Range Resources ran two horizontal rigs in Q4, drilling 225,000 horizontal feet across 15 laterals, averaging 15,000 feet per well. Full-year drilling surpassed 1 million lateral feet across 69 laterals, supporting efficient long laterals from contiguous acreage. Q4 production reached 2.3 Bcfe/d on $183 million of all-in capital.

The company generated $1.3 billion of operating cash flow in 2025 and $650 million of free cash flow. It returned $86 million in dividends and $231 million in share buybacks, boosting repurchase authority to $1.5 billion and planning an 11% dividend increase.

For 2026, Range Resources plans $650–700 million of all-in capital: $500 million for maintenance drilling and completions, $120–140 million for incremental D&C growth, $15–35 million for land and $15–25 million for emissions reduction upgrades. Production is forecast at 2.35–2.40 Bcfe/d, with Q1 volumes near 2.2 Bcfe/d and a H2 lift from 300 MMcf/d of new processing capacity. The company expects to operate one super-spec drilling rig full-time, add a second in H2, and expand frac crews seasonally.

Management secured a long-term sales agreement linking gas from a planned processing expansion to a Midwest power plant, expected to start in late 2027 at an attractive premium. Winter storm-driven bid-week pricing above $7/MMBtu and rising exports—LNG at over 17 Bcf/d and waterborne ethane up 40% y/y—helped lock in record incremental cash flow in February, while flat to lower service pricing under new multi-year agreements supports cost stability.