Form 8-K

8-K — RANGE RESOURCES CORP

Accession: 0000315852-26-000011

Filed: 2026-04-22

Period: 2026-04-21

CIK: 0000315852

SIC: 1311 (CRUDE PETROLEUM & NATURAL GAS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — rrc-20260421.htm (Primary)

EX-99.1 (rrc-ex99_1.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: rrc-20260421.htm · Sequence: 1

8-K

false000031585200003158522026-04-212026-04-21

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 22, 2026 (April 21, 2026)

RANGE RESOURCES CORPORATION

(Exact name of Registrant as Specified in Its Charter)

Delaware

001-12209

34-1312571

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

100 Throckmorton Street, Suite 1200

Fort Worth, Texas

76102

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (817) 870-2601

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

RRC

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

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. ☐

ITEM 2.02 Results of Operations and Financial Condition

On April 21, 2026 Range Resources Corporation issued a press release announcing its first quarter 2026 results. A copy of this press release is being furnished as an exhibit to this report on Form 8-K.

ITEM 9.01 Financial Statements and Exhibits

(d) Exhibits:

99.1 Press Release dated April 21, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

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 hereunto duly authorized.

RANGE RESOURCES CORPORATION

By:

/s/ Mark S. Scucchi

Mark S. Scucchi

Executive Vice President and Chief Financial Officer

Date: April 22, 2026

EX-99.1

Filename: rrc-ex99_1.htm · Sequence: 2

EX-99.1

Exhibit 99.1

NEWS RELEASE

Range Announces First Quarter 2026 Results

FORT WORTH, TEXAS, April 21, 2026…RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its first quarter 2026 financial results.

First Quarter 2026 Highlights –

•

Cash flow from operating activities of $619 million

•

Cash flow from operations, before working capital changes, of $545 million

•

Repurchased $27 million of shares, paid $24 million in dividends, and reduced net debt by $384 million

•

Capital spending was $139 million, approximately 21% of the annual 2026 budget

•

Realized price, including hedges, was $4.84 per mcfe

•

Natural gas differential, including basis hedging, of $0.18 per mcf premium to NYMEX

•

Pre-hedge NGL realizations of $26.62 per barrel, a premium of $4.41 over the Mont Belvieu equivalent

•

Production averaged 2.21 Bcfe per day, approximately 32% liquids

Commenting on the results, Dennis Degner, the Company’s CEO said, “Range is off to a great start in 2026, showing steady progress executing the multi-year disciplined growth plan announced last year. First quarter 2026 results also highlighted the value of Range’s strategic marketing portfolio with access to premium markets in the U.S. and abroad as Range realized its highest natural gas premium in over a decade and a record quarterly NGL premium. The resulting strong free cash flow funded a growing dividend, continued share repurchases and the strongest balance sheet in Company history. We believe Range is increasingly well-positioned to serve growing local and global demand for U.S. natural gas and NGLs given our consistent operational results, low full-cycle cost structure, and high-return, long-life asset base.”

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.

First Quarter 2026 Results

GAAP revenues and other income for first quarter 2026 totaled $1.03 billion, GAAP net cash provided from operating activities (including changes in working capital) was $619 million, and GAAP net income was $342 million ($1.44 per diluted share). First quarter earnings results include a $33 million mark-to-market derivative loss due to increases in commodity prices.

Cash flow from operations before changes in working capital, a non-GAAP measure, was $545 million. Adjusted net income comparable to analysts’ estimates, a non-GAAP measure, was $360 million ($1.52 per diluted share) in first quarter 2026.

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

Expenses

1Q 2026

(per mcfe)

1Q 2025

(per mcfe)

Increase (Decrease)

Direct operating(a)

$ 0.14

$ 0.13

Transportation, gathering,

processing and compression(a)

1.63

1.55

Taxes other than income

0.03

0.04

(25)%

General and administrative(a)

0.17

0.16

Interest expense(a)

0.09

0.14

(36)%

Total cash unit costs(b)

2.07

2.01

Depletion, depreciation and

amortization (DD&A)

0.45

0.46

(2)%

Total unit costs plus DD&A(b)

$ 2.51

$ 2.46

(a)

Excludes stock-based compensation, one-time settlements, and amortization of deferred financing costs.

(b)

Totals may not be exact due to rounding.

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

1Q26 Production & Realized Pricing

Natural Gas

(mcf)

Oil (bbl)

NGLs

(bbl)

Natural Gas

Equivalent (mcfe)

Net production per day

1,508,842

8,239

108,193

2,207,436

Average NYMEX price

$ 4.97

$ 73.98

$ 22.21

Differential, including basis hedging

0.18

(10.68)

4.41

Realized prices before NYMEX hedges

5.15

63.30

26.62

5.06

Settled NYMEX hedges

(0.31)

(4.89)

0.00

(0.23)

Average realized prices after hedges

$ 4.85

$ 58.41

$ 26.62

$ 4.84

(a)

Totals may not add due to rounding

First quarter 2026 natural gas, NGLs and oil price realizations (including the impact of cash-settled hedges and derivative settlements) averaged $4.84 per mcfe.

•

The average natural gas price, including the impact of basis hedging, was $5.15 per mcf, or a $0.18 per mcf premium differential to NYMEX. Range continues to expect its 2026 natural gas differential to average ($0.35) to ($0.45) relative to NYMEX.

•

Range’s pre-hedge NGL price during the quarter was $26.62 per barrel, approximately $4.41 above the Mont Belvieu weighted equivalent. Range is improving its full-year NGL price guidance to a range of +$1.25 to +$2.50 relative to a Mont Belvieu equivalent barrel.

•

Crude oil and condensate price realizations, before realized hedges, averaged $63.30 per barrel, or $10.68 below WTI (West Texas Intermediate). Range continues to expect its 2026 condensate differential to average ($10.00) to ($14.00) relative to NYMEX.

Financial Position and Repurchase Activity

In January 2026, Range fully redeemed the $600 million principal balance of 8.25% senior notes due 2029 by borrowing on the Company’s bank credit facility. As of March 31, 2026, Range had net debt outstanding of approximately $834 million, consisting of $500 million of senior notes and $334 million on the credit facility.

During the quarter, Range repurchased 800,000 shares at an average price of approximately $33.91 per share. As of March 31, 2026, the Company had $1.5 billion of availability under the share repurchase program.

Capital Expenditures and Operational Activity

First quarter 2026 drilling and completion expenditures were $130 million. In addition, during the quarter, approximately $5 million was invested in acreage, and $4 million was invested in infrastructure, pneumatic upgrades, and other investments. First quarter capital spending represented approximately 21% of Range’s total capital budget in 2026.

During the quarter, Range drilled ~143,000 lateral feet across 9 wells, while turning to sales ~267,000 feet across 17 wells. The table below summarizes expected 2026 activity plans regarding the number of wells to sales in each area.

Wells TIL

1Q 2026

Remaining

2026

Planned Wells TIL in 2026

Liquids Rich

Dry Gas

Total Appalachia

Guidance – 2026

Based on recent strip pricing, Range’s expected pre-hedge NGL price realization in 2026 has increased by approximately $4.75 per barrel relative to strip pricing in February. Higher realized NGL prices will result in slightly higher processing costs versus prior guidance, as Range’s processing costs are based on NGL revenue. Net of price-linked processing costs, the increase in forecasted NGL prices is expected to add approximately $160 million in cash flow for Range versus prior expectations, demonstrating margin expansion with rising NGL prices. Updated guidance for NGL pricing and GP&T expense can be found below.

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.

Updated Full Year 2026 Expense Guidance

Updated Guidance

Prior Guidance

Direct operating expense:

$0.12 - $0.13 per mcfe

Transportation, gathering, processing and compression expense (GP&T):

$1.55 - $1.60 per mcfe

$1.50 - $1.55 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 $0.45

FY 2026 Natural Gas Liquids:(2)

MB plus $1.25 to $2.50 per barrel

MB plus $0.00 to $1.00 per barrel

FY 2026 Oil/Condensate:

WTI minus $10.00 to $14.00

(1) Including 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 March 31, 2026, was a net loss of $12.8 million.

Conference Call Information

A conference call to review the financial results is scheduled on Wednesday, April 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 May 22nd.

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 March 31,

2026

2025

Revenues and other income:

Natural gas, NGLs and oil sales (a)

1,010,252

791,920

Derivative fair value loss

(33,429

)

(158,957

)

Brokered natural gas and marketing

57,229

54,408

ARO settlement loss (b)

Interest income (b)

3,053

Gain on sale of assets (b)

Other (b)

Total revenues and other income

1,034,170

690,554

Costs and expenses:

Direct operating

28,128

24,836

Direct operating - stock-based compensation (c)

546

537

Transportation, gathering, processing and compression

323,329

306,109

Taxes other than income

5,823

6,987

Brokered natural gas and marketing

57,239

57,361

Brokered natural gas and marketing - stock-based compensation (c)

884

840

Exploration

5,696

6,044

Exploration - stock-based compensation (c)

334

347

Abandonment and impairment of unproved properties

3,897

4,574

General and administrative

34,453

31,553

General and administrative - stock-based compensation (c)

10,625

10,111

General and administrative - lawsuit settlements and other

273

Exit costs

6,950

8,897

Deferred compensation plan (d)

2,543

2,879

Interest expense

18,592

27,785

Interest expense - amortization of deferred financing costs (e)

827

1,376

Loss (gain) on early extinguishment of debt

12,344

)

Depletion, depreciation and amortization

88,526

90,559

Total costs and expenses

601,009

580,819

Income before income taxes

433,161

109,735

295

Income tax expense

Current

5,801

2,000

Deferred

85,730

10,683

91,531

12,683

Net income

341,630

97,052

252

Net income Per Common Share

Basic

1.45

0.40

Diluted

1.44

0.40

Weighted average common shares outstanding, as reported

Basic

235,050

240,035

-2

Diluted

236,396

241,755

-2

(a) See separate natural gas, NGLs and oil sales information table.

(b) Included in Other income in the 10-Q.

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)

March 31,

December 31,

2026

2025

Assets

Current assets

315,706

390,835

Derivative assets

92,848

69,397

Natural gas, NGLs and oil properties, net (successful efforts method)

6,756,719

6,708,366

Other property and equipment, net

6,231

4,935

Operating lease right-of-use assets

158,585

173,477

Other

74,819

74,938

7,404,908

7,421,948

Liabilities and Stockholders' Equity

Current liabilities

667,336

658,783

Asset retirement obligations

1,173

Derivative liabilities

10,148

1,196

Bank debt

323,294

106,700

Senior notes, excluding current maturities

495,960

1,091,634

Deferred tax liabilities

787,329

701,601

Derivative liabilities

997

2,363

Deferred compensation liabilities

69,461

68,635

Operating lease liabilities

100,482

115,515

Asset retirement obligations and other liabilities

155,870

153,081

Divestiture contract obligation

190,464

202,586

2,802,514

3,103,267

Common stock and retained deficit

5,375,592

5,064,743

Other comprehensive income

412

424

Common stock held in treasury

(773,610

)

(746,486

)

Total stockholders' equity

4,602,394

4,318,681

7,404,908

7,421,948

RECONCILIATION OF TOTAL DEBT AS REPORTED

TO NET DEBT, a non-GAAP measure

(Unaudited, in thousands)

March 31,

December 31,

2026

2025

Total debt, net of deferred financing costs, as reported

819,254

1,198,334

-32

Unamortized debt issuance costs, as reported

14,746

19,666

Less cash and cash equivalents, as reported

(247

)

(204

)

Net debt, a non-GAAP measure

833,753

1,217,796

-32

RANGE RESOURCES CORPORATION

CASH FLOWS FROM OPERATING ACTIVITIES

(Unaudited, in thousands)

Three Months Ended March 31,

2026

2025

Net income

341,630

97,052

Adjustments to reconcile net cash provided from continuing operations:

Deferred income tax expense

85,730

10,683

Depletion, depreciation and amortization

88,526

90,559

Abandonment and impairment of unproved properties

3,897

4,574

Derivative fair value loss

33,429

158,957

Cash settlements on derivative financial instruments

(49,295

)

4,573

Divestiture contract obligation, including accretion

6,950

8,897

Amortization of deferred financing costs and other

1,099

1,182

Deferred and stock-based compensation

15,331

15,083

Gain on sale of assets

)

(62

)

Loss (gain) on early extinguishment of debt

12,344

)

Changes in working capital:

Accounts receivable

82,177

(28,722

)

Other current assets

(6,192

)

(9,028

)

Accounts payable

83,223

36,181

Accrued liabilities and other

(79,707

)

(59,843

)

Net changes in working capital

79,501

(61,412

)

Net cash provided from operating activities

619,136

330,083

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 March 31,

2026

2025

Net cash provided from operating activities, as reported

619,136

330,083

Net changes in working capital

(79,501

)

61,412

Exploration expense

5,696

6,044

Lawsuit settlements and other

273

Non-cash compensation adjustment and other

(671

)

(175

)

Cash flow from operations before changes in working capital - non-GAAP measure

544,933

397,391

ADJUSTED WEIGHTED AVERAGE SHARES OUTSTANDING

(Unaudited, in thousands)

Three Months Ended March 31,

2026

2025

Basic:

Weighted average shares outstanding

235,316

240,776

Stock held by deferred compensation plan

(266

)

(741

)

Adjusted basic

235,050

240,035

Dilutive:

Weighted average shares outstanding

235,316

240,776

Dilutive stock options under treasury method

1,080

979

Adjusted dilutive

236,396

241,755

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 March 31,

2026

2025

Natural gas, NGLs and Oil Sales components:

Natural gas sales

704,081

490,377

NGLs sales

259,232

275,654

Oil sales

46,939

25,889

Total Natural Gas, NGLs and Oil Sales, as reported

1,010,252

791,920

Derivative Fair Value Loss, as reported

(33,429

)

(158,957

)

Cash settlements on derivative financial instruments - (gain) loss:

Natural gas

45,669

(4,729

)

NGLs

412

Oil

3,626

(256

)

Total change in fair value related to commodity derivatives prior to

settlement, a non-GAAP measure

15,866

(163,530

)

Transportation, gathering, processing and compression components:

Natural Gas

169,206

157,519

NGLs

153,344

147,838

Oil

779

752

Total transportation, gathering, processing and compression, as reported

323,329

306,109

Natural gas, NGL and Oil sales, including cash-settled derivatives: (c)

Natural gas sales

658,412

495,106

NGLs sales

259,232

275,242

Oil Sales

43,313

26,145

Total

960,957

796,493

Production of natural gas, NGLs and oil during the periods (a):

Natural Gas (mcf)

135,795,771

135,963,430

NGLs (bbls)

9,737,382

9,919,989

-2

Oil (bbls)

741,524

423,579

Gas equivalent (mcfe) (b)

198,669,207

198,024,838

Production of natural gas, NGLs and oil - average per day (a):

Natural Gas (mcf)

1,508,842

1,510,705

NGLs (bbls)

108,193

110,222

-2

Oil (bbls)

8,239

4,706

Gas equivalent (mcfe) (b)

2,207,436

2,200,276

Average prices, excluding derivative settlements and before third-party

transportation costs:

Natural Gas (per mcf)

5.18

3.61

NGLs (per bbl)

26.62

27.79

-4

Oil (per bbl)

63.30

61.12

Gas equivalent (per mcfe) (b)

5.09

4.00

Average prices, including derivative settlements before third-party

transportation costs: (c)

Natural Gas (per mcf)

4.85

3.64

NGLs (per bbl)

26.62

27.75

-4

Oil (per bbl)

58.41

61.72

-5

Gas equivalent (per mcfe) (b)

4.84

4.02

Average prices, including derivative settlements and after third-party

transportation costs: (d)

Natural Gas (per mcf)

3.60

2.48

NGLs (per bbl)

10.87

12.84

-15

Oil (per bbl)

57.36

59.95

-4

Gas equivalent (per mcfe) (b)

3.21

2.48

Transportation, gathering and compression expense per mcfe

1.63

1.55

(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.

(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 March 31,

2026

2025

Income from operations before income taxes, as reported

433,161

109,735

295

Adjustment for certain special items:

Gain on the sale of assets

)

(62

)

ARO settlement loss

Change in fair value related to derivatives prior to settlement

(15,866

)

163,530

Abandonment and impairment of unproved properties

3,897

4,574

Loss (gain) on early extinguishment of debt

12,344

)

Lawsuit settlements and other

273

Exit costs

6,950

8,897

Direct operating - stock-based compensation

546

537

Brokered natural gas and marketing - stock-based compensation

884

840

Exploration expenses - stock-based compensation

334

347

General & administrative - stock-based compensation

10,625

10,111

Deferred compensation plan - non-cash adjustment

2,543

2,879

Income before income taxes, as adjusted

455,685

301,412

Income tax expense, as adjusted

Current

5,801

2,000

Deferred (a)

89,893

67,325

Net income, excluding certain items, a non-GAAP measure

359,991

232,087

Non-GAAP income per common share

Basic

1.53

0.97

Diluted

1.52

0.96

Non-GAAP diluted shares outstanding, if dilutive

236,396

241,755

(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 March 31,

2026

2025

Net income, as reported

341,630

97,052

Adjustments for certain special items:

Gain on the sale of assets

)

(62

)

ARO settlement loss

Loss (gain) on early extinguishment of debt

12,344

)

Change in fair value related to derivatives prior to settlement

(15,866

)

163,530

Abandonment and impairment of unproved properties

3,897

4,574

Lawsuit settlements and other

273

Exit costs

6,950

8,897

Stock-based compensation

12,389

11,835

Deferred compensation plan

2,543

2,879

Tax impact

(4,163

)

(56,642

)

Net income, excluding certain items, a non-GAAP measure

359,991

232,087

Net income per diluted share, as reported

1.44

0.40

Adjustments for certain special items per diluted share:

Gain on the sale of assets

ARO settlement loss

Loss (gain) on early extinguishment of debt

0.05

Change in fair value related to derivatives prior to settlement

(0.07

)

0.68

Abandonment and impairment of unproved properties

0.02

Lawsuit settlements and other

Exit costs

0.03

0.04

Stock-based compensation

0.05

Deferred compensation plan

0.01

Adjustment for rounding differences

0.01

(0.01

)

Tax impact

(0.02

)

(0.23

)

Dilutive share impact (rabbi trust and other)

Net income per diluted share, excluding certain items, a non-GAAP measure

1.52

0.96

Adjusted earnings per share, a non-GAAP measure:

Basic

1.53

0.97

Diluted

1.52

0.96

RANGE RESOURCES CORPORATION

RECONCILIATION OF CASH MARGIN PER MCFE, a non-

GAAP measure

(Unaudited, In thousands, except per unit data)

Three Months Ended March 31,

2026

2025

Revenues

Natural gas, NGLs and oil sales, as reported

1,010,252

791,920

Derivative fair value loss, as reported

(33,429

)

(158,957

)

Less non-cash fair value (gain) loss

(15,866

)

163,530

Brokered natural gas and marketing, as reported

57,229

54,408

Other income, as reported

118

3,183

Less gain on sale of assets

)

(62

)

Less ARO settlement

Cash revenues and other income

1,018,298

854,022

Expenses

Direct operating, as reported

28,674

25,373

Less direct operating stock-based compensation

(546

)

(537

)

Transportation, gathering and compression, as reported

323,329

306,109

Taxes other than income, as reported

5,823

6,987

Brokered natural gas and marketing, as reported

58,123

58,201

Less brokered natural gas and marketing stock-based compensation

(884

)

(840

)

General and administrative, as reported

45,351

41,691

Less G&A stock-based compensation

(10,625

)

(10,111

)

Less lawsuit settlements and other

(273

)

(27

)

Interest expense, as reported

19,419

29,161

Less amortization of deferred financing costs

(827

)

(1,376

)

Cash expenses

467,564

454,631

Cash margin, a non-GAAP measure

550,734

399,391

Mmcfe produced during period

198,669

198,025

Cash margin per mcfe

2.77

2.02

RECONCILIATION OF INCOME BEFORE INCOME TAXES

TO CASH MARGIN, a non-GAAP measure

(Unaudited, in thousands, except per unit data)

Three Months Ended March 31,

2026

2025

Income before income taxes, as reported

433,161

109,735

Adjustments to reconcile income before income taxes

to cash margin:

ARO settlements

Derivative fair value loss

33,429

158,957

Net cash (payments) receipts on derivative settlements

(49,295

)

4,573

Exploration expense

5,696

6,044

Lawsuit settlements and other

273

Exit costs

6,950

8,897

Deferred compensation plan

2,543

2,879

Stock-based compensation (direct operating, brokered natural gas and

12,389

11,835

marketing, exploration and general and administrative)

Bad debt expense

Interest - amortization of deferred financing costs

827

1,376

Depletion, depreciation and amortization

88,526

90,559

Gain on sale of assets

)

(62

)

Loss (gain) on early extinguishment of debt

12,344

)

Abandonment and impairment of unproved properties

3,897

4,574

Cash margin, a non-GAAP measure

550,734

399,391

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