Range Announces Second Quarter 2026 Results

FORT WORTH, Texas, July 21, 2026 (GLOBE NEWSWIRE) -- RESOURCES CORPORATION (NYSE:RRC) today announced its second quarter 2026 financial results.

Second Quarter 2026 Highlights –

• Cash flow from operating activities of $235 million
• Cash flow from operations, before working capital changes, of $333 million
• Repurchased $78 million of shares and paid $24 million in dividends
• Realized price, including hedges, was $3.53 per mcfe – a $0.64 premium versus NYMEX natural gas
• Pre-hedge NGL realizations of $29.10 per barrel, a premium of $3.49 over the Mont Belvieu equivalent
• Natural gas differential, including basis hedging, of ($0.47) per mcf to NYMEX
• Production averaged 2.30 Bcfe per day, approximately 67% natural gas
• Record completion efficiency with 1,900 stages completed by two crews and single-day record of 22 hours pumping
• Record drilling efficiency of nearly two miles drilled in a single day
• Capital spending was $222 million, approximately 33% of the annual 2026 budget
  
  
  
  

Commenting on the results, Dennis Degner, the Company’s CEO said, "Range’s year-to-date results reflect continued progress on our multi-year growth plan, which was supported by record drilling and completion efficiencies in the most recent quarter. Range’s strategic access to international markets drove a record NGL premium for the quarter, bolstering margins. The resulting strong free cash flow funded shareholder returns through dividends and share repurchases while advancing our operational momentum.

Looking beyond our announced development plans through 2027, we expect steadily increasing demand for natural gas will require additional supply from Appalachia, as the lowest-cost, longest duration natural gas basin in the United States. Range’s strong financial position and operational momentum provide us with the flexibility to shape our capital reinvestment plans to meet this demand as it materializes, while prioritizing returns of capital to shareholders. We believe Range’s extensive Marcellus inventory, diverse marketing access and advantaged full-cycle cost structure provide the necessary foundation for supplying both domestic and international energy demand growth while consistently delivering returns to shareholders for decades to come."

Financial Discussion

Except for generally accepted accounting principles ("GAAP") reported amounts, specific expense categories exclude non-cash impairments, unrealized mark-to-market adjustment on derivatives, non-cash stock compensation and other items shown separately on the attached tables. "Unit costs" as used in this release are composed of direct operating, transportation, gathering, processing and compression, taxes other than income, general and administrative, interest and depletion, depreciation and amortization costs divided by production. See "Non-GAAP Financial Measures" for a definition of non-GAAP financial measures and the accompanying tables that reconcile each non-GAAP measure to its most directly comparable GAAP financial measure.

Second Quarter 2026 Results

GAAP revenues and other income for second quarter 2026 totaled $834 million, GAAP net cash provided from operating activities (including changes in working capital) was $235 million, and GAAP net income was $195 million ($0.83 per diluted share). Second quarter earnings results include a $74 million mark-to-market derivative gain due to decreases in commodity prices.

Cash flow from operations before changes in working capital, a non-GAAP measure, was $333 million. Adjusted net income comparable to analysts’ estimates, a non-GAAP measure, was $186 million ($0.79 per diluted share) in second quarter 2026.

The following table details Range’s second quarter 2026 unit costs per mcfe^(a):

Expenses		2Q 2026 (per mcfe)		2Q 2025 (per mcfe)			Increase (Decrease)
Direct operating(a)		$0.13		$0.11			18%
Transportation, gathering, processing and compression(a)		1.52		1.52			0%
Taxes other than income		0.03		0.04			(25)%
General and administrative(a)		0.18		0.16			13%
Interest expense(a)		0.07		0.13			(46)%
Total cash unit costs(b)		1.92		1.97			(3)%
Depletion, depreciation and amortization (DD&A)		0.45		0.46			(2)%
Total unit costs plus DD&A(b)		$2.37		$2.43			(2)%
(a) Excludes stock-based compensation, one-time settlements, and amortization of debt issuance costs.
(b) Totals may not add due to rounding.

The following table details Range’s average production and realized pricing for second quarter 2026^(a):

	2Q26 Production & Realized Pricing
	Natural Gas (mcf)		Oil (bbl)		NGLs (bbl)		Natural Gas Equivalent (mcfe)
Net production per day	1,548,871		6,475		118,113		2,296,399
Average NYMEX price	$2.89		$93.58		$25.61
Differential, including basis hedging	(0.47)		(9.62)		3.49
Realized prices before NYMEX hedges	2.42		83.96		29.10		3.37
Settled NYMEX hedges	0.36		(17.50)		(0.67)		0.16
Average realized prices after hedges	$2.79		$66.45		$28.44		$3.53
(a) Totals may not add due to rounding.

Second quarter 2026 natural gas, NGLs and oil price realizations (including the impact of cash-settled hedges and derivative settlements) averaged $3.53 per mcfe.

• The average natural gas price, including the impact of basis hedging, was $2.42 per mcf, or a ($0.47) per mcf differential to NYMEX. Range is improving its 2026 natural gas differential to average ($0.35) to ($0.40) relative to NYMEX.
• Range’s pre-hedge NGL price during the quarter was $29.10 per barrel, approximately $3.49 above the Mont Belvieu weighted equivalent. Range is improving its full-year NGL price guidance to a range of +$2.00 to +$2.50 relative to a Mont Belvieu equivalent barrel.
• Crude oil and condensate price realizations, before realized hedges, averaged $83.96 per barrel, or $9.62 below WTI (West Texas Intermediate). Range is improving its 2026 condensate differential to average ($10.00) to ($12.00) relative to WTI.
  
  
  
  

Financial Position and Repurchase Activity

As of June 30, 2026, Range had net debt outstanding of approximately $881 million, consisting of $500 million of senior notes and $381 million on the credit facility.

During the quarter, Range repurchased 2,000,000 shares at an average price of approximately $39.18 per share. As of June 30, 2026, the Company had $1.4 billion of availability under the share repurchase program.

Capital Expenditures and Operational Activity

Second quarter 2026 drilling and completion expenditures were $204 million. In addition, during the quarter, approximately $8 million was invested in acreage, and $10 million was invested in infrastructure, pneumatic upgrades, and other investments. Second quarter capital spending represented approximately 33% of Range’s total capital budget in 2026.

During the quarter, Range drilled ~190,000 lateral feet across 11 wells, while turning to sales ~300,000 feet across 21 wells. The table below summarizes expected 2026 activity plans regarding the number of wells to sales in each area.

	Wells TIL 1H 2026		Remaining 2026		Planned Wells TIL in 2026
Liquids Rich	31		19		50
Dry Gas	7		11		18
Total Appalachia	38		30		68

Guidance – 2026

Capital & Production Guidance

Range’s 2026 all-in capital budget is $650 million - $700 million. Annual production is expected to be approximately 2.35 - 2.40 Bcfe per day in 2026. Liquids are expected to be over 30% of production.

Full Year 2026 Expense Guidance

Direct operating expense:	$0.12 - $0.13 per mcfe
Transportation, gathering, processing and compression expense (GP&T):	$1.55 - $1.60 per mcfe
Taxes other than income:	$0.03 - $0.04 per mcfe
Exploration expense:	$22 - $28 million
G&A expense:	$0.17 - $0.18 per mcfe
Net Interest expense:	$0.07 - $0.09 per mcfe
DD&A expense:	$0.45 - $0.46 per mcfe
Net brokered gas marketing expense:	$8 - $12 million

Updated Full Year 2026 Price Guidance

Based on recent market indications, Range expects to average the following price differentials for its production in 2026.

	Updated Guidance		Prior Guidance
FY 2026 Natural Gas:(1)	NYMEX minus $0.35 to $0.40		NYMEX minus $0.35 to $0.45
FY 2026 Natural Gas Liquids:(2)	MB plus $2.00 to $2.50 per barrel		MB plus $1.25 to $2.50 per barrel
FY 2026 Oil/Condensate:	WTI minus $10.00 to $12.00		WTI minus $10.00 to $14.00
(1) Includes basis hedging
(2) Mont Belvieu-equivalent pricing based on weighting of 53% ethane, 27% propane, 8% normal butane, 4% iso-butane and 8% natural gasoline.

Hedging Status

Range hedges portions of its expected future production volumes to increase the predictability of cash flow and maintain a strong, flexible financial position. Please see the detailed hedging schedule posted on the Range website under Investor Relations - Financial Information.

Range has also hedged basis across the Company’s numerous natural gas sales points to limit volatility between benchmark and regional prices. The combined fair value of natural gas basis hedges as of June 30, 2026, was a net loss of $10.6 million.

Conference Call Information

A conference call to review the financial results is scheduled on Wednesday, July 22 at 8:00 AM Central Time (9:00 AM Eastern Time). Please click here to pre-register for the conference call and obtain a dial in number with passcode.

A simultaneous webcast of the call may be accessed at www.rangeresources.com. The webcast will be archived for replay on the Company's website until August 22^nd.

Non-GAAP Financial Measures

To supplement the presentation of its financial results prepared in accordance with generally accepted accounting principles (GAAP), the Company’s earnings press release contains certain financial measures that are not presented in accordance with GAAP. Management believes certain non-GAAP measures may provide financial statement users with meaningful supplemental information for comparisons within the industry. These non-GAAP financial measures may include, but are not limited to Net Income, excluding certain items, Cash flow from operations before changes in working capital, realized prices, Net debt and Cash margin.

Adjusted net income comparable to analysts’ estimates as set forth in this release represents income or loss from operations before income taxes adjusted for certain non-cash items (detailed in the accompanying table) less income taxes. We believe adjusted net income comparable to analysts’ estimates is calculated on the same basis as analysts’ estimates and that many investors use this published research in making investment decisions and evaluating operational trends of the Company and its performance relative to other oil and gas producing companies. Diluted earnings per share (adjusted) as set forth in this release represents adjusted net income comparable to analysts’ estimates on a diluted per share basis. A table is included which reconciles income or loss from operations to adjusted net income comparable to analysts’ estimates and diluted earnings per share (adjusted). On its website, the Company provides additional comparative information on prior periods.

Cash flow from operations before changes in working capital represents net cash provided by operations before changes in working capital and exploration expense adjusted for certain non-cash compensation items. Cash flow from operations before changes in working capital (sometimes referred to as "adjusted cash flow") is widely accepted by the investment community as a financial indicator of an oil and gas company’s ability to generate cash to internally fund exploration and development activities and to service debt. Cash flow from operations before changes in working capital is also useful because it is widely used by professional research analysts in valuing, comparing, rating and providing investment recommendations of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Cash flow from operations before changes in working capital is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operations, investing, or financing activities as an indicator of cash flows, or as a measure of liquidity. A table is included which reconciles net cash provided by operations to cash flow from operations before changes in working capital as used in this release. On its website, the Company provides additional comparative information on prior periods for cash flow, cash margins and non-GAAP earnings as used in this release.

The cash prices realized for oil and natural gas production, including the amounts realized on cash-settled derivatives and net of transportation, gathering, processing and compression expense, is a critical component in the Company’s performance tracked by investors and professional research analysts in valuing, comparing, rating and providing investment recommendations and forecasts of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Due to the GAAP disclosures of various derivative transactions and third-party transportation, gathering, processing and compression expense, such information is now reported in various lines of the income statement. The Company believes that it is important to furnish a table reflecting the details of the various components of each income statement line to better inform the reader of the details of each amount and provide a summary of the realized cash-settled amounts and third-party transportation, gathering, processing and compression expense, which were historically reported as natural gas, NGLs and oil sales. This information is intended to bridge the gap between various readers’ understanding and fully disclose the information needed.

Net debt is calculated as total debt less cash and cash equivalents. The Company believes this measure is helpful to investors and industry analysts who utilize Net debt for comparative purposes across the industry.

The Company discloses in this release the detailed components of many of the single line items shown in the GAAP financial statements included in the Company’s Annual or Quarterly Reports on Form 10-K or 10-Q. The Company believes that it is important to furnish this detail of the various components comprising each line of the Statements of Operations to better inform the reader of the details of each amount, the changes between periods and the effect on its financial results.

We believe that the presentation of PV₁₀ value of our proved reserves is a relevant and useful metric for our investors as supplemental disclosure to the standardized measure, or after-tax amount, because it presents the discounted future net cash flows attributable to our proved reserves before taking into account future corporate income taxes and our current tax structure. While the standardized measure is dependent on the unique tax situation of each company, PV₁₀ is based on prices and discount factors that are consistent for all companies. Because of this, PV₁₀ can be used within the industry and by credit and security analysts to evaluate estimated net cash flows from proved reserves on a more comparable basis.

RANGE RESOURCES CORPORATION (NYSE:RRC) is a leading U.S. independent natural gas and NGL producer with operations focused in the Appalachian Basin. The Company is headquartered in Fort Worth, Texas. More information about Range can be found at www.rangeresources.com.

Included within this release are certain "forward-looking statements" within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, that are not limited to historical facts, but reflect Range’s current beliefs, expectations or intentions regarding future events.  Words such as "may," "will," "could," "should," "expect," "plan," "project," "intend," "anticipate," "believe," "outlook", "estimate," "predict," "potential," "pursue," "target," "continue," and similar expressions are intended to identify such forward-looking statements.

All statements, except for statements of historical fact, made within regarding activities, events or developments the Company expects, believes or anticipates will or may occur in the future, such as those regarding future well costs, expected asset sales, well productivity, future liquidity and financial resilience, anticipated exports and related financial impact, NGL market supply and demand, future commodity fundamentals and pricing, future capital efficiencies, future shareholder value, emerging plays, capital spending, anticipated drilling and completion activity, acreage prospectivity, expected pipeline utilization and future guidance information, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management's assumptions and Range's future performance are subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements. Further information on risks and uncertainties is available in Range's filings with the Securities and Exchange Commission (SEC), including its most recent Annual Report on Form 10-K. Unless required by law, Range undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date they are made.

The SEC permits oil and gas companies, in filings made with the SEC, to disclose proved reserves, which are estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions as well as the option to disclose probable and possible reserves. Range has elected not to disclose its probable and possible reserves in its filings with the SEC. Range uses certain broader terms such as "resource potential," "unrisked resource potential," "unproved resource potential" or "upside" or other descriptions of volumes of resources potentially recoverable through additional drilling or recovery techniques that may include probable and possible reserves as defined by the SEC's guidelines. Range has not attempted to distinguish probable and possible reserves from these broader classifications. The SEC’s rules prohibit us from including in filings with the SEC these broader classifications of reserves. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of actually being realized. Unproved resource potential refers to Range's internal estimates of hydrocarbon quantities that may be potentially discovered through exploratory drilling or recovered with additional drilling or recovery techniques and have not been reviewed by independent engineers. Unproved resource potential does not constitute reserves within the meaning of the Society of Petroleum Engineer's Petroleum Resource Management System and does not include proved reserves. Area wide unproven resource potential has not been fully risked by Range's management. "EUR", or estimated ultimate recovery, refers to our management’s estimates of hydrocarbon quantities that may be recovered from a well completed as a producer in the area. These quantities may not necessarily constitute or represent reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management System or the SEC’s oil and natural gas disclosure rules. Actual quantities that may be recovered from Range's interests could differ substantially. Factors affecting ultimate recovery include the scope of Range's drilling program, which will be directly affected by the availability of capital, drilling and production costs, commodity prices, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals, field spacing rules, recoveries of gas in place, length of horizontal laterals, actual drilling results, including geological and mechanical factors affecting recovery rates and other factors. Estimates of resource potential may change significantly as development of our resource plays provides additional data.

In addition, our production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price or drilling cost changes. Investors are urged to consider closely the disclosure in our most recent Annual Report on Form 10-K, available from our website at www.rangeresources.com or by written request to 100 Throckmorton Street, Suite 1200, Fort Worth, Texas 76102. You can also obtain this Form 10-K on the SEC’s website at www.sec.gov or by calling the SEC at 1-800-SEC-0330.

SOURCE: Range Resources Corporation

Range Investor Contacts:

Laith Sando

817-869-4267

Matt Schmid

817-869-1538

Range Media Contact:

Mark Windle

724-873-3223

RANGE RESOURCES CORPORATION
STATEMENTS OF OPERATIONS
Based on GAAP reported earnings with additional
details of items included in each line in Form 10-Q
(Unaudited, In thousands, except per share data)
	Three Months Ended June 30,											Six Months Ended June 30,
	2026				2025				%			2026				2025				%
Revenues and other income:
Natural gas, NGLs and oil sales (a)	$	702,087			$	666,638						$	1,712,339			$	1,458,558
Derivative fair value income (loss)		73,540				154,747							40,111				(4,210	)
Brokered natural gas and marketing		57,496				33,009							114,725				87,417
ARO settlement gain (b)		-				1							-				1
Interest income (b)		27				1,762							82				4,815
Gain on sale of assets (b)		23				102							29				164
Other (b)		398				16							455				84
Total revenues and other income		833,571				856,275			-3	%			1,867,741				1,546,829			21	%
Costs and expenses:
Direct operating		27,273				22,616							55,401				47,452
Direct operating - stock-based compensation (c)		518				504							1,064				1,041
Transportation, gathering, processing and compression		316,812				304,714							640,141				610,823
Taxes other than income		6,926				7,835							12,749				14,822
Brokered natural gas, NGLs and marketing		58,620				34,183							115,859				91,544
Brokered natural gas, NGLs and marketing - stock-based compensation (c)		717				802							1,601				1,642
Exploration		6,112				7,562							11,808				13,606
Exploration - stock-based compensation (c)		386				366							720				713
Abandonment and impairment of unproved properties		4,561				6,781							8,458				11,355
General and administrative		36,579				32,757							71,032				64,310
General and administrative - stock-based compensation (c)		10,471				9,326							21,096				19,437
General and administrative - lawsuit settlements and other		657				63							930				90
Exit costs		9,569				8,502							16,519				17,399
Deferred compensation plan (d)		(1,756	)			(88	)						787				2,791
Interest expense		13,587				25,630							32,179				53,415
Interest expense - amortization of debt issuance costs (e)		830				1,166							1,657				2,542
Loss (gain) on early extinguishment of debt		-				-							12,344				(3	)
Depletion, depreciation and amortization		93,082				91,514							181,608				182,073
Total costs and expenses		584,944				554,233			6	%			1,185,953				1,135,052			4	%
Income before income taxes		248,627				302,042			-18	%			681,788				411,777			66	%
Income tax expense
Current		2,629				4,645							8,430				6,645
Deferred		50,675				59,819							136,405				70,502
		53,304				64,464							144,835				77,147
Net income	$	195,323			$	237,578			-18	%		$	536,953			$	334,630			60	%
Net income Per Common Share
Basic	$	0.83			$	0.99						$	2.28			$	1.40
Diluted	$	0.83			$	0.99						$	2.27			$	1.39
Weighted average common shares outstanding, as reported
Basic		234,739				238,187			-1	%			234,893				239,106			-2	%
Diluted		236,210				239,717			-1	%			236,348				240,772			-2	%
(a) See separate natural gas, NGLs and oil sales information table.
(b) Included in Other income in the 10-Q.
(c) Costs associated with stock compensation and amortization, which have been reflected in the categories associated with the direct personnel costs, are combined with the cash costs in the 10-Q.
(d) Reflects the change in market value of the vested Company stock held in the deferred compensation plan.
(e) Included in interest expense in the 10-Q.

RANGE RESOURCES CORPORATION
BALANCE SHEET
(Unaudited, In thousands)
	June 30,				December 31,
	2026				2025
Assets
Current assets	$	322,502			$	390,835
Derivative assets		123,343				69,397
Natural gas, NGLs and oil properties, net (successful efforts method)		6,878,562				6,708,366
Other property and equipment, net		11,703				4,935
Operating lease right-of-use assets		147,179				173,477
Other		78,654				74,938
	$	7,561,943			$	7,421,948
Liabilities and Stockholders' Equity
Current liabilities	$	641,525			$	658,783
Asset retirement obligations		1,173				1,173
Derivative liabilities		2,141				1,196
Bank debt, net of unamortized debt issuance costs		370,889				106,700
Senior notes, net of unamortized debt issuance costs		496,196				1,091,634
Deferred tax liabilities		838,000				701,601
Derivative liabilities		1,246				2,363
Deferred compensation liabilities		70,941				68,635
Operating lease liabilities		93,072				115,515
Asset retirement obligations and other liabilities		158,802				153,081
Divestiture contract obligation		179,209				202,586
		2,853,194				3,103,267
Common stock and retained deficit		5,560,981				5,064,743
Accumulated other comprehensive income		401				424
Common stock held in treasury		(852,633	)			(746,486	)
Total stockholders' equity		4,708,749				4,318,681
	$	7,561,943			$	7,421,948

RECONCILIATION OF TOTAL DEBT AS REPORTED
TO NET DEBT, a non-GAAP measure
(Unaudited, in thousands)
	June 30,				December 31,
	2026				2025				%
Total debt, net of unamortized debt issuance costs, as reported	$	867,085			$	1,198,334			-28	%
Unamortized debt issuance costs, as reported		13,915				19,666
Less cash and cash equivalents, as reported		(247	)			(204	)
Net debt, a non-GAAP measure	$	880,753			$	1,217,796			-28	%

RANGE RESOURCES CORPORATION
CASH FLOWS FROM OPERATING ACTIVITIES
(Unaudited, in thousands)
	Three Months Ended June 30,								Six Months Ended June 30,
	2026				2025				2026				2025
Net income	$	195,323			$	237,578			$	536,953			$	334,630
Adjustments to reconcile net cash provided from continuing operations:
Deferred income tax expense		50,675				59,819				136,405				70,502
Depletion, depreciation and amortization		93,082				91,514				181,608				182,073
Abandonment and impairment of unproved properties		4,561				6,781				8,458				11,355
Derivative fair value (income) loss		(73,540	)			(154,747	)			(40,111	)			4,210
Cash settlements on derivative financial instruments		35,288				31,466				(14,007	)			36,039
Divestiture contract obligation, including accretion		9,569				8,502				16,519				17,399
Amortization of deferred financing costs and other		1,091				962				2,190				2,144
Deferred and stock-based compensation		10,492				11,047				25,823				26,130
Gain on sale of assets		(23	)			(102	)			(29	)			(164	)
Loss (gain) on early extinguishment of debt		-				-				12,344				(3	)
Changes in working capital:
Accounts receivable		(13,398	)			96,785				68,779				68,064
Other current assets		6,107				518				(85	)			(8,510	)
Accounts payable		(76,901	)			(27,023	)			6,322				9,158
Accrued liabilities and other		(7,311	)			(26,912	)			(87,018	)			(86,754	)
Net changes in working capital		(91,503	)			43,368				(12,002	)			(18,042	)
Net cash provided from operating activities	$	235,015			$	336,188			$	854,151			$	666,273
RECONCILIATION OF NET CASH PROVIDED FROM OPERATING
ACTIVITIES, AS REPORTED, TO CASH FLOW FROM OPERATIONS
BEFORE CHANGES IN WORKING CAPITAL, a non-GAAP measure
(Unaudited, in thousands)
	Three Months Ended June 30,								Six Months Ended June 30,
	2026				2025				2026				2025
Net cash provided from operating activities, as reported	$	235,015			$	336,188			$	854,151			$	666,273
Net changes in working capital		91,503				(43,368	)			12,002				18,042
Exploration expense		6,112				7,562				11,808				13,606
Lawsuit settlements		411				63				426				90
Sale of seismic data		(360	)			-				(360	)			-
Non-cash compensation adjustment and other		(171	)			66				(584	)			(109	)
Cash flow from operations before changes in working capital - non-GAAP measure	$	332,510			$	300,511			$	877,443			$	697,902
ADJUSTED WEIGHTED AVERAGE SHARES OUTSTANDING
(Unaudited, in thousands)
	Three Months Ended June 30,								Six Months Ended June 30,
	2026				2025				2026				2025
Basic:
Weighted average shares outstanding		234,986				238,804				235,150				239,785
Stock held by deferred compensation plan		(247	)			(617	)			(257	)			(679	)
Adjusted basic		234,739				238,187				234,893				239,106
Dilutive:
Weighted average shares outstanding		234,986				238,804				235,150				239,785
Dilutive stock options under treasury method		1,224				913				1,198				987
Adjusted dilutive		236,210				239,717				236,348				240,772

RANGE RESOURCES CORPORATION
RECONCILIATION OF NATURAL GAS, NGLs AND OIL SALES
AND DERIVATIVE FAIR VALUE INCOME (LOSS) TO
CALCULATED CASH REALIZED NATURAL GAS, NGLs AND
OIL PRICES WITH AND WITHOUT THIRD-PARTY
TRANSPORTATION, GATHERING, PROCESSING AND
COMPRESSION COSTS, a non-GAAP measure
(Unaudited, In thousands, except per unit data)
	Three Months Ended June 30,																					Six Months Ended June 30,
	2026								2025									%				2026								2025									%
Natural gas, NGLs and Oil Sales components:
Natural gas sales	$		339,796						$		397,955											$		1,043,877						$		888,332
NGLs sales			312,822								238,034													572,054								513,688
Oil sales			49,469								30,649													96,408								56,538
Total Natural Gas, NGLs and Oil Sales, as reported	$		702,087						$		666,638							5	%			$		1,712,339						$		1,458,558							17		%
Derivative Fair Value Income (Loss), as reported	$		73,540						$		154,747											$		40,111						$		(4,210			)
Cash settlements on derivative financial instruments - (gain) loss:
Natural gas			(52,789		)						(29,114			)										(7,120		)						(33,843			)
NGLs			7,190								(1,508			)										7,190								(1,096			)
Oil			10,311								(844			)										13,937								(1,100			)
Total change in fair value related to commodity derivatives prior to settlement, a non-GAAP measure	$		38,252						$		123,281											$		54,118						$		(40,249			)
Transportation, gathering, processing and compression components:
Natural Gas	$		152,091						$		154,704											$		321,297						$		312,223
NGLs			163,854								149,209													317,198								297,047
Oil			867								801													1,646								1,553
Total transportation, gathering, processing and compression, as reported	$		316,812						$		304,714											$		640,141						$		610,823
Natural gas, NGL and Oil sales, including cash-settled derivatives: (c)
Natural gas sales	$		392,585						$		427,069											$		1,050,997						$		922,175
NGLs sales			305,632								239,542													564,864								514,784
Oil Sales			39,158								31,493													82,471								57,638
Total	$		737,375						$		698,104							6	%			$		1,698,332						$		1,494,597							14		%
Production of natural gas, NGLs and oil during the periods (a):
Natural Gas (mcf)			140,947,296								136,297,159							3	%					276,743,067								272,260,589							2		%
NGLs (bbls)			10,748,270								10,029,051							7	%					20,485,652								19,949,040							3		%
Oil (bbls)			589,230								580,791							1	%					1,330,754								1,004,370							32		%
Gas equivalent (mcfe) (b)			208,972,296								199,956,211							5	%					407,641,503								397,981,049							2		%
Production of natural gas, NGLs and oil - average per day (a):
Natural Gas (mcf)			1,548,871								1,497,771							3	%					1,528,967								1,504,202							2		%
NGLs (bbls)			118,113								110,209							7	%					113,180								110,216							3		%
Oil (bbls)			6,475								6,382							1	%					7,352								5,549							32		%
Gas equivalent (mcfe) (b)			2,296,399								2,197,321							5	%					2,252,163								2,198,790							2		%
Average prices, excluding derivative settlements and before third-party transportation costs:
Natural Gas (per mcf)	$		2.41						$		2.92							-17	%			$		3.77						$		3.26							16		%
NGLs (per bbl)	$		29.10						$		23.73							23	%			$		27.92						$		25.75							8		%
Oil (per bbl)	$		83.96						$		52.77							59	%			$		72.45						$		56.29							29		%
Gas equivalent (per mcfe) (b)	$		3.36						$		3.33							1	%			$		4.20						$		3.66							15		%
Average prices, including derivative settlements before third-party transportation costs: (c)
Natural Gas (per mcf)	$		2.79						$		3.13							-11	%			$		3.80						$		3.39							12		%
NGLs (per bbl)	$		28.44						$		23.88							19	%			$		27.57						$		25.80							7		%
Oil (per bbl)	$		66.45						$		54.22							23	%			$		61.97						$		57.39							8		%
Gas equivalent (per mcfe) (b)	$		3.53						$		3.49							1	%			$		4.17						$		3.75							11		%
Average prices, including derivative settlements and after third-party transportation costs: (d)
Natural Gas (per mcf)	$		1.71						$		2.00							-15	%			$		2.64						$		2.24							18		%
NGLs (per bbl)	$		13.19						$		9.01							46	%			$		12.09						$		10.91							11		%
Oil (per bbl)	$		64.98						$		52.84							23	%			$		60.74						$		55.84							9		%
Gas equivalent (per mcfe) (b)	$		2.01						$		1.97							2	%			$		2.60						$		2.22							17		%
Transportation, gathering and compression expense per mcfe	$		1.52						$		1.52							0	%			$		1.57						$		1.53							3		%
(a) Represents volumes sold regardless of when produced.
(b) Oil and NGLs are converted at the rate of one barrel equals six mcfe based upon the approximate relative energy content of oil to natural gas, which is not necessarily indicative of the relationship of oil and natural gas prices.
(c) Excluding third-party transportation, gathering, processing and compression costs.
(d) Net of transportation, gathering, processing and compression costs.
RANGE RESOURCES CORPORATION
RECONCILIATION OF INCOME BEFORE INCOME
TAXES AS REPORTED TO INCOME BEFORE INCOME TAXES
EXCLUDING CERTAIN ITEMS, a non-GAAP measure
(Unaudited, In thousands, except per share data)
		Three Months Ended June 30,																					Six Months Ended June 30,
		2026								2025							%						2026								2025							%
Income from operations before income taxes, as reported		$		248,627						$		302,042						-18	%				$		681,788						$		411,777						66	%
Adjustment for certain special items:
Gain on the sale of assets				(23		)						(102	)												(29		)						(164	)
ARO settlement gain				-								(1	)												-								(1	)
Sale of seismic data				(360		)						-													(360		)						-
Change in fair value related to derivatives prior to settlement				(38,252		)						(123,281	)												(54,118		)						40,249
Abandonment and impairment of unproved properties				4,561								6,781													8,458								11,355
Loss (gain) on early extinguishment of debt				-								-													12,344								(3	)
Lawsuit settlements and other				657								63													930								90
Exit costs				9,569								8,502													16,519								17,399
Direct operating - stock-based compensation				518								504													1,064								1,041
Brokered natural gas, NGLs and marketing - stock-based compensation				717								802													1,601								1,642
Exploration expenses - stock-based compensation				386								366													720								713
General & administrative - stock-based compensation				10,471								9,326													21,096								19,437
Deferred compensation plan - non-cash adjustment				(1,756		)						(88	)												787								2,791
Income before income taxes, as adjusted				235,115								204,914						15	%						690,800								506,326						36	%
Income tax expense, as adjusted
Current				2,629								4,645													8,430								6,645
Deferred (a)				46,745								42,485													136,638								109,810
Net income, excluding certain items, a non-GAAP measure		$		185,741						$		157,784						18	%				$		545,732						$		389,871						40	%
Non-GAAP income per common share
Basic		$		0.79						$		0.66						20	%				$		2.32						$		1.63						42	%
Diluted		$		0.79						$		0.66						20	%				$		2.31						$		1.62						43	%
Non-GAAP diluted shares outstanding, if dilutive				236,210								239,717													236,348								240,772
(a) Taxes are estimated to be approximately 21% for 2026 and 23% for 2025

RANGE RESOURCES CORPORATION
RECONCILIATION OF NET INCOME, EXCLUDING
CERTAIN ITEMS AND ADJUSTED EARNINGS PER
SHARE, non-GAAP measures
(In thousands, except per share data)
	Three Months Ended June 30,								Six Months Ended June 30,
	2026				2025				2026				2025
Net income, as reported	$	195,323			$	237,578			$	536,953			$	334,630
Adjustments for certain special items:
Gain on the sale of assets		(23	)			(102	)			(29	)			(164	)
ARO settlement gain		-				(1	)			-				(1	)
Sale of seismic data		(360	)			-				(360	)			-
Loss (gain) on early extinguishment of debt		-				-				12,344				(3	)
Change in fair value related to derivatives prior to settlement		(38,252	)			(123,281	)			(54,118	)			40,249
Abandonment and impairment of unproved properties		4,561				6,781				8,458				11,355
Lawsuit settlements and other		657				63				930				90
Exit costs		9,569				8,502				16,519				17,399
Stock-based compensation		12,092				10,998				24,481				22,833
Deferred compensation plan		(1,756	)			(88	)			787				2,791
Tax impact		3,930				17,334				(233	)			(39,308	)
Net income, excluding certain items, a non-GAAP measure	$	185,741			$	157,784			$	545,732			$	389,871
Net income per diluted share, as reported	$	0.83			$	0.99			$	2.27			$	1.39
Adjustments for certain special items per diluted share:
Gain on the sale of assets		-				-				-				-
ARO settlement gain		-				-				-				-
Sale of seismic data		-				-				-				-
Loss (gain) on early extinguishment of debt		-				-				0.05				-
Change in fair value related to derivatives prior to settlement		(0.16	)			(0.51	)			(0.23	)			0.17
Abandonment and impairment of unproved properties		0.02				0.03				0.04				0.05
Lawsuit settlements and other		-				-				-				-
Exit costs		0.04				0.04				0.07				0.07
Stock-based compensation		0.05				0.05				0.10				0.09
Deferred compensation plan		(0.01	)			-				-				0.01
Adjustment for rounding differences		-				(0.01	)			0.01				-
Tax impact		0.02				0.07				-				(0.16	)
Dilutive share impact (rabbi trust and other)		-				-				-				-
Net income per diluted share, excluding certain items, a non-GAAP measure	$	0.79			$	0.66			$	2.31			$	1.62
Adjusted earnings per share, a non-GAAP measure:
Basic	$	0.79			$	0.66			$	2.32			$	1.63
Diluted	$	0.79			$	0.66			$	2.31			$	1.62

RANGE RESOURCES CORPORATION
RECONCILIATION OF CASH MARGIN PER MCFE, a non-
GAAP measure
(Unaudited, In thousands, except per unit data)
	Three Months Ended June 30,								Six Months Ended June 30,
	2026				2025				2026				2025
Revenues
Natural gas, NGLs and oil sales, as reported	$	702,087			$	666,638			$	1,712,339			$	1,458,558
Derivative fair value income (loss), as reported		73,540				154,747				40,111				(4,210	)
Less non-cash fair value (gain) loss		(38,252	)			(123,281	)			(54,118	)			40,249
Brokered natural gas and marketing, as reported		57,496				33,009				114,725				87,417
Other income, as reported		448				1,881				566				5,064
Less gain on sale of assets		(23	)			(102	)			(29	)			(164	)
Less ARO settlement		-				(1	)			-				(1	)
Cash revenues and other income		795,296				732,891				1,813,594				1,586,913
Expenses
Direct operating, as reported		27,791				23,120				56,465				48,493
Less direct operating stock-based compensation		(518	)			(504	)			(1,064	)			(1,041	)
Transportation, gathering and compression, as reported		316,812				304,714				640,141				610,823
Taxes other than income, as reported		6,926				7,835				12,749				14,822
Brokered natural gas, NGLs and marketing, as reported		59,337				34,985				117,460				93,186
Less brokered natural gas, NGLs and marketing stock-based compensation		(717	)			(802	)			(1,601	)			(1,642	)
General and administrative, as reported		47,707				42,146				93,058				83,837
Less G&A stock-based compensation		(10,471	)			(9,326	)			(21,096	)			(19,437	)
Less lawsuit settlements and other		(657	)			(63	)			(930	)			(90	)
Interest expense, as reported		14,417				26,796				33,836				55,957
Less amortization of debt issuance costs		(830	)			(1,166	)			(1,657	)			(2,542	)
Cash expenses		459,797				427,735				927,361				882,366
Cash margin, a non-GAAP measure	$	335,499			$	305,156			$	886,233			$	704,547
Mmcfe produced during period		208,972				199,956				407,642				397,981
Cash margin per mcfe	$	1.61			$	1.53			$	2.17			$	1.77
RECONCILIATION OF INCOME BEFORE INCOME TAXES
TO CASH MARGIN, a non-GAAP measure
(Unaudited, in thousands, except per unit data)
	Three Months Ended June 30,								Six Months Ended June 30,
	2026				2025				2026				2025
Income before income taxes, as reported	$	248,627			$	302,042			$	681,788			$	411,777
Adjustments to reconcile income before income taxes
to cash margin:
ARO settlements		-				(1	)			-				(1	)
Derivative fair value (income) loss		(73,540	)			(154,747	)			(40,111	)			4,210
Net cash receipts (payments) on derivative settlements		35,288				31,466				(14,007	)			36,039
Exploration expense		6,112				7,562				11,808				13,606
Lawsuit settlements and other		657				63				930				90
Exit costs		9,569				8,502				16,519				17,399
Deferred compensation plan		(1,756	)			(88	)			787				2,791
Stock-based compensation (direct operating, brokered natural gas, NGLs and		12,092				10,998				24,481				22,833
marketing, exploration and general and administrative)
Bad debt expense		-				-				-				-
Interest - amortization of debt issuance costs		830				1,166				1,657				2,542
Depletion, depreciation and amortization		93,082				91,514				181,608				182,073
Gain on sale of assets		(23	)			(102	)			(29	)			(164	)
Loss (gain) on early extinguishment of debt		-				-				12,344				(3	)
Abandonment and impairment of unproved properties		4,561				6,781				8,458				11,355
Cash margin, a non-GAAP measure	$	335,499			$	305,156			$	886,233			$	704,547