Range Resources (RRC) Q2 2025 earnings summary

Executive summary

• Achieved strong operational and financial performance, with Q2 2025 net income rising to $238 million ($0.99 per diluted share), driven by higher realized prices, derivative gains, and efficiency improvements.

• Demonstrated durable free cash flow, efficient growth, and a strong balance sheet, supporting a three-year growth outlook and shareholder returns.

• Maintained a pure-play Appalachian focus with over 30 years of core Marcellus inventory and diversified market access for natural gas and NGLs.

• Achieved net zero for combined Scope 1 and 2 greenhouse gas emissions in 2024 and reduced methane emissions intensity by 83% since 2019.

• Returned $53 million in share repurchases and $21 million in dividends to shareholders in Q2 2025, with net debt reduced to $1.2 billion.

Financial highlights

• Q2 2025 revenues and other income totaled $856 million, up 62% year-over-year, with production at 2.2 Bcfe per day and average realized price (including hedges) at $3.49 per mcfe.

• Free cash flow for 2023 was $513 million and for 2024 was $453 million, with cumulative free cash flow of ~$2.5 billion expected from 2025–2027.

• Capital spending for Q2 2025 was $154 million, about 23% of the annual budget, with year-to-date capital investments of $301 million, $10 million below plan.

• Repurchased $52.9 million in common stock and paid $21.5 million in dividends in Q2 2025; repaid $606.5 million in senior notes using cash and credit facility.

• Maintained $1.2 billion in liquidity under the credit facility at quarter-end.

Outlook and guidance

• 2025 production guidance increased to ~2.225 Bcfe per day, with liquids over 30% of output.

• 2025 capital budget lowered to $650–$680 million due to operational efficiencies, with maintenance D&C at $520 million.

• Free cash flow projected to exceed $2 billion over three years at a $3.75 natural gas price.

• Natural gas differential expected at ($0.40) to ($0.48) per mcf to NYMEX; NGL differential at +$0.40 to +$1.25 per barrel to Mont Belvieu.

• Effective cash tax rate expected to remain low through 2027, becoming a full cash taxpayer in 2028.