false0000315852--12-31Q22025-08-312025-11-300000315852us-gaap:OperatingExpenseMember2025-01-012025-06-300000315852us-gaap:FairValueInputsLevel3Member2025-06-300000315852us-gaap:RestrictedStockMember2025-04-012025-06-300000315852srt:NaturalGasReservesMemberrrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2025-01-012025-06-300000315852rrc:TwoThousandTwentySixCommodityContractMemberrrc:SwaptionsMember2025-01-012025-06-300000315852rrc:OtherMarketingRevenueMemberrrc:BrokeredNaturalGasAndMarketingMember2025-04-012025-06-300000315852us-gaap:FairValueInputsLevel3Member2025-01-012025-06-300000315852rrc:DirectOperatingExpenseMember2024-01-012024-06-300000315852srt:NaturalGasReservesMemberrrc:BrokeredNaturalGasAndMarketingMember2025-01-012025-06-300000315852rrc:NaturalGasLiquidsDerivativesMember2025-01-012025-06-3000003158522025-01-012025-06-300000315852us-gaap:CommonStockMember2024-04-012024-06-300000315852us-gaap:CommonStockMember2024-01-012024-03-310000315852us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2025-04-012025-06-300000315852us-gaap:AdditionalPaidInCapitalMember2024-03-310000315852rrc:NaturalGasLiquidsDerivativesMember2024-04-012024-06-300000315852us-gaap:CarryingReportedAmountFairValueDisclosureMemberrrc:EightPointTwoFivePercentageSeniorNotesDueTwoThousandTwentyNine1Member2024-12-310000315852us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000315852us-gaap:RetainedEarningsMember2025-01-012025-03-310000315852rrc:NaturalGasLiquidsDerivativesMember2025-04-012025-06-300000315852rrc:NaturalGasBasisSwapMemberus-gaap:CommodityContractMember2025-06-300000315852rrc:JulyToSeptemberTwoThousandTwentyFiveCommodityContractMemberus-gaap:SwapMembersrt:CrudeOilMember2025-03-310000315852rrc:DirectOperatingExpenseMember2024-04-012024-06-300000315852srt:NaturalGasLiquidsReservesMemberrrc:BrokeredNaturalGasAndMarketingMember2025-04-012025-06-300000315852rrc:BrokeredNaturalGasAndMarketingExpenseMember2024-04-012024-06-300000315852us-gaap:BaseRateMemberrrc:BankCreditFacilityMembersrt:MaximumMember2025-06-300000315852rrc:TwoThousandTwentySixCommodityContractMemberrrc:SwaptionsMember2025-06-300000315852rrc:OilDerivativesMember2024-04-012024-06-300000315852us-gaap:CarryingReportedAmountFairValueDisclosureMemberrrc:EightPointTwoFivePercentageSeniorNotesDueTwoThousandTwentyNine1Member2025-06-300000315852rrc:FourPointSevenFivePercentSeniorSubordinatedNotesDueTwoThousandThirtyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000315852rrc:TreasurySharesMember2024-06-300000315852rrc:EightPointTwoFivePercentSeniorNotesDueTwoThousandTwentyNineMemberus-gaap:NotesPayableToBanksMember2025-06-300000315852us-gaap:AdditionalPaidInCapitalMember2025-06-300000315852us-gaap:RetainedEarningsMember2024-12-310000315852rrc:NaturalGasBasisSwapMemberus-gaap:CommodityContractMember2025-01-012025-06-300000315852us-gaap:RetainedEarningsMember2024-06-300000315852rrc:TimeBasedLiabilityAwardsMember2024-12-310000315852us-gaap:RetainedEarningsMember2024-01-012024-03-310000315852us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembersrt:MinimumMemberrrc:BankCreditFacilityMember2025-06-300000315852rrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2025-04-012025-06-300000315852us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2025-01-012025-06-300000315852srt:NaturalGasReservesMemberrrc:BrokeredNaturalGasAndMarketingMember2025-04-012025-06-300000315852rrc:TwoThousandTwentySixCommodityContractMemberus-gaap:SwapMemberrrc:NaturalsGasMember2025-03-310000315852us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300000315852us-gaap:TreasuryStockCommonMember2025-03-310000315852rrc:NaturalGasNaturalGasLiquidsAndOilSalesMembersrt:OilReservesMember2024-01-012024-06-300000315852rrc:NaturalGasLiquidsDerivativesMember2024-01-012024-06-300000315852us-gaap:OperatingExpenseMember2024-04-012024-06-300000315852rrc:TimeBasedEquityAwardsMember2025-01-012025-06-300000315852rrc:PerformanceBasedStockAwardsMember2025-06-300000315852rrc:OtherMarketingRevenueMemberrrc:BrokeredNaturalGasAndMarketingMember2025-01-012025-06-300000315852us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberrrc:BankCreditFacilityMembersrt:MaximumMember2025-06-300000315852rrc:StockBasedPerformanceAwardsMembersrt:MaximumMember2025-01-012025-06-300000315852rrc:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyFiveMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300000315852us-gaap:RetainedEarningsMember2024-04-012024-06-300000315852rrc:EquityGrantsMember2024-01-012024-06-300000315852rrc:OtherMarketingRevenueMemberrrc:BrokeredNaturalGasAndMarketingMember2024-04-012024-06-300000315852rrc:BrokeredNaturalGasAndMarketingExpenseMember2024-01-012024-06-300000315852rrc:BrokeredNaturalGasAndMarketingMember2025-04-012025-06-300000315852srt:NaturalGasLiquidsReservesMemberrrc:BrokeredNaturalGasAndMarketingMember2024-04-012024-06-300000315852rrc:ExitCostsMember2024-12-310000315852rrc:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyFiveMember2025-06-300000315852rrc:TwoThousandTwentySevenCommodityContractMemberus-gaap:SwapMemberrrc:NaturalsGasMember2025-03-310000315852rrc:TimeBasedEquityAwardsMember2024-12-310000315852us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-06-300000315852us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300000315852srt:NaturalGasReservesMemberrrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2025-04-012025-06-300000315852rrc:TreasurySharesMember2024-04-012024-06-300000315852us-gaap:FairValueInputsLevel3Member2024-12-310000315852srt:NaturalGasLiquidsReservesMemberrrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2024-04-012024-06-300000315852us-gaap:CommonStockMember2025-03-310000315852rrc:OilDerivativesMember2025-01-012025-06-300000315852rrc:PerformanceBasedStockAwardsMember2025-01-012025-06-300000315852us-gaap:OperatingExpenseMember2024-01-012024-06-3000003158522024-06-300000315852us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300000315852srt:NaturalGasReservesMemberrrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2024-04-012024-06-300000315852us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300000315852us-gaap:TreasuryStockCommonMember2024-01-012024-03-310000315852us-gaap:CommonStockMember2025-06-300000315852us-gaap:TreasuryStockCommonMember2024-06-300000315852rrc:EquityGrantsMember2025-04-012025-06-300000315852rrc:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyFiveMember2024-06-300000315852rrc:NaturalGasDerivativesMember2025-01-012025-06-3000003158522024-01-012024-03-310000315852us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000315852us-gaap:CommonStockMember2024-03-310000315852us-gaap:RetainedEarningsMember2025-06-300000315852rrc:BrokeredNaturalGasAndMarketingExpenseMember2025-04-012025-06-300000315852us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000315852us-gaap:RetainedEarningsMember2025-04-012025-06-300000315852rrc:BankCreditFacilityMember2025-03-3100003158522023-12-310000315852us-gaap:TreasuryStockCommonMember2024-03-310000315852us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310000315852us-gaap:NotesPayableToBanksMemberrrc:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyFiveMember2025-06-300000315852rrc:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyFiveMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000315852us-gaap:TreasuryStockCommonMember2024-12-310000315852rrc:TimeBasedEquityAwardsMember2025-06-300000315852us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310000315852rrc:CounterpartiesInAssetPositionMemberrrc:CounterpartiesNotInFacilityMember2025-01-012025-06-300000315852us-gaap:RestrictedStockMember2024-01-012024-06-3000003158522024-12-310000315852us-gaap:MeasurementInputPriceVolatilityMembersrt:WeightedAverageMemberus-gaap:SwaptionMemberrrc:NaturalsGasMember2025-01-012025-06-300000315852rrc:TreasurySharesMember2024-03-310000315852us-gaap:RetainedEarningsMember2025-03-310000315852us-gaap:CommonStockMember2025-01-012025-03-310000315852rrc:TimeBasedLiabilityAwardsMember2024-01-012024-06-300000315852rrc:PropaneSwapMemberus-gaap:CommodityContractMember2025-06-300000315852rrc:EightPointTwoFivePercentageSeniorNotesDueTwoThousandTwentyNine1Member2024-12-310000315852rrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2025-01-012025-06-300000315852rrc:ExplorationExpenseMember2024-01-012024-12-310000315852rrc:EightPointTwoFivePercentageSeniorNotesDueTwoThousandTwentyNine1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000315852us-gaap:CarryingReportedAmountFairValueDisclosureMemberrrc:FourPointSevenFivePercentSeniorSubordinatedNotesDueTwoThousandThirtyMember2025-06-300000315852rrc:TreasurySharesMember2025-04-012025-06-300000315852us-gaap:TreasuryStockCommonMember2025-01-012025-03-310000315852rrc:NaturalGasNaturalGasLiquidsAndOilSalesMembersrt:OilReservesMember2024-04-012024-06-300000315852rrc:EquityGrantsMember2025-01-012025-06-300000315852rrc:TimeBasedLiabilityAwardsMember2025-01-012025-06-300000315852rrc:TreasurySharesMember2025-03-310000315852rrc:EightPointTwoFivePercentageSeniorNotesDueTwoThousandTwentyNine1Member2025-06-300000315852rrc:BrokeredNaturalGasAndMarketingMember2024-01-012024-06-300000315852us-gaap:NotesPayableToBanksMember2024-12-310000315852rrc:TwoThousandTwentySevenCommodityContractMemberrrc:SwaptionsMember2025-06-300000315852us-gaap:PerformanceSharesMember2025-01-012025-06-300000315852rrc:BrokeredNaturalGasAndMarketingMember2025-01-012025-06-300000315852rrc:ExplorationExpenseMember2025-01-012025-06-300000315852rrc:TreasurySharesMember2024-12-310000315852us-gaap:CommonStockMember2023-12-310000315852us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000315852rrc:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyFiveMember2024-12-310000315852rrc:NaturalGasDerivativesMember2024-04-012024-06-300000315852rrc:FourPointSevenFivePercentSeniorSubordinatedNotesDueTwoThousandThirtyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-3000003158522024-01-012024-06-300000315852us-gaap:CommonStockMember2025-04-012025-06-300000315852rrc:PropaneSwapMemberus-gaap:CommodityContractMember2025-01-012025-06-3000003158522025-03-310000315852rrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2024-04-012024-06-300000315852us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300000315852us-gaap:RetainedEarningsMember2024-03-310000315852rrc:OilDerivativesMember2025-04-012025-06-300000315852us-gaap:GeneralAndAdministrativeExpenseMember2025-04-012025-06-300000315852rrc:EightPointTwoFivePercentSeniorNotesDueTwoThousandTwentyNineMember2024-12-310000315852us-gaap:BaseRateMembersrt:MinimumMemberrrc:BankCreditFacilityMember2025-06-300000315852rrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2024-01-012024-06-300000315852srt:NaturalGasReservesMemberrrc:BrokeredNaturalGasAndMarketingMember2024-04-012024-06-300000315852rrc:NaturalGasNaturalGasLiquidsAndOilSalesMembersrt:OilReservesMember2025-04-012025-06-300000315852us-gaap:NotesPayableToBanksMemberrrc:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyFiveMember2024-12-310000315852us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300000315852rrc:OtherMarketingRevenueMemberrrc:BrokeredNaturalGasAndMarketingMember2024-01-012024-06-300000315852rrc:DirectOperatingExpenseMember2025-01-012025-06-300000315852srt:NaturalGasLiquidsReservesMemberrrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2025-04-012025-06-300000315852us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000315852us-gaap:CarryingReportedAmountFairValueDisclosureMemberrrc:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyFiveMember2024-12-310000315852srt:NaturalGasReservesMemberrrc:BrokeredNaturalGasAndMarketingMember2024-01-012024-06-300000315852us-gaap:GeneralAndAdministrativeExpenseMember2025-01-012025-06-300000315852rrc:TimeBasedLiabilityAwardsMember2025-06-300000315852rrc:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyFiveMember2024-01-012024-06-300000315852rrc:ThreeWayCollarsMemberrrc:JulyToDecemberTwoThousandTwentyFiveCommodityContractMemberrrc:NaturalsGasMember2025-03-310000315852rrc:CounterpartiesInAssetPositionMemberrrc:CounterpartiesNotInFacilityMember2025-06-300000315852us-gaap:TreasuryStockCommonMember2025-06-3000003158522025-07-180000315852us-gaap:TreasuryStockCommonMember2025-04-012025-06-300000315852us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310000315852us-gaap:TreasuryStockCommonMember2023-12-310000315852us-gaap:CarryingReportedAmountFairValueDisclosureMemberrrc:FourPointSevenFivePercentSeniorSubordinatedNotesDueTwoThousandThirtyMember2024-12-310000315852us-gaap:AdditionalPaidInCapitalMember2025-03-3100003158522025-01-012025-03-310000315852us-gaap:AdditionalPaidInCapitalMember2024-12-310000315852us-gaap:FairValueInputsLevel3Memberus-gaap:SwaptionMember2025-06-300000315852srt:NaturalGasLiquidsReservesMemberrrc:BrokeredNaturalGasAndMarketingMember2025-01-012025-06-300000315852srt:NaturalGasLiquidsReservesMemberrrc:BrokeredNaturalGasAndMarketingMember2024-01-012024-06-300000315852us-gaap:RetainedEarningsMember2023-12-310000315852rrc:ExitCostsMember2025-01-012025-06-300000315852rrc:BrokeredNaturalGasAndMarketingMember2024-04-012024-06-3000003158522024-01-012024-12-310000315852us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310000315852rrc:ExplorationExpenseMember2024-01-012024-06-300000315852us-gaap:GeneralAndAdministrativeExpenseMember2024-04-012024-06-300000315852us-gaap:AdditionalPaidInCapitalMember2024-06-300000315852rrc:EquityGrantsMember2024-04-012024-06-300000315852rrc:BankCreditFacilityMember2025-04-012025-06-300000315852rrc:ExitCostsMember2025-06-300000315852us-gaap:CommonStockMember2024-12-3100003158522024-04-012024-06-300000315852rrc:EightPointTwoFivePercentSeniorNotesDueTwoThousandTwentyNineMember2025-06-300000315852us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberrrc:BankCreditFacilityMember2025-01-012025-06-300000315852rrc:FourPointSevenFivePercentSeniorNotesDueTwoThousandThirtyMember2024-12-310000315852rrc:TreasurySharesMember2025-06-300000315852rrc:NorthLouisianaMember2025-01-012025-06-300000315852srt:NaturalGasReservesMemberrrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2024-01-012024-06-300000315852us-gaap:CarryingReportedAmountFairValueDisclosureMemberrrc:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyFiveMember2025-06-300000315852us-gaap:CommonStockMember2024-06-300000315852rrc:TwoThousandTwentySevenCommodityContractMemberrrc:SwaptionsMember2025-01-012025-06-300000315852us-gaap:GeneralAndAdministrativeExpenseMember2024-01-012024-06-300000315852rrc:DirectOperatingExpenseMember2025-04-012025-06-300000315852us-gaap:BaseRateMemberrrc:BankCreditFacilityMember2025-01-012025-06-300000315852us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2024-04-012024-06-300000315852rrc:ThreeWayCollarsMemberrrc:TwoThousandTwentySixCommodityContractMemberrrc:NaturalsGasMember2025-03-310000315852rrc:TimeBasedEquityAwardsMember2024-01-012024-06-300000315852rrc:TreasurySharesMember2025-01-012025-03-310000315852rrc:FourPointSevenFivePercentSeniorSubordinatedNotesDueTwoThousandThirtyMember2025-06-300000315852us-gaap:TreasuryStockCommonMember2024-04-012024-06-300000315852rrc:NaturalGasDerivativesMember2025-04-012025-06-300000315852us-gaap:RestrictedStockMember2025-01-012025-06-300000315852us-gaap:NotesPayableToBanksMember2025-06-300000315852srt:MinimumMemberrrc:StockBasedPerformanceAwardsMember2025-01-012025-06-300000315852srt:MinimumMemberrrc:BankCreditFacilityMember2025-01-012025-06-300000315852rrc:FourPointSevenFivePercentSeniorNotesDueTwoThousandThirtyMember2025-06-300000315852rrc:ExplorationExpenseMember2025-04-012025-06-300000315852srt:NaturalGasLiquidsReservesMemberrrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2025-01-012025-06-300000315852us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310000315852us-gaap:NotesPayableToBanksMemberrrc:FourPointSevenFivePercentSeniorNotesDueTwoThousandThirtyMember2024-12-310000315852rrc:BankCreditFacilityMember2025-06-3000003158522025-06-300000315852rrc:ExplorationExpenseMember2024-04-012024-06-300000315852srt:NaturalGasLiquidsReservesMemberrrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2024-01-012024-06-300000315852rrc:NaturalGasDerivativesMember2024-01-012024-06-300000315852rrc:BankCreditFacilityMembersrt:MaximumMember2025-01-012025-06-300000315852rrc:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyFiveMember2025-01-012025-06-300000315852rrc:NorthLouisianaMember2024-01-012024-06-300000315852rrc:EightPointTwoFivePercentSeniorNotesDueTwoThousandTwentyNineMemberus-gaap:NotesPayableToBanksMember2024-12-3100003158522025-04-012025-06-300000315852rrc:BrokeredNaturalGasAndMarketingExpenseMember2025-01-012025-06-300000315852us-gaap:NotesPayableToBanksMemberrrc:FourPointSevenFivePercentSeniorNotesDueTwoThousandThirtyMember2025-06-300000315852us-gaap:RevenueFromContractWithCustomerMember2024-12-310000315852rrc:PerformanceBasedStockAwardsMember2024-01-012024-06-300000315852rrc:BankCreditFacilityMember2025-01-012025-06-300000315852rrc:TreasurySharesMember2023-12-310000315852rrc:JulyToDecemberTwoThousandTwentyFiveCommodityContractMemberus-gaap:SwapMemberrrc:NaturalsGasMember2025-03-310000315852rrc:EightPointTwoFivePercentageSeniorNotesDueTwoThousandTwentyNine1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300000315852rrc:NaturalGasNaturalGasLiquidsAndOilSalesMembersrt:OilReservesMember2025-01-012025-06-300000315852us-gaap:AdditionalPaidInCapitalMember2023-12-310000315852rrc:OilDerivativesMember2024-01-012024-06-300000315852us-gaap:OperatingExpenseMember2025-04-012025-06-3000003158522024-03-310000315852us-gaap:RestrictedStockMember2024-04-012024-06-300000315852rrc:FourPointSevenFivePercentSeniorSubordinatedNotesDueTwoThousandThirtyMember2024-12-310000315852us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300000315852us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2024-01-012024-06-300000315852us-gaap:RevenueFromContractWithCustomerMember2025-06-300000315852rrc:PerformanceBasedStockAwardsMember2024-12-310000315852us-gaap:PerformanceSharesMember2024-01-012024-06-300000315852us-gaap:SeniorNotesMember2025-01-012025-06-30rrc:Commercialbankrrc:Projectiso4217:USDxbrli:sharesxbrli:purexbrli:sharesutr:MMBTUiso4217:USDutr:MMBTUrrc:BarrelsPerDayrrc:Counterpartyiso4217:USDutr:bblrrc:MmbtuPerDayiso4217:USD

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark one)


☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-12209

RANGE RESOURCES CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

     Delaware

     34-1312571

     (State or Other Jurisdiction of
Incorporation or Organization)

     (IRS Employer Identification No.)

100 Throckmorton Street, Suite 1200

Fort Worth, Texas 76102

(Address of principal executive offices, including ZIP code)

(817) 870-2601

(Registrant’s telephone number, including area code)

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, (Par Value $0.01)

     RRC

     New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer		Accelerated Filer	
Non-Accelerated Filer		Smaller Reporting Company	☐
		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.		

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No 

238,191,087 shares of common stock were outstanding on July 18, 2025.

RANGE RESOURCES CORPORATION

FORM 10-Q

Quarter Ended June 30, 2025

Unless the context otherwise indicates, all references in this report to "Range Resources," "Range," "we," "us," or "our" are to Range Resources Corporation and its directly and indirectly owned subsidiaries. For certain industry specific terms used in this Form 10-Q, please see "Glossary of Certain Defined Terms" in our 2024 Annual Report on Form 10-K.

TABLE OF CONTENTS


		Page
PART I – FINANCIAL INFORMATION
ITEM 1.	Financial Statements:	3
	Consolidated Balance Sheets	3
	Consolidated Statements of Income (Unaudited)	4
	Consolidated Statements of Comprehensive Income (Unaudited)	5
	Consolidated Statements of Cash Flows (Unaudited)	6
	Consolidated Statements of Stockholders’ Equity (Unaudited)	7
	Notes to Consolidated Financial Statements (Unaudited)	8
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	30
ITEM 4.	Controls and Procedures	31
PART II – OTHER INFORMATION
ITEM 1.	Legal Proceedings	32
ITEM 1A.	Risk Factors	32
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32
ITEM 5.	Other Information	32
ITEM 6.	Exhibits	33
	SIGNATURES	34

PART I – FINANCIAL INFORMATION

ITEM 1. Financial Statements

RANGE RESOURCES CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)


	June 30,			December 31,
	2025			2024
Assets	(Unaudited)
Current assets:
Cash and cash equivalents	$	134		$	304,490
Accounts receivable, less allowance for doubtful accounts of $250 and $255		234,174			302,212
Derivative assets		46,285			84,479
Prepaid assets		13,095			12,722
Other current assets		25,213			17,558
Total current assets		318,901			721,461
Derivative assets		4,830			2,619
Natural gas and oil properties, net (successful efforts method)		6,535,097			6,421,700
Other property and equipment, net		2,736			2,465
Operating lease right-of-use assets		170,159			119,838
Other assets		73,388			79,592
Total assets	$	7,105,111		$	7,347,675

Liabilities
Current liabilities:
Accounts payable	$	124,322		$	133,132
Asset retirement obligations		1,189			1,189
Accrued liabilities		274,450			289,148
Deferred compensation liabilities		5,798			21,649
Accrued interest		32,100			36,920
Derivative liabilities		1,201			9,634
Operating lease liabilities		63,417			87,138
Divestiture contract obligation		80,657			86,991
Current maturities of long-term debt		—			608,269
Total current liabilities		583,134			1,274,070
Bank debt		121,092			—
Senior notes		1,090,607			1,089,614
Deferred tax liabilities		611,873			541,378
Derivative liabilities		23,187			10,488
Deferred compensation liabilities		64,262			65,233
Operating lease liabilities		109,026			35,737
Asset retirement obligations and other liabilities		143,174			137,181
Divestiture contract obligation		232,062			257,317
Total liabilities		2,978,417			3,411,018
Commitments and contingencies

Stockholders’ Equity
Preferred stock, $1 par, 10,000,000 shares authorized, none issued and outstanding		—			—
Common stock, $0.01 par, 475,000,000 shares authorized, 268,553,027 issued at June 30, 2025 and 267,435,419 shares at December 31, 2024		2,686			2,674
Common stock held in treasury, at cost, 30,045,000 shares at June 30, 2025 and 26,766,065 shares at December 31, 2024		(635,181	)		(513,941	)
Additional paid-in capital		5,948,260			5,927,893
Accumulated other comprehensive income		582			611
Retained deficit		(1,189,653	)		(1,480,580	)
Total stockholders' equity		4,126,694			3,936,657
Total liabilities and stockholders’ equity	$	7,105,111		$	7,347,675

The accompanying notes are an integral part of these consolidated financial statements.

RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited, in thousands, except per share data)


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Revenues and other income:
Natural gas, NGLs and oil sales	$	666,638		$	478,450		$	1,458,558		$	1,045,451
Derivative fair value income (loss)		154,747			16,808			(4,210	)		63,406
Brokered natural gas and marketing		33,009			31,392			87,417			60,224
Other income		1,881			3,459			5,064			6,484
Total revenues and other income		856,275			530,109			1,546,829			1,175,565
Costs and expenses:
Direct operating		23,120			22,752			48,493			44,913
Transportation, gathering, processing and compression		304,714			281,495			610,823			572,370
Taxes other than income		7,835			4,974			14,822			10,342
Brokered natural gas and marketing		34,985			34,096			93,186			65,699
Exploration		7,928			6,651			14,319			11,177
Abandonment and impairment of unproved properties		6,781			1,524			11,355			3,895
General and administrative		42,146			40,141			83,837			84,082
Exit costs		8,502			10,094			17,399			20,409
Deferred compensation plan		(88	)		1,240			2,791			7,645
Interest		26,796			29,713			55,957			60,189
Gain on early extinguishment of debt		—			(179	)		(3	)		(243	)
Depletion, depreciation and amortization		91,514			87,598			182,073			174,735
Total costs and expenses		554,233			520,099			1,135,052			1,055,213

Income before income taxes		302,042			10,010			411,777			120,352
Income tax expense (benefit):
Current		4,645			2,399			6,645			3,981
Deferred		59,819			(21,093	)		70,502			(4,471	)
		64,464			(18,694	)		77,147			(490	)
Net income	$	237,578		$	28,704		$	334,630		$	120,842

Net income per common share:
Basic	$	0.99		$	0.12		$	1.40		$	0.50
Diluted	$	0.99		$	0.12		$	1.39		$	0.49

Dividends declared per share	$	0.09		$	0.08		$	0.18		$	0.16

Weighted average common shares outstanding:
Basic		238,187			241,125			239,106			240,815
Diluted		239,717			242,983			240,772			242,766

The accompanying notes are an integral part of these consolidated financial statements.

RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited, in thousands)


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Net income	$	237,578		$	28,704		$	334,630		$	120,842
Other comprehensive (loss) income:
Postretirement benefits:
Amortization of prior service costs/actuarial gain		(18	)		(20	)		(36	)		(39	)
Income tax expense		3			4			7			8
Total comprehensive income	$	237,563		$	28,688		$	334,601		$	120,811

The accompanying notes are an integral part of these consolidated financial statements.

RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)


	Six Months Ended June 30,
	2025			2024
Operating activities:
Net income	$	334,630		$	120,842
Adjustments to reconcile net income to net cash provided from operating activities:
Deferred income tax expense (benefit)		70,502			(4,471	)
Depletion, depreciation and amortization		182,073			174,735
Abandonment and impairment of unproved properties		11,355			3,895
Derivative fair value loss (income)		4,210			(63,406	)
Cash settlements on derivative financial instruments		36,039			250,430
Divestiture contract obligation, including accretion		17,399			20,329
Amortization of deferred financing costs and other		2,144			2,425
Deferred and stock-based compensation		26,130			29,337
Gain on the sale of assets		(164	)		(153	)
Gain on early extinguishment of debt		(3	)		(243	)
Changes in working capital:
Accounts receivable		68,064			76,913
Other current assets		(8,510	)		(22,405	)
Accounts payable		9,158			(5,718	)
Accrued liabilities and other		(86,754	)		(101,805	)
Net cash provided from operating activities		666,273			480,705
Investing activities:
Additions to natural gas properties		(279,990	)		(286,098	)
Additions to field service assets		(1,100	)		(1,125	)
Acreage purchases		(36,443	)		(34,997	)
Proceeds from disposal of assets		149			262
Purchases of marketable securities held by the deferred compensation plan		(17,870	)		(36,113	)
Proceeds from the sales of marketable securities held by the deferred compensation plan		22,929			41,939
Net cash used in investing activities		(312,325	)		(316,132	)
Financing activities:
Borrowings on credit facility		447,000			—
Repayments on credit facility		(322,000	)		—
Repayment of senior notes		(608,699	)		(66,069	)
Dividends paid		(43,084	)		(38,874	)
Treasury stock purchases		(120,358	)		(10,199	)
Taxes paid for shares withheld		(21,361	)		(25,169	)
Change in cash overdrafts		(1,937	)		(3,016	)
Proceeds from the sales of common stock held by the deferred compensation plan		12,135			17,832
Net cash used in financing activities		(658,304	)		(125,495	)
(Decrease) increase in cash and cash equivalents		(304,356	)		39,078
Cash and cash equivalents at beginning of period		304,490			211,974
Cash and cash equivalents at end of period	$	134		$	251,052

The accompanying notes are an integral part of these consolidated financial statements.

RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited, in thousands, except per share data)


								Common						Accumulated
								stock			Additional			other
	Common stock				Treasury			held in			paid-in			comprehensive			Retained
	Shares		Par value		shares			treasury			capital			income			deficit			Total
Balance as of December 31, 2024		267,435	$	2,674		(26,766	)	$	(513,941	)	$	5,927,893		$	611		$	(1,480,580	)	$	3,936,657
Issuance of common stock		1,047		11		—			—			(16,356	)		—			—			(16,345	)
Issuance of common stock upon vesting of PSUs		6		—		—			—			350			—			(350	)		—
Stock-based compensation expense		—		—		—			—			11,644			—			—			11,644
Dividends ($0.09 per share)		—		—		—			—			—			—			(21,752	)		(21,752	)
Treasury stock repurchased		—		—		(1,826	)		(67,477	)		—			—			—			(67,477	)
Excise tax on stock repurchases		—		—		—			(404	)		—			—			—			(404	)
Other comprehensive loss		—		—		—			—			—			(14	)		—			(14	)
Net income		—		—		—			—			—			—			97,052			97,052
Balance as of March 31, 2025		268,488	$	2,685		(28,592	)	$	(581,822	)	$	5,923,531		$	597		$	(1,405,630	)	$	3,939,361
Issuance of common stock		65		1		—			—			13,821			—			—			13,822
Stock-based compensation expense		—		—		—			—			10,947			—			—			10,947
Dividends ($0.09 per share)		—		—		—			—			—			—			(21,601	)		(21,601	)
Treasury stock issuance - Rabbi Trust		—		—		1			39			(39	)		—			—			—
Treasury stock repurchased		—		—		(1,454	)		(52,881	)		—			—			—			(52,881	)
Excise tax on stock repurchases		—		—		—			(517	)		—			—			—			(517	)
Other comprehensive loss		—		—		—			—			—			(15	)		—			(15	)
Net income		—		—		—			—			—			—			237,578			237,578
Balance as of June 30, 2025		268,553	$	2,686		(30,045	)	$	(635,181	)	$	5,948,260		$	582		$	(1,189,653	)	$	4,126,694


								Common						Accumulated
								stock			Additional			other
	Common stock				Treasury			held in			paid-in			comprehensive			Retained
	Shares		Par value		shares			treasury			capital			income			deficit			Total
Balance as of December 31, 2023		265,756	$	2,658		(24,716	)	$	(448,681	)	$	5,879,705		$	647		$	(1,668,778	)	$	3,765,551
Issuance of common stock		1,547		15		—			—			(22,428	)		—			—			(22,413	)
Issuance of common stock upon vesting of PSUs		7		—		—			—			361			—			(361	)		—
Stock-based compensation expense		—		—		—			—			10,979			—			—			10,979
Dividends ($0.08 per share)		—		—		—			—			—			—			(19,473	)		(19,473	)
Other comprehensive loss		—		—		—			—			—			(15	)		—			(15	)
Net income		—		—		—			—			—			—			92,138			92,138
Balance as of March 31, 2024		267,310	$	2,673		(24,716	)	$	(448,681	)	$	5,868,617		$	632		$	(1,596,474	)	$	3,826,767
Issuance of common stock		109		1		—			—			25,826			—			—			25,827
Stock-based compensation expense		—		—		—			—			9,560			—			—			9,560
Dividends ($0.08 per share)		—		—		—			—			—			—			(19,615	)		(19,615	)
Treasury stock repurchased		—		—		(305	)		(10,199	)		—			—			—			(10,199	)
Other comprehensive loss		—		—		—			—			—			(16	)		—			(16	)
Net income		—		—		—			—			—			—			28,704			28,704
Balance as of June 30, 2024		267,419	$	2,674		(25,021	)	$	(458,880	)	$	5,904,003		$	616		$	(1,587,385	)	$	3,861,028

The accompanying notes are an integral part of these consolidated financial statements.

RANGE RESOURCES CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(1) BASIS OF FINANCIAL STATEMENT PRESENTATION

Range Resources Corporation ("Range" or "the Company") is an independent natural gas, natural gas liquids ("NGLs") and oil (predominately condensate referred to herein as "oil") company engaged in the exploration, development and acquisition of natural gas and liquids properties in the Appalachian region of the United States.

During interim periods, the Company follows the same accounting policies disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 25, 2025 (the "Form 10-K"), except for any new accounting pronouncements adopted during the interim period. These consolidated financial statements are unaudited and should be read in conjunction with the Notes to the Consolidated Financial Statements and information presented in the Form 10-K. In management's opinion, the accompanying consolidated financial statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All adjustments are of a normal recurring nature unless otherwise disclosed. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year.

We make certain reclassifications to the prior year statements to conform with the current year presentation. These reclassifications have no impact on previously reported stockholders' equity, net income or cash flows.

(2) REVENUES FROM CONTRACTS WITH CUSTOMERS

Disaggregation of Revenue

All of the Company's revenues from contracts with customers have title transfer in the United States ("U.S.") and are recognized at the point in time when control is transferred to the customer and collectability is reasonably assured. Accounts receivable attributable to our revenue contracts with customers was $228.7 million at June 30, 2025 and $291.5 million at December 31, 2024. Revenue attributable to each of our identified revenue streams is disaggregated below (in thousands):


	Three Months Ended June 30,					Six Months Ended June 30,
	2025			2024		2025		2024
Natural gas sales	$	397,955		$	209,652	$	888,332	$	481,127
NGLs sales		238,034			228,285		513,688		484,361
Oil sales		30,649			40,513		56,538		79,963
Total natural gas, NGLs and oil sales		666,638			478,450		1,458,558		1,045,451
Sales of purchased natural gas		31,751			25,625		82,836		51,825
Sales of purchased NGLs		(236	)		3,951		1,531		4,187
Other marketing revenue		1,494			1,816		3,050		4,212
Total	$	699,647		$	509,842	$	1,545,975	$	1,105,675

(3) INCOME TAXES

We evaluate and update our annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. For the three and six months ended June 30, 2025 and 2024, our overall effective tax rate was different than the federal statutory rate due primarily to tax credits, state income taxes and equity compensation. Current income taxes reflect estimated state and federal income taxes due for 2025 which are based on our estimated earnings, taking into account all applicable tax rates and laws. On July 4, 2025, President Trump signed the “One Big Beautiful Bill Act” ("OBBBA") into law. At this time, we do not expect OBBBA to have a material impact on our financial statements.

(4) NET INCOME PER COMMON SHARE

The following sets forth a reconciliation of net income to basic net income attributable to common shareholders to diluted net income attributable to common shareholders (in thousands, except per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Net income, as reported	$	237,578		$	28,704		$	334,630		$	120,842
Participating earnings (a)		(614	)		(180	)		(948	)		(772	)
Basic net income attributed to common shareholders		236,964			28,524			333,682			120,070
Reallocation of participating earnings (a)		4			—			6			4
Diluted net income attributed to common shareholders	$	236,968		$	28,524		$	333,688		$	120,074
Net income per common share:
Basic	$	0.99		$	0.12		$	1.40		$	0.50
Diluted	$	0.99		$	0.12		$	1.39		$	0.49

(a)

Restricted Stock Liability Awards (discussed in Note 9) represent participating securities because they participate in non-forfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses.

The following details weighted average common shares outstanding and diluted weighted average common shares outstanding (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Weighted average common shares outstanding – basic		238,187		241,125		239,106		240,815
Effect of dilutive securities:
Director and employee restricted stock and performance-based equity awards		1,530		1,858		1,666		1,951
Weighted average common shares outstanding – diluted		239,717		242,983		240,772		242,766

Weighted average common shares outstanding – basic for second quarter 2025 excludes 617,000 shares of restricted stock held in our deferred compensation plan compared to 1.5 million shares in second quarter 2024 (although all awards are issued and outstanding upon grant). Weighted average common shares outstanding – basic for the first six months 2025 excludes 679,000 shares of restricted stock held in our deferred compensation plan compared to 1.6 million shares in the first six months 2024. For the three months ended June 30, 2025, equity grants of 2,000 shares compared to 17,000 shares in the same period of the prior year were outstanding but not included in the computation of diluted net income because the grant prices were greater than the average market price of the common shares and would be anti-dilutive to the computation. For the six months ended June 30, 2025, equity grants of 1,000 shares compared to 9,000 shares in the same period of the prior year were outstanding but not included in the computation of diluted net income because the grant prices were greater than the average market price of the common shares and would be anti-dilutive to the computation.

(5) INDEBTEDNESS

We had the following debt outstanding as of the dates shown below (in thousands):


	June 30, 2025			December 31, 2024
Bank debt	$	125,000		$	—
Senior notes:
4.875% senior notes due 2025		—			608,702
8.25% senior notes due 2029		600,000			600,000
4.75% senior notes due 2030		500,000			500,000
Total senior notes		1,100,000			1,708,702
Unamortized debt issuance costs		(13,301	)		(10,819	)
Total debt, net of deferred financing costs		1,211,699			1,697,883
Less current maturities of long-term debt		—			(608,269	)
Total long-term debt	$	1,211,699		$	1,089,614

No interest was capitalized during the six months ended June 30, 2025 or the year ended December 31, 2024. We were in compliance with applicable covenants under the bank credit facility and our senior notes at June 30, 2025.

Bank Debt

In April 2022, we entered into an amended and restated revolving bank facility, which we refer to as our bank debt or our bank credit facility, which is secured by substantially all of our assets and has a maturity date of April 14, 2027. The bank credit facility provides for a maximum facility amount of $4.0 billion and an initial borrowing base of $3.0 billion. The bank credit facility also provides for a borrowing base subject to re-determinations, including event-driven unscheduled re-determinations. As of June 30, 2025, our bank group was composed of seventeen financial institutions. The borrowing base may be increased or decreased based on our request and sufficient proved reserves, as determined by the bank group. The commitment amount may be increased to the borrowing base, subject to payment of a mutually acceptable commitment fee to those banks agreeing to participate in the facility increase. Borrowings under the bank credit facility can either be at the alternate base rate (ABR, as defined in the bank credit facility agreement) plus a spread ranging from 0.75% to 1.75% or at the secured overnight financing rate (SOFR, as defined in the bank credit facility agreement) plus a spread ranging from 1.75% to 2.75%. The applicable spread is dependent upon borrowings relative to the borrowing base. We may elect, from time to time, to convert all or any part of our SOFR loans to base rate loans or to convert all or any part of the base rate loans to SOFR loans. The weighted average interest rate was 6.4% for the three and six months ended 2025. A commitment fee is paid on the undrawn balance based on an annual rate of 0.375% to 0.50%. At June 30, 2025, the commitment fee was 0.375% and the interest rate margin was 0.75% on our ABR loans and 1.75% on our SOFR loans.

As part of our re-determination completed in March 2025, our borrowing base was reaffirmed at $3.0 billion and our bank commitment was also reaffirmed at $1.5 billion. On June 30, 2025, bank commitments totaled $1.5 billion and we had $125.0 million outstanding on our bank credit facility. Additionally, we had $164.1 million of undrawn letters of credit, leaving $1.2 billion of committed borrowing capacity available under the facility.

Senior Note Redemptions

If we experience a change of control, noteholders may require us to repurchase all or a portion of our senior notes at 101% of the aggregate principal amount plus accrued and unpaid interest, if any.

During the six months ended June 30, 2025, we repurchased in the open market $2.2 million principal amount of our 4.875% senior notes due 2025 at a discount. We recognized a gain on early extinguishment of debt of $3,000, net of the remaining deferred financing costs on the repurchased debt. In May 2025, we paid off the remaining principal balance of our 4.875% senior notes due 2025 at par by utilizing cash on hand and by borrowing on our bank credit facility. During the six months ended June 30, 2024, we repurchased in the open market $66.5 million principal amount of our 4.875% senior notes due 2025 at a discount. We recognized a gain on early extinguishment of debt of $243,000, net of the remaining deferred financing costs on the repurchased debt.

Guarantees

Range is a holding company that owns no operating assets and has no significant operations independent of its subsidiaries. The guarantees by our subsidiaries, which are directly or indirectly owned by Range, of our senior notes and our bank credit facility are full and unconditional and joint and several, subject to certain customary release provisions. The assets, liabilities and results of operations of Range and our guarantor subsidiaries are not materially different than our consolidated financial statements. A subsidiary guarantor may be released from its obligations under the guarantee:

•

in the event of a sale or other disposition of all or substantially all of the assets of the subsidiary guarantor or a sale or other disposition of all the capital stock of the subsidiary guarantor, to any corporation or other person (including an unrestricted subsidiary of Range) by way of merger, consolidation, or otherwise; or

•

if Range designates any restricted subsidiary that is a guarantor to be an unrestricted subsidiary in accordance with the terms of the indenture.

(6) ASSET RETIREMENT OBLIGATIONS

Activity related to our liability for plugging and abandonment costs for the six months ended June 30, 2025 and the year ended December 31, 2024 is as follows (in thousands):


	Six Months Ended June 30, 2025			Year Ended December 31, 2024
Beginning of period	$	133,767		$	117,429
Liabilities incurred		2,445			3,871
Liabilities settled		(348	)		(4,655	)
Accretion expense		3,748			7,148
Change in estimate		(119	)		9,974
End of period		139,493			133,767
Less current portion		(1,189	)		(1,189	)
Long-term asset retirement obligations	$	138,304		$	132,578

(7) DERIVATIVE ACTIVITIES

The following table sets forth our commodity-based derivative volumes by year as of June 30, 2025, excluding our basis swaps and propane swaps which are discussed separately below. All fair values presented in the table below utilize Level 2 inputs, except where noted. All fair market values ("FMV") are presented in thousands:


Period	Contract Type	Volume Hedged		Weighted Average Hedge Price								FMV
			Swap			Sold Put		Floor		Ceiling
Natural Gas (a)
July - December 2025	Swaps	400,000 Mmbtu/day	$		4.12							$	28,817
July - December 2025	Three-way Collars	191,793 Mmbtu/day				$	2.98	$	3.96	$	5.02	$	12,818
2026	Swaps	265,000 Mmbtu/day	$		4.05							$	(18,949	)
2026	Three-way Collars	125,000 Mmbtu/day	$				3.00	$	4.00	$	5.70	$	2,548
2027	Swaps	200,000 Mmbtu/day	$		4.04							$	4,112

Oil
July - September 2025	Swaps	2,000 bbls/day	$		73.71							$	1,839

(a)

We also sold natural gas swaptions of 135,000 Mmbtu/day for calendar year 2026 at a weighted average price of $4.00/Mmbtu that expire through August 2025 and 150,000 Mmbtu/day for calendar year 2027 at a weighted average price of $4.03/Mmbtu that expire in November 2025. The fair value of these contracts as of June 30, 2025, which utilizes Level 3 inputs, was a derivative liability of $25.6 million.

Basis Swap Contracts

In addition to the commodity derivatives described above, at June 30, 2025, we had natural gas basis swap contracts which lock in the differential between NYMEX Henry Hub and certain of our physical pricing indices. These contracts settle through December 2029 and include a total volume of 171,840,000 Mmbtu. The fair value of these contracts was a gain of $19.9 million at June 30, 2025.

Propane Percentage of WTI Swaps

We also had propane swap contracts totaling 11,000 bbls per day which lock in a fixed percentage of the WTI crude price. The fair value of these contracts, which settle in third quarter 2025, was a gain of $1.2 million.

Derivative Assets and Liabilities

The combined fair value of derivatives included in the accompanying consolidated balance sheets as of June 30, 2025 and December 31, 2024 is summarized below. The assets and liabilities are netted where derivatives with both gain and loss positions are held by a single counterparty and we have master netting arrangements. The tables below provide additional information relating to our master netting arrangements with our derivative counterparties (in thousands):


	June 30, 2025			December 31, 2024
Derivative assets:
Gross amounts of recognized assets	$	77,244		$	112,359
Gross amounts offset in the consolidated balance sheets		(26,129	)		(25,261	)
Net amounts of assets presented in the consolidated balance sheets	$	51,115		$	87,098


	June 30, 2025			December 31, 2024
Derivative (liabilities):
Gross amounts of recognized (liabilities)	$	(50,517	)	$	(45,383	)
Gross amounts offset in the consolidated balance sheets		26,129			25,261
Net amounts of (liabilities) presented in the consolidated balance sheets	$	(24,388	)	$	(20,122	)

Derivative Fair Value Income (Loss)

The effects of our derivatives on our consolidated statements of income are summarized below (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025			2024
Natural gas derivatives	$	148,863	$	13,176	$	(9,474	)	$	73,292
NGLs derivatives		3,289		1,687		2,325			(715	)
Oil derivatives		2,595		1,945		2,939			(9,171	)
Total derivative fair value income (loss)	$	154,747	$	16,808	$	(4,210	)	$	63,406

(8) FAIR VALUE MEASUREMENTS

The Company follows the authoritative guidance for measuring fair value of assets and liabilities in its financial statements. For further information on the fair value hierarchy, refer to Note 2 of the Notes to the Consolidated Financial Statements in the Form 10-K. As of June 30, 2025, a portion of our natural gas instruments contain swaptions where the counterparty has the right, but not the obligation, to enter into a fixed price swap on a pre-determined date. If exercised, the swaption contract becomes a swap treated consistently with our fixed-price swaps. At June 30, 2025, we used a weighted average implied volatility of

RANGE RESOURCES CORP 10-Q