What changed in this filing

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Item 1. Financial Statements

2026-07-21 compared with 2026-04-21 · 332 added, 243 removed, 674 unchanged (46% of the section changed)

36 unchanged sentences

Preferred stock, $ 1 par, 10,000,000 shares authorized, none issued and outstanding

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

Common stock held in treasury, at cost, 33,915,000 shares at March 31, 2026 and

33,115,000 shares at December 31, 2025

Common stock, $ 0.01 par, 475,000,000 shares authorized, 269,589,292 issued as of

June 30, 2026 and 268,573,212 shares as of December 31, 2025

Common stock held in treasury, at cost, 35,915,000 shares as of June 30, 2026 and

33,115,000 shares as of December 31, 2025

Additional paid-in capital

7 unchanged sentences

(Unaudited, in thousands, except per share data)

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Revenues and other income:

Natural gas, NGLs and oil sales

Derivative fair value loss

Derivative fair value income (loss)

Brokered natural gas, NGLs and marketing

20 unchanged sentences

(Unaudited, in thousands)

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Other comprehensive (loss) income:

7 unchanged sentences

(Unaudited, in thousands)

Three Months Ended March 31,

Six Months Ended June 30,

Operating activities:

4 unchanged sentences

Abandonment and impairment of unproved properties

Derivative fair value loss

Derivative fair value (income) loss

Cash settlements on derivative financial instruments

25 unchanged sentences

Treasury stock purchases

Taxes paid for shares withheld

Taxes paid for employee shares withheld

Change in cash overdrafts

2 unchanged sentences

Net cash used in financing activities

Increase in cash and cash equivalents

Increase (decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of period

14 unchanged sentences

Balance as of March 31, 2026

Issuance of common stock

Stock-based compensation expense

Dividends ($ 0.10 per share)

Treasury stock repurchased

Excise tax on stock repurchases

Other comprehensive loss

Balance as of June 30, 2026

comprehensive

9 unchanged sentences

Balance as of March 31, 2025

Issuance of common stock

Stock-based compensation expense

Dividends ($ 0.09 per share)

Treasury stock issuance - Rabbi Trust

Treasury stock repurchased

Excise tax on stock repurchases

Other comprehensive loss

Balance as of June 30, 2025

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

4 unchanged sentences

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").

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.

The balance sheet as of June 30, 2026 and the related consolidated statements of income, comprehensive income, cash flows and stockholders' equity for the periods ended June 30, 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.

4 unchanged sentences

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

Accounts receivable attributable to our revenue contracts with customers was $ 273.3 million as of March 31, 2026 and $ 354.9 million as of December 31, 2025 .

Accounts receivable attributable to our revenue contracts with customers was $ 284.2 million as of June 30, 2026 and $ 354.9 million as of December 31, 2025 .

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

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Natural gas sales

5 unchanged sentences

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

For the three months ended March 31, 2026, our overall effective tax rate was not materially different than the federal statutory rate.

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.

For the three and six months ended June 30, 2026, our overall effective tax rate was not materially different than the federal statutory rate.

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

Our 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.

(4) N ET INCOME PER COMMON SHARE

1 unchanged sentence

Three Months Ended

Six Months Ended

Net income, as reported

9 unchanged sentences

Three Months Ended

Six Months Ended

Weighted average common shares outstanding – basic

2 unchanged sentences

Weighted average common shares outstanding – diluted

Weighted average common shares outstanding – basic for first quarter 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).

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.

There were no anti-dilutive shares for three months ended March 31, 2026.

Weighted average common shares outstanding – basic for second quarter 2026 excludes 247,000 shares of restricted stock held in our deferred compensation plan compared to 617,000 shares in second quarter 2025 (although all awards are issued and outstanding upon grant).

Weighted average common shares outstanding – basic for first six months 2026 excludes 257,000 shares of restricted stock held in our deferred compensation plan compared to 679,000 shares in first six months 2025.

For the three months ended June 30, 2025, equity gran ts of 2,000 shares were outstanding but not included in the computation of diluted net income because the grant prices were greater than the average market price of the common shares and would be anti-dilutive to the computation.

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

There were no anti-dilutive shares for the three or six months ended June 30, 2026 .

(5) INDEBTEDNESS

6 unchanged sentences

Total debt, net of debt issuance costs

No interest was capitalized during the three months ended March 31, 2026 or the year ended December 31, 2025.

We were in compliance with applicable covenants under the bank credit facility and our senior notes as of March 31, 2026.

No interest was capitalized during the six months ended June 30, 2026 or the year ended December 31, 2025.

We were in compliance with applicable covenants under the bank credit facility and our senior notes as of June 30, 2026.

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 .

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.

The bank credit facility is subject to annual re-determinations and for event-driven unscheduled re-determinations.

As of March 31, 2026, our bank group was composed of seventeen fina ncial institutions.

The bank credit facility is subject to annual re-determinations and event-driven unscheduled re-determinations.

As of June 30, 2026 , our bank group was composed of seventeen financial institutions.

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

The commitment amount may be increased to the borrowing base,

subject to payment of a mutually acceptable commitment fee to those banks agreeing to participate in the facility increase.

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

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

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

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

1 unchanged sentence

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

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.

Our weighted average interest rate on the bank credit facility was 5.66 % for the three months ended March 31, 2026 .

There was no debt outstanding on our bank credit facility as of March 31, 2025.

As of June 30, 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.

The weighted average interest rate was 5.4 % for the three months ended June 30, 2026 and 5.6 % for the six months ended June 30, 2026 compared to 6.4 % for the three and six month periods ended June 30, 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 .

As of March 31, 2026, bank commitments totaled $ 2.0 billion and we had $ 334.0 million outstanding on our bank credit facility.

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.

On June 30, 2026, bank commitments totaled $ 2.0 billion and we had $ 381.0 million outstanding on our bank credit facility.

Additionally, on June 30, 2026, we had $ 165.1 million of undrawn letters of credit, leaving approximately $ 1.5 billion of committed borrowing capacity available under the facility.

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.

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.

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

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

In May 2025, we redeemed 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.

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.

6 unchanged sentences

(6) ASSET RETIREMENT OBLIGATIONS

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):

Three Months Ended

March 31, 2026

Activity related to our liability for plugging and abandonment costs for the six months ended June 30, 2026 and the year ended December 31, 2025 is as follows (in thousands):

Six Months Ended

June 30, 2026

December 31, 2025

8 unchanged sentences

(7) DERIVATIVE ACTIVITIES

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.

The following table sets forth our commodity-based derivative volumes by year as of June 30, 2026, excluding our basis swaps which are discussed separately below.

All fair values presented in the table below utilize Level 2 inputs except for C3 (propane) collars, which utilize Level 3 inputs.

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

3 unchanged sentences

Natural Gas (a)

Apr - Dec 2026

Jul - Dec 2026

300,000 Mmbtu/day

Apr - Dec 2026

Jul - Dec 2026

Three-way Collars

4 unchanged sentences

20,000 Mmbtu/day

Apr - Sep 2026

Three-way Collars

90,000 Mmbtu/day

Jul - Sep 2026

Three-way Collars

5,000 bbls/day

Apr - Sep 2026

NGLs - C3 (propane)

Jul - Sep 2026

4,000 bbls/day

Apr - Jun 2026

Oct - Dec 2026

4,000 bbls/day

(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 .

The fair value of these contracts as of March 31, 2026 , which utilizes Level 3 inputs, was a liability of $ 2.4 million.

(a) We also sold natural gas call swaptions of 50,000 Mmbtu/day for 202 8 at a weighted average price of $ 4.00 /Mmbtu that expire in December 2026 .

The fair value of these contracts as of June 30, 2026 , which utilizes Level 3 inputs, was a derivative liability of $ 657,000 .

Basis Swap Contracts

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.

These contracts settle t hrough December 2030 and include a total volume of 153,762,500 Mmbtu.

The fair value of these contracts was a liability of $ 12.8 million as of March 31, 2026.

In addition to the commodity derivatives described above, as of June 30, 2026, we had natural gas basis swap contracts which lock in the differential between NYMEX Henry Hub and certain of our physical pricing indices.

These contracts settle through December 2030 and include a total volume of 135,187,500 Mmbtu.

The fair value of these contracts was a liability of $ 10.6 million as of June 30, 2026.

Derivative Assets and Liabilities

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 combined fair value of derivatives included in the accompanying consolidated balance sheets as of June 30, 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.

8 unchanged sentences

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

Derivative Fair Value Loss

Derivative Fair Value Income (Loss)

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

Three Months Ended

Six Months Ended

Natural gas derivatives

1 unchanged sentence

Oil derivatives

Total derivative fair value loss

Total derivative fair value income (loss)

(8) FAIR VALUE MEASUREMENTS

1 unchanged sentence

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

As of March 31, 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.

As of June 30, 2026, a portion of our natural gas derivative 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.

As of March 31, 2026, we used a weighted average implied v olatility of 22 % for natural gas swaptions.

As of June 30, 2026, we used a weighted average implied volatility of 14 % for natural gas swaptions.

As of June 30, 2026, we also utilized collars for propane that include unobservable inputs due to lack of published volatility data and used a weighted average implied volat ility of 36 % for these collars.

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):

Three Months Ended

March 31, 2026

Balance at December 31, 2025

Total gains included in earnings

Balance at March 31, 2026

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):

March 31, 2026

Six Months Ended

June 30, 2026

Balance as of December 31, 2025

Balance as of June 30, 2026

The following presents the carrying amounts and the fair values and hierarchy of our financial instruments as of June 30, 2026 and December 31, 2025 (in thousands):

June 30, 2026

December 31, 2025

7 unchanged sentences

Deferred compensation plan (d)

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

Fair value of swaption contracts as of March 31, 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.

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

Fair value of swaption contracts as of June 30, 2026 w as a derivative liability of $ 657,000 and the fair value of propane collars as of June 30, 2026 was a derivative asset of $ 882,000 .

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

5 unchanged sentences

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

Our allowance for uncollectible receivables was $ 248,000 as of March 31, 2026 and December 31, 2025.

Our allowance for uncollectible receivables was $ 248,000 as of June 30, 2026 and $ 248,000 as of 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.

There were no proved property impairment charges for three months ended March 31, 2026 or 2025.

There were no proved property impairment charges for first six months 2026 or 2025.

Concentrations of Credit Risk

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.

As of June 30, 2026, our primary concentrations of credit risk are the risk 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.

As of March 31, 2026, our derivative counterparties inclu ded fifteen financial institutions, of which ten were secured lenders in our bank credit facility.

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.

As of June 30, 2026, our derivative counterparties included sixteen financial institutions, of which eleven were secured lenders in our bank credit facility.

As of June 30, 2026 , our net derivative position includes an aggregate net payable of $ 2.1 million to two counterparties not included in our bank credit facility and an aggregate net receivable of $ 6.5 million from three counterparties not included in our bank credit facility.

(9) STOCK-BASED COMPENSATION PLANS

3 unchanged sentences

The following details the allocation of stock-based compensation to functional expense categories (in thousands):

Three Months Ended March 31,

Three Months Ended

Six Months Ended

Direct operating expense

Brokered natural gas and marketing expense

Brokered natural gas, NGLs and marketing expense

Exploration expense

2 unchanged sentences

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.

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

Time-based - Equity Awards (" Equity Awards ") .

These awards are expensed ratably over the service period associated with the awards based on fair value.

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

We recorded compensation expense for these outstanding Equity Awards of $ 10.3 million in first three months 2026 compared to $ 10.1 million in the same period of 2025.

Time-based - Liability Awards.

There have been no significant (" Liability Awards ") grants since 2022, and we have no compensation expense recorded for these awards in 2026.

We recorded compensation expense for these outstanding Equity Awards of $ 20.2 million in first six months 2026 compared to $ 19.4 million in the same period of 2025.

Time-based - Liability Awards (" Liability Awards ") .

There have been no significant grants since 2022, and we have no compensation expense recorded for these awards in 2026.

Liability Awards were historically contributed into the deferred compensation plan (see further discussion below).

3 unchanged sentences

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

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.

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 .

Fair value is amortized over the performance period with no adjustment to the expense recorded for

actual targets achieved.

The following assumptions were used to estimate the fair value of the TSR Awards granted during first three months 2026 and 2025:

Three Months Ended March 31,

performance period.

We recorded compensation expense for TSR Awards of $ 4.0 million i n first six months 2026 compared to $ 2.8 million in the same period of 2025 .

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

The following assumptions were used to estimate the fair value of the TSR Awards granted during first six months 2026 and 2025:

Six Months Ended June 30,

Risk-free interest rate

3 unchanged sentences

Equity Award Summary

The following is a summary of the activity for our time-based and performance-based stock awards for the three months ended March 31, 2026:

The following is a summary of the activity for our time-based and performance-based stock awards for the six months ended June 30, 2026:

Equity Awards

4 unchanged sentences

Date Fair Value

Outstanding at December 31, 2025

Outstanding at March 31, 2026

(a) Amounts granted reflect performance units initially granted.

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.

Outstanding as of December 31, 2025

Outstanding as of June 30, 2026

(a) Amounts granted reflect performance units granted.

The actual payout will be between zero and 200 % depending on achievement of the total stockholder return compared to our peers over the performance period and 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.

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.

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.

The Rabbi Trust held 199,000 shares ( 187,000 vested shares) of Range common stock as of June 30, 2026 compared to 266,000 shares ( 258,000 vested shares) as of December 31, 2025.

Trading securities.

2 unchanged sentences

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.

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 .

For second quarter 2026 , interest and dividends were $ 123,000 and the mark-to-market gain was $ 6.8 million compared to interest and dividends of $ 202,000 and a mark-to-market gain of $ 4.2 million in second quarter 2025.

For first six months 2026 , interest and dividends were $ 229,000 and the mark-to-market gain was $ 5.0 million compared to interest and dividends of $ 335,000 and a mark-to-market gain of $ 3.3 million in first six months 2025 .

(10) CAPITAL STOCK

1 unchanged sentence

In February 2026, our Board of Directors approved an increase to our existing stock repurchase program to an aggregate $ 1.5 billion.

Our total remaining share repurchase authorization was $ 1.5 billion as of March 31, 2026.

In first quarter 2026 , we repurchased 800,000 shares at an aggregate investment of $ 27.1 million.

The following is a schedule of the change in treasury shares based on settlement date for the three months ended March 31, 2026:

O ur total remaining share repurchase authorization was approximately $ 1.4 billion as of June 30, 2026.

In second quarter 2026 , we repurchased 2.0 million shares at an aggregate cost of $ 78.4 million ($ 79.0 million including the 1 % excise tax).

In first six months 2026 we repurchased 2.8 million shares at an aggregate cost of $ 105.5 million ($ 106.1 million including the 1 % excise tax).

The following is a schedule of the change in treasury shares based on settlement date for the three and six months ended June 30, 2026:

Three Months Ended

March 31, 2026

June 30, 2026

Six Months Ended June 30, 2026

Beginning balance

5 unchanged sentences

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

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.

The following details the accrued exit cost liability activity for the three months ended March 31, 2026 (in thousands):

Balance at December 31, 2025

In first six months 2026, we recorded accretion expense of $ 13.7 million compared to $ 17.4 million in the same period of the prior year.

In second quarter 2026, we recorded a net adjustment of $ 2.9 million to increase this obligation for a change in expected throughput volumes.

The following details the accrued exit cost liability activity for the six months ended June 30, 2026 (in thousands):

Balance as of December 31, 2025

Accretion of discount

Balance at March 31, 2026

Changes in estimate

Balance as of June 30, 2026

(12) SUPPLEMENTAL CASH FLOW INFORMATION

Three Months Ended March 31,

Six Months Ended June 30,

(in thousands)

Net cash provided from operating activities included:

Federal income taxes paid to taxing authorities

State income taxes paid to taxing authorities (a)

2 unchanged sentences

Increase in asset retirement costs capitalized

Decrease in accrued capital expenditures

Increase (decrease) in accrued capital expenditures

(a) State income taxes paid relate exclusively to Pennsylvania.

7 unchanged sentences

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

As of March 31, 2026, liabilities for remediation were not material.

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.

As of June 30, 2026, liabilities for remediation were not material.

We are not aware of any environmental claims existing as of June 30, 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.

Transportation, Gathering and Processing Contracts

There were no significant changes to firm transportation, gathering and processing minimum commitments or contingent commitments in first three months 2026 .

In first six months 2026 , our firm transportation, gathering and processing minimum commitments over the next 20 years increased by approximately $ 1.1 billion from December 31, 2025, primarily due to the addition of natural gas transportation capacity through 2041 that started in June 2026.

This commitment was previously disclosed as contingent on construction completion.

( 14) SUSPENDED EXPLORATORY WELL COSTS

3 unchanged sentences

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

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

The following table reflects the changes in capitalized exploratory well costs for the three months ended March 31, 2026 and the year ended December 31, 2025:

Three Months Ended

March 31, 2026

The remaining suspended well requires completion activities and infrastructure expansion in order to classify the reserves as proved.

The following table reflects the changes in capitalized exploratory well costs for the six months ended June 30, 2026 and the year ended December 31, 2025:

Six Months Ended

June 30, 2026

December 31, 2025

1 unchanged sentence

Balance at beginning of period

Additions to capitalized exploratory well costs pending the determination of proved reserves

Reclassifications to wells, facilities and equipment based on determination of proved reserves

Additions to capitalized exploratory well costs pending proved reserves determination

Reclassifications to development cost based on determination of proved reserves

Capitalized exploratory well costs, charged to expense

Balance at end of period

Less exploratory well costs that have been capitalized for a period of one year or less

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

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

Less exploratory well costs capitalized for one year or less

Exploratory well costs capitalized for more than one year

Number of projects with exploratory well costs capitalized for more than one year

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

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

Three Months Ended

March 31, 2026

Six Months Ended

June 30, 2026

December 31, 2025

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We continue to monitor the impact of the actions of OPEC and other large hydrocarbon producing nations;

the Russia-Ukraine war, military action in the Middle East and flows of energy commodities through the Strait of Hormuz;

the Russia-Ukraine war;

military action in the Middle East and flows of energy commodities through the Strait of Hormuz;

global inventories of natural gas, NGLs and oil;

infrastructure investment;

future monetary and fiscal policy, tariffs and their impacts on global trade and energy demand;

future monetary and fiscal policy;

tariffs and their impacts on global trade and energy demand;

and governmental policies aimed at the energy sector, including those focused on transitioning towards lower carbon energy.

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

In first 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.

In first six months 2026, average natural gas prices increased primarily due to increased demand from winter weather and liquefied natural gas ("LNG") export growth.

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

In addition, the global energy shortage experienced in recent years and geopolitical disruptions of energy flows from key producing regions further highlighted the need for affordable and reliable fuel sources, supporting continued strong structural demand growth for U.S.

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

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.

The following table lists related benchmarks for natural gas, oil and NGLs composite prices for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,

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

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

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

Three Months Ended June 30,

Six Months Ended June 30,

Average NYMEX prices (a)

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Consolidated Results of Operations

Overview of First Quarter 2026 Results

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.

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.

The higher net income in first quarter 2026 compared to first quarter 2025 is primarily due to increased realized prices.

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

• 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;

Overview of Second Quarter 2026 Results

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

During second quarter 2026, we recognized net income of $195.3 million, or $0.83 per diluted common share compared to net income of $237.6 million, or $0.99 per diluted common share during second quarter 2025.

The lower net income in second quarter 2026 compared to second quarter 2025 is primarily due to lower derivative fair value income.

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

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

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

• 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;

• 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;

• 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;

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

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

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

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

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

• repurchased $27.1 million (800,000 shares) of our common stock;

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

• repurchased $78.4 million (2.0 million shares) of our common stock;

• paid $23.6 million of dividends, an 11% higher dividend of $0.10 per share compared to $0.09 per share in the same period of 2025;

• 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.

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.

• maintained substantial liquidity with $1.5 billion available under our credit facility.

We generated $235.0 million of cash from operating activities in second quarter 2026, a decrease of $101.2 million from second quarter 2025, primarily due to timing and working capital changes.

Overview of First Six Months 2026 Results

In first six months 2026, we experienced an increase in revenue from the sale of natural gas, NGLs and oil compared to the same period of 2025 due to a 17% increase in net realized prices (average prices including all derivative settlements and third-party transportation costs paid by us) and a 2% increase in total production.

During first six months 2026, we recognized net income of $537.0 million, or $2.27 per diluted common share compared to net income of $334.6 million, or $1.39 per diluted common share during the same period 2025.

The higher net income in first six months 2026 compared to first six months 2025 is primarily due to increased realized prices combined with an increase in production.

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

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

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

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

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

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

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

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

• repurchased $105.5 million (2.8 million shares) of our common stock;

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

• reduced our higher interest rate debt by redeeming $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.

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

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

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Our revenues are generally recognized when control of the product is transferred to the customer and collectability is reasonably assured.

The following table illustrates the primary components of natural gas, NGLs and oil sales for the three months ended March 31, 2026 and 2025 (in thousands):

Three Months Ended March 31,

The following table illustrates the primary components of natural gas, NGLs and oil sales for the three and six months ended June 30, 2026 and 2025 (in thousands):

Three Months Ended June 30,

Six Months Ended June 30,

Natural gas, NGLs and oil sales

Total natural gas, NGLs and oil sales

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

Our production for the three months ended March 31, 2026 and 2025 is set forth in the following table:

Three Months Ended March 31,

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

Our production for the three and six months ended June 30, 2026 and 2025 is set forth in the following table:

Three Months Ended June 30,

Six Months Ended June 30,

Production (a)

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

Our average realized price received (including all derivative settlements and third-party transportation costs) during first quarter 2026 was $3.21 per mcfe compared to $2.48 per mcfe in first quarter 2025.

Our average realized price received (including all derivative settlements and third-party transportation costs) during second quarter 2026 was $2.01 per mcfe compared to $1.97 per mcfe in second quarter 2025.

Our average realized price received (including all derivative settlements and third-party transportation costs) during first six months 2026 was $2.60 per mcfe compared to $2.22 per mcfe in first six months 2025.

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

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

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

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

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

Our average realized price calculations for three months ended March 31, 2026 and 2025 are shown below:

Three Months Ended March 31,

Our average realized price calculations for three and six months ended June 30, 2026 and 2025 are shown below:

Three Months Ended June 30,

Six Months Ended June 30,

Average Prices

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

Three Months Ended

Average natural gas differentials above (below) NYMEX

Realized (losses) on basis hedging

Three Months Ended June 30,

Six Months Ended June 30,

Average natural gas differentials below NYMEX

Realized gains (losses) on basis hedging

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

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Price (per mcf)

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Natural gas sales

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Price (per bbl)

Production (Mbbls)

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Price (per bbl)

Production (Mbbls)

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Price (per mcfe)

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Total natural gas, NGLs and oil sales

Transportation, gathering, processing and compression expense was $323.3 million in first quarter 2026 compared to $306.1 million in first quarter 2025.

These third-party costs are higher in first quarter 2026 compared to first quarter 2025 primarily due to higher electricity rates and fuel prices.

Transportation, gathering, processing and compression expense was $316.8 million in second quarter 2026 compared to $304.7 million in second quarter 2025.

These third-party costs were higher in second quarter 2026 compared to second quarter 2025 primarily due to an increase in processing costs due to higher commodity prices and volumes.

Transportation, gathering, processing and compression expense was $640.1 million in first six months 2026 compared to $610.8 million in first six months 2025.

These third-party costs associated with NGLs were higher in first six months 2026 compared to first six months 2025 primarily due to an increase in electricity and processing costs due to higher prices and volumes.

Third-party costs associated with natural gas increased due to an increase in volumes and facility and equipment costs associated with gathering.

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

The following table summarizes transportation, gathering, processing and compression expense for the three months ended March 31, 2026 and 2025 on a per mcf and per barrel basis (in thousands, except for costs per unit):

Three Months Ended March 31,

The following table summarizes transportation, gathering, processing and compression expense for the three and six months ended June 30, 2026 and 2025 on a per mcf and per barrel basis (in thousands, except for costs per unit):

Three Months Ended June 30,

Six Months Ended June 30,

Transportation, gathering

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Total (per mcfe)

Derivative fair value loss was $33.4 million in first quarter 2026 compared to a loss of $159.0 million in first quarter 2025.

Derivative fair value income was $73.5 million in second quarter 2026 compared to income of $154.7 million in second quarter 2025.

Derivative fair value income was $40.1 million in first six months 2026 compared to a loss of $4.2 million in first six months 2025.

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

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

The following table summarizes the impact of our commodity derivatives for the three months ended March 31, 2026 and 2025 (in thousands):

The following table summarizes the impact of our commodity derivatives for the three and six months ended June 30, 2026 and 2025 (in thousands):

Three Months Ended

Derivative fair value loss per consolidated statements of income

Six Months Ended

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

Non-cash fair value income (loss):

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

Net cash (payment) receipt on derivative settlements:

Net cash receipt (payment) on derivative settlements:

Natural gas derivatives

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Oil derivatives

Total net cash (payment) receipt

Total net cash receipt (payment)

(a) Non-cash fair value adjustments on commodity derivatives is a non-U.S.

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

Brokered natural gas, 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).

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

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

We continue to optimize our transportation portfolio using these volumes.

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

Other income was $118,000 in first quarter 2026 compared to $3.2 million in first quarter 2025.

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.

Other income was $448,000 in second quarter 2026 compared to $1.9 million in second quarter 2025.

This includes $27,000 of interest income and a $23,000 gain on sale of assets in second quarter 2026 compared to $1.8 million of interest income and a $78,000 gain on sale of assets in second quarter 2025.

Other income was $566,000 in first six months 2026 compared to $5.1 million in first six months 2025.

This includes $82,000 of interest income and a $29,000 gain on sale of assets in first six months 2026 compared to $4.8 million of interest income and a $136,000 gain on sale of assets in first six months 2025.

Interest income is lower in 2026 due to lower cash balances primarily resulting from the use of cash to repay senior notes in May 2025.

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

The following table presents information about certain of our expenses on a per mcfe basis for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,

The following table presents information about certain of our expenses on a per mcfe basis for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30,

Six Months Ended June 30,

Direct operating expense

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Depletion, depreciation and amortization expense

Direct operating expense was $28.7 million in first quarter 2026 compared to $25.4 million in first quarter 2025.

Direct operating expense was $27.8 million in second quarter 2026 compared to $23.1 million in second quarter 2025.

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

Our direct operating costs increased in first quarter 2026 primarily due to higher water hauling costs and winter operations costs.

We incurred $644,000 of workover costs in first quarter 2026 compared to $789,000 in first quarter 2025.

The following table summarizes direct operating expense per mcfe for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,

Our direct operating costs increased in second quarter 2026 primarily due to higher water hauling costs, labor costs and workovers.

We incurred $1.8 million of workover costs in second quarter 2026 compared to $803,000 in second quarter 2025.

Direct operating expense was $56.5 million in first six months 2026 compared to $48.5 million in first six months 2025.

Our direct operating costs increased in first six months 2026 primarily due to higher water hauling, labor costs and workovers.

We incurred $2.4 million workover costs in first six months 2026 compared to $1.6 million in first six months 2025.

The following table summarizes direct operating expense per mcfe for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30,

Six Months Ended June 30,

Direct operating

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

This impact fee was $5.8 million in first quarter 2026 compared to $6.8 million in first quarter 2025.

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 impact fee was $6.6 million in second quarter 2026 compared to $7.4 million in second quarter 2025 and $12.4 million in first six months 2026 compared to $14.3 million in first six months 2025.

The impact fee is based on drilling activities and is adjusted based on prevailing natural gas prices, which is consistent with the prior year.

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

The following table summarizes taxes other than income per mcfe for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,

The following table summarizes taxes other than income per mcfe for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30,

Six Months Ended June 30,

Taxes other than income

Total taxes other than income

General and administrative (G&A) expense was $45.4 million in first quarter 2026 compared to $41.7 million in first quarter 2025.

The first quarter 2026 increase of $3.7 million compared to the same period of 2025 is primarily due to higher employee related costs.

The following table summarizes G&A expense on a per mcfe basis for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,

General and administrative ("G&A") expense was $47.7 million in second quarter 2026 compared to $42.1 million in second quarter 2025.

The second quarter 2026 increase of $5.6 million compared to the same period of 2025 is primarily due to higher employee-related costs and legal expense.

G&A expense was $93.1 million in first six months 2026 compared to $83.8 million in first six months 2025.

The increase of $9.2 million is primarily due to higher employee-related costs, software costs and legal expense.

The following table summarizes G&A expense on a per mcfe basis for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30,

Six Months Ended June 30,

General and administrative

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Total general and administrative expense

Interest expense was $19.4 million in first quarter 2026 compared to $29.2 million in first quarter 2025.

The following table presents information about interest expense per mcfe for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,

Interest expense was $14.4 million in second quarter 2026 compared to $26.8 million in second quarter 2025.

Interest expense was $33.8 million in first six months 2026 compared to $56.0 million in first six months 2025.

The following table presents information about interest expense per mcfe for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30,

Six Months Ended June 30,

Bank credit facility (a)

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(b) Excludes debt issuance costs.

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.

The decrease in interest expense for three and six months ended June 30, 2026 compared to the same periods of 2025 was primarily due to lower average outstanding debt balances and lower average interest rates.

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.

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.

Depletion, depreciation and amortization (DD&A) expense was $88.5 million in first quarter 2026 compared to $90.6 million in first quarter 2025.

This decrease is due to a lower depletion rate offset by slightly higher production volumes.

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.

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

We had $381.0 million outstanding on the bank credit facility as of June 30, 2026 compared to $125.0 million outstanding for the same period of 2025.

Depletion, depreciation and amortization ("DD&A") expense was $93.1 million in second quarter 2026 compared to $91.5 million in second quarter 2025 and $181.6 million in first six months 2026 compared to $182.1 million in first six months 2025.

This increase in expense for the quarter ended June 30, 2026 compared to the prior year was due to higher production volumes slightly offset by lower depletion rates.

The decrease in expense for the six months ended June 30, 2026 compared to prior year was primarily due to the reduction in the depletion rate.

Depletion expense, the largest component of DD&A expense, was $0.44 per mcfe in second quarter 2026 and first six months 2026 compared to $0.45 per mcfe in the same periods 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.

The following table summarizes DD&A expense per mcfe for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,

The following table summarizes DD&A expense per mcfe for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30,

Six Months Ended June 30,

Depletion and amortization

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Our total operating expenses also include other expenses that generally do not trend with production.

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.

These expenses include stock-based compensation, brokered natural gas, NGLs and marketing expense, exploration expense, abandonment and impairment of unproved properties, exit costs, deferred compensation plan expense and gain 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.

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).

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

Brokered natural gas, NGLs and marketing expense was $59.3 million in second quarter 2026 compared to $35.0 million in second quarter 2025 which is primarily the result of higher broker natural gas sales volumes (volumes not related to our production) slightly offset by lower broker natural gas sales prices.

Brokered natural gas, NGLs and marketing expense was $117.5 million in first six months 2026 compared to $93.2 million in first six months 2025 which is primarily the result of higher broker natural gas sales volumes (volumes not related to our production) slightly offset by lower broker natural gas sales prices.

The following table details our brokered natural gas, NGLs and marketing net margin for the three and six months ended June 30, 2026 and 2025 (in thousands):

Three Months Ended June 30,

Six Months Ended June 30,

Brokered natural gas, NGLs and marketing

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Other marketing expense

Net brokered natural gas, NGLs and marketing net margin

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.

The following table details our exploration expense for the three months ended March 31, 2026 and 2025 (in thousands):

Three Months Ended March 31,

Brokered natural gas, NGLs and marketing net margin

Exploration expense was $6.5 million in second quarter 2026 compared to $7.9 million in second quarter 2025 primarily due to lower delay rentals.

Exploration expense was $12.5 million in first six months 2026 compared to $14.3 million in first six months 2025 primarily due to lower delay rentals.

The following table details our exploration expense for the three and six months ended June 30, 2026 and 2025 (in thousands):

Three Months Ended June 30,

Six Months Ended June 30,

Delay rentals and other

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Total exploration expense

Abandonment and impairment of unproved properties expense was $3.9 million in first quarter 2026 compared to $4.6 million in first quarter 2025.

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.

Abandonment and impairment of unproved properties expense was $4.6 million in second quarter 2026 compared to $6.8 million in second quarter 2025.

Abandonment and impairment of unproved properties expense was $8.5 million in first six months 2026 compared to $11.4 million in first six months 2025.

Abandonment and impairment of unproved properties for second quarter 2026 and first six months 2026 decreased compared to the same periods 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.

Exit costs were $7.0 million in first quarter 2026 compared to $8.9 million in first quarter 2025.

Exit costs were $9.6 million in second quarter 2026 compared to $8.5 million in second quarter 2025.

Exit costs were $16.5 million in first six months 2026 compared to $17.4 million in first six months 2025.

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

Deferred compensation plan had a loss of $2.5 million in first quarter 2026 compared to a loss of $2.9 million in first quarter 2025.

There was an additional $2.9 million of exit costs incurred in second quarter 2026 associated with the change in expected throughput volumes associated with this obligation.

Deferred compensation plan had a gain of $1.8 million in second quarter 2026 compared to a gain of $88,000 in second quarter 2025.

Deferred compensation plan expense was $787,000 in first six months 2026 compared to an expense of $2.8 million in first six months 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.

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

The deferred compensation plan held 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.

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.

During January 2026 we fully redeemed the $600 million principal balance of our 8.25% senior notes due 2029.

The redemption price was equal to 101.375% of par.

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.

Income tax expense was $91.5 million in first quarter 2026 compared to an expense of $12.7 million in first quarter 2025.

The deferred compensation plan held 199,000 shares (187,000 vested shares) of Range common stock as of June 30, 2026 compared to 265,000 shares (256,000 vested shares) as of June 30, 2025.

Income tax expense was $53.3 million in second quarter 2026 compared to an expense of $64.5 million in second quarter 2025.

Income tax expense was $144.8 million in first six months 2026 compared to an expense of $77.1 million in first six months 2025.

The 2026 effective tax rates were not materially different than the federal statutory rate.

The 2025 effective tax rates were lower than the federal statutory rate due primarily to tax credits, state income taxes and equity compensation.

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

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

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We continue to manage the duration and level of our drilling and completion commitments in order to maintain flexibility with regard to our activity level and capital expenditures.

The following table presents sources and uses of cash and cash equivalents for the three months ended March 31, 2026 and 2025 (in thousands):

Three Months Ended March 31,

The following table presents sources and uses of cash and cash equivalents for the six months ended June 30, 2026 and 2025 (in thousands):

Six Months Ended June 30,

Sources of cash and cash equivalents

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Sources of Cash and Cash Equivalents

Cash flows provided from operating activities in first three months 2026 were $619.1 million compared to $330.1 million in first three months 2025.

Cash flows provided from operating activities in first six months 2026 were $854.2 million compared to $666.3 million in first six 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.

As of March 31, 2026, we have hedged more than 35% of our projected natural gas production for the remainder of 2026.

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.

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.

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.

As of June 30, 2026, we have hedged more than 25% of our projected natural gas production for the remainder of 2026.

Changes in working capital (as reflected in our consolidated statements of cash flows) for first six months 2026 was a negative $12.0 million compared to a negative $18.0 million for first six months 2025.

Borrowings on credit facility in first six months 2026 were $1.7 billion, of which $608.3 million was utilized for the early redemption of principal of our 8.25% senior notes due 2029.

Borrowings net of repayments on the credit facility for first six months 2026 brought the credit facility balance to $381.0 million as of June 30, 2026.

Uses of Cash and Cash Equivalents

Additions to natural gas, NGLs and oil properties for first three months 2026 were consistent with expectations relative to our announced 2026 capital budget.

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.

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.

Additions to natural gas, NGLs and oil properties for first six months 2026 were consistent with expectations relative to our announced 2026 capital budget.

Repayment of senior notes for first six months 2026 includes the early redemption of principal of our 8.25% senior notes due 2029 through utilization of borrowings on our credit facility.

Treasury stock purchases for first six months 2026 include the repurchase and settlement of 2.8 million shares for a total of $105.5 million (excluding cost of 1% excise tax) as part of our previously announced stock repurchase program.

Liquidity and Capital Resources

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

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

As of June 30, 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.

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We expect our 2026 capital program to be funded by cash flows from operations.

During the three months ended March 31, 2026, we generated $619.1 million of cash flows from operating activities.

During the six months ended June 30, 2026, we generated $854.2 million of cash flows from operating activities.

Bank Credit Facility

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

As of March 31, 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.

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.

As of June 30, 2026, we had a balance of $381.0 million on our credit facility and we maintained a borrowing base of $3.0 billion and aggregate lender commitments of $2.0 billion.

We had undrawn letters of credit of $165.1 million as of June 30, 2026, which reduced our borrowing capacity under our bank credit facility.

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.

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.

The 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).

We were in compliance with all such covenants as of March 31, 2026.

We were in compliance with all such covenants as of June 30, 2026.

Capital Requirements

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

During first three months 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.

During first six months 2026, we used operating cash flows to fund $354.8 million of capital expenditures as reported in our consolidated statement of cash flows within investing activities.

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

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Cash Dividend Payments

On 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.

On May 29, 2026, our Board of Directors announced the approval of a dividend of $0.10 per share payable on June 26, 2026, to stockholders of record at the close of business on June 12, 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.

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In February 2026, our Board of Directors approved an increase to our existing stock repurchase program to an aggregate $1.5 billion.

Our total remaining share repurchase authorization was $1.5 billion as of March 31, 2026.

Our total remaining share repurchase authorization was approximately $1.4 billion as of June 30, 2026.

Other Sources of Liquidity

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Interest Rates

As of March 31, 2026, we had approximately $500 million of senior notes which bore interest at fixed rates of 4.75%.

Bank debt totaling $334.0 million bears interest at a floating rate, which was 5.4% as of March 31, 2026.

As of June 30, 2026, we had approximately $500 million of senior notes which bore a fixed interest rate of 4.75%.

Bank debt totaling $381.0 million bears interest at a floating rate, which was 5.4% as of June 30, 2026.

Off-Balance Sheet Arrangements

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

These risks did not change materially from December 31, 2025 to March 31, 2026.

These risks did not change materially from December 31, 2025 to June 30, 2026.

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.

We sell NGLs in several regional U.S markets, some of which are exported to international markets by other parties.

If we are not able to sell or store NGLs, we may be required to curtail production or shift our drilling activities to dry gas areas.

The Appalachian region has finite local demand and infrastructure to accommodate ethane.

We have agreements where we have contracted to either sell or transport ethane from our Marcellus Shale area.

We cannot ensure these facilities will remain available.

If we are not able to sell ethane under at least one of these agreements, we may be required to curtail production or, as we have done in the past, purchase or divert natural gas to blend with our residue gas.

We sell NGLs in several regional U.S.

markets, some of which are exported to international markets by other parties.

If we are not able to sell or store NGLs or we are unable to access NGLs infrastructure, we may be required to curtail production or shift our drilling activities to dry gas areas.

Commodity Price Risk

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

As of March 31, 2026, our derivative program includes swaps, collars, three-way collars and swaptions.

The fair value of these contracts, represented by the estimated amount that would be realized upon immediate liquidation based on a comparison of the contract price and a reference price, generally NYMEX for natural gas and oil or Mont Belvieu for NGLs, was an asset of $94.5 million as of March 31, 2026.

As of June 30, 2026, our derivative program includes swaps, collars, three-way collars and swaptions.

These contracts expire monthly through December 2028.

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Basis swap agreements effectively fix the basis adjustments.

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.

The fair value of the natural gas basis swaps was a liability of $10.6 million as of June 30, 2026, and they settle through December 2030.

Commodity Sensitivity Analysis

The following table shows the fair value of our derivatives and the hypothetical changes in fair value that would result from a 10% and a 25% change in commodity prices as of March 31, 2026.

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 June 30, 2026.

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

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

As of March 31, 2026, our derivative counterparties include fifteen financial institutions, of which ten are secured lenders in our bank credit facility.

As of June 30, 2026, our derivative counterparties included sixteen financial institutions, of which eleven were secured lenders in our bank credit facility.

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

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Interest Rate Risk

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.

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.

The 30-day SOFR rate as of March 31, 2026 was approximately 3.7%.

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.

As of June 30, 2026, we had total debt of approximately $881.0 million, of which $500 million, or approximately 57%, were senior notes based on fixed interest rates and the remainder was based on variable interest rates.

Our bank credit facility which provides for variable interest rate borrowings had a balance of $381.0 million as of June 30, 2026 and incurred interest at a rate of 5.4% as of June 30, 2026.

The 30-day SOFR rate as of June 30, 2026 was approximately 3.65%.

A 1% increase in short-term interest rates on the floating-rate debt outstanding on June 30, 2026 would result in approximately $3.8 million in additional annual interest expense.

CONTROLS A ND PROCEDURES

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

Based upon the evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures were effective as of March 31, 2026 at the reasonable assurance level.

Based upon the evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures were effective as of June 30, 2026 at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

There was no change in our system of internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during the three months ended March 31, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

There was no change in our system of internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during the three months ended June 30, 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.

What changed 10-Q

Item 1. Financial Statements