, 2024
−Removed: Issuance of common stock
−Removed: Stock-based compensation expense
−Removed: Dividends ($ 0.08 per share)
Treasury stock repurchased
−Removed: Other comprehensive loss
−Removed: Balance as of June 30, 2024
−Removed: Issuance of common stock
−Removed: Stock-based compensation expense
−Removed: Dividends ($ 0.08 per share)
−Removed: Treasury stock repurchased
+Added: Excise tax on stock repurchases
Other comprehensive loss
−Removed: Balance as of September 30, 2024
+Added: Balance as of March 31, 2025
The accompanying notes are an integral part of these consolidated financial statements.
2 unchanged sentences
(1) BASIS OF FINANCIAL STATEMENT PRESENTATION
−Removed: Range Resources Corporation ("Range" or "the Company") is an independent natural gas, natural gas liquids ("NGLs") and oil (predominately condensate referred to herein as "oil") company engaged in the exploration, development and acquisition of natural gas and liquids properties in the Appalachian region of the United States.
−Removed: During interim periods, the Company follows the same accounting policies disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 25, 2025 (the "Form 10-K"), except for any new accounting pronouncements adopted during the interim period.
−Removed: These consolidated financial statements are unaudited and should be read in conjunction with the Notes to the Consolidated Financial Statements and information presented in the Form 10-K.
+Added: Range Resources Corporation ("Range" or "the Company") is an independent natural gas, natural gas liquids ("NGLs") and oil (predominantly condensate referred to herein as "oil") company engaged in the exploration, development and acquisition of natural gas and liquids properties in the Appalachian region of the United States.
+Added: During interim periods, the Company follows the same accounting policies disclosed in its Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 24, 2026 (the "Form 10-K").
+Added: The balance sheet as of March 31, 2026 and the related consolidated statements of income, comprehensive income, cash flows and stockholders' equity for the periods ended March 31, 2026 and 2025 are unaudited and should be read in conjunction with the Notes to the Consolidated Financial Statements and information presented in the Form 10-K.
In management's opinion, the accompanying consolidated financial statements reflect all adjustments necessary for a fair statement of the results for the periods reported.
1 unchanged sentence
The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year.
−Removed: We make certain reclassifications to the prior year statements to conform with the current year presentation.
−Removed: These reclassifications have no impact on previously reported stockholders' equity, net income or cash flows.
(2) REVENUES FROM CONTRACTS WITH CUSTOMERS
1 unchanged sentence
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.
−Removed: 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 .
+Added: Accounts receivable attributable to our revenue contracts with customers was $ 273.3 million as of March 31, 2026 and $ 354.9 million as of December 31, 2025 .
Revenue attributable to each of our identified revenue streams is disaggregated below (in thousands):
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
+Added: Three Months Ended March 31,
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.
−Removed: 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.
+Added: For the three months ended March 31, 2026, our overall effective tax rate was not materially different than the federal statutory rate.
+Added: For the three months ended March 31, 2025, our overall effective tax rate was lower 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 2026 which are based on our estimated earnings, taking into account all applicable tax rates and laws.
2 unchanged sentences
Three Months Ended
−Removed: September 30,
−Removed: Nine Months Ended
−Removed: September 30,
Net income, as reported
4 unchanged sentences
Net income per common share:
−Removed: (a) Restricted Stock Liability Awards (discussed in Note 9 ) represent participating securities because they participate in non-forfeitable dividends or distributions with common equity owners.
+Added: (a) Restricted Stock Liability Awards (discussed in Note 9 ) that are held in the deferred compensation plan represent participating securities because they participate in non-forfeitable dividends or distributions with common equity owners.
Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities.
2 unchanged sentences
Three Months Ended
−Removed: September 30,
−Removed: Nine Months Ended
−Removed: September 30,
Weighted average common shares outstanding – basic
2 unchanged sentences
Weighted average common shares outstanding – diluted
−Removed: 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).
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: There were no anti-dilutive shares for three or nine months ended September 30, 2025.
+Added: Weighted average common shares outstanding – basic for first quarter 2026 excludes 266,000 s hares of restricted stock held in our deferred compensation plan compared to 741,000 shares in first quarter 2025 (although all awards are issued and outstanding upon grant).
+Added: For the three months ended March 31, 2 025, there were 245,000 shares that 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.
+Added: There were no anti-dilutive shares for three months ended March 31, 2026.
(5) INDEBTEDNESS
We had the following debt outstanding as of the dates shown below (in thousands):
−Removed: September 30,
Senior notes:
1 unchanged sentence
4.75 % senior notes due 2030
−Removed: 4.75 % senior notes due 2030
Total senior notes
Unamortized debt issuance costs
−Removed: Total debt, net of deferred financing costs
−Removed: Less current maturities of long-term debt
−Removed: Total long-term debt
−Removed: No interest was capitalized during the nine months ended September 30, 2025 or the year ended December 31, 2024.
−Removed: We were in compliance with applicable covenants under the bank credit facility and our senior notes at September 30, 2025.
−Removed: 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 .
−Removed: That bank credit facility provided for a maximum facility amount of $ 4.0 billion and an initial borrowing base of $ 3.0 billion .
−Removed: That bank credit facility also provided for a borrowing base subject to re-determinations, including event-driven unscheduled re-determinations.
−Removed: As of September 30, 2025 , our bank group was composed of seventeen financial institutions.
+Added: Total debt, net of debt issuance costs
+Added: No interest was capitalized during the three months ended March 31, 2026 or the year ended December 31, 2025.
+Added: We were in compliance with applicable covenants under the bank credit facility and our senior notes as of March 31, 2026.
+Added: In October 2025, 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 October 2, 2030 .
+Added: The bank credit facility provides for a maximum facility amount of $ 4.0 billion and an initial borrowing base of $ 3.0 billion and bank commitments totaling $ 2.0 billion .
+Added: The bank credit facility is subject to annual re-determinations and for event-driven unscheduled re-determinations.
+Added: As of March 31, 2026, our bank group was composed of seventeen fina ncial institutions.
The borrowing base may be increased or decreased based on our request and sufficient proved reserves, as determined by the bank group.
−Removed: 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.
−Removed: 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 %.
+Added: The commitment amount may be increased to the borrowing base,
+Added: subject to payment of a mutually acceptable commitment fee to those banks agreeing to participate in the facility increase.
+Added: 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 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.
−Removed: 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 %.
−Removed: 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.
+Added: As of March 31, 2026 , 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.
+Added: Our weighted average interest rate on the bank credit facility was 5.66 % for the three months ended March 31, 2026 .
+Added: There was no debt outstanding on our bank credit facility as of March 31, 2025.
As part of our re-determination completed in March 2026, our borrowing base was reaffirmed at $ 3.0 billion and our bank commitment was also reaffirmed at $ 2.0 billion .
−Removed: On September 30, 2025, bank commitments totaled $ 1.5 billion and we had $ 129.0 million outstanding on our bank credit facility.
−Removed: 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.
−Removed: 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 .
−Removed: 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.
+Added: As of March 31, 2026, bank commitments totaled $ 2.0 billion and we had $ 334.0 million outstanding on our bank credit facility.
+Added: Additionally, on March 31, 2026 we had $ 165.1 million of undrawn letters of credit, leaving approximately $ 1.5 billion of committed borrowing capacity available under the facility.
+Added: In January 2026, we fully redeemed the principal balance of our 8.25 % senior notes due 2029 at 101.375 % of par by borrowing on our bank credit facility.
+Added: We recognized a loss on early extinguishment of debt of $ 12.3 million including the expense of the remaining unamortized debt issuance costs on the 8.25 % senior notes.
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.
−Removed: 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.
−Removed: We recognized a gain on early extinguishment of debt of $ 3,000 , net of the remaining deferred financing costs on the repurchased debt.
−Removed: 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.
−Removed: 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.
−Removed: We recognized a gain on early extinguishment of debt of $ 254,000 , net of the remaining deferred financing costs on the repurchased debt.
Range is a holding company that owns no operating assets and has no significant operations independent of its subsidiaries.
5 unchanged sentences
(6) ASSET RETIREMENT OBLIGATIONS
−Removed: 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):
−Removed: Nine Months Ended
−Removed: September 30, 2025
+Added: Activity related to our liability for plugging and abandonment costs for the three months ended March 31, 2026 and the year ended December 31, 2025 is as follows (in thousands):
+Added: Three Months Ended
+Added: March 31, 2026
December 31, 2025
8 unchanged sentences
(7) DERIVATIVE ACTIVITIES
−Removed: 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.
+Added: The following table sets forth our commodity-based derivative volumes by year as of March 31, 2026, 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)
−Removed: October - December 2025
+Added: Apr - Dec 2026
300,000 Mmbtu/day
−Removed: October - December 2025
+Added: Apr - Dec 2026
Three-way Collars
4 unchanged sentences
20,000 Mmbtu/day
−Removed: (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 .
−Removed: The fair value of these contracts as of September 30, 2025 , which utilizes Level 3 inputs, was a derivative liability of $ 2.8 million.
+Added: Apr - Sep 2026
+Added: Three-way Collars
+Added: 5,331 bbls/day
+Added: Apr - Sep 2026
+Added: 4,000 bbls/day
+Added: Apr - Jun 2026
+Added: 4,670 bbls/day
+Added: (a) We also sold natural gas call swaptions of 40,000 Mmbtu/day for the second half of 2026 at a weighted average price of $ 4.25 Mmbtu that expire in June 2026 and 100,000 Mmbtu/day for 2027 at a weighted average price of $ 4.00 Mmbtu that expire throughout second quarter 2026 .
+Added: The fair value of these contracts as of March 31, 2026 , which utilizes Level 3 inputs, was a liability of $ 2.4 million.
Basis Swap Contracts
−Removed: 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.
−Removed: These contracts settle thr ough December 2029 and include a total volume of 180,282,500 Mmbtu.
−Removed: The fair value of these contracts was a liability of $ 12.9 million at September 30, 2025.
+Added: In addition to the commodity derivatives described above, as of March 31, 2026, we had natural gas basis swap contracts which lock in the differential between NYMEX Henry Hub and certain of our physical pricing indices.
+Added: These contracts settle t hrough December 2030 and include a total volume of 153,762,500 Mmbtu.
+Added: The fair value of these contracts was a liability of $ 12.8 million as of March 31, 2026.
Derivative Assets and Liabilities
−Removed: 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.
+Added: The combined fair value of derivatives included in the accompanying consolidated balance sheets as of March 31, 2026 and December 31, 2025 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):
−Removed: September 30,
Derivative assets:
2 unchanged sentences
Net amounts of assets presented in the consolidated balance sheets
−Removed: September 30,
Derivative (liabilities):
2 unchanged sentences
Net amounts of (liabilities) presented in the consolidated balance sheets
−Removed: Derivative Fair Value Income
+Added: Derivative Fair Value Loss
The effects of our derivatives on our consolidated statements of income are summarized below (in thousands):
Three Months Ended
−Removed: September 30,
−Removed: Nine Months Ended
−Removed: September 30,
Natural gas derivatives
1 unchanged sentence
Oil derivatives
−Removed: Total derivative fair value income
+Added: Total derivative fair value loss
(8) FAIR VALUE MEASUREMENTS
1 unchanged sentence
For further information on the fair value hierarchy, refer to Note 2 of the Notes to the Consolidated Financial Statements in the Form 10-K.
−Removed: 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.
+Added: As of March 31, 2026, 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.
−Removed: At September 30, 2025, we used a weighted average implied vol atility of 17 % for natural gas swaptions.
+Added: As of March 31, 2026, we used a weighted average implied v olatility of 22 % 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):
−Removed: Nine Months Ended
−Removed: September 30, 2025
+Added: Three Months Ended
+Added: March 31, 2026
Balance at December 31, 2025
−Removed: Total losses included in earnings
−Removed: Balance at September 30, 2025
−Removed: 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):
−Removed: September 30, 2025
+Added: Total gains included in earnings
+Added: Balance at March 31, 2026
+Added: The following presents the carrying amounts and the fair values and hierarchy of our financial instruments as of March 31, 2026 and December 31, 2025 (in thousands):
+Added: March 31, 2026
December 31, 2025
6 unchanged sentences
4.75 % senior notes due 2030 (c)
−Removed: 4.75 % senior notes due 2030 (c)
Deferred compensation plan (d)
(a) Fair values for commodity derivatives utilize Level 2 inputs with the exception of swaptions, which utilize Level 3 inputs.
−Removed: Fair value of swaption contracts as of September 30, 2025 w as a derivative liability of $ 2.8 million .
+Added: Fair value of swaption contracts as of March 31, 2026 w as a liability of $ 2.4 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.
−Removed: Our allowance for uncollectible receivables was $ 250,000 at September 30, 2025 and $ 255,000 at December 31, 2024.
+Added: Our allowance for uncollectible receivables was $ 248,000 as of March 31, 2026 and December 31, 2025.
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.
−Removed: There were no proved property impairment charges for first nine months 2025 or 2024.
+Added: There were no proved property impairment charges for three months ended March 31, 2026 or 2025.
Concentrations of Credit Risk
−Removed: 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.
+Added: As of March 31, 2026, 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.
−Removed: 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.
−Removed: 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.
+Added: As of March 31, 2026, our derivative counterparties inclu ded fifteen financial institutions, of which ten were secured lenders in our bank credit facility.
+Added: As of March 31, 2026 , our net derivative position includes an aggregate net payable of $ 9.0 million to three counterparties not included in our bank credit facility and a net receivable of $ 982,000 from two counterparties not included in our bank credit facility.
(9) STOCK-BASED COMPENSATION PLANS
1 unchanged sentence
Refer to Note 10 of the Notes to the Consolidated Financial Statements in the Form 10-K for further description of the various types of stock-based compensation awards, their valuations and their award terms.
−Removed: Stock-based compensation represents amortization of restricted stock and performance units.
+Added: Stock-based compensation represents amortization of time-based restricted stock and performance-based awards.
The following details the allocation of stock-based compensation to functional expense categories (in thousands):
−Removed: Three Months Ended
−Removed: September 30,
−Removed: Nine Months Ended
−Removed: September 30,
+Added: Three Months Ended March 31,
Direct operating expense
3 unchanged sentences
Total stock-based compensation expense
−Removed: 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.
+Added: The mark-to-market adjustment of the liability related to the restricted stock Liability Awards held in our deferred compensation plan as recorded in deferred compensation plan expense on our consolidated statements of income, 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.
1 unchanged sentence
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.
−Removed: 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.
+Added: We recorded compensation expense for these outstanding Equity Awards of $ 10.3 million in first three months 2026 compared to $ 10.1 million in the same period of 2025.
Time-based - Liability Awards.
−Removed: These awards (" Liability Awards ") are recognized ratably over the service period associated with the awards based on the grant date fair value of the award but marked-to-market every period due to the option of cash conversion upon distribution.
−Removed: These awards are contributed into the Deferred Compensation Plan (discussed below).
−Removed: 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.
−Removed: Beginning in 2023, time-based equity awards were granted in lieu of time-based liability awards for certain employees.
+Added: There have been no significant (" Liability Awards ") grants since 2022, and we have no compensation expense recorded for these awards in 2026.
+Added: Liability Awards were historically contributed into the deferred compensation plan (see further discussion below).
Performance-based TSR Awards ("TSRs" or "TSR Awards").
2 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.
−Removed: We recorded compensation expense of $ 4.3 million in first nine months 2025 compared to $ 2.9 million in the same period of 2024 .
−Removed: Fair value is amortized over the performance period with no adjustment to the expense recorded for actual targets achieved.
−Removed: The following assumptions were used to estimate the fair value of the TSR Awards granted during first nine months 2025 and 2024:
−Removed: Nine Months Ended September 30,
+Added: Beginning in 2026, we granted performance awards that include (i) "relative" TSR units that will have payouts determined based on our total shareholder return relative to a peer group at the end of the performance period, which are similar to TSR grants made historically and (ii) "absolute" TSR units that will have payouts determined based on total shareholder return targets of our common stock for the performance period.
+Added: We recorded compensation expense for TSR awards of $ 1.9 million in first three months 2026 compared to $ 1.3 million in the same period of 2025 .
+Added: Fair value is amortized over the performance period with no adjustment to the expense recorded for
+Added: actual targets achieved.
+Added: The following assumptions were used to estimate the fair value of the TSR Awards granted during first three months 2026 and 2025:
+Added: Three Months Ended March 31,
Risk-free interest rate
Expected annual volatility
−Removed: Grant date fair value per unit
−Removed: Equity and Liability Award Summary
−Removed: 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:
+Added: Grant date fair value per unit - relative TSR units
+Added: Grant date fair value per unit - absolute TSR units
+Added: Equity Award Summary
+Added: The following is a summary of the activity for our time-based and performance-based stock awards for the three months ended March 31, 2026:
Equity Awards
−Removed: Liability Awards
Performance-Based
3 unchanged sentences
Date Fair Value
−Removed: Average Grant
−Removed: Date Fair Value
Outstanding at December 31, 2025
−Removed: Outstanding at September 30, 2025
+Added: Outstanding at March 31, 2026
(a) Amounts granted reflect performance units initially granted.
−Removed: The actual payout will be between zero and 200 % depending on achievement of either total stockholder return ranking compared to our peers over the performance period or on the achievement of internal performance targets.
+Added: The actual payout will be between zero and 200 % depending on achievement of either total stockholder return ranking compared to our peers over the performance period or our absolute shareholder return ranking.
Deferred Compensation Plan
1 unchanged sentence
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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: We recorded a mark-to-market loss of $ 2.5 million in first quarter 2026 compared to a mark-to-market loss of $ 2.9 million in first quarter 2025.
+Added: The Rabbi Trust held 248,000 shares ( 237,000 vested shares) of Range common stock as of March 31, 2026 compared to 266,000 shares ( 258,000 vested shares) as of December 31, 2025.
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.
−Removed: 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.
−Removed: 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.
−Removed: 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 .
+Added: Interest, dividends, and mark-to-market gains or losses are included in the changes in our deferred compensation assets and liabilities on the accompanying consolidated balance sheets.
+Added: For first quarter 2026, interest and dividend s were $ 106,000 and the mark-to-market loss was $ 1.8 million compared to interest and dividends of $ 133,000 and a mark-to-market loss of $ 928,000 in first quarter 2025 .
(10) CAPITAL STOCK
Treasury Stock
−Removed: As of September 30, 2025, we had a remaining authorization to repurchase up to approximately $ 839.5 million of our common stock.
−Removed: 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).
−Removed: 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).
−Removed: 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:
+Added: In February 2026, our Board of Directors approved an increase to our existing stock repurchase program to an aggregate $ 1.5 billion.
+Added: Our total remaining share repurchase authorization was $ 1.5 billion as of March 31, 2026.
+Added: In first quarter 2026 , we repurchased 800,000 shares at an aggregate investment of $ 27.1 million.
+Added: The following is a schedule of the change in treasury shares based on settlement date for the three months ended March 31, 2026:
Three Months Ended
−Removed: September 30, 2025
−Removed: Nine Months Ended September 30, 2025
+Added: March 31, 2026
Beginning balance
−Removed: Rabbi Trust shares distributed/sold
Shares repurchased
4 unchanged sentences
The estimated obligations are included in current and long-term divestiture contract obligation in our consolidated balance sheets.
−Removed: 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.
−Removed: The following details the accrued exit cost liability activity for the nine months ended September 30, 2025 (in thousands):
+Added: In first three months 2026 , we recorded accretion expense of $ 7.0 million compared to $ 8.9 million in the same perio d of the prior year.
+Added: The following details the accrued exit cost liability activity for the three months ended March 31, 2026 (in thousands):
Balance at December 31, 2025
Accretion of discount
−Removed: Balance at September 30, 2025
+Added: Balance at March 31, 2026
(12) SUPPLEMENTAL CASH FLOW INFORMATION
−Removed: Nine Months Ended September 30,
+Added: Three Months Ended March 31,
(in thousands)
Net cash provided from operating activities included:
−Removed: Income taxes (paid to) received from taxing authorities
+Added: State income taxes paid to taxing authorities (a)
Interest paid
1 unchanged sentence
Increase in asset retirement costs capitalized
−Removed: Increase in accrued capital expenditures
+Added: Decrease in accrued capital expenditures
+Added: (a) State income taxes paid relate exclusively to Pennsylvania.
(13) COMMITMENTS AND CONTINGENCIES
6 unchanged sentences
We have incurred and will continue to incur capital, operating and remediation expenditures as a result of environmental laws and regulations.
−Removed: As of September 30, 2025, liabilities for remediation were not material.
−Removed: 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.
+Added: As of March 31, 2026, liabilities for remediation were not material.
+Added: We are not aware of any environmental claims existing as of March 31, 2026 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.
−Removed: Lease Commitments
−Removed: 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
−Removed: There were no significant changes to firm transportation, gathering and processing minimum commitments or contingent commitments in first nine months 2025 .
+Added: There were no significant changes to firm transportation, gathering and processing minimum commitments or contingent commitments in first three months 2026 .
( 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.
−Removed: 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.
−Removed: The following table reflects the changes in capitalized exploratory well costs for the nine months ended September 30, 2025:
−Removed: Nine Months Ended
−Removed: September 30, 2025
+Added: The following table reflects the changes in capitalized exploratory well costs for the three months ended March 31, 2026 and the year ended December 31, 2025:
+Added: Three Months Ended
+Added: March 31, 2026
+Added: December 31, 2025
(in thousands)
9 unchanged sentences
Capitalized Costs and Accumulated Depreciation, Depletion and Amortization (a)
−Removed: September 30,
(in thousands)
−Removed: Natural gas properties:
−Removed: Properties subject to depletion
+Added: Natural gas, NGLs and oil properties:
+Added: Properties subject to depreciation, depletion and amortization
Unproved properties
3 unchanged sentences
Costs Incurred for Property Acquisition, Exploration and Development (b)
−Removed: Nine Months Ended
−Removed: September 30, 2025
+Added: Three Months Ended
+Added: March 31, 2026
December 31, 2025
9 unchanged sentences
Overview of Our Business
−Removed: We are an independent natural gas, natural gas liquids and oil company engaged in the exploration, development and acquisition of natural gas and liquids properties in the Appalachian region of the United States.
+Added: We are an independent natural gas, natural gas liquids and oil company engaged in the exploration, development and acquisition of natural gas, NGLs and oil properties in the Appalachian region of the United States.
We operate in one segment and have a single company-wide management team that administers all properties as a whole rather than by discrete operating segments.
24 unchanged sentences
We believe we are positioned for sustainable long-term success.
−Removed: 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.
−Removed: 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.
+Added: We continue to monitor the impact of the actions of OPEC and other large hydrocarbon producing nations;
+Added: the Russia-Ukraine war, military action in the Middle East and flows of energy commodities through the Strait of Hormuz;
+Added: global inventories of natural gas, NGLs and oil;
+Added: infrastructure investment;
+Added: future monetary and fiscal policy, tariffs and their impacts on global trade and energy demand;
+Added: and governmental policies aimed at the energy sector, including those focused on transitioning towards lower carbon energy.
We expect prices for the commodities we produce to remain volatile given the complex dynamics of supply and demand that exist in the global energy markets.
−Removed: In first nine months 2025, natural gas prices increased primarily due to increased exports from new U.S.
−Removed: liquefied natural gas ("LNG") export facilities.
+Added: In first three months 2026, average natural gas prices increased primarily due to increased demand from winter weather and LNG export growth.
Longer term natural gas futures prices remain constructive based on market expectations of continued LNG export expansion and increasing global power demand, while associated gas-related activity in oil basins and dry gas basin activity are expected to show modest rates of growth due to infrastructure constraints, moderated reinvestment rates and inventory exhaustion.
−Removed: 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.
−Removed: 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.
−Removed: We continue to assess and monitor the impact of these factors on our business.
−Removed: Benchmarks for natural gas and NGLs increased in third quarter 2025 and first nine months 2025 compared to the same periods of 2024.
−Removed: As a result, we experienced increases in our price realizations for all periods in 2025.
−Removed: 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.
−Removed: 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:
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
+Added: In addition, the global energy shortage experienced in recent years and geopolitical disruptions of energy flows from key producing regions further highlighted the need for affordable and reliable fuel sources, supporting continued strong structural demand growth for U.S.
+Added: LNG exports, as well as domestic electricity generation.
+Added: Other factors such as supply chain disruptions, cost inflation, concerns over a potential economic recession and the pace of changes in global monetary policy may impact global demand for natural gas, NGLs and oil.
+Added: We continue to assess and monitor the impact of these factors on our business and operations.
+Added: Benchmarks for natural gas and oil increased in first quarter 2026 and NGLs decreased in first quarter 2026 compared to the same period of 2025.
+Added: The following table lists related benchmarks for natural gas, oil and NGLs composite prices for the three months ended March 31, 2026 and 2025:
+Added: Three Months Ended March 31,
Average NYMEX prices (a)
7 unchanged sentences
Consolidated Results of Operations
−Removed: Overview of Third Quarter 2025 Results
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: Our third quarter 2025 financial and operating performance included the following results:
−Removed: • 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;
−Removed: • revenue from the sale of natural gas, NGLs and oil (including cash settlements on our derivatives) increased 4% from the same period of 2024;
−Removed: • direct operating expense per mcfe remained flat at $0.12 during third quarter 2025 compared to the same period of 2024;
−Removed: • 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;
−Removed: • 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;
−Removed: • interest expense per mcfe decreased 14% from the same period of 2024 due to lower debt balances.
−Removed: Third quarter 2025 also included the following returns of capital and balance sheet highlights:
−Removed: • repurchased $56.3 million (1.6 million shares) of our common stock;
−Removed: • 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;
−Removed: • maintained substantial liquidity with $1.2 billion available under our credit facility.
−Removed: 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.
−Removed: Overview of First Nine Months 2025 Results
−Removed: 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.
−Removed: 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.
−Removed: The higher net income in first nine months 2025 compared to first nine months 2024 is primarily due to increased realized prices.
−Removed: Our first nine months 2025 financial and operating performance included the following results:
−Removed: • 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;
+Added: Overview of First Quarter 2026 Results
+Added: In first quarter 2026, we experienced an increase in revenue from the sale of natural gas, NGLs and oil when compared to the same quarter of 2025, due to a 29% increase in net realized prices (average prices including all derivative settlements and third-party transportation costs paid by us) and a slight increase in total production.
+Added: During first quarter 2026, we recognized net income of $341.6 million, or $1.44 per diluted common share compared to net income of $97.1 million, or $0.40 per diluted common share during first quarter 2025.
+Added: The higher net income in first quarter 2026 compared to first quarter 2025 is primarily due to increased realized prices.
+Added: Our first quarter 2026 financial and operating performance included the following results:
+Added: • revenue from the sale of natural gas, NGLs and oil increased 28% from the same period of 2025 due to a 27% increase in average realized prices (before cash settlements on our derivatives) combined with a slight increase in production volumes;
• revenue from the sale of natural gas, NGLs and oil (including cash settlements on our derivatives) increased 21% from the same period of 2025;
−Removed: • direct operating expense per mcfe remained flat at $0.12 in first nine months 2025 when compared to the same period of 2024;
−Removed: • 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;
−Removed: • general and administrative expense per mcfe remained flat at $0.21 in first nine months 2025 compared the same period of 2024;
−Removed: • interest expense per mcfe decreased 13% from the same period of 2024 due to lower debt balances.
−Removed: First nine months 2025 also included the following returns of capital and balance sheet highlights:
−Removed: • repurchased $176.6 million (4.9 million shares) of our common stock;
−Removed: • 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;
−Removed: • 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;
−Removed: • maintained substantial liquidity with $1.2 billion available under our credit facility.
−Removed: 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.
+Added: • direct operating expense per mcfe increased to $0.14 in first quarter 2026 compared to $0.13 in the same period of 2025 due to an increase in winter operations and water hauling costs;
+Added: • transportation, gathering, processing and compression per mcfe increased to $1.63 in first quarter 2026 compared to $1.55 in the same period of 2025, primarily due to an increase in electricity rates and fuel prices;
+Added: • general and administrative expense per mcfe increased to $0.23 in first quarter 2026 compared to $0.21 in the same period of 2025 due to higher employee related costs;
+Added: • interest expense per mcfe decreased 33% from the same period of 2025 due to lower debt balances and lower interest rates.
+Added: First quarter 2026 also included the following returns of capital and balance sheet highlights:
+Added: • repurchased $27.1 million (800,000 shares) of our common stock;
+Added: • paid $23.8 million of dividends, an 11% higher dividend of $0.10 per share compared to $0.09 per share in the same period of 2025;
+Added: • reduced our higher interest rate debt by paying off the $600 million principal balance of our 8.25% senior notes due 2029 by utilizing borrowings under the credit facility, while retaining $1.5 billion in available liquidity under our credit facility.
+Added: We generated $619.1 million of cash from operating activities in first quarter 2026, an increase of $289.1 million from first quarter 2025, which reflects the impact of higher realized prices.
Natural Gas, NGLs and Oil Sales, Production and Realized Price Calculations
1 unchanged sentence
Our revenues are generally recognized when control of the product is transferred to the customer and collectability is reasonably assured.
−Removed: 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):
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
+Added: The following table illustrates the primary components of natural gas, NGLs and oil sales for the three months ended March 31, 2026 and 2025 (in thousands):
+Added: Three Months Ended March 31,
Natural gas, NGLs and oil sales
Total natural gas, NGLs and oil sales
−Removed: 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.
−Removed: Our production for the three and nine months ended September 30, 2025 and 2024 is set forth in the following table:
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
+Added: Production growth is generated as new wells are placed in production, which is partially offset by the natural decline in production through existing wells.
+Added: Our production for the three months ended March 31, 2026 and 2025 is set forth in the following table:
+Added: Three Months Ended March 31,
Production (a)
1 unchanged sentence
Total (mcfe) (b)
−Removed: Average daily
−Removed: production (a)
+Added: Average daily production (a)
Natural gas (mcf)
2 unchanged sentences
(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.
−Removed: 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.
−Removed: 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.
+Added: Our average realized price received (including all derivative settlements and third-party transportation costs) during first quarter 2026 was $3.21 per mcfe compared to $2.48 per mcfe in first quarter 2025.
Our average realized prices (excluding derivative settlements) do not include derivative settlements or third-party transportation costs which are reported in transportation, gathering, processing and compression expense in the accompanying consolidated statements of income.
−Removed: Our average realized prices (including derivative settlements) do not include transportation costs where we receive net revenue proceeds from purchasers.
+Added: Our average realized prices (including derivative settlements) do include transportation costs where we receive net revenue proceeds from purchasers.
Our average realized prices (including derivative settlements and third-party transportation costs) calculation also includes all cash settlements for derivatives.
We believe computed final realized prices should include the total impact of transportation, gathering, processing and compression expense.
−Removed: Our average realized price calculations for three and nine months ended September 30, 2025 and 2024 are shown below:
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
+Added: Our average realized price calculations for three months ended March 31, 2026 and 2025 are shown below:
+Added: Three Months Ended March 31,
Average Prices
18 unchanged sentences
The following table provides this impact on a per mcf basis:
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
−Removed: Average natural gas differentials below NYMEX
−Removed: Realized gains (losses) on basis hedging
+Added: Three Months Ended
+Added: Average natural gas differentials above (below) NYMEX
+Added: Realized (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):
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
+Added: Three Months Ended March 31,
Price (per mcf)
1 unchanged sentence
Natural gas sales
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
+Added: Three Months Ended March 31,
Price (per bbl)
Production (Mbbls)
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
+Added: Three Months Ended March 31,
Price (per bbl)
Production (Mbbls)
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
+Added: Three Months Ended March 31,
Price (per mcfe)
1 unchanged sentence
Total natural gas, NGLs and oil sales
−Removed: Transportation, gathering, processing and compression expense was $301.1 million in third quarter 2025 compared to $306.2 million in third quarter 2024.
−Removed: These third-party costs are lower in third quarter 2025 when compared to third quarter 2024 primarily due to lower NGLs prices.
−Removed: 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.
−Removed: 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.
−Removed: Gas transportation expense increased due to an increase in fuel cost caused by higher prices.
+Added: Transportation, gathering, processing and compression expense was $323.3 million in first quarter 2026 compared to $306.1 million in first quarter 2025.
+Added: These third-party costs are higher in first quarter 2026 compared to first quarter 2025 primarily due to higher electricity rates and fuel prices.
We have included these costs in the calculation of average realized prices (including derivative settlements and third-party transportation expenses paid by Range).
−Removed: 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):
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
+Added: The following table summarizes transportation, gathering, processing and compression expense for the three months ended March 31, 2026 and 2025 on a per mcf and per barrel basis (in thousands, except for costs per unit):
+Added: Three Months Ended March 31,
Transportation, gathering
4 unchanged sentences
Total (per mcfe)
−Removed: Derivative fair value income was $92.9 million in third quarter 2025 compared to income of $47.1 million in third quarter 2024.
−Removed: 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.
+Added: Derivative fair value loss was $33.4 million in first quarter 2026 compared to a loss of $159.0 million in first quarter 2025.
All of our derivatives are accounted for using the mark-to-market accounting method.
2 unchanged sentences
Gains on our derivatives generally indicate potentially lower wellhead revenues in the future while derivative losses indicate potentially higher future wellhead revenues.
−Removed: The following table summarizes the impact of our commodity derivatives for the three and nine months ended September 30, 2025 and 2024 (in thousands):
+Added: The following table summarizes the impact of our commodity derivatives for the three months ended March 31, 2026 and 2025 (in thousands):
Three Months Ended
−Removed: September 30,
−Removed: Nine Months Ended
−Removed: September 30,
−Removed: Derivative fair value income per consolidated statements of income
+Added: Derivative fair value loss per consolidated statements of income
Non-cash fair value income (loss):
2 unchanged sentences
Oil derivatives
−Removed: Total non-cash fair value income (loss) ⁽ᵃ⁾
−Removed: Net cash receipt on derivative settlements:
+Added: Total non-cash fair value income (loss) (a)
+Added: Net cash (payment) receipt on derivative settlements:
Natural gas derivatives
1 unchanged sentence
Oil derivatives
−Removed: Total net cash receipt
+Added: Total net cash (payment) receipt
(a) Non-cash fair value adjustments on commodity derivatives is a non-U.S.
4 unchanged sentences
GAAP, nor should it be considered a substitute for derivative fair value income or loss as reported in our consolidated statements of income.
−Removed: 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).
−Removed: 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).
+Added: Brokered natural gas, NGLs and marketing revenue was $57.2 million in first quarter 2026 compared to $54.4 million in first quarter 2025, which is the result of higher commodity prices offset by lower broker sales volumes (volumes not related to our production).
We continue to optimize our transportation portfolio using these volumes.
−Removed: See also Brokered natural gas and marketing expense below for more information on our net brokered margin.
−Removed: Other income was $284,000 in third quarter 2025 compared to $3.4 million in third quarter 2024.
−Removed: 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.
−Removed: Other income was $5.3 million in first nine months 2025 compared to $9.9 million in first nine months 2024.
−Removed: 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.
−Removed: Interest income is lower in 2025 due to the use of cash to repay senior notes.
−Removed: 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.
−Removed: 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.
+Added: See also Brokered natural gas, NGLs and marketing expense below for more information on our net brokered margin.
+Added: Other income was $118,000 in first quarter 2026 compared to $3.2 million in first quarter 2025.
+Added: This includes $55,000 of interest income and a $6,000 gain on sale of assets in first quarter 2026 compared to $3.1 million of interest income and a $62,000 gain on sale of assets in first quarter 2025.
+Added: Interest income is lower in 2026 due to lower cash balances primarily resulting from the use of cash to repay senior notes in May 2025.
Operating Costs per Mcfe
We believe some of our expense fluctuations are best analyzed on a unit-of-production or per mcfe basis.
−Removed: 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:
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
+Added: The following table presents information about certain of our expenses on a per mcfe basis for the three months ended March 31, 2026 and 2025:
+Added: Three Months Ended March 31,
Direct operating expense
3 unchanged sentences
Depletion, depreciation and amortization expense
−Removed: Direct operating expense was $23.8 million in third quarter 2025 compared to $25.3 million in third quarter 2024.
+Added: Direct operating expense was $28.7 million in first quarter 2026 compared to $25.4 million in first quarter 2025.
Direct operating expenses include normally recurring expenses to operate and produce our wells, non-recurring workover costs and repair-related expenses.
−Removed: Our direct operating costs decreased in third quarter 2025 primarily due to lower water hauling costs.
−Removed: We incurred $1.0 million of workover costs in third quarter 2025 compared to $690,000 in third quarter 2024.
−Removed: Direct operating expense was $72.3 million in first nine months 2025 compared to $70.2 million in first nine months 2024.
−Removed: Our direct operating costs increased in first nine months 2025 primarily due to higher winter operations charges, workovers, pumping and maintenance costs.
−Removed: We incurred $2.6 million workover costs in first nine months 2025 compared to $2.2 million in first nine months 2024.
−Removed: The following table summarizes direct operating expense per mcfe for the three and nine months ended September 30, 2025 and 2024:
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
+Added: Our direct operating costs increased in first quarter 2026 primarily due to higher water hauling costs and winter operations costs.
+Added: We incurred $644,000 of workover costs in first quarter 2026 compared to $789,000 in first quarter 2025.
+Added: The following table summarizes direct operating expense per mcfe for the three months ended March 31, 2026 and 2025:
+Added: Three Months Ended March 31,
Direct operating
2 unchanged sentences
Total direct operating expense
−Removed: 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.
−Removed: 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.
−Removed: The impact fee is based on drilling activities and is adjusted based on prevailing natural gas prices, which were both higher than prior year.
+Added: Taxes other than income expense is predominantly comprised of the Pennsylvania impact fee which functions as a tax on unconventional natural gas and oil production in Pennsylvania.
+Added: This impact fee was $5.8 million in first quarter 2026 compared to $6.8 million in first quarter 2025.
+Added: The impact fee is based on drilling activities and is adjusted based on annual prevailing natural gas prices, which is comparable to the prior year.
This category also includes franchise, real estate and other applicable taxes.
−Removed: The following table summarizes taxes other than income per mcfe for the three and nine months ended September 30, 2025 and 2024:
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
+Added: The following table summarizes taxes other than income per mcfe for the three months ended March 31, 2026 and 2025:
+Added: Three Months Ended March 31,
Taxes other than income
Total taxes other than income
−Removed: General and administrative (G&A) expense was $44.7 million in third quarter 2025 compared to $41.5 million in third quarter 2024.
−Removed: 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.
−Removed: G&A expense was $128.5 million in first nine months 2025 compared to $125.6 million in first nine months 2024.
−Removed: The increase of $2.9 million is primarily due to higher employee related costs and legal fees slightly offset by lower consulting costs.
−Removed: The following table summarizes G&A expense on a per mcfe basis for the three and nine months ended September 30, 2025 and 2024:
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
+Added: General and administrative (G&A) expense was $45.4 million in first quarter 2026 compared to $41.7 million in first quarter 2025.
+Added: The first quarter 2026 increase of $3.7 million compared to the same period of 2025 is primarily due to higher employee related costs.
+Added: The following table summarizes G&A expense on a per mcfe basis for the three months ended March 31, 2026 and 2025:
+Added: Three Months Ended March 31,
General and administrative
2 unchanged sentences
Total general and administrative expense
−Removed: Interest expense was $24.3 million in third quarter 2025 compared to $29.3 million in third quarter 2024.
−Removed: Interest expense was $80.2 million in first nine months 2025 compared to $89.5 million in first nine months 2024.
−Removed: The following table presents information about interest expense per mcfe for the three and nine months ended September 30, 2025 and 2024:
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
+Added: Interest expense was $19.4 million in first quarter 2026 compared to $29.2 million in first quarter 2025.
+Added: The following table presents information about interest expense per mcfe for the three months ended March 31, 2026 and 2025:
+Added: Three Months Ended March 31,
Bank credit facility (a)
−Removed: Amortization of deferred
−Removed: financing costs and other
+Added: Amortization of debt issuance costs and other
Total interest expense
2 unchanged sentences
(a) Includes commitment fees.
−Removed: (b) Excludes deferred financing costs.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: This increase in both periods is due to a higher depletion rate combined with higher production volumes.
−Removed: 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.
+Added: (b) Excludes debt issuance costs.
+Added: The decrease in interest expense for three months ended March 31, 2026 compared to the same period of 2025 was primarily due to lower average outstanding debt balances and lower interest rates.
+Added: In January 2026, we repaid the $600 million principal balance of our 8.25% senior notes due 2029 by utilizing borrowings on our credit facility.
+Added: We had $334.0 million outstanding on the bank credit facility as of March 31, 2026 compared to no bank debt outstanding for the same period of 2025.
+Added: Depletion, depreciation and amortization (DD&A) expense was $88.5 million in first quarter 2026 compared to $90.6 million in first quarter 2025.
+Added: This decrease is due to a lower depletion rate offset by slightly higher production volumes.
+Added: Depletion expense, the largest component of DD&A expense, was $0.44 per mcfe in first quarter 2026 compared to $0.45 per mcfe in the same period of 2025.
We have historically adjusted our depletion rates in the fourth quarter of each year based on the year-end reserve report and at other times during the year when circumstances indicate there has been a significant change in reserves or costs.
−Removed: The following table summarizes DD&A expense per mcfe for the three and nine months ended September 30, 2025 and 2024:
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
+Added: The following table summarizes DD&A expense per mcfe for the three months ended March 31, 2026 and 2025:
+Added: Three Months Ended March 31,
Depletion and amortization
3 unchanged sentences
Our total operating expenses also include other expenses that generally do not trend with production.
−Removed: These expenses include stock-based compensation, brokered natural gas and marketing expense, exploration expense, abandonment and impairment of unproved properties, exit costs, deferred compensation plan expense and gain on early extinguishment of debt.
+Added: These expenses include stock-based compensation, brokered natural gas and marketing expense, exploration expense, abandonment and impairment of unproved properties, exit costs, deferred compensation plan expense and loss on early extinguishment of debt.
Stock-based compensation includes the amortization of restricted stock grants and performance units.
See Note 9 to our consolidated financial statements for more information on allocation of stock-based compensation by functional expense categories.
−Removed: 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).
−Removed: 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).
−Removed: 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):
+Added: Brokered natural gas, NGLs and marketing expense was $58.1 million in first quarter 2026 compared to $58.2 million in first quarter 2025 due to higher commodity prices slightly offset by lower broker purchase volumes (volumes not related to our production).
+Added: The following table details our brokered natural gas and marketing net margin for the three months ended March 31, 2026 and 2025 (in thousands):
Three Months Ended
−Removed: September 30,
−Removed: Nine Months Ended
−Removed: September 30,
−Removed: Brokered natural gas and marketing
+Added: Brokered natural gas, NGLs and marketing
Brokered natural gas sales
4 unchanged sentences
Other marketing expense
−Removed: Net brokered natural gas and marketing net margin
−Removed: 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.
−Removed: 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.
−Removed: The following table details our exploration expense for the three and nine months ended September 30, 2025 and 2024 (in thousands):
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
+Added: Net brokered natural gas, NGLs and marketing net margin
+Added: Exploration expense was $6.0 million in first quarter 2026 compared to $6.4 million in first quarter 2025 mainly due to lower delay rentals somewhat offset by higher personnel expense.
+Added: The following table details our exploration expense for the three months ended March 31, 2026 and 2025 (in thousands):
+Added: Three Months Ended March 31,
Delay rentals and other
2 unchanged sentences
Total exploration expense
−Removed: Abandonment and impairment of unproved properties expense was $4.9 million in third quarter 2025 compared to $4.7 million in third quarter 2024.
−Removed: 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.
−Removed: 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.
+Added: Abandonment and impairment of unproved properties expense was $3.9 million in first quarter 2026 compared to $4.6 million in first quarter 2025.
+Added: Abandonment and impairment of unproved properties for first quarter 2026 decreased when compared to the same period of 2025 due to lower than expected lease expirations in Pennsylvania.
When we do not intend to drill on a property prior to expiration, we have allowed acreage to expire.
We also expect to strategically allow expirations in the future, as we believe certain acreage needed for our future development plans can be efficiently leased again prior to development.
−Removed: Exit costs were $8.1 million in third quarter 2025 compared to $7.6 million in third quarter 2024.
−Removed: Exit costs were $25.5 million in first nine months 2025 compared to $28.1 million in first nine months 2024.
+Added: Exit costs were $7.0 million in first quarter 2026 compared to $8.9 million in first quarter 2025.
These costs are associated with normal accretion expense primarily related to retained liabilities for certain gathering, transportation and processing obligations extending through 2030.
−Removed: 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.
−Removed: 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.
+Added: Deferred compensation plan had a loss of $2.5 million in first quarter 2026 compared to a loss of $2.9 million in first quarter 2025.
This non-cash item relates to the increase or decrease in value of the liability associated with our common stock that is vested and held in our deferred compensation plan.
1 unchanged sentence
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.
−Removed: 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.
−Removed: Income tax expense was $39.0 million in third quarter 2025 compared to an expense of $15.6 million in third quarter 2024.
−Removed: 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.
−Removed: The 2025 and 2024 effective tax rates were different than the statutory tax rates due to tax credits, state income taxes and equity compensation.
+Added: The deferred compensation plan held 248,000 shares (237,000 vested shares) of Range common stock as of March 31, 2026 compared to 621,000 shares (609,000 vested shares) as of March 31, 2025.
+Added: Loss on early extinguishment of debt was $12.3 million in first quarter 2026 compared to a gain of $3,000 in first quarter 2025.
+Added: During January 2026 we fully redeemed the $600 million principal balance of our 8.25% senior notes due 2029.
+Added: The redemption price was equal to 101.375% of par.
+Added: In addition to the premium paid on early redemption of $8.2 million, all $4.1 million of the unamortized debt issuance costs associated with the redemption were written off to loss on early extinguishment of debt.
+Added: Income tax expense was $91.5 million in first quarter 2026 compared to an expense of $12.7 million in first quarter 2025.
+Added: The 2026 effective tax rates were not materially different than the federal statutory rate.
+Added: The 2025 effective tax rates were lower than the federal statutory rate due primarily to tax credits, state income taxes and equity compensation.
Management’s Discussion and Analysis of Financial Condition, Capital Resources and Liquidity
1 unchanged sentence
Commodity prices have been and are expected to remain volatile.
−Removed: Our top priorities for using cash provided by operations are to fund our capital program, return capital to stockholders and reduce debt further over time.
+Added: Our top priorities for using cash provided by operations are to fund our capital program, return capital to stockholders, and maintain a strong balance sheet while making prudent investments in our business.
We currently believe we have sufficient liquidity and capital resources to execute our business plan for the foreseeable future and across a wide range of commodity price scenarios.
We continue to manage the duration and level of our drilling and completion commitments in order to maintain flexibility with regard to our activity level and capital expenditures.
−Removed: The following table presents sources and uses of cash and cash equivalents for the nine months ended September 30, 2025 and 2024 (in thousands):
−Removed: Nine Months Ended September 30,
+Added: The following table presents sources and uses of cash and cash equivalents for the three months ended March 31, 2026 and 2025 (in thousands):
+Added: Three Months Ended March 31,
Sources of cash and cash equivalents
1 unchanged sentence
Disposal of assets
−Removed: Borrowing on credit facility
+Added: Borrowings on credit facility
Total sources of cash and cash equivalents
Uses of cash and cash equivalents
−Removed: Additions to natural gas properties
+Added: Additions to natural gas, NGLs and oil properties
Repayments on credit facility
Acreage purchases
−Removed: Additions to field service assets
+Added: Additions to field service assets and other
Repayment of senior notes
3 unchanged sentences
Sources of Cash and Cash Equivalents
−Removed: 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.
+Added: Cash flows provided from operating activities in first three months 2026 were $619.1 million compared to $330.1 million in first three months 2025.
Cash provided from operating activities is largely dependent upon commodity prices and production volumes, net of the effects of settlement of our derivative contracts.
−Removed: As of September 30, 2025, we have hedged more than 20% of our projected natural gas production for the remainder of 2025.
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: As of March 31, 2026, we have hedged more than 35% of our projected natural gas production for the remainder of 2026.
+Added: Changes in working capital (as reflected in our consolidated statements of cash flows) for first three months 2026 was a positive $79.5 million compared to a negative $61.4 million for first three months 2025.
+Added: Borrowings on credit facility in first three months 2026 were $1.2 billion, of which approximately $608 million was utilized for the early redemption of principal of our 8.25% senior notes due 2029.
+Added: Borrowings net of repayments on the credit facility for the first three months 2026 brought the credit facility balance to $334.0 million as of March 31, 2026.
Uses of Cash and Cash Equivalents
−Removed: Additions to natural gas properties for first nine months 2025 were consistent with expectations relative to our announced 2025 capital budget.
−Removed: 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.
−Removed: 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.
+Added: Additions to natural gas, NGLs and oil properties for first three months 2026 were consistent with expectations relative to our announced 2026 capital budget.
+Added: Repayment of senior notes for first three months 2026 includes the early redemption of principal of our 8.25% senior notes due 2029 through utilization of borrowings on our credit facility.
+Added: Treasury stock purchases for first three months 2026 include the repurchase and settlement of 800,000 shares for a total of $27.1 million (excluding cost of 1% excise tax) as part of our previously announced stock repurchase program.
Liquidity and Capital Resources
−Removed: Our main sources of liquidity are cash on hand, internally generated cash flow from operations, our bank credit facility and capital market transactions.
−Removed: 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.
+Added: Our main sources of liquidity are internally generated cash flow from operations, cash on hand, our bank credit facility and capital market transactions.
+Added: As of March 31, 2026, we had approximately $1.5 billion of liquidity consisting of $247,000 of cash on hand and $1.5 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.
1 unchanged sentence
We expect our 2026 capital program to be funded by cash flows from operations.
−Removed: During the nine months ended September 30, 2025, we generated $913.8 million of cash flows from operating activities.
+Added: During the three months ended March 31, 2026, we generated $619.1 million of cash flows from operating activities.
Bank Credit Facility
Our bank credit facility is secured by substantially all of our assets.
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: As of March 31, 2026, we had a balance of $334.0 million on our credit facility and we maintained a borrowing base of $3.0 billion and aggregate lender commitments of $2.0 billion.
+Added: We had undrawn letters of credit of $165.1 million as of March 31, 2026, which reduced our borrowing capacity under our bank credit facility.
+Added: The borrowing base is subject to regular, annual re-determinations and is dependent on a number of factors but primarily the lenders' assessment of our future cash flows.
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.
−Removed: 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.
+Added: This amended credit facility maintains 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).
−Removed: We were in compliance with all such covenants at September 30, 2025.
+Added: We were in compliance with all such covenants as of March 31, 2026.
Capital Requirements
1 unchanged sentence
Expenditures for the development, exploration and acquisition of natural gas properties are the primary use of our capital resources.
−Removed: 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.
+Added: During first three months 2026, we used operating cash flows to fund $167.7 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.
5 unchanged sentences
Cash Dividend Payments
−Removed: 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.
+Added: On February 27, 2026, our Board of Directors announced the approval of a dividend of $0.10 per share payable on March 27, 2026, to stockholders of record at the close of business on March 13, 2026.
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
−Removed: Our total remaining share repurchase authorization was approximately $839.5 million at September 30, 2025.
+Added: In February 2026, our Board of Directors approved an increase to our existing stock repurchase program to an aggregate $1.5 billion.
+Added: Our total remaining share repurchase authorization was $1.5 billion as of March 31, 2026.
Other Sources of Liquidity
2 unchanged sentences
Our contractual obligations include long-term debt, operating leases, derivative obligations, asset retirement obligations and transportation, processing and gathering commitments including the divestiture contractual commitment that we incurred in conjunction with the sale of our North Louisiana assets.
−Removed: See Note 13 to our unaudited consolidated financial statements entitled "Commitments and
−Removed: Contingencies" for more information on commitments.
+Added: See Note 13 to our unaudited consolidated financial statements entitled "Commitments and Contingencies" for more information on commitments.
Interest Rates
−Removed: At September 30, 2025, we had approximately $1.1 billion of senior notes which bore interest at fixed rates averaging 6.7%.
−Removed: Bank debt totaling $129.0 million bears interest at a floating rate, which was 6.0% at September 30, 2025.
+Added: As of March 31, 2026, we had approximately $500 million of senior notes which bore interest at fixed rates of 4.75%.
+Added: Bank debt totaling $334.0 million bears interest at a floating rate, which was 5.4% as of March 31, 2026.
Off-Balance Sheet Arrangements
34 unchanged sentences
At times, we are also exposed to market risks related to changes in interest rates.
−Removed: These risks did not change materially from December 31, 2024 to September 30, 2025.
−Removed: We believe NGLs prices are somewhat seasonal, particularly for propane.
+Added: These risks did not change materially from December 31, 2025 to March 31, 2026.
+Added: NGLs prices are somewhat seasonal, particularly for propane.
Therefore, the relationship of NGLs prices to NYMEX WTI (or West Texas Intermediate) will vary due to product components, seasonality and geographic supply and demand.
12 unchanged sentences
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).
−Removed: At September 30, 2025, our derivative program includes swaps, three-way collars and swaptions.
−Removed: 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.
+Added: As of March 31, 2026, our derivative program includes swaps, collars, three-way collars and swaptions.
+Added: 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 $94.5 million as of March 31, 2026.
These contracts expire monthly through December 2028.
4 unchanged sentences
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.
−Removed: Therefore, in addition to the swaps, three-way collars and swaptions discussed above, we have entered into natural gas basis swap agreements.
+Added: Therefore, in addition to the swaps, collars, 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.
−Removed: 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.
+Added: The fair value of the natural gas basis swaps was a liability of $12.8 million as of March 31, 2026, and they settle through December 2030.
Commodity Sensitivity Analysis
−Removed: 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.
+Added: 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 as of March 31, 2026.
We remain at risk for possible changes in the market value of commodity derivative instruments;
7 unchanged sentences
Our derivative contracts are with multiple counterparties to minimize our exposure to any individual counterparty.
−Removed: At September 30, 2025, our derivative counterparties include fourteen financial institutions, of which ten are secured lenders in our bank credit facility.
+Added: As of March 31, 2026, our derivative counterparties include fifteen 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.
1 unchanged sentence
Interest Rate Risk
−Removed: At September 30, 2025, we had total debt of approximately $1.2 billion.
−Removed: Our outstanding debt includes $1.1 billion senior notes based on fixed interest rates.
−Removed: As this represents approximately 90% of our total debt balance, we do not have significant exposure to movements in market interest rates.
−Removed: 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.
−Removed: The 30-day SOFR rate at September 30, 2025 was approximately 4.1%.
−Removed: 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.
+Added: As of March 31, 2026, we had total debt of $834.0 million, of which $500 million, or approximately 60% were senior notes based on fixed interest rates and the remainder is based on variable rates.
+Added: Our bank credit facility provides for variable interest rate borrowings, which had a balance of $334.0 million as of March 31, 2026 and incurred interest at a rate of 5.4% as of March 31, 2026.
+Added: The 30-day SOFR rate as of March 31, 2026 was approximately 3.7%.
+Added: A 1% increase in short-term interest rates on the floating-rate debt outstanding on March 31, 2026 would result in approximately $3.3 million in additional annual interest expense.
CONTROLS A ND PROCEDURES
2 unchanged sentences
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.
−Removed: 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.
+Added: Based upon the evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures were effective as of March 31, 2026 at the reasonable assurance level.
Changes in Internal Control over Financial Reporting
−Removed: 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.
+Added: There was no change in our system of internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during the three months ended March 31, 2026 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.