Range Resources Corp
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.25%.
Did RRC Beat Earnings? Q3 2025 Results
Range Resources delivered a mixed but largely constructive third quarter, narrowly missing the earnings consensus while posting a meaningful revenue beat driven by a sharp recovery in natural gas prices. The Appalachian producer reported non-GAAP diluted EPS of $0.57, falling just 0.37% short of the $0.57 consensus estimate, while revenue of $748.53 million cleared analyst expectations by 6.06% and surged 31.8% year-over-year. The primary engine behind that top-line strength was a 51% increase in pre-hedge natural gas pricing to $2.56 per mcf, which helped lift GAAP net income to $144.31 million, compared to $50.66 million in the same period a year ago. Production averaged 2.23 Bcfe per day, up modestly from 2.20 Bcfe, with total cash unit costs declining 3% to $1.91 per mcfe. Range also returned $77 million to shareholders through buybacks and dividends during the quarter. Looking ahead, the company nudged its full-year production guidance to approximately 2.23 Bcfe per day while tightening its natural gas differential and cost guidance ranges, reflecting growing operational confidence heading into 2026.
- Natural gas prices increased 51% year-over-year (pre-hedge) to $2.56 per mcf
- Realized price including hedges of $3.29 per mcfe, a $0.22 premium versus NYMEX natural gas
- Pre-hedge NGL realizations of $22.09 per barrel, a premium of $0.33 over Mont Belvieu equivalent
- Total cash unit costs declined 3% year-over-year to $1.91 per mcfe
- Interest expense per unit declined 21% year-over-year
- Production growth of 1% year-over-year to 2.23 Bcfe per day
“Range's third quarter results continue to showcase our ability to generate significant free cash flow through cycles, which supported $77 million in share repurchases and dividends, while maintaining net debt at $1.2 billion and continuing to build operational momentum. Our counter-cyclical investments in drilled inventory over the last two years support the very efficient growth we have planned through 2027, while keeping capital relatively flat. We believe Range is exceedingly well-positioned to benefit from growing local and global demand for natural gas given our consistent well results, high-return, long-life asset base and low full-cycle cost structure. Together, these advantages enable Range to help meet this demand while continuing to return meaningful capital to shareholders.”
Range Resources CEO, on the earnings call
Forward Guidance & Outlook
Range's 2025 all-in capital budget is $650-$680 million. Annual production is now expected to be approximately 2.23 Bcfe per day, updated from prior guidance of ~2.225 Bcfe per day, with liquids expected to be over 30% of production. The company improved its 2025 natural gas differential guidance to average minus $0.40 to $0.43 relative to NYMEX (from minus $0.40 to $0.48). NGL differential guidance was updated to a premium of $0.50 to $0.75 relative to Mont Belvieu (from $0.40 to $1.25). Transportation, gathering, processing and compression expense guidance was narrowed to $1.50-$1.52 per mcfe from $1.50-$1.55. The company plans 47 total wells to sales in 2025 and remains on track to exit 2025 with greater than 400,000 lateral feet of growth inventory to support announced growth plans through 2027 with relatively flat capital.
RRC YoY Financials
RRC Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.