Range Resources Plans $650–700M 2026 Capex, Boosts Dividend 11.1%
Range Resources generated $1.3 billion in cash flow before working capital changes in 2025, producing 2.24 Bcfe/d with proved reserves of 18.1 Tcfe and signing a 10-year 75 Mmcf/d supply agreement. It plans $650–700 million capital spend in 2026, production of 2.35–2.40 Bcfe/d and an 11.1% dividend increase to $0.10.
1. Fourth Quarter 2025 Results
Range reported GAAP revenues of $820 million and net income of $179 million ($0.75 per diluted share) in Q4 2025, with cash flow before working capital changes of $353 million. Production averaged 2.24 Bcfe per day, comprised of approximately 69% natural gas, as cost efficiencies delivered an all-in capital spend of $674 million ($0.83 per mcfe).
2. Return of Capital
In 2025 the company invested $231 million in share repurchases, paid $86 million in dividends and reduced net debt by $186 million, concluding the year with a 0.8x debt-to-EBITDAX ratio. The board expects to approve an 11.1% increase to the quarterly dividend, raising it to $0.10 per share in 2026.
3. 2026 Guidance and Capital Plan
The 2026 all-in capital budget is set at $650–700 million, including roughly $500 million of maintenance drilling and $120–140 million of growth capital. Management targets annual production of 2.35–2.40 Bcfe per day, rising to 2.6 Bcfe per day in 2027, supported by over 500,000 lateral feet of drilled but uncompleted inventory and plans for one dedicated rig and frac crew.
4. Supply Agreement and Reserves
Proved reserves stand at 18.1 Tcfe with positive performance revisions for the 18th consecutive year, underpinned by a newly signed 10-year supply contract for 75 Mmcf per day to a Midwest power plant. Liquids realizations averaged $24.15 per barrel, $0.87 above the Mont Belvieu equivalent, highlighting premium market access.