Range Resources Corporation (RRC): Business Model Canvas [Dec-2025 Updated]

You're sifting through the energy sector, trying to spot the producers built for the long haul, not just the next commodity spike. Honestly, Range Resources Corporation (RRC) presents a compelling case: they are a pure-play Appalachian natural gas and NGL producer whose entire business model, as we see it heading into late 2025, centers on generating durable free cash flow and returning capital to you, the shareholder. This isn't just talk; their foundation rests on an extensive core Marcellus Shale inventory offering over 30+ years of drilling locations and a commitment to Net Zero Scope 1 and 2 GHG emissions, all while managing a balance sheet with only about $1.23 billion in net debt as of Q3 2025. So, if you want to see the mechanics behind their low-cost production and capital discipline, check out the full Business Model Canvas below.

Range Resources Corporation (RRC) - Canvas Business Model: Key Partnerships

You're looking at the critical external relationships Range Resources Corporation (RRC) relies on to move its Appalachian production-primarily natural gas-from the wellhead to the market and meet its strategic goals. These partnerships are the backbone of its operational execution and financial flexibility.

Midstream companies for gathering, processing, and transportation

Range Resources depends heavily on midstream partners to handle the massive volumes of natural gas and NGLs (natural gas liquids) it produces in the Marcellus Shale. These partners provide the necessary infrastructure for gathering, processing, and moving product to various demand centers.

For instance, Range Resources - Appalachia, LLC has a history of collaboration with companies like EQT Midstream Partners, LP (EQM), which previously invested approximately $250 million to construct a header pipeline to support Range's development, offering over half a billion cubic feet per day of firm capacity. More recently, Range noted that partners like MPLX have been working closely with them, demonstrating the ability to remain on schedule for new infrastructure commissioning. Operationally, Range added 300 MMcf/d of gas processing capacity and acquired 250 MMcf/d of transportation capacity in Southwest Pennsylvania during the fourth quarter of 2025. Range Resources sells its natural gas to utilities, marketing and midstream companies, and industrial users.

Financial institutions for the $4.0 billion revolving bank credit facility

Liquidity and balance sheet management are anchored by Range Resources' relationship with a syndicate of financial institutions, led by JPMorgan Chase Bank, N.A. as the administrative agent. This partnership is formalized through an amended and restated revolving credit agreement secured in October 2025.

Here are the key financial terms of this facility as of late 2025:

The agreement allows Range Resources to potentially release collateral upon achieving a single investment grade rating.

Liberty Energy Inc. and Imperial Land Corporation for a proposed power generation facility

Range Resources - Appalachia, LLC entered a strategic alliance in April 2025 with Liberty Energy Inc. and Imperial Land Corporation (ILC) to support a state-of-the-art power generation facility in Robinson Township, Washington County, Pennsylvania. This collaboration is designed to leverage Range's Marcellus natural gas supply to power data centers and industrial facilities.

Key aspects of this partnership include:

• Range provides the fuel source: Marcellus natural gas, which has an advantaged emissions profile.
• ILC contributes land: Privately held ILC owns more than 5,000 acres in southwestern Pennsylvania, providing an attractive, ideally situated site adjacent to Range's existing production.
• Liberty Energy focuses on deployment: Revolutionizing energy needs with reliable, scalable, low-emissions power generation systems.

Verified carbon offset providers for achieving Net Zero emissions

Range Resources has established a strong partnership framework to meet its aggressive climate goals, relying on both internal reductions and external offset purchases. Range achieved Net Zero Scope 1 and 2 GHG emissions for its 2024 emissions, hitting its 2025 goal ahead of schedule.

The environmental performance metrics achieved through these efforts include:

• GHG emissions intensity reduction since 2019: 43%.
• Methane emissions intensity reduction since 2019: 83%.
• The net-zero milestone was complemented by investments in high-quality, verified carbon credits retired through credible registries.

Range Resources has disclosed 1 intensity-based target covering Scope 1 and 2 emissions.

Oilfield service companies for drilling and completion operations

Drilling and completion operations are executed through relationships with various oilfield service (OFS) companies. While specific, long-term, named partnerships for late 2025 aren't explicitly detailed in recent financial summaries, the operational tempo dictates reliance on this sector. The U.S. Oilfield Services Market size was projected to reach $203.66 billion in 2025.

Range Resources' capital spending in 2025 included investments that directly support OFS activity, such as capital allocated for maintenance and upgrades. For example, Range's 2025 all-in capital budget was set between $650 million and $680 million. The company remains on track to exit 2025 with greater than 400,000 lateral feet of growth inventory, which requires continuous engagement with service providers for drilling and completion activities. Service providers that invested in reliability and technology are positioned to capture volume when activity scales.

Finance: draft 13-week cash view by Friday.

Range Resources Corporation (RRC) - Canvas Business Model: Key Activities

You're looking at the core operational engine for Range Resources Corporation as of late 2025. This is where the real work happens, turning acreage into cash flow.

Exploration and development of the Marcellus Shale acreage

Range Resources Corporation maintains a multi-decade core inventory centered in Pennsylvania. The company holds nearly a million net acres across Pennsylvania, with stacked pay potential across the Marcellus, Utica, and Upper Devonian shale formations. This focus area, particularly the liquids-rich window in southwestern Pennsylvania, is considered by Range Resources Corporation to offer the best economics for a large-scale, repeatable play in the country. A historical position noted a 570,000 net acre position specifically in the southwestern Pennsylvania area, broken down into prospective zones.

• Acres in the super-rich area (historical): 125,000 acres
• Acres in the wet area (historical): 210,000 acres
• Acres in the dry gas area (historical): 235,000 acres

Efficiently drilling and completing wells, with 15 wells turned to sales in Q3 2025

Operational efficiency is clearly a focus, as Range Resources Corporation is building inventory to support future growth plans. In the third quarter of 2025, the company drilled approximately ~262,000 lateral feet across 16 wells. The completion side saw ~228,000 lateral feet turned to sales across 15 wells. Range Resources Corporation remains on track to exit 2025 with greater than 400,000 lateral feet of growth inventory. Capital spending for drilling and completion (D&C) in Q3 2025 was $165 million.

Here's a quick look at the Q3 2025 activity metrics:

Managing commodity price risk through hedging programs

Range Resources Corporation uses hedging to increase the predictability of cash flow. They hedge expected future production volumes and also manage basis risk across their numerous natural gas sales points. As of September 30, 2025, the combined fair value of their natural gas basis hedges showed a net loss of $12.9 million. The company is actively managing differentials for its NGL and condensate sales for the full year 2025.

The expected 2025 price realizations, before realized hedges, show the planned management of regional price differences:

Optimizing natural gas and NGL transportation and sales to diverse markets

Range Resources Corporation's production mix is weighted toward natural gas, which is key for optimizing sales. Third quarter 2025 production averaged 2.23 Bcfe per day, with approximately 69% being natural gas. Liquids are projected to be over 30% of the full-year 2025 production. The realized price for Q3 2025, including the impact of cash-settled hedges and derivative settlements, was $3.29 per mcfe. Management is focused on future demand, convinced that data centers will create another 2.5 Bcf/d of demand for Marcellus/Utica production by 2030. Capital spending for infrastructure, pneumatic upgrades, and acreage in Q3 2025 totaled $25 million ($16 million on acreage and $9 million on infrastructure/upgrades).

Maintaining Net Zero Scope 1 and 2 GHG emissions status

Range Resources Corporation has already hit a major environmental milestone. They achieved Net Zero Scope 1 and 2 GHG emissions for 2024 emissions, beating their original 2025 target. This was accomplished through direct emission reductions and the use of verified carbon offsets. The company has made significant progress since 2019 in reducing emission intensity.

• GHG emission intensity reduction since 2019: 43%
• Methane emissions intensity reduction since 2019: 83%
• Water management: Recycled approximately 100% of flowback and produced water.
• Safety metric (DART Rate): Maintained at 0.17.

Finance: draft 13-week cash view by Friday.

Range Resources Corporation (RRC) - Canvas Business Model: Key Resources

You're looking at the core assets Range Resources Corporation (RRC) relies on to execute its Appalachian Basin strategy. These aren't abstract concepts; they are hard numbers representing years of drilling inventory and financial footing as of late 2025.

The foundation is the acreage position. Range Resources maintains an extensive core Marcellus Shale inventory, which the company states provides 30+ years of drilling locations based on year-end 2024 data. This inventory includes approximately 28 million lateral feet of undeveloped core as of year-end 2024. While the specific net acreage in the Appalachian Basin wasn't explicitly updated to 510,000 acres in the latest filings, the lateral feet figure quantifies the resource depth.

Production capacity is a key resource, showing current operational scale. For 2025, Range Resources updated its annual production guidance to approximately 2.23 Bcfe per day. This production mix is heavily weighted toward natural gas, which accounted for approximately 69% of the Q3 2025 average production of 2.23 Bcfe per day. Liquids made up over 30% of that Q3 volume. The company is positioning this resource base for future output, targeting production of 2.6 Bcfe/d by 2027.

Financial strength acts as a resource, enabling capital deployment without undue stress. As of September 30, 2025 (Q3 2025), Range Resources reported net debt outstanding of approximately $1.23 billion. This debt consisted of about $1.1 billion in senior notes and $129 million on the credit facility, with only $0.2 million in cash on hand at that specific date. To support operations and growth, the company entered an amended credit facility in October 2025, maturing in 2030, which increased bank commitments to $2.0 billion, maintaining significant liquidity.

The 2025 capital plan is also a resource allocation decision. The all-in capital budget for 2025 is set between $650 million and $680 million. By the end of Q3 2025, capital spending totaled approximately 74% of that annual budget.

Range Resources also counts its operational infrastructure as a key resource, specifically mentioning proprietary water-management and recycling infrastructure, which helps manage the high-volume water needs of Marcellus development.

Here's a quick look at the core asset metrics we have:

The company's proven reserves, a measure of what they control, stood at 18.1 Tcfe at the end of 2024. Also, Range Resources returned $77 million to shareholders in Q3 2025 via $56 million in share repurchases and $21 million in dividends. Finance: draft the 2026 capital expenditure forecast based on the 2027 production target by next Tuesday.

Range Resources Corporation (RRC) - Canvas Business Model: Value Propositions

You're looking at the core promises Range Resources Corporation makes to its customers, investors, and the community as of late 2025. These aren't just mission statements; they are backed by operational and financial metrics from their latest reports.

Low-cost, high-quality, and long-life natural gas and NGL production from the Marcellus

Range Resources emphasizes its position as a low-cost producer in the Appalachian Basin, which translates directly into resilience across different commodity price environments. The quality of the asset base supports this cost structure.

Here are the numbers supporting this value proposition:

• Maintenance capital required to sustain production at 2.6 Bcfe per day is estimated at less than $600 million annually, equating to approximately $0.60 per Mcfe.
• Lease operating expense (LOE) was reported at $0.13 per Mcfe in Q1 2025.
• The company's inventory provides over 30+ Years of low-breakeven, high-return drilling opportunities.
• 2025 annual production is expected to average approximately 2.23 Bcfe per day.
• Liquids (NGLs and oil) are projected to account for over 30% of total production for 2025.

Commitment to shareholder returns via dividends and share repurchases

Range Resources is actively returning capital to shareholders, using a combination of consistent dividends and opportunistic share repurchases. This focus on per-share value is a key part of their strategy, especially given their durable free cash flow generation.

Look at the capital returned to shareholders through the third quarter of 2025:

The declared dividend policy shows a clear commitment:

• The fourth quarter 2025 quarterly cash dividend was declared at $0.09 per common share.
• This sets the implied annual dividend for 2025 at $0.36 per share.
• As of September 30, 2025, approximately $839 million remained available under the share repurchase program.

Environmentally advantaged production, achieving Net Zero Scope 1 and 2 GHG emissions

Range Resources highlights the environmental benefit of its Marcellus gas, and critically, they have already met a major sustainability milestone ahead of schedule. This positions their production as more attractive in an energy transition landscape.

The environmental achievements as of mid-to-late 2025 are significant:

• Range Resources achieved Net Zero Scope 1 and 2 GHG emissions for 2024 emissions, beating their original 2025 target.
• Since 2019, the company achieved a 43% reduction in overall greenhouse gas (GHG) emission intensity.
• Methane emissions intensity saw an 83% reduction since 2019.
• The company recycled approximately 100% of flowback and produced water from operations.
• The 2025 capital budget includes an allocation of $20-$30 million for pneumatic devices and other environmental initiatives.

Diversified market access for premium NGL and natural gas price realizations

The company actively manages its sales portfolio to capture better-than-benchmark pricing for both its natural gas and its valuable NGL stream. This is evident in their realized price premiums.

Here's how their Q3 2025 pricing looked compared to benchmarks:

Range Resources' natural gas sales are spread across several regions to optimize pricing, with approximately 30% sold to the Midwest, 20% to local/Northeast markets, and 25% to the Gulf Coast.

Durable free cash flow generation through commodity price cycles

The ability to generate substantial cash flow while maintaining low capital intensity is a core promise, suggesting financial durability. They have a track record of this, and strong projections for the near future.

You can see the historical and projected cash flow strength:

• Historical Free Cash Flow (FCF) in 2024 was $453 million.
• Q3 2025 Cash flow from operations before changes in working capital was $279 million.
• Range projects cumulative FCF of approximately $2.5 billion from 2025 through 2027.
• One projection for 2025 alone estimates $650 million in free cash flow.

This durability is supported by their capital discipline; for instance, they estimate that maintaining production at 2.6 Bcfe per day requires less than $600 million in annual capital expenditure. Finance: draft 13-week cash view by Friday.

Range Resources Corporation (RRC) - Canvas Business Model: Customer Relationships

Range Resources Corporation focuses its customer relationships on delivering value through disciplined operations, securing market access, and transparent reporting to investors and communities.

Investor relations focused on capital discipline and returns

You see Range Resources Corporation communicating a clear strategy to investors: generate free cash flow, prudently reinvest, and return capital to shareholders. This is anchored by low capital intensity. For instance, the company's Q2 2025 performance showed an Earnings Per Share (EPS) of $0.99, which was a 54.69% beat on expectations. Revenue for that quarter hit $856.28 million against a forecast of $722.74 million. The focus remains on long-term efficiency, targeting a production rate of 2.6 Bcfe per day by 2027 while keeping annual capital expenditure below $600 million. The company's commitment to returning capital was evident in the first half of 2025, with $120 million invested in share repurchases and $43 million paid out in dividends year-to-date as of Q2 2025.

Here's a quick look at some of those key 2025 financial metrics:

The reinvestment rate is key; they estimate it will remain below 50% assuming $3.75 NYMEX NG for 2025 guidance. Also, the company's market capitalization was noted around $8.55 billion in Q2 2025.

Direct sales contracts with large-scale energy purchasers

Range Resources Corporation emphasizes its ability to offer counterparties the scale to sign large supply agreements, supported by its long-life inventory. While specific 2025 contract counterparties aren't detailed, historical agreements show the type of large-scale relationships in place. For example, there was an agreement to potentially supply an affiliate of Sasol Ltd. with 10,000 barrels of ethane per day for a multi-year term. Furthermore, Range has had agreements to supply gas to LNG facilities, including one with an affiliate of Cheniere Energy, Inc. to supply the Sabine Pass LNG terminal for five years starting in 2017.

Long-term relationships with midstream partners for firm transport capacity

Reaching markets outside Appalachia is critical, with roughly 90% of Range Resources Corporation's revenue coming from outside the basin as of late 2025. This requires strong midstream relationships. Range Resources Corporation noted working closely with midstream partners like MPLX to ensure infrastructure commissioning remains on schedule to support growth. Historically, Range signed an agreement to act as a foundation shipper on the ET Rover pipeline, agreeing to transport up to 400,000 Mmbtu per day for 20 years starting in October 2017. These transport arrangements are designed to link Range to customers in key US and global markets, supporting their planned 400 million cubic feet equivalent per day of growth efficiently.

Regular communication of ESG performance and community impact

Range Resources Corporation maintains regular communication on its ESG performance, highlighted by its 2024-2025 Corporate Sustainability Report. The company achieved Net Zero Scope 1 and 2 GHG emissions ahead of its 2025 goal. This was supported by significant reductions since 2019:

• GHG emission intensity reduced by 43%.
• Methane emissions intensity reduced by 83%.
• Total recordable incident rate (TRIR) was 0.33.
• Employee Days Away, Restricted, or Transferred (DART) Rate was 0.17.
• Recycled approximately 100% of flowback and produced water.

The company reports substantial community impact to date, having paid over $5 billion in impact fees, royalty and lease payments, and charitable contributions benefiting Pennsylvania communities. For the reporting period, Range invested $1.2 million into communities, including $213,500 to first responders. Employees volunteered a record 3,100+ hours, and grants were awarded to 449 local grassroot nonprofit organizations. Governance is reflected in an "AA" MSCI ESG Rating.

Range Resources Corporation (RRC) - Canvas Business Model: Channels

You're looking at how Range Resources Corporation (RRC) gets its Appalachian Basin production-natural gas and NGLs-out to paying customers as of late 2025. It's all about moving molecules efficiently from Pennsylvania to the domestic and international markets.

Natural gas pipelines connecting to domestic markets (Midwest, Northeast)

Range Resources Corporation (RRC) relies on a diversified set of pipelines to move its natural gas volumes. For the third quarter of 2025, the company's production averaged 2.23 Bcfe per day. The natural gas portion, approximately 69% of that total, is strategically routed.

The realized price for natural gas, including the impact of basis hedging, reflected a differential of ($0.49) per mcf to NYMEX for the third quarter of 2025. The company has hedged basis across its numerous natural gas sales points; the combined fair value of these basis hedges as of September 30, 2025, showed a net loss of $12.9 million.

Here is the breakdown of Range Resources Corporation (RRC)'s natural gas sales destinations based on the latest reported figures:

The total expected 2025 annual production is approximately 2.23 Bcfe per day.

NGL pipelines and export facilities (e.g., Marcus Hook) for international sales

Liquids, which include Natural Gas Liquids (NGLs), are expected to account for over 30% of Range Resources Corporation (RRC)'s total production for the full year 2025. For the third quarter of 2025, pre-hedge NGL realizations hit $22.09 per barrel. That price represented a premium of $0.33 over the Mont Belvieu equivalent for that quarter. Range Resources Corporation (RRC) projects its full-year 2025 NGL differential to average between +$0.50 to +$0.75 relative to a Mont Belvieu equivalent barrel. Furthermore, Range Resources Corporation (RRC) has confirmed a commitment to 20 Mb/d of takeaway and export capacity utilizing a new East Coast LPG terminal near the Marcus Hook facility.

Direct sales to utilities, industrial users, and power generators

The sales directed to the Gulf Coast, representing 25% of natural gas volumes, are linked to hubs that facilitate access to premium LNG export markets. The realized price for all sales, including the impact of hedges, was $3.29 per mcfe in the third quarter of 2025. This realized price was a premium of $0.22 versus the NYMEX natural gas benchmark for that period.

Brokered natural gas and marketing activities

Range Resources Corporation (RRC) actively manages price exposure through marketing and hedging activities. The company has hedged basis across its sales points to manage regional price volatility. The realized price of $3.29 per mcfe in Q3 2025 reflects the effectiveness of these marketing arrangements combined with hedges. The company's 2025 all-in capital budget is set between $650 million to $680 million.

• Range Resources Corporation (RRC) repurchased $56 million of shares in the third quarter of 2025.
• Dividends paid in the third quarter of 2025 totaled $21 million.
• Year-to-date capital spending through the third quarter of 2025 was $491 million.

Range Resources Corporation (RRC) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Range Resources Corporation's output, which is heavily weighted toward natural gas and Natural Gas Liquids (NGLs) from the Appalachian Basin. The customer base is segmented by the commodity they purchase and the market they serve.

Large-scale domestic natural gas utilities and power generators represent a significant portion of the natural gas takeaway. Range Resources sells natural gas to utilities, marketing and midstream companies, and industrial users. For the third quarter of 2025, Range Resources' production averaged 2.23 Bcfe per day, with approximately 69% of that being natural gas. The company's market access strategy for natural gas involves several key domestic hubs:

• Midwest markets: Approximately 30% of natural gas sales.
• Local and Northeast markets: 20% of natural gas sales.
• Gulf Coast markets: 25% of natural gas sales.

The company also sees growing domestic demand from power generation needed for electrification and data centers. Range Resources projects total U.S. natural gas demand growth of approximately 27 Bcf/d through 2030, partly driven by these domestic industrial needs.

Petrochemical and industrial customers requiring NGLs (ethane, propane, butane) are the primary buyers for the liquids component of Range Resources' production. Liquids accounted for over 30% of production in the 2025 guidance. Range Resources sells NGLs to petrochemical end users, marketers/traders, and natural gas processors. For Q3 2025, Range reported pre-hedge NGL realizations of $22.09 per barrel. The expected 2025 NGL differential is projected to average between +$0.50 to +$0.75 relative to a Mont Belvieu equivalent barrel.

International buyers of NGLs via export terminals are a growing segment, primarily served through the Gulf Coast. While the search results detail domestic gas sales points, the CEO has noted the global call on natural gas and the role of LNG exports. U.S. LNG export capacity was approximately 15 Bcf/d in early 2025. This infrastructure provides the route for Range Resources' NGLs to reach international buyers.

Financial and institutional investors seeking stable free cash flow and capital returns form the final, critical segment of the Range Resources business model. This group is interested in the company's ability to generate and return capital. Institutional investors own about 98.93% of Range Resources Corporation. The company's commitment to shareholder returns is evident in its recent actions. In the third quarter of 2025, Range Resources repurchased $56 million of shares and paid $21 million in dividends. The declared quarterly dividend in Q3 2025 was $0.09 per share. For 2025, Range provided sensitivity analysis showing projected free cash flow exceeding $450 million at natural gas prices of $3/MMBtu, with upside potential above $1 billion at $4.50/MMBtu.

The company's net debt stood at $1.2 billion as of Q3 2025. Range Resources maintains a market capitalization around $9.40 billion as of late 2025. Finance: finalize the Q4 2025 cash flow forecast by next Wednesday.

Range Resources Corporation (RRC) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Range Resources Corporation's operational costs as of late 2025. This structure is heavily weighted toward capital deployment and getting the product to market.

The overall planned investment for the year is clear: Range Resources Corporation (RRC) guided its all-in capital budget for 2025 at $650 million to $680 million. Through the third quarter of 2025, total capital spending reached $491 million, which represented approximately 74% of the full-year budget.

Drilling and development activities are a major component of this spend. Specifically, drilling and completion expenditures for the third quarter of 2025 totaled $165 million. This Q3 capital spending was about 29% of the total annual 2025 budget.

Getting that production to a buyer involves significant midstream costs. Range Resources has specific guidance for these significant costs for transportation, gathering, processing, and compression (TGPC). For the full year 2025, these expenses were guided to be in the range of $1.50 to $1.55 per Mcfe. A projection for the second half of 2025 specifically estimated $631 million for Transportation, Gathering, Processing and Compression.

The balance sheet carries fixed financing costs. As of the end of the third quarter of 2025, Range Resources had $1.1 billion of senior notes outstanding, which are a key driver of interest expense. A projection for the second half of 2025 estimated Net Cash Interest expense to be $40 million.

Day-to-day operational costs, which include Lease Operating Expenses (LOE) and production taxes, are managed tightly. Range Resources provided unit cost guidance for the full year 2025, with direct operating expenses expected to be $0.12 to $0.13 per Mcfe. For the third quarter of 2025, cash operating expenses finished at $0.11 per Mcfe. The 2H 2025 projection also itemized Direct Operating Expense at $50 million and Taxes Other Than Income at $15 million.

Here is a breakdown of key cost components and related figures as of late 2025:

You can see the focus on efficiency in the unit costs. The company also reported that its cash costs per unit were reduced to $1.91 per Mcfe in Q3 2025, a 3% reduction from Q2 2025.

The cost structure also includes other general expenses:

• Cash G&A (General & Administrative) for 2H 2025 was projected at $70 million.
• Exit Cost Payments were projected at $45 million for 2H 2025.
• Net Brokered Gas Marketing Expense was projected at $5 million for 2H 2025.

Range Resources is clearly managing its capital deployment with precision, as evidenced by year-to-date capital investments of $491 million being right on track with the revised 2025 guidance. Finance: draft 13-week cash view by Friday.

Range Resources Corporation (RRC) - Canvas Business Model: Revenue Streams

You're looking at how Range Resources Corporation (RRC) actually brings in the money, which is pretty straightforward for an Appalachian Basin producer. The core of their revenue is the sale of the molecules they pull out of the ground, but hedging plays a surprisingly big role in smoothing out the peaks and valleys of commodity prices.

The full-year 2025 revenue forecast is set at approximately $3.15 billion. That number is the target we're working toward, built on expected volumes and realized prices across their product mix.

Here's a breakdown of the key components driving that top-line number:

• Sales of natural gas, which accounted for approximately 69% of Range Resources Corporation's Q3 2025 production volumes.
• Sales of Natural Gas Liquids (NGLs), making up over 30% of Range Resources Corporation's 2025 production volume, with Q3 2025 liquids production specifically reported at 31% of total daily output.
• Sales of crude oil and condensate, which, while a smaller component, still contributes meaningfully.

The realized price you get for these commodities is heavily influenced by hedging activities. It's smart risk management, frankly. For example, in Q2 2025, derivative fair value income contributed $154.75 million to the results. To give you a sense of the realized pricing environment in Q3 2025, the realized price, including hedges, averaged $3.29 per mcfe.

We can map out the key revenue drivers and some recent figures to see where the money is coming from. Honestly, the commodity price realization is where the volatility lives, so those derivative gains are defintely important for cash flow predictability.

The sales of crude oil and condensate are tracked separately in their reporting. For Q3 2025, the oil and condensate price realizations, before accounting for realized hedges, averaged $54.25 per barrel. That was $10.73 below WTI (West Texas Intermediate) for oil, and they expected condensate differentials to average between ($10.00) to ($15.00) relative to NYMEX.

The NGL stream also has its own pricing metrics. In Q3 2025, pre-hedge NGL realizations hit $22.09 per barrel, which was a premium of $0.33 over the Mont Belvieu equivalent. This shows you the value captured even before the impact of their hedging strategy is fully realized in the final revenue number.

You can see the revenue stream is a blend of physical commodity sales and financial risk management:

• Physical Sales: Primarily natural gas (the bulk at 69% of Q3 2025 volumes) and NGLs (over 30% of 2025 production).
• Financial Overlay: Realized gains from commodity derivative instruments are crucial for locking in a predictable price, as evidenced by the $154.75 million in derivative fair value income seen in Q2 2025.

Finance: draft 13-week cash view by Friday.