Range Resources (RRC) investor relations material

Executive summary

• Delivered consistent operational performance and free cash flow, with Q3 2025 net income of $144.3 million ($0.60 per share), up 185% year-over-year, and production averaging 2.23 Bcfe/d.

• Maintained a pure-play Appalachian focus with 30+ years of Marcellus inventory and achieved net zero Scope 1 and 2 GHG emissions for 2024.

• Returned $77 million to shareholders in Q3 2025 via $56 million in share repurchases and $21 million in dividends.

• Positioned for ~20% production growth through 2027, targeting 2.6 Bcfe/d, supported by operational efficiencies and a strong balance sheet.

• Revenue from natural gas, NGLs, and oil sales increased 15% year-over-year in Q3 2025, with a 13% rise in average realized prices.

Financial highlights

• Q3 2025 revenues totaled $749 million, up 22% year-over-year, with free cash flow resilience and a cash margin per mcfe of $1.36.

• Realized price including hedges was $3.29 per mcfe, a $0.22 premium to NYMEX.

• Year-to-date, repurchased $177 million in shares, paid nearly $65 million in dividends, and reduced net debt by $175 million since year-end.

• Dividends paid in Q3 2025 totaled $21.4 million ($0.09/share), a 12.5% increase from Q3 2024.

• Maintained $1.2 billion in available liquidity at quarter-end, with a new $4.0 billion credit facility maturing in 2030.

Outlook and guidance

• Production expected to reach 2.3 Bcfe/d in Q4 and grow to 2.6 Bcfe/d by 2027, with annual capex of $650–$700 million for 2025–2027.

• 2025 capital budget set at $650–$680 million, with 74% spent through Q3.

• Free cash flow breakeven at ~$2.00 NG/$75 WTI/$25 NGLS beyond 2027.

• Updated 2025 natural gas differential guidance: NYMEX minus $0.40 to $0.43; NGL differential at Mont Belvieu plus $0.50 to $0.75 per barrel.

• Management expects continued commodity price volatility but believes the company is positioned for sustainable long-term success.