Range Resources Corporation reported fourth‑quarter 2025 results that surpassed consensus expectations, delivering net income of $179 million ($0.75 per diluted share) and adjusted earnings of $195 million ($0.82 per share). Total revenue reached $820 million, up 31% from $626 million in the same quarter a year earlier, reflecting a strong performance in the company’s core natural‑gas segment.
Revenue growth was driven by a robust increase in natural‑gas sales, while the company’s natural‑gas‑to‑NGL mix remained favorable. Realized prices for the quarter were higher than the prior year, and production rose 2% year‑over‑year, underscoring the efficiency of Range’s low‑cost Marcellus operations and the company’s ability to capture premium pricing in a tight market.
For 2026, Range reiterated an all‑in capital budget of $650‑$700 million and guided annual production to 2.35‑2.40 Bcfe per day, with a target of 2.60 Bcfe per day in 2027. The company also increased its quarterly dividend by 11.1% to $0.10 per share and expanded its board‑approved share‑repurchase authorization to $1.5 billion. Operational highlights include a 500,000‑plus‑foot DUC inventory, a planned 400,000‑foot conversion effort for 2026‑27, and a new ten‑year natural‑gas supply contract at a premium to Midwest prices.
CEO Dennis Degner said, “Our results for 2025 demonstrate the strength of Range's business as we successfully generated free cash flow, returned capital to shareholders and reduced net debt while thoughtfully investing in the business to deliver current results and enhance future optionality.” He added, “Over the last three years, Range has made prudent strategic investments to build productive capacity that supports the efficient and market‑oriented production growth plan we have been communicating since last year. Importantly, Range's incremental production through 2027 is tied to additional contracted takeaway and diverse global and domestic end markets, including a portion being sold at margin‑enhancing premiums to support new Midwest power demand.”
The earnings beat, combined with the company’s disciplined capital allocation and strong pricing power, signals that Range is well positioned to sustain free cash flow, reduce debt, and pursue its 19% production growth target without additional capital. The guidance reflects confidence in continued demand for natural gas and the company’s ability to convert its inventory into production while maintaining a low‑cost base, reinforcing its competitive advantage in the Appalachian basin.
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