Range Resources
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Range Resources (RRC) investor relations material

Range Resources Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary25 Feb, 2026

Executive summary

  • Delivered consistent operational execution, generating strong free cash flow and shareholder returns, with production of 2.24 Bcfe per day in 2025 and a robust inventory supporting future development flexibility.

  • Pure-play Appalachian producer with over 30 years of core Marcellus inventory, peer-leading capital efficiency, and industry-leading environmental practices, including net zero Scope 1 and 2 GHG emissions.

  • Consistent free cash flow generation through commodity cycles, totaling ~$3.9 billion in the last five years.

  • Access to diversified domestic and international markets for natural gas and NGLs, with strategic supply agreements for Midwest power plants.

  • Proved reserves reached 18.1 Tcfe, with positive performance revisions for the 18th consecutive year.

Financial highlights

  • Generated $1.3 billion in cash flow from operations before working capital and over $650 million in free cash flow for 2025.

  • Achieved an average hedged realized price of $3.60–$3.61 per unit, a $0.17 premium to NYMEX Henry Hub, and expanded per unit cash margin by 20% to $1.64 per MCFE.

  • Paid $86 million in dividends, repurchased $231 million in shares, and reduced net debt by $186 million in 2025.

  • Reduced total debt by $3 billion over several years, with $744 million invested in share repurchases since 2019.

  • Cumulative free cash flow for 2026–2027 expected to exceed $1.7 billion at $3.75 NYMEX natural gas.

Outlook and guidance

  • 2026 capital budget set at $650–$700 million, targeting production of 2.35–2.4 Bcfe per day.

  • Production expected to dip to 2.2 Bcfe per day in Q1 2026, then ramp to 2.5 Bcfe per day by year-end as new processing capacity comes online.

  • Production expected to grow to 2.6 Bcfe per day in 2027, assuming similar capital levels.

  • 2026 expense guidance: direct operating $0.12–$0.13/mcfe, G&A $0.17–$0.18/mcfe, transportation $1.50–$1.55/mcfe.

  • Natural gas differential to NYMEX guided at ($0.35)–($0.45); NGL realization at Mont Belvieu plus $0.00–$1.00/bbl.

DUC inventory's capital flexibility impact?
Significance of margin-enhancing premiums?
Debt structure strategy post-2029 note redemption?
How does DUC inventory impact 2027 capital plans?
What drives NGL stock level renormalization?
Why favor buybacks over dividend growth?
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Frequently asked questions

Range Resources Corporation is an independent oil and natural gas company engaged in the exploration, development, and production of energy resources. Its operations focus primarily on natural gas reserves in the Appalachian Basin. The company manages drilling, completion, and transportation activities to support its upstream operations. It is headquartered in Fort Worth, Texas, and its shares are listed on the NYSE.

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