Range Resources Corp 10-Q for FY2026 Q1
Range Resources Corp (RRC)
About this 10-Q
Range Resources Corp filed this 10-Q on April 21, 2026, covering the quarter ended March 31, 2026 (FY2026 Q1).
Headline figures
Quarter ended March 31, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.
- Revenue
- $1.03B
- up 49.8% from $690.55M a year earlier
- Net income
- $341.63M
- up 252.0% from net income of $97.05M a year earlier
- Diluted EPS
- $1.44
- up 260.0% from $0.40 a year earlier
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number:
(Exact Name of Registrant as Specified in Its Charter)
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(State or Other Jurisdiction of Incorporation or Organization) |
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(IRS Employer Identification No.) |
(Address of principal executive offices, including ZIP code)
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(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
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Accelerated Filer |
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Non-Accelerated Filer |
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Smaller Reporting Company |
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Emerging Growth Company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No
RANGE RESOURCES CORPORATION
FORM 10-Q
Quarter Ended March 31, 2026
Unless the context otherwise indicates, all references in this report to "Range Resources," "Range," "we," "us," or "our" are to Range Resources Corporation and its directly and indirectly owned subsidiaries. For certain industry specific terms used in this Form 10-Q, please see "Glossary of Certain Defined Terms" in our 2025 Annual Report on Form 10-K.
TABLE OF CONTENTS
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ITEM 1. |
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ITEM 2. |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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ITEM 3. |
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ITEM 4. |
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ITEM 1. |
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ITEM 1A. |
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ITEM 2. |
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ITEM 5. |
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ITEM 6. |
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2
PART I – FINANCIAL INFORMATION
ITEM 1. Financial Statements
RANGE RESOURCES CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
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March 31, |
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December 31, |
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2026 |
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2025 |
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Assets |
(Unaudited) |
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Current assets: |
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Cash and cash equivalents |
$ |
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$ |
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Accounts receivable, less allowance for doubtful accounts of $ |
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Derivative assets |
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Prepaid assets |
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Other current assets |
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Total current assets |
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Derivative assets |
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Natural gas, NGLs and oil properties, net (successful efforts method) |
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Other property and equipment, net |
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Operating lease right-of-use assets |
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Other assets |
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Total assets |
$ |
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$ |
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Liabilities |
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Current liabilities: |
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Accounts payable |
$ |
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$ |
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Asset retirement obligations |
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Accrued liabilities |
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Deferred compensation liabilities |
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Accrued interest |
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Derivative liabilities |
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Operating lease liabilities |
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Divestiture contract obligation |
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Total current liabilities |
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Bank debt, net of unamortized debt issuance costs |
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Senior notes, net of unamortized debt issuance costs |
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Deferred tax liabilities |
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Derivative liabilities |
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Deferred compensation liabilities |
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Operating lease liabilities |
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Asset retirement obligations and other liabilities |
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Divestiture contract obligation |
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Total liabilities |
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Stockholders’ Equity |
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Preferred stock, $ |
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Common stock, $ |
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Common stock held in treasury, at cost, |
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Additional paid-in capital |
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Accumulated other comprehensive income |
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Retained deficit |
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Total stockholders' equity |
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Total liabilities and stockholders’ equity |
$ |
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$ |
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The accompanying notes are an integral part of these consolidated financial statements.
3
RANGE RESOURCES CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, in thousands, except per share data)
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Three Months Ended March 31, |
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2026 |
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2025 |
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Revenues and other income: |
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Natural gas, NGLs and oil sales |
$ |
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$ |
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Derivative fair value loss |
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Brokered natural gas, NGLs and marketing |
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Other income |
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Total revenues and other income |
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Costs and expenses: |
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Direct operating |
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Transportation, gathering, processing and compression |
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Taxes other than income |
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Brokered natural gas, NGLs and marketing |
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Exploration |
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Abandonment and impairment of unproved properties |
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General and administrative |
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Exit costs |
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Deferred compensation plan |
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Interest |
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Loss (gain) on early extinguishment of debt |
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Depletion, depreciation and amortization |
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Total costs and expenses |
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Income before income taxes |
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Income tax expense: |
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Current |
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Deferred |
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Net income |
$ |
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$ |
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Net income per common share: |
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Basic |
$ |
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$ |
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Diluted |
$ |
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$ |
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Dividends declared per share |
$ |
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$ |
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Weighted average common shares outstanding: |
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Basic |
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Diluted |
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The accompanying notes are an integral part of these consolidated financial statements.
4
RANGE RESOURCES CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited, in thousands)
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Three Months Ended March 31, |
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2026 |
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2025 |
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Net income |
$ |
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$ |
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Other comprehensive (loss) income: |
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Postretirement benefits: |
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Amortization of prior service costs/actuarial gain |
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Income tax expense |
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Total comprehensive income |
$ |
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$ |
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The accompanying notes are an integral part of these consolidated financial statements.
5
RANGE RESOURCES CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
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Three Months Ended March 31, |
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2026 |
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2025 |
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Operating activities: |
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Net income |
$ |
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$ |
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Adjustments to reconcile net income to net cash provided from |
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Deferred income tax expense |
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Depletion, depreciation and amortization |
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Abandonment and impairment of unproved properties |
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Derivative fair value loss |
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Cash settlements on derivative financial instruments |
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Divestiture contract obligation, including accretion |
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Amortization of debt issuance costs and other |
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Deferred and stock-based compensation |
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Gain on the sale of assets |
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Loss (gain) on early extinguishment of debt |
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Changes in working capital: |
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Accounts receivable |
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Other current assets |
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Accounts payable |
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Accrued liabilities and other |
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Net cash provided from operating activities |
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Investing activities: |
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Additions to natural gas, NGLs and oil properties |
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Additions to field service assets and other |
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Acreage purchases |
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Proceeds from disposal of assets |
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Purchases of marketable securities held by the deferred compensation plan |
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Proceeds from the sales of marketable securities held by the deferred |
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Net cash used in investing activities |
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Financing activities: |
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Borrowings on credit facility |
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Repayments on credit facility |
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Repayment of senior notes |
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Dividends paid |
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Treasury stock purchases |
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Taxes paid for shares withheld |
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Change in cash overdrafts |
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Proceeds from the sales of common stock held by the deferred |
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Net cash used in financing activities |
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Increase in cash and cash equivalents |
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Cash and cash equivalents at beginning of period |
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Cash and cash equivalents at end of period |
$ |
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$ |
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The accompanying notes are an integral part of these consolidated financial statements.
6
RANGE RESOURCES CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited, in thousands, except per share data)
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Common |
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Accumulated |
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stock |
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Additional |
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other |
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Common stock |
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Treasury |
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held in |
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paid-in |
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comprehensive |
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Retained |
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Shares |
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Par value |
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shares |
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treasury |
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capital |
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income |
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deficit |
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Total |
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Balance as of December 31, 2025 |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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Issuance of common stock |
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— |
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Issuance of common stock upon |
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— |
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Stock-based compensation expense |
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— |
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— |
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Dividends ($ |
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— |
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— |
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Treasury stock repurchased |
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— |
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Other comprehensive loss |
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— |
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— |
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Net income |
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— |
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— |
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Balance as of March 31, 2026 |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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Common |
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Accumulated |
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stock |
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Additional |
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other |
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Common stock |
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Treasury |
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held in |
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paid-in |
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comprehensive |
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Retained |
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Shares |
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Par value |
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shares |
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treasury |
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capital |
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income |
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deficit |
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Total |
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Balance as of December 31, 2024 |
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$ |
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$ |
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$ |
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$ |
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$ |
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$ |
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Issuance of common stock |
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— |
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Issuance of common stock |
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— |
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Stock-based compensation expense |
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— |
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Dividends ($ |
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— |
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— |
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Treasury stock repurchased |
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— |
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Excise tax on stock repurchases |
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— |
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— |
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Other comprehensive loss |
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— |
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— |
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( |
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Net income |
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— |
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— |
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Balance as of March 31, 2025 |
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$ |
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( |
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$ |
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$ |
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$ |
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$ |
( |
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$ |
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The accompanying notes are an integral part of these consolidated financial statements.
7
RANGE RESOURCES CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(1) BASIS OF FINANCIAL STATEMENT PRESENTATION
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.
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. In management's opinion, the accompanying consolidated financial statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All adjustments are of a normal recurring nature unless otherwise disclosed. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year.
(2) REVENUES FROM CONTRACTS WITH CUSTOMERS
Disaggregation of Revenue
All of the Company's revenues from contracts with customers have title transfer in the United States ("U.S.") and are recognized at the point in time when control is transferred to the customer and collectability is reasonably assured. Accounts receivable attributable to our revenue contracts with customers was $
|
Three Months Ended March 31, |
|
|||||
|
2026 |
|
|
2025 |
|
||
Natural gas sales |
$ |
|
|
$ |
|
||
NGLs sales |
|
|
|
|
|
||
Oil sales |
|
|
|
|
|
||
Total natural gas, NGLs and oil sales |
|
|
|
|
|
||
Sales of purchased natural gas |
|
|
|
|
|
||
Sales of purchased NGLs |
|
|
|
|
|
||
Other marketing revenue |
|
|
|
|
|
||
Total |
$ |
|
|
$ |
|
||
(3) INCOME TAXES
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.
8
(4) NET INCOME PER COMMON SHARE
The following sets forth a reconciliation of net income to basic net income attributable to common shareholders to diluted net income attributable to common shareholders (in thousands, except per share amounts):
|
Three Months Ended |
|
|||||
|
2026 |
|
|
2025 |
|
||
Net income, as reported |
$ |
|
|
$ |
|
||
Participating earnings (a) |
|
( |
) |
|
|
( |
) |
Basic net income attributed to common shareholders |
|
|
|
|
|
||
Reallocation of participating earnings (a) |
|
|
|
|
|
||
Diluted net income attributed to common shareholders |
$ |
|
|
$ |
|
||
Net income per common share: |
|
|
|
|
|
||
Basic |
$ |
|
|
$ |
|
||
Diluted |
$ |
|
|
$ |
|
||
The following details weighted average common shares outstanding and diluted weighted average common shares outstanding (in thousands):
|
Three Months Ended |
|
|||||
|
2026 |
|
|
2025 |
|
||
Weighted average common shares outstanding – basic |
|
|
|
|
|
||
Effect of dilutive securities: |
|
|
|
|
|
||
Director and employee restricted stock and performance-based equity awards |
|
|
|
|
|
||
Weighted average common shares outstanding – diluted |
|
|
|
|
|
||
Weighted average common shares outstanding – basic for first quarter 2026 excludes
(5) INDEBTEDNESS
|
March 31, |
|
|
December 31, |
|
||
Bank debt |
$ |
|
|
$ |
|
||
Senior notes: |
|
|
|
|
|
||
|
|
|
|
|
|||
|
|
|
|
|
|||
Total senior notes |
|
|
|
|
|
||
Unamortized debt issuance costs |
|
( |
) |
|
|
( |
) |
Total debt, net of debt issuance costs |
|
|
|
|
|
||
Bank Debt
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
9
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
As part of our re-determination completed in March 2026, our borrowing base was reaffirmed at $
Senior Notes
In January 2026, we fully redeemed the principal balance of our
If we experience a change of control, noteholders may require us to repurchase all or a portion of our senior notes at
Guarantees
Range is a holding company that owns no operating assets and has no significant operations independent of its subsidiaries. The guarantees by our subsidiaries, which are directly or indirectly owned by Range, of our senior notes and our bank credit facility are full and unconditional and joint and several, subject to certain customary release provisions. The assets, liabilities and results of operations of Range and our guarantor subsidiaries are not materially different than our consolidated financial statements. A subsidiary guarantor may be released from its obligations under the guarantee:
(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 |
|
|
Year Ended |
|
||
Beginning of period |
$ |
|
|
$ |
|
||
Liabilities incurred |
|
|
|
|
|
||
Liabilities settled |
|
( |
) |
|
|
( |
) |
Accretion expense |
|
|
|
|
|
||
Change in estimate |
|
|
|
|
|
||
End of period |
|
|
|
|
|
||
Less current portion |
|
( |
) |
|
|
( |
) |
Long-term asset retirement obligations |
$ |
|
|
$ |
|
||
10
(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. All fair market values ("FMV") are presented in thousands:
Period |
|
Contract Type |
|
Volume Hedged |
|
|
Weighted Average Hedge Price |
|
|
FMV |
|
|||||||||||||||||
|
|
|
|
|
|
Swap |
|
|
Sold Put |
|
|
Floor |
|
|
Ceiling |
|
|
|
|
|||||||||
Natural Gas (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Apr - Dec 2026 |
|
Swaps |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
||||||
Apr - Dec 2026 |
|
Three-way Collars |
|
|
|
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
||||||
2027 |
|
Swaps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
||||||
2027 |
|
Three-way Collars |
|
|
|
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
||||||
2028 |
|
Collars |
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Oil |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Apr - Sep 2026 |
|
Three-way Collars |
|
|
|
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
( |
) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
NGLs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Apr - Sep 2026 |
|
C3 Swaps |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
( |
) |
|||||
Apr - Jun 2026 |
|
C5 Swaps |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
( |
) |
|||||
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 through December 2030 and include a total volume of
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 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):
|
March 31, |
|
|
December 31, |
|
||
Derivative assets: |
|
|
|
|
|
||
Gross amounts of recognized assets |
$ |
|
|
$ |
|
||
Gross amounts offset in the consolidated balance sheets |
|
( |
) |
|
|
( |
) |
Net amounts of assets presented in the consolidated balance sheets |
$ |
|
|
$ |
|
||
|
March 31, |
|
|
December 31, |
|
||
Derivative (liabilities): |
|
|
|
|
|
||
Gross amounts of recognized (liabilities) |
$ |
( |
) |
|
$ |
( |
) |
Gross amounts offset in the consolidated balance sheets |
|
|
|
|
|
||
Net amounts of (liabilities) presented in the consolidated balance sheets |
$ |
( |
) |
|
$ |
( |
) |
11
Derivative Fair Value Loss
The effects of our derivatives on our consolidated statements of income are summarized below (in thousands):
|
Three Months Ended |
|
|||||
|
2026 |
|
|
2025 |
|
||
Natural gas derivatives |
$ |
( |
) |
|
$ |
( |
) |
NGLs derivatives |
|
( |
) |
|
|
( |
) |
Oil derivatives |
|
( |
) |
|
|
|
|
Total derivative fair value loss |
$ |
( |
) |
|
$ |
( |
) |
(8) FAIR VALUE MEASUREMENTS
The Company follows the authoritative guidance for measuring fair value of assets and liabilities in its financial statements. 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. 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 volatility of
|
Three Months Ended |
|
|
Balance at December 31, 2025 |
$ |
( |
) |
Total gains included in earnings |
|
|
|
Additions |
|
( |
) |
Settlements |
|
|
|
Transfers |
|
|
|
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 |
|
|
December 31, 2025 |
|
||||||||||
|
Carrying |
|
|
Fair |
|
|
Carrying |
|
|
Fair |
|
||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
||||
Commodity derivatives (a) |
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Marketable securities (b) |
|
|
|
|
|
|
|
|
|
|
|
||||
(Liabilities): |
|
|
|
|
|
|
|
|
|
|
|
||||
Commodity derivatives (a) |
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Bank credit facility (c) |
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|||
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
Deferred compensation plan (d) |
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Our current assets and liabilities include financial instruments, the most significant of which are trade accounts receivable and payable. We believe the carrying values of our current assets and liabilities approximate fair value. 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 $
12
Certain assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. Our proved natural gas and oil properties are reviewed for impairment periodically as events or changes in circumstances indicate the carrying amount may not be recoverable. There were
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. 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. Counterparty credit risk is considered when determining the fair value of our derivative contracts. 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 included
(9) STOCK-BASED COMPENSATION PLANS
Total Stock-Based Compensation Expense
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. Stock-based compensation represents amortization of time-based restricted stock and performance-based awards.
|
Three Months Ended March 31, |
|
|||||
|
2026 |
|
|
2025 |
|
||
Direct operating expense |
$ |
|
|
$ |
|
||
Brokered natural gas and marketing expense |
|
|
|
|
|
||
Exploration expense |
|
|
|
|
|
||
General and administrative expense |
|
|
|
|
|
||
Total stock-based compensation expense |
$ |
|
|
$ |
|
||
The mark-to-market adjustment of the liability related to the restricted stock Liability Awards held in our deferred compensation plan 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. Fair value is based on prevailing market price on the date of grant and is expensed over a service period up to three years. We recorded compensation expense for these outstanding Equity Awards of $
Time-based - Liability Awards. There have been no significant ("Liability Awards") grants since 2022, and we have
Performance-based TSR Awards ("TSRs" or "TSR Awards"). The fair value of the TSR Awards is estimated on the date of grant using a Monte Carlo simulation model which utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award grant and calculates the fair value of the award. Expected volatilities utilized in the model were estimated using a historical period consistent with the remaining performance period of three years. The risk-free interest rate was based on the United States Treasury rate for a term commensurate with the life of the grant.
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 $
13
actual targets achieved.
|
|
Three Months Ended March 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
Risk-free interest rate |
|
|
% |
|
|
% |
||
Expected annual volatility |
|
|
% |
|
|
% |
||
Grant date fair value per unit - relative TSR units |
|
$ |
|
|
$ |
|
||
Grant date fair value per unit - absolute TSR units |
|
$ |
|
|
$ |
|
||
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:
|
Time-Based |
|
|
Performance-Based |
|
||||||||||
|
Shares |
|
|
Weighted |
|
|
Number |
|
|
Weighted |
|
||||
Outstanding at December 31, 2025 |
|
|
|
$ |
|
|
|
|
|
$ |
|
||||
Granted |
|
|
|
|
|
|
|
|
|
|
|
||||
Vested |
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
||
Forfeited |
|
( |
) |
|
|
|
|
|
|
|
|
|
|||
Outstanding at March 31, 2026 |
|
|
|
$ |
|
|
|
|
|
$ |
|
||||
Deferred Compensation Plan
The assets of our deferred compensation plan are held in a grantor trust, which we refer to as the Rabbi Trust, and are therefore available to satisfy the claims of our general creditors in the event of bankruptcy or insolvency. 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 $
(10) CAPITAL STOCK
Treasury Stock
In February 2026, our Board of Directors approved an increase to our existing stock repurchase program to an aggregate $
|
Three Months Ended |
|
|
Beginning balance |
|
|
|
Shares repurchased |
|
|
|
Ending balance |
|
|
|
14
(11) EXIT COSTS
In third quarter 2020, the Company sold its North Louisiana assets and retained certain gathering, transportation and processing obligations which extend into 2030. These are contracts where we will not realize any future benefit. The estimated obligations are included in current and long-term divestiture contract obligation in our consolidated balance sheets. In first three months 2026, we recorded accretion expense of $
The following details the accrued exit cost liability activity for the three months ended March 31, 2026 (in thousands):
|
Exit Costs |
|
|
Balance at December 31, 2025 |
$ |
|
|
Accretion of discount |
|
|
|
Payments |
|
( |
) |
Balance at March 31, 2026 |
$ |
|
|
(12) SUPPLEMENTAL CASH FLOW INFORMATION
|
Three Months Ended March 31, |
|
|||||
|
2026 |
|
|
2025 |
|
||
|
(in thousands) |
|
|||||
Net cash provided from operating activities included: |
|
|
|
|
|
||
State income taxes paid to taxing authorities (a) |
|
( |
) |
|
|
( |
) |
Interest paid |
|
( |
) |
|
|
( |
) |
Non-cash investing activities included: |
|
|
|
|
|
||
Increase in asset retirement costs capitalized |
|
|
|
|
|
||
Decrease in accrued capital expenditures |
|
( |
) |
|
|
( |
) |
(13) COMMITMENTS AND CONTINGENCIES
Litigation
We are the subject of, or party to, various pending or threatened legal actions, administrative proceedings or investigations arising in the ordinary course of our business including, but not limited to, royalty claims, contract claims and environmental claims. While many of these matters involve inherent uncertainty, we believe that the amount of the liability, if any, ultimately incurred with respect to these actions, proceedings or claims will not have a material adverse effect on our consolidated financial position as a whole or on our liquidity, capital resources or future annual results of operations.
When deemed necessary, we establish reserves for certain legal proceedings. The establishment of a reserve is based on an estimation process that includes the advice of legal counsel and subjective judgment of management. While management believes these reserves to be adequate, it is reasonably possible we could incur additional losses with respect to those matters in which reserves have been established. We will continue to evaluate our litigation on a quarterly basis and will establish and adjust any litigation reserves as appropriate to reflect our assessment of the then current status of litigation.
We have incurred and will continue to incur capital, operating and remediation expenditures as a result of environmental laws and regulations. As of March 31, 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. Environmental liabilities normally involve estimates that are subject to revision until final resolution, settlement or remediation occurs.
Transportation, Gathering and Processing Contracts
There were
15
(14) SUSPENDED EXPLORATORY WELL COSTS
We capitalize exploratory well costs until a determination is made that the well has either found proved reserves or that it is impaired. Capitalized exploratory well costs are presented in natural gas and oil properties in the accompanying consolidated balance sheets. If an exploratory well is determined to be impaired, the well costs are charged to exploration expense in the accompanying consolidated statements of income.
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.
|
|
Three Months Ended |
|
|
Year Ended |
|
||
|
|
(in thousands) |
|
|||||
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 |
|
|
|
|
|
|
||
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 |
|
|
|
|
|
|
||
(15) NATURAL GAS AND OIL EXPLORATION, DEVELOPMENT AND PRODUCTION ACTIVITIES
Capitalized Costs and Accumulated Depreciation, Depletion and Amortization (a)
|
March 31, |
|
|
December 31, |
|
||
|
(in thousands) |
|
|||||
Natural gas, NGLs and oil properties: |
|
|
|
|
|
||
Properties subject to depreciation, depletion and amortization |
$ |
|
|
$ |
|
||
Unproved properties |
|
|
|
|
|
||
Total |
|
|
|
|
|
||
Accumulated depletion and depreciation |
|
( |
) |
|
|
( |
) |
Net capitalized costs |
$ |
|
|
$ |
|
||
Costs Incurred for Property Acquisition, Exploration and Development (b)
|
Three Months Ended |
|
|
Year Ended |
|
||
|
(in thousands) |
|
|||||
Acquisitions: |
|
|
|
|
|
||
Acreage purchases |
$ |
|
|
$ |
|
||
Development |
|
|
|
|
|
||
Exploration: |
|
|
|
|
|
||
Drilling |
|
|
|
|
|
||
Expense |
|
|
|
|
|
||
Stock-based compensation expense |
|
|
|
|
|
||
Pipeline and facilities: |
|
|
|
|
|
||
Development |
|
|
|
|
|
||
Subtotal |
|
|
|
|
|
||
Asset retirement obligations |
|
|
|
|
|
||
Total costs incurred |
$ |
|
|
$ |
|
||
(b) Includes costs incurred whether capitalized or expensed.
16
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview of Our Business
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. We measure financial performance as a single enterprise and not on a geographical or an area-by-area basis.
Our overarching business objective is to build stockholder value through returns-focused development of properties. Our strategy to achieve our business objective is to generate consistent cash flows from reserves and production through internally generated drilling projects occasionally coupled with complementary acquisitions and divestitures. Currently, our investment portfolio is focused on high-quality natural gas and NGLs assets in the Commonwealth of Pennsylvania. Our revenues, profitability and future growth depend substantially on prevailing prices for natural gas, NGLs and oil and on our ability to economically find, develop, acquire, produce and sell these reserves.
Commodity prices have been and are expected to remain volatile. We believe we are well-positioned to manage challenges that could occur during price variations and that we can endure the continued fluctuations in current and future commodity prices by:
Prices for natural gas, NGLs and oil fluctuate widely and affect:
We prepare our financial statements in conformity with U.S. GAAP, which requires us to make estimates and assumptions that affect our reported results of operations and the amount of our reported assets, liabilities and proved reserves. We use the successful efforts method of accounting for our natural gas, NGLs and oil activities. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the preceding consolidated financial statements and notes in Item 1.
Market Conditions
We believe we are positioned for sustainable long-term success. We continue to monitor the impact of the actions of OPEC and other large hydrocarbon producing nations; the Russia-Ukraine 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; future U.S. infrastructure investment; 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 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. LNG exports, as well as domestic electricity generation. 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. We continue to assess and monitor the impact of these factors on our business and operations.
17
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, |
|
|||||
|
2026 |
|
|
2025 |
|
||
Benchmarks: |
|
|
|
|
|
||
Average NYMEX prices (a) |
|
|
|
|
|
||
Natural gas (per mcf) |
$ |
4.97 |
|
|
$ |
3.66 |
|
Oil (per bbl) |
|
73.98 |
|
|
|
71.40 |
|
Mont Belvieu NGLs composite (per gallon) (b) |
|
0.53 |
|
|
|
0.64 |
|
Prices for natural gas, NGLs and oil that we produce significantly impact our revenues and cash flows. Our price realizations (not including the impact of our derivatives) may differ from these benchmarks for many reasons, including quality, location or production being sold at different indices.
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:
First quarter 2026 also included the following returns of capital and balance sheet highlights:
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.
18
Natural Gas, NGLs and Oil Sales, Production and Realized Price Calculations
Our revenues vary primarily as a result of changes in realized commodity prices and production volumes. 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, |
|
|||||||||||||
|
2026 |
|
|
2025 |
|
|
Change |
|
|
% |
|
||||
Natural gas, NGLs and oil sales |
|
|
|
|
|
|
|
|
|
|
|
||||
Natural gas |
$ |
704,081 |
|
|
$ |
490,377 |
|
|
$ |
213,704 |
|
|
|
44 |
% |
NGLs |
|
259,232 |
|
|
|
275,654 |
|
|
|
(16,422 |
) |
|
|
(6 |
)% |
Oil |
|
46,939 |
|
|
|
25,889 |
|
|
|
21,050 |
|
|
|
81 |
% |
Total natural gas, NGLs and oil sales |
$ |
1,010,252 |
|
|
$ |
791,920 |
|
|
$ |
218,332 |
|
|
|
28 |
% |
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, |
|
|||||||||||||
|
2026 |
|
|
2025 |
|
|
Change |
|
|
% |
|
||||
Production (a) |
|
|
|
|
|
|
|
|
|
|
|
||||
Natural gas (mcf) |
|
135,795,771 |
|
|
|
135,963,430 |
|
|
|
(167,659 |
) |
|
|
— |
% |
NGLs (bbls) |
|
9,737,382 |
|
|
|
9,919,989 |
|
|
|
(182,607 |
) |
|
|
(2 |
)% |
Oil (bbls) |
|
741,524 |
|
|
|
423,579 |
|
|
|
317,945 |
|
|
|
75 |
% |
Total (mcfe) (b) |
|
198,669,207 |
|
|
|
198,024,838 |
|
|
|
644,369 |
|
|
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average daily production (a) |
|
|
|
|
|
|
|
|
|
|
|
||||
Natural gas (mcf) |
|
1,508,842 |
|
|
|
1,510,705 |
|
|
|
(1,863 |
) |
|
|
— |
% |
NGLs (bbls) |
|
108,193 |
|
|
|
110,222 |
|
|
|
(2,029 |
) |
|
|
(2 |
)% |
Oil (bbls) |
|
8,239 |
|
|
|
4,706 |
|
|
|
3,533 |
|
|
|
75 |
% |
Total (mcfe) (b) |
|
2,207,436 |
|
|
|
2,200,276 |
|
|
|
7,160 |
|
|
|
— |
% |
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. 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. Our average realized price calculations for three months ended March 31, 2026 and 2025 are shown below:
|
Three Months Ended March 31, |
|
|||||||||||||
|
2026 |
|
|
2025 |
|
|
Change |
|
|
% |
|
||||
Average Prices |
|
|
|
|
|
|
|
|
|
|
|
||||
Average realized prices (excluding derivative settlements): |
|
|
|
|
|
|
|
|
|
|
|
||||
Natural gas (per mcf) |
$ |
5.18 |
|
|
$ |
3.61 |
|
|
$ |
1.57 |
|
|
|
43 |
% |
NGLs (per bbl) |
|
26.62 |
|
|
|
27.79 |
|
|
|
(1.17 |
) |
|
|
(4 |
)% |
Oil (per bbl) |
|
63.30 |
|
|
|
61.12 |
|
|
|
2.18 |
|
|
|
4 |
% |
Total (per mcfe) (a) |
|
5.09 |
|
|
|
4.00 |
|
|
|
1.09 |
|
|
|
27 |
% |
Average realized prices (including derivative settlements): |
|
|
|
|
|
|
|
|
|
|
|
||||
Natural gas (per mcf) |
$ |
4.85 |
|
|
$ |
3.64 |
|
|
$ |
1.21 |
|
|
|
33 |
% |
NGLs (per bbl) |
|
26.62 |
|
|
|
27.75 |
|
|
|
(1.13 |
) |
|
|
(4 |
)% |
Oil (per bbl) |
|
58.41 |
|
|
|
61.72 |
|
|
|
(3.31 |
) |
|
|
(5 |
)% |
Total (per mcfe) (a) |
|
4.84 |
|
|
|
4.02 |
|
|
|
0.82 |
|
|
|
20 |
% |
Average realized prices (including derivative settlements and third-party transportation costs paid by Range): |
|
|
|
|
|
|
|
|
|
|
|
||||
Natural gas (per mcf) |
$ |
3.60 |
|
|
$ |
2.48 |
|
|
$ |
1.12 |
|
|
|
45 |
% |
NGLs (per bbl) |
|
10.87 |
|
|
|
12.84 |
|
|
|
(1.97 |
) |
|
|
(15 |
)% |
Oil (per bbl) |
|
57.36 |
|
|
|
59.95 |
|
|
|
(2.59 |
) |
|
|
(4 |
)% |
Total (per mcfe) (a) |
|
3.21 |
|
|
|
2.48 |
|
|
|
0.73 |
|
|
|
29 |
% |
19
Realized prices include the impact of basis differentials and gains or losses realized from our basis hedging. The prices we receive for our natural gas can be more or less than the NYMEX price because of adjustments for delivery location, relative quality and other factors. The following table provides this impact on a per mcf basis:
|
Three Months Ended |
|
|||||
|
2026 |
|
|
2025 |
|
||
Average natural gas differentials above (below) NYMEX |
$ |
0.21 |
|
|
$ |
(0.05 |
) |
Realized (losses) on basis hedging |
$ |
(0.03 |
) |
|
$ |
(0.10 |
) |
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, |
|
|||||||||||||
|
2025 |
|
|
Price |
|
|
Volume |
|
|
2026 |
|
||||
Natural gas |
|
|
|
|
|
|
|
|
|
|
|
||||
Price (per mcf) |
$ |
3.61 |
|
|
$ |
1.57 |
|
|
$ |
— |
|
|
$ |
5.18 |
|
Production (Mmcf) |
|
135,963 |
|
|
|
— |
|
|
|
(167 |
) |
|
|
135,796 |
|
Natural gas sales |
$ |
490,377 |
|
|
$ |
214,309 |
|
|
$ |
(605 |
) |
|
$ |
704,081 |
|
|
Three Months Ended March 31, |
|
|||||||||||||
|
2025 |
|
|
Price |
|
|
Volume |
|
|
2026 |
|
||||
NGLs |
|
|
|
|
|
|
|
|
|
|
|
||||
Price (per bbl) |
$ |
27.79 |
|
|
$ |
(1.17 |
) |
|
$ |
— |
|
|
$ |
26.62 |
|
Production (Mbbls) |
|
9,920 |
|
|
|
— |
|
|
|
(183 |
) |
|
|
9,737 |
|
NGLs sales |
$ |
275,654 |
|
|
$ |
(11,348 |
) |
|
$ |
(5,074 |
) |
|
$ |
259,232 |
|
|
Three Months Ended March 31, |
|
|||||||||||||
|
2025 |
|
|
Price |
|
|
Volume |
|
|
2026 |
|
||||
Oil |
|
|
|
|
|
|
|
|
|
|
|
||||
Price (per bbl) |
$ |
61.12 |
|
|
$ |
2.18 |
|
|
$ |
— |
|
|
$ |
63.30 |
|
Production (Mbbls) |
|
424 |
|
|
|
— |
|
|
|
318 |
|
|
|
742 |
|
Oil sales |
$ |
25,889 |
|
|
$ |
1,617 |
|
|
$ |
19,433 |
|
|
$ |
46,939 |
|
|
Three Months Ended March 31, |
|
|||||||||||||
|
2025 |
|
|
Price |
|
|
Volume |
|
|
2026 |
|
||||
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
||||
Price (per mcfe) |
$ |
4.00 |
|
|
$ |
1.09 |
|
|
$ |
— |
|
|
$ |
5.09 |
|
Production (Mmcfe) |
|
198,025 |
|
|
|
— |
|
|
|
644 |
|
|
|
198,669 |
|
Total natural gas, NGLs and oil sales |
$ |
791,920 |
|
|
$ |
215,755 |
|
|
$ |
2,577 |
|
|
$ |
1,010,252 |
|
20
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. 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, |
|
|||||||||||||
|
2026 |
|
|
2025 |
|
|
Change |
|
|
% |
|
||||
Transportation, gathering |
|
|
|
|
|
|
|
|
|
|
|
||||
Natural gas |
$ |
169,206 |
|
|
$ |
157,519 |
|
|
$ |
11,687 |
|
|
|
7 |
% |
NGLs |
|
153,344 |
|
|
|
147,838 |
|
|
|
5,506 |
|
|
|
4 |
% |
Oil |
|
779 |
|
|
|
752 |
|
|
|
27 |
|
|
|
4 |
% |
Total |
$ |
323,329 |
|
|
$ |
306,109 |
|
|
$ |
17,220 |
|
|
|
6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Natural gas (per mcf) |
$ |
1.25 |
|
|
$ |
1.16 |
|
|
$ |
0.09 |
|
|
|
8 |
% |
NGLs (per bbl) |
|
15.75 |
|
|
|
14.90 |
|
|
|
0.85 |
|
|
|
6 |
% |
Oil (per bbl) |
|
1.05 |
|
|
|
1.77 |
|
|
|
(0.72 |
) |
|
|
(41 |
)% |
Total (per mcfe) |
$ |
1.63 |
|
|
$ |
1.55 |
|
|
|
0.08 |
|
|
|
5 |
% |
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. Mark-to-market accounting treatment can result in more volatility of our revenues as the change in the fair value of our commodity derivative positions is included in total revenue. As commodity prices increase or decrease, such changes will have an opposite effect on the mark-to-market value of our derivatives. Gains on our derivatives generally indicate potentially lower wellhead revenues in the future while 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):
|
Three Months Ended |
|
|||||
|
2026 |
|
|
2025 |
|
||
Derivative fair value loss per consolidated statements of income |
$ |
(33,429 |
) |
|
$ |
(158,957 |
) |
|
|
|
|
|
|
||
Non-cash fair value income (loss): (a) |
|
|
|
|
|
||
Natural gas derivatives |
$ |
39,367 |
|
|
$ |
(163,067 |
) |
NGLs derivatives |
|
(9,982 |
) |
|
|
(551 |
) |
Oil derivatives |
|
(13,519 |
) |
|
|
88 |
|
Total non-cash fair value income (loss) (a) |
$ |
15,866 |
|
|
$ |
(163,530 |
) |
|
|
|
|
|
|
||
Net cash (payment) receipt on derivative settlements: |
|
|
|
|
|
||
Natural gas derivatives |
$ |
(45,669 |
) |
|
$ |
4,729 |
|
NGLs derivatives |
|
— |
|
|
|
(412 |
) |
Oil derivatives |
|
(3,626 |
) |
|
|
256 |
|
Total net cash (payment) receipt |
$ |
(49,295 |
) |
|
$ |
4,573 |
|
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. 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. 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.
21
Operating Costs per Mcfe
We believe some of our expense fluctuations are best analyzed on a unit-of-production or per mcfe basis. The following table presents information about certain of our expenses on a per mcfe basis for the three months ended March 31, 2026 and 2025:
|
Three Months Ended March 31, |
|
|||||||||||||
|
2026 |
|
|
2025 |
|
|
Change |
|
|
% |
|
||||
Direct operating expense |
$ |
0.14 |
|
|
$ |
0.13 |
|
|
$ |
0.01 |
|
|
|
8 |
% |
Taxes other than income |
|
0.03 |
|
|
|
0.04 |
|
|
|
(0.01 |
) |
|
|
(25 |
)% |
General and administrative expense |
|
0.23 |
|
|
|
0.21 |
|
|
|
0.02 |
|
|
|
10 |
% |
Interest expense |
|
0.10 |
|
|
|
0.15 |
|
|
|
(0.05 |
) |
|
|
(33 |
)% |
Depletion, depreciation and amortization expense |
|
0.45 |
|
|
|
0.46 |
|
|
|
(0.01 |
) |
|
|
(2 |
)% |
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. 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, |
|
|||||||||||||
|
2026 |
|
|
2025 |
|
|
Change |
|
|
% |
|
||||
Direct operating |
|
|
|
|
|
|
|
|
|
|
|
||||
Lease operating expense |
$ |
0.14 |
|
|
$ |
0.13 |
|
|
$ |
0.01 |
|
|
|
8 |
% |
Workovers |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
% |
Stock-based compensation |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
% |
Total direct operating expense |
$ |
0.14 |
|
|
$ |
0.13 |
|
|
$ |
0.01 |
|
|
|
8 |
% |
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 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, |
|
|||||||||||||
|
2026 |
|
|
2025 |
|
|
Change |
|
|
% |
|
||||
Taxes other than income |
|
|
|
|
|
|
|
|
|
|
|
||||
Impact fee |
$ |
0.03 |
|
|
$ |
0.04 |
|
|
$ |
(0.01 |
) |
|
|
(25 |
)% |
Other |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
% |
Total taxes other than income |
$ |
0.03 |
|
|
$ |
0.04 |
|
|
$ |
(0.01 |
) |
|
|
(25 |
)% |
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, |
|
|||||||||||||
|
2026 |
|
|
2025 |
|
|
Change |
|
|
% |
|
||||
General and administrative |
|
|
|
|
|
|
|
|
|
|
|
||||
General and administrative |
$ |
0.18 |
|
|
$ |
0.16 |
|
|
$ |
0.02 |
|
|
|
13 |
% |
Stock-based compensation |
|
0.05 |
|
|
|
0.05 |
|
|
|
— |
|
|
|
— |
% |
Total general and administrative expense |
$ |
0.23 |
|
|
$ |
0.21 |
|
|
$ |
0.02 |
|
|
|
10 |
% |
22
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, |
|
|||||||||||||
|
2026 |
|
|
2025 |
|
|
Change |
|
|
% |
|
||||
Bank credit facility (a) |
$ |
0.05 |
|
|
$ |
0.01 |
|
|
$ |
0.04 |
|
|
|
400 |
% |
Senior notes |
|
0.04 |
|
|
|
0.13 |
|
|
|
(0.09 |
) |
|
|
(69 |
)% |
Amortization of debt issuance costs and other |
|
0.01 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
— |
% |
Total interest expense |
$ |
0.10 |
|
|
$ |
0.15 |
|
|
$ |
(0.05 |
) |
|
|
(33 |
)% |
Average debt outstanding ($000) |
$ |
1,210,027 |
|
|
$ |
1,706,718 |
|
|
$ |
(496,691 |
) |
|
|
(29 |
)% |
Average interest rate (b) |
|
6.1 |
% |
|
|
6.5 |
% |
|
|
(0.4 |
)% |
|
|
(6 |
)% |
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. 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. 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, |
|
|||||||||||||
|
2026 |
|
|
2025 |
|
|
Change |
|
|
% |
|
||||
DD&A |
|
|
|
|
|
|
|
|
|
|
|
||||
Depletion and amortization |
$ |
0.44 |
|
|
$ |
0.45 |
|
|
$ |
(0.01 |
) |
|
|
(2 |
)% |
Depreciation |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
% |
Accretion and other |
|
0.01 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
— |
% |
Total DD&A expense |
$ |
0.45 |
|
|
$ |
0.46 |
|
|
$ |
(0.01 |
) |
|
|
(2 |
)% |
Other Operating Expenses
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. 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 |
|
|||||
|
2026 |
|
|
2025 |
|
||
Brokered natural gas, NGLs and marketing |
|
|
|
|
|
||
Brokered natural gas sales |
$ |
52,877 |
|
|
$ |
51,085 |
|
Brokered NGLs sales |
|
2,266 |
|
|
|
1,767 |
|
Other marketing revenue |
|
2,086 |
|
|
|
1,556 |
|
Brokered natural gas purchases and transportation |
|
(52,779 |
) |
|
|
(53,465 |
) |
Brokered NGLs purchases |
|
(2,223 |
) |
|
|
(1,834 |
) |
Other marketing expense |
|
(3,121 |
) |
|
|
(2,902 |
) |
Net brokered natural gas, NGLs and marketing net margin |
$ |
(894 |
) |
|
$ |
(3,793 |
) |
23
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, |
|
|||||||||||||
|
2026 |
|
|
2025 |
|
|
Change |
|
|
% |
|
||||
Exploration |
|
|
|
|
|
|
|
|
|
|
|
||||
Delay rentals and other |
$ |
4,138 |
|
|
$ |
4,488 |
|
|
$ |
(350 |
) |
|
|
(8 |
)% |
Seismic |
|
— |
|
|
|
124 |
|
|
|
(124 |
) |
|
|
(100 |
)% |
Personnel expense |
|
1,558 |
|
|
|
1,432 |
|
|
|
126 |
|
|
|
9 |
% |
Stock-based compensation expense |
|
334 |
|
|
|
347 |
|
|
|
(13 |
) |
|
|
(4 |
)% |
Total exploration expense |
$ |
6,030 |
|
|
$ |
6,391 |
|
|
$ |
(361 |
) |
|
|
(6 |
)% |
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. 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. 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. This non-cash item relates to the increase or decrease in value of the liability associated with our common stock that is vested and held in our deferred compensation plan. The deferred compensation liability is adjusted to fair value by a charge or a credit to deferred compensation plan expense based on the number of vested shares in the plan at the time. The 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 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.
24
Management’s Discussion and Analysis of Financial Condition, Capital Resources and Liquidity
Commodity prices are the most significant factor impacting our revenues, net income, operating cash flows, and the amount of capital we have available to invest in our business, pay dividends and fund share or debt repurchases. Commodity prices have been and are expected to remain volatile. 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.
Cash Flows
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, |
|
|||||
|
2026 |
|
|
2025 |
|
||
Sources of cash and cash equivalents |
|
|
|
|
|
||
Operating activities |
$ |
619,136 |
|
|
$ |
330,083 |
|
Disposal of assets |
|
31 |
|
|
|
50 |
|
Borrowings on credit facility |
|
1,182,000 |
|
|
|
— |
|
Other |
|
13,642 |
|
|
|
3,996 |
|
Total sources of cash and cash equivalents |
$ |
1,814,809 |
|
|
$ |
334,129 |
|
|
|
|
|
|
|
||
Uses of cash and cash equivalents |
|
|
|
|
|
||
Additions to natural gas, NGLs and oil properties |
$ |
(158,310 |
) |
|
$ |
(132,681 |
) |
Repayments on credit facility |
|
(966,000 |
) |
|
|
— |
|
Acreage purchases |
|
(7,633 |
) |
|
|
(24,919 |
) |
Additions to field service assets and other |
|
(1,793 |
) |
|
|
(722 |
) |
Repayment of senior notes |
|
(608,250 |
) |
|
|
(2,157 |
) |
Treasury stock purchases |
|
(27,124 |
) |
|
|
(67,477 |
) |
Dividends paid |
|
(23,835 |
) |
|
|
(21,613 |
) |
Other |
|
(21,821 |
) |
|
|
(44,476 |
) |
Total uses of cash and cash equivalents |
$ |
(1,814,766 |
) |
|
$ |
(294,045 |
) |
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 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.
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.
25
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 borrowing base can be adjusted as a result of changes in commodity prices, acquisitions or divestitures of proved properties or financing activities. We may draw on our bank credit facility to meet short-term cash requirements.
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.
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.
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.
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.
Capital Requirements
We use cash for the development, exploration and acquisition of natural gas properties and for the payment of gathering, transportation and processing costs, operating, general and administrative costs, taxes and debt obligations, including interest, dividends and share repurchases. 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. 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. In addition, the impact of commodity prices on investment opportunities, the availability of capital and the timing and results of our development activities may lead to changes in funding requirements for future development. We periodically review our budget to assess changes in current and projected cash flows, debt requirements and other factors.
We may from time to time repurchase or redeem all or portions of our outstanding debt securities for cash, through exchanges for other securities or a combination of both. Such repurchases or redemptions may be made in open market transactions and will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material.
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. 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
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.
Other Sources of Liquidity
We have a universal shelf registration statement filed with the SEC under which we, as a well-known seasoned issuer for purposes of SEC rules, have the future ability to sell an indeterminate amount of various types of debt and equity securities.
26
Cash Contractual Obligations
Our contractual obligations include long-term debt, operating leases, derivative obligations, asset retirement obligations and transportation, processing and gathering commitments including the divestiture contractual commitment that we incurred in conjunction with the sale of our North Louisiana assets. See Note 13 to our unaudited consolidated financial statements entitled "Commitments and Contingencies" for more information on commitments.
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.
Off-Balance Sheet Arrangements
We do not currently utilize any significant off-balance sheet arrangements with unconsolidated entities to enhance our liquidity or capital resource position, or for any other purpose. However, as is customary in the oil and gas industry, we have various contractual work commitments, some of which are described above under Cash Contractual Obligations.
Changes in Prices and Costs
Our revenues, the value of our assets and our ability to obtain bank loans or additional capital on attractive terms have been and will continue to be affected by changes in natural gas, NGLs and oil prices and the costs to produce our reserves. Natural gas, NGLs and oil prices are subject to significant fluctuations that are beyond our ability to control or predict. Certain of our costs and expenses are affected by general inflation and tariffs. We expect costs for the remainder of 2026 to continue to be a function of supply and demand.
Forward-Looking Statements
Certain sections of Management’s Discussion and Analysis of Financial Condition and Results of Operations include forward-looking statements concerning trends or events potentially affecting our business. These statements typically contain words such as "anticipates," "believes," "expects," "targets," "plans," "estimates," "predicts," "may," "should," "would" or similar words indicating that future outcomes are uncertain. In accordance with "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, these statements are accompanied by cautionary language identifying important factors, though not necessarily all such factors, which could cause future outcomes to differ materially from those set forth in the forward-looking statements. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our expectations for future revenues and operating results are based on our current forecasts for our existing operations and do not include the potential impact of any future events. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise. For additional risk factors affecting our business, see Item 1A. Risk Factors as set forth in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 24, 2026.
27
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The primary objective of the following information is to provide forward-looking quantitative and qualitative information about our potential exposure to market risks. The term "market risk" refers to the risk of loss arising from adverse changes in natural gas, NGLs and oil prices and interest rates. The disclosures are not meant to be precise indicators of expected future losses, but rather indicators of reasonably possible losses. This forward-looking information provides indicators of how we view and manage our ongoing market-risk exposure. All of our market-risk sensitive instruments were entered into for purposes other than trading. All accounts are U.S. dollar denominated. These risks have not materially changed and should be read in conjunction with Item 7A Quantitative and Qualitative Disclosures about Market Risk as presented in the Form 10-K.
Market Risk
We are exposed to market risks related to natural gas, NGLs and oil prices, which are difficult to predict. We employ various strategies, including the use of commodity derivative instruments, to manage the risks related to these price fluctuations. These derivative instruments apply to a varying portion of our production and provide partial price protection. These arrangements can limit the benefit to us of increases in prices but offer protection in the event of price declines. Further, if our counterparties defaulted, this protection might be limited as we might not receive the benefits of the derivatives. Realized prices are influenced by the complex dynamics of supply and demand that exist in the global energy markets. Changes in natural gas prices affect us more than changes in oil prices because approximately 65% of our December 31, 2025 proved reserves are natural gas and 1% of proved reserves are oil. In addition, a portion of our NGLs, which are 34% of proved reserves, are also impacted by changes in oil and natural gas prices. At times, we are also exposed to market risks related to changes in interest rates. These risks did not change materially from December 31, 2025 to March 31, 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.
Commodity Price Risk
We use commodity-based derivative contracts to manage exposures to commodity price fluctuations. We do not enter into these arrangements for speculative or trading purposes. At times, certain of our derivatives are swaps where we receive a fixed price (or a fixed percentage of a price) for our production and pay market prices to the counterparty. Our derivatives program can also include collars, which establish a minimum floor price and a predetermined ceiling price. Our program may also include a three-way collar which is a combination of three options. 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. These contracts expire monthly through December 2028. For additional information on our derivative contracts, see Note 7 to the accompanying consolidated financial statements.
Other Commodity Risk
We are impacted by basis risk, caused by factors that affect the relationship between commodity futures prices reflected in derivative commodity instruments and the cash market price of the underlying commodity. Natural gas transaction prices are frequently based on industry reference prices that may vary from prices experienced in local markets. If commodity price changes in one region are not reflected in other regions, derivative commodity instruments may no longer provide the expected hedge, resulting in increased basis risk. Therefore, in addition to the swaps, collars, three-way collars and swaptions discussed above, we have entered into natural gas basis swap agreements. The price we receive for our gas production can be more or less than the NYMEX Henry Hub price because of basis adjustments, relative quality and other factors. Basis swap agreements effectively fix the basis adjustments. The fair value of the natural gas basis swaps was a liability of $12.8 million as of March 31, 2026, and they settle through December 2030.
28
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. We remain at risk for possible changes in the market value of commodity derivative instruments; however, such risks should be mitigated by price changes in the underlying physical commodity (in thousands):
|
|
|
|
Hypothetical Change in Fair Value |
|
||||||||||||||
|
|
|
|
Increase in Commodity |
|
|
Decrease in Commodity |
|
|||||||||||
|
Fair Value |
|
|
10% |
|
|
25% |
|
|
10% |
|
|
25% |
|
|||||
Swaps |
$ |
72,982 |
|
|
$ |
(68,692 |
) |
|
$ |
(171,731 |
) |
|
$ |
68,692 |
|
|
$ |
171,731 |
|
Collars |
|
427 |
|
|
|
(2,010 |
) |
|
|
(5,065 |
) |
|
|
2,012 |
|
|
|
5,094 |
|
Three-way collars |
|
23,478 |
|
|
|
(30,442 |
) |
|
|
(77,191 |
) |
|
|
27,247 |
|
|
|
59,729 |
|
Basis swaps |
|
(12,766 |
) |
|
|
5,616 |
|
|
|
14,040 |
|
|
|
(5,616 |
) |
|
|
(14,040 |
) |
Swaptions |
|
(2,418 |
) |
|
|
(6,831 |
) |
|
|
(26,273 |
) |
|
|
2,091 |
|
|
|
2,415 |
|
Our commodity-based derivative contracts expose us to the credit risk of non-performance by the counterparty to the contracts. Our exposure is diversified primarily among major investment grade financial institutions and we have master netting agreements with our counterparties that provide for offsetting payables against receivables from separate derivative contracts. 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. Counterparty credit risk is considered when determining the fair value of our derivative contracts. 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.
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.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
As required by Rule 13a-15(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), we have evaluated, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. 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.
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.
29
PART II – OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
See Note 13 to our unaudited consolidated financial statements entitled "Commitments and Contingencies" included in Part I Item 1 above for a summary of our legal proceedings, such information being incorporated herein by reference.
Environmental Proceedings
From time to time, we receive notices of violation from governmental and regulatory authorities in areas in which we operate relating to alleged violations of environmental statutes or the rules and regulations promulgated thereunder. While we cannot predict with certainty whether these notices of violation will result in fines and/or penalties, if fines and/or penalties are imposed, they may result in monetary sanctions, individually or in the aggregate, in excess of $250,000.
ITEM 1A. RISK FACTORS
We are subject to various risks and uncertainties in the course of our business. In addition to the factors discussed elsewhere in this report, you should carefully consider the risks and uncertainties described under Item 1A. Risk Factors filed in our Annual Report on Form 10-K for the year ended December 31, 2025.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
In 2019, our Board of Directors authorized a common stock repurchase program. In February 2026, our Board of Directors increased the authorization under the program to $1.5 billion available. Shares repurchased as of March 31, 2026 are held as treasury stock and we have $1.5 billion of remaining authorization under the program. These repurchases are based on trade date, although certain purchases may not have settled until the following month.
Purchases of our common stock during first quarter 2026 are as follows:
Period |
|
Total Number |
|
|
Average Price |
|
|
Total Number |
|
|
Approximate |
|
||||
January 2026 |
|
|
800,000 |
|
|
$ |
33.91 |
|
|
|
800,000 |
|
|
$ |
758,405,950 |
|
February 2026 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
1,500,000,000 |
|
March 2026 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
1,500,000,000 |
|
|
|
|
800,000 |
|
|
|
|
|
|
800,000 |
|
|
|
|
||
ITEM 5. OTHER INFORMATION
During first quarter 2026, no director or officer
30
ITEM 6. EXHIBITS
Exhibit index
|
|
|
|
Incorporated by Reference (File No. 001-12209) |
|||||
Exhibit Number |
|
Exhibit Description |
|
Form |
|
Exhibit |
|
Filing Date |
|
|
|
|
|
|
|
|
|
|
|
3.1 |
|
Restated Certificate of Incorporation of Range Resources Corporation |
|
10-Q |
|
3.1.1 |
|
05/05/2004 |
|
|
|
|
|
|
|
|
|
|
|
3.1.1 |
|
First Amendment to Restated Certificate of Incorporation of Range Resources Corporation |
|
10-Q |
|
3.1 |
|
07/28/2005 |
|
|
|
|
|
|
|
|
|
|
|
3.1.2 |
|
Second Amendment to Restated Certificate of Incorporation of Range Resources Corporation |
|
10-Q |
|
3.1 |
|
07/24/2008 |
|
|
|
|
|
|
|
|
|
|
|
3.1.3 |
|
Third Amendment to Restated Certificate of Incorporation of Range Resources Corporation |
|
8-K |
|
3.1 |
|
05/08/2024 |
|
|
|
|
|
|
|
|
|
|
|
3.2 |
|
|
8-K |
|
3.1 |
|
05/19/2016 |
|
|
|
|
|
|
|
|
|
|
|
|
10.1 |
|
|
8-K
|
|
10.1 |
|
10/02/2025 |
|
|
|
|
|
|
|
|
|
|
|
|
10.2* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31.1* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31.2* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32.1** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32.2** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101. INS* |
|
Inline XBRL Instance Document – the XBRL Instance Document does not appear in the Interactive Data file because its XBRL tags are embedded within the Inline XBRL document |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101. SCH* |
|
Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Document |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
104 * |
|
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
|
|
|
|
|
|
|
* ** |
|
Filed herewith Furnished herewith |
|
|
|
|
|
|
|
31
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: April 21, 2026
RANGE RESOURCES CORPORATION |
||
|
|
|
By: |
|
/s/ MARK S. SCUCCHI |
|
|
Mark S. Scucchi |
|
|
Executive Vice President and |
Date: April 21, 2026
RANGE RESOURCES CORPORATION |
||
|
|
|
By: |
|
/s/ ASHLEY S. KAVANAUGH |
|
|
Ashley S. Kavanaugh |
|
|
Vice President – Controller and |
32
Exhibit 10.2
RANGE RESOURCES CORPORATION
AMENDED AND RESTATED
2019 EQUITY-BASED COMPENSATION PLAN
PERFORMANCE SHARE AWARD AGREEMENT (TSR - OFFICER)
This Performance Share Award Agreement based on Total Shareholder Return (“Agreement”) is made by and between Range Resources Corporation (the “Company”) and , an employee of the Company or one of its subsidiaries (“Participant”) and is applicable to the Performance Share Awards granted by the Compensation Committee on [________] (the “Effective Date”).
WHEREAS, the Company has adopted and maintains the Range Resources Corporation Amended and Restated 2019 Equity-Based Compensation Plan (the “Plan”); and
WHEREAS, consistent with the terms and purposes of the Plan, the Compensation Committee of the Company’s Board of Directors (the “Committee”) has granted Participant a Performance Share Award under Section 8 of the Plan (the “Award”), consisting of the right to receive shares of Stock under and subject to the terms and conditions of the Plan and this Agreement; and
WHEREAS, this Agreement evidences such Award and its terms.
NOW, THEREFORE, the Company and Participant agree as follows:
(l) “Qualified Retirement” means the Participant’s employment with the Company or its Subsidiaries is terminated other than for Cause (as defined in the Amended and Restated Range Resources Corporation Executive Change in Control Severance Benefit Plan, as may be amended from time to time) following the Participant (i) having reached age 55 with at least 10 years of service, or (ii) having reached age 65 with at least 5 years of service, and in either case, the Participant having given the Human Resources Department of the Company notice of his or her election to retire at least 120 days prior to the retirement date
2
Subject to an earlier distribution in accordance with Section 7, or in the event of a Change in Control as set forth in Section 8, the Company shall issue a number of shares of Stock equal to the Earned Performance Shares determined under the terms of this Section 3 to Participant as soon as reasonably practical and no later than 60 days following the end of the Performance Period.
3
(e) Due to Any Other Termination by the Company or Resignation by Participant. For all other circumstances not otherwise provided for in this Section 7, the Committee has full authority and discretion under the Plan to determine appropriate vesting, if any, after taking into consideration the specific separation event.
4
5
6
(Signature Page to Follow)
IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on its behalf by its duly authorized representative, and Participant has executed this Agreement effective as of the Effective Date.
RANGE RESOURCES CORPORATION
By:
Participant
7
Signature
Printed Name
8
ACKNOWLEDGEMENT BY PARTICIPANT
Participant acknowledges (i) receipt of this Agreement, (ii) the opportunity to review the Plan, (iii) the opportunity to discuss this Agreement, and the Award, with a representative of the Company, and Participant’s personal advisors, to the extent deemed necessary or appropriate by Participant, (iv) understanding the terms and provisions of this Award, this Agreement and the Plan, (v) understanding that, by signing below, Participant is agreeing to be bound by all of the terms and provisions of this Agreement and the Plan, and (vi) to the extent applicable, Participant, this Award, and any other award under the Plan is subject to recoupment in accordance with any recoupment policy that the Company may adopt from time to time, including, without limitation, the Range Resources Corporation Clawback Policy (as may be amended from time to time). For purposes of the foregoing, Participant expressly and explicitly authorizes the Company’s recovery of any covered compensation through any method of recovery that the Company deems appropriate, including by reducing any amount that is or may become payable under this Award, the Plan or otherwise. Participant further agrees to comply with any request or demand for repayment by the Company in order to comply with such policies or applicable law.
PARTICIPANT:
9
Exhibit 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
I, Dennis L. Degner, certify that:
Date: April 21, 2026 |
|
/s/ DENNIS L. DEGNER |
|
|
Dennis L. Degner |
|
|
Chief Executive Officer and President |
Exhibit 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
I, Mark S. Scucchi, certify that:
Date: April 21, 2026 |
|
/s/ Mark S. Scucchi |
|
|
Mark S. Scucchi |
|
|
Executive Vice President and Chief Financial Officer |
Exhibit 32.1
CERTIFICATION OF
CHIEF EXECUTIVE OFFICER AND PRESIDENT
OF RANGE RESOURCES CORPORATION
PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q for the period ending March 31, 2026 and filed with the Securities and Exchange Commission on the date hereof (the “Report”) and pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Dennis L. Degner, Chief Executive Officer and President of Range Resources Corporation (the “Company”), hereby certify that, to my knowledge:
A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
By: |
|
/s/ DENNIS L. DEGNER |
|
|
Dennis L. Degner |
|
|
April 21, 2026 |
Exhibit 32.2
CERTIFICATION OF
CHIEF FINANCIAL OFFICER
OF RANGE RESOURCES CORPORATION
PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q for the period ending March 31, 2026 and filed with the Securities and Exchange Commission on the date hereof (the “Report”) and pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Mark S. Scucchi, Executive Vice President - Chief Financial Officer of Range Resources Corporation (the “Company”), hereby certify that, to my knowledge:
A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
By: |
|
/s/ MARK S. SCUCCHI |
|
|
Mark S. Scucchi |
|
|
April 21, 2026 |