Range Resources
A natural-gas driller in Pennsylvania: it pumps gas and gas liquids out of one rock layer, the Marcellus Shale, and sells them at home and abroad.
The scores
Growth2/4 →
Production growth is deliberately modest and demand-contingent (2.24 to 2.6 Bcfe/day by 2027), well below cohort revenue growth leader Expand Energy.
Business quality3/4 →
A genuine low-cost, long-life asset base with an externally corroborated LNG tailwind, but other-basin supply and data-center self-supply both compete for it.
Financial position4/4 →
0.8x debt-to-EBITDAX, $881M of net debt against a $9.0B market cap, and net debt reduced in every recent period disclosed.
Execution record4/4 →
Record drilling and completion efficiency this quarter, unit costs down year over year, and an 18-year unbroken streak of positive reserve revisions.
Per share capture4/4 ↑
Buybacks and dividends funded entirely from free cash flow with no offsetting dilution, unlike the debt- or stock-funded acquisitions in this repo's other 2026 theses.
Potential2/4 →
A real, externally corroborated LNG and power-demand tailwind, but only one small signed contract (75 MMcf/day) exists against a much larger, still-uncontracted pipeline.
Risk profile3/4 →
Low leverage and diversified markets cushion the risk that the 2027 gas curve has softened, about 15% by an analyst's estimate, despite the demand story.
Valuation2/4 →
EV/EBITDA sits above its own five-year median and is the dearest of its priced peers, as is book value; no margin of safety visible.
Evidence quality3/4 →
Central claims rest on primary filings and calls, cross-checked against independent EIA and AGA data, though EBITDA-based cohort metrics rest on two priced peers.
The Verdict
We rate Range Resources neutral. It pumps natural gas and gas liquids from Pennsylvania's Marcellus Shale, and it is a solid, carefully run business: reserves have been revised up eighteen years running, debt is low, and a ten-year deal supplies a power plant. The price is full, not stretched: the shares already cost more for that quality than any rival that can be compared, with no discount for the risk in gas prices. The view hinges on gas prices for 2027 firming and on more signed power or data-centre contracts. Since 26 October EQT has agreed to buy it for 0.987 EQT shares each, so its price now follows EQT's.
The long caseGas exports and power-hungry data centres are calling on more Appalachian gas; that demand must reach the price Range is paid before its careful operation benefits.
The evidence under this - 9 claims
A multi-decade streak of positive reserve revisions reflects historically conservative initial booking and strong well performance, but is not a guarantee of future revisions; a large enough downward commodity-price move can still force negative revisions under SEC reserve-reporting rules regardless of operational execution.
- 2026-09-26editedMarket capitalization re-read at the 25 September 2026 close in the refreshed pack: roughly $9.0B against $9.6B at the first pack. The leverage figures are unchanged.
75 MMcf/day is a small fraction (about 3%) of Range's roughly 2.3-2.4 Bcfe/day of total production, so while the deal's term and structure are notable, its direct volume and revenue contribution are modest against the company's overall scale.
- 2026-09-26editedRe-struck on the pack refreshed 2026-09-26 at the 25 September close ($38.61 against $41.06). Two readings changed. EV/EBITDA, the frame metric, now prints, because Expand Energy's withholding was a defect in this repo's filed-series reader (C23 retired, C30): Range is the dearest of three on it. And the P/FCF lead has gone: Antero is fractionally cheaper at the new close, so Range is second of four rather than the cheapest, in a group priced within a narrow band.
- The 15% is an analyst's approximation, prefaced 'probably', and neither the research pack nor any Range filing records the 2027 futures strip, so the direction is uncontested on the call but the size of the move is unverified.
- The chief executive's answer concerned front-month pricing and storage levels; he conceded no 2027 figure, so the most the call supports is that management did not dispute the analyst's characterisation.
The company
Range drills into the Marcellus Shale in Pennsylvania and sells what comes out: mostly natural gas, plus liquids such as ethane, propane and butane, and a little oil. It ran 1,579 producing wells in 2025, averaging 2.24 billion cubic feet of gas equivalent a day.
Its proved reserves are 18.1 trillion cubic feet equivalent, 71% already drilled, on land management says has more than 50 years of life.
The evidence under this - 2 claims
How it makes money
Range is paid the market price for its gas and liquids, adjusted for where it delivers them. In the June 2026 quarter it received $3.53 per thousand cubic feet equivalent after hedges, 64 cents above the main American gas benchmark. Producing it cost $1.92 in cash, and the gap between the two is the business.
The evidence under this - 2 claims
Where the money comes from, stream by stream
| Stream | Share of sales (FY2025) | How it earns it |
|---|---|---|
| Natural gas sales | 57.9% | Gas from its Pennsylvania wells sold at market-linked prices, mostly on contracts of a year or less, delivered through contracted pipelines. |
| NGL sales | 32.8% | Ethane, propane and other liquids separated from its wet gas, sold domestically and exported, priced off Mont Belvieu. |
| Oil sales | 3.5% | Condensate produced with the gas, priced against WTI less a differential. |
| Brokered gas, NGLs and marketing | 5.8% | Gas and liquids bought from others and resold under its own sales contracts, at a thin margin. |
Who runs it
Dennis Degner, an engineer who joined in 2010 and ran its Pennsylvania operations, has been chief executive since 2023; Mark Scucchi has run the money since 2018 and cut the debt by more than half. Insiders own about 1% of the company, so big fund managers, not the managers, are the owners. The bonus rides on keeping costs low, cash flow and returns on capital; the long-term shares ride on beating other gas producers' share prices. Nothing pays for signing new buyers.
The evidence under this - 3 claims
- A quarter of the 2025 bonus was discretionary and paid at 109%, above every formula metric except drilling return.
- No metric pays on signing new demand contracts or on production growth, the open questions the thesis turns on (C15, C12).
Why it wins, and who could beat it
Why customers come back
When everyone sells the same gas, the winner is the cheapest and most careful producer. Range's reserve estimates have been revised up 18 years in a row, and its debt is 0.8 times a year's cash profit.
That lets it keep drilling and buying back shares through a price slump that would force a more indebted rival to cut. Of its three filed rivals, none earns more on shareholders' money than its 19.3%.
The evidence under this - 3 claims
A multi-decade streak of positive reserve revisions reflects historically conservative initial booking and strong well performance, but is not a guarantee of future revisions; a large enough downward commodity-price move can still force negative revisions under SEC reserve-reporting rules regardless of operational execution.
- 2026-09-26editedMarket capitalization re-read at the 25 September 2026 close in the refreshed pack: roughly $9.0B against $9.6B at the first pack. The leverage figures are unchanged.
The threat
The threat is more gas, not a better product. Other basins can grow into the same export and power demand faster than pipelines out of Appalachia get built, and an analyst on the call put this year's fall in the price for 2027 delivery at about 15%. Data-centre owners may also build their own gas generation rather than buy from a power plant.
The evidence under this - 2 claims
- The 15% is an analyst's approximation, prefaced 'probably', and neither the research pack nor any Range filing records the 2027 futures strip, so the direction is uncontested on the call but the size of the move is unverified.
- The chief executive's answer concerned front-month pricing and storage levels; he conceded no 2027 figure, so the most the call supports is that management did not dispute the analyst's characterisation.
'Awfully encouraged' and references to a peer's disclosure, rather than Range's own signed contracts, is a much lower bar than a committed agreement; management explicitly said more specific guidance on this demand would come closer to 2028-2030, meaning the near-term financial impact is not yet quantifiable.
The rivals: EXE, EQT, AR, and 2 more that are private, in-house or listed abroad.
Who else does this, rival by rival
| Ticker | Rival | How far along | Priced against it |
|---|---|---|---|
| Not listed | Lower 48 gas production growth broadly (all basins, not Appalachia-specific)Priced against it: Not listed | On sale | Not listed |
| In-house | Data centers and hyperscalers building their own on-site/behind-the-meter gas generation rather than buying grid power backed by pipeline gasPriced against it: In-house | On sale | In-house |
| EXE | Expand EnergyPriced against it: Yes | On sale | Yes |
| EQT | EQTPriced against it: Yes | On sale | Yes |
| AR | Antero ResourcesPriced against it: No usable figure | On sale | No usable figure |
How big it could get
How big this could get
The new demand is gas cooled into liquid for export, and gas burned for power. Export plants took about 18.1 billion cubic feet a day through late June 2026, up 19%. The government's energy agency expects exports to rise about 9% in 2027; management's own forecast is far higher.
Power and data-centre demand near its wells is described as encouraging, but nobody has sized it.
The evidence under this - 3 claims
EIA's export figure and management's feedgas figure are not perfectly comparable metrics (exports versus feedgas can differ due to plant fuel use and boil-off), so the gap between 18.5 Bcf/day and 24 Bcf/day is not necessarily a direct contradiction, but no independent source corroborates management's specific 24 Bcf/day figure.
'Awfully encouraged' and references to a peer's disclosure, rather than Range's own signed contracts, is a much lower bar than a committed agreement; management explicitly said more specific guidance on this demand would come closer to 2028-2030, meaning the near-term financial impact is not yet quantifiable.
Who has signed
One agreement: 10 years of supply, 75 million cubic feet a day, to an unnamed Midwest power plant. Beyond it, management says it will step into new demand as it arrives rather than sign ahead of it.
The evidence under this - 1 claim
75 MMcf/day is a small fraction (about 3%) of Range's roughly 2.3-2.4 Bcfe/day of total production, so while the deal's term and structure are notable, its direct volume and revenue contribution are modest against the company's overall scale.
The results
The numbers
Sales grew 21% over the twelve months to Sep 2026, slower than the 29% in the year to Dec 2025.
It keeps 25% of sales as profit.
It keeps 94¢ of each sales dollar after making what it sells, and spends 5¢ of it on admin, its biggest running cost.
Shareholders' money earned 20% a year.
The business brought in $1.42B of cash from operations, 40% of sales, before capital spending, which the filer does not tag.
It owes $781M more than the cash it holds, about 0.6 years of the cash its operations bring in.
The share count fell 5.7% in 4.8 years.
All the numbers
Filed figures from the company's 10-K and 10-Q, read 2026-10-27. Fiscal years end in December.
| Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | 12 mo to Sep 2026 | |
|---|---|---|---|---|---|---|
| Size and growth | ||||||
| Sales | $2.93B | $4.15B | $3.37B | $2.42B | $3.12B | $3.53B |
| Sales growth | +49% | +42% | −19% | −28% | +29% | +21% |
| Profit | ||||||
| Gross margin | 87% | 90% | 94% | 94% | 94% | 94% |
| Net margin | 14% | 29% | 26% | 11% | 21% | 25% |
| What growth costs, per sales dollar | ||||||
| General and admin | 5.7% | 4.1% | 4.9% | 7.1% | 5.7% | 5.4% |
| Cash | ||||||
| Cash from operations | $793M | $1.86B | $978M | $945M | $1.17B | $1.42B |
| Balance sheet | ||||||
| Cash and short-term investments | $214M | $207K | $212M | $304M | $204K | $12.0K |
| Debt | $2.93B | $1.84B | $1.77B | $1.70B | $1.20B | $781M |
| Net cash | −$2.71B | −$1.84B | −$1.56B | −$1.39B | −$1.20B | −$781M |
| Returns and shares | ||||||
| Shares (diluted) | 249M | 246M | 240M | 243M | 240M | 235M |
What growth costs
Range spends nothing on research or advertising; growing means drilling more wells and paying for more pipeline space, and both cost about the same for each extra unit of gas. So growth adds profit dollars without making the business more profitable per unit. What moves its margin is the gas price.
The evidence under this - 2 claims
- Management guides 2.6 Bcfe/day in 2027 on similar capital (C12); if delivered, capital per unit would fall about a tenth.
- Transportation cost per unit rose 5% over two years as new takeaway was contracted.
The last report (21 Jul)
Quarter ended June 2026, filed figures.
The June quarter beat forecasts, at $0.79 a share on the company's adjusted measure, while cash costs fell 3%. Its liquids sold further above their benchmark than ever before, and it narrowed its price guidance for the year in its favour.
The official profit, $0.83 a share, was higher still, but $74M of it was a paper gain on its price hedges rather than gas sold.
What it did to the thesisIt showed Range running its wells cheaply and selling its gas liquids well, which supports the quality half of the case. It said nothing new about the gas price for the next two years or new long-term buyers, which is why the view stays Neutral.
The quarter in detail
Sales growth from the previous quarter, filed figures. The company has restated its own history, so a quarter either side of the restatement may describe a different business; n/c marks one that does not compare.
Earnings per share $0.79 against $0.66 expected; $0.83 as filed, the gap being what the company adds back.
The evidence under this - 4 claims
Narrower differential guidance is management's own forward estimate issued alongside results it controls the framing of; the actual realized differential in Q2 2026, ($0.47)/mcf, still sits outside the low end of even the updated ($0.35)-($0.40) guided range, so the guidance has not yet been demonstrated in a reported quarter.
What management did with the money
It returns cash and pays down debt. In 2025 it spent $231M on buybacks and $86M on dividends, cut net debt by $186M and raised the dividend 11.1%. In the June quarter it bought back 2 million more shares.
Insiders in 2026Q2: 12 purchases and 7 sales, from their Form 4 filings.
The evidence under this - 2 claims
The price, and where we disagree
In short. Full, not stretched. A careful gas producer priced for its quality, before more power and data-centre buyers sign for its gas and before gas prices firm.
Results are due on 27 October, but the news of 26 October matters more: EQT has agreed to buy Range for stock, 0.987 EQT shares for each Range share. Until the deal closes, Range's price moves with EQT's, not with Range's own gas contracts or its 2027 gas price.
What would matter now is whether both sets of shareholders vote yes, whether antitrust clearance comes by the 25 October 2027 end date, and what the registration statement says about how the price was set.
The evidence under this - 5 claims
- 2026-09-26editedRe-struck at the 25 September 2026 close from the refreshed pack: $38.61 against $41.06, 20.1% below the 252-day high against 15.0%, now below both moving averages, RSI 41.1 against 60.8, and the returns re-read at that close.
'Awfully encouraged' and references to a peer's disclosure, rather than Range's own signed contracts, is a much lower bar than a committed agreement; management explicitly said more specific guidance on this demand would come closer to 2028-2030, meaning the near-term financial impact is not yet quantifiable.
- The 15% is an analyst's approximation, prefaced 'probably', and neither the research pack nor any Range filing records the 2027 futures strip, so the direction is uncontested on the call but the size of the move is unverified.
- The chief executive's answer concerned front-month pricing and storage levels; he conceded no 2027 figure, so the most the call supports is that management did not dispute the analyst's characterisation.
These are the two companies' own projections in an announcement; no filing yet shows the analysis behind the savings or the free-cash-flow figure, and the registration statement will carry the financial advice each board relied on.
How we read the multiple
Debt included, buyers pay about 7.1 times Range's yearly cash profit; the two rivals that can be compared have a middle of 4.9. Against net worth, what it owns minus what it owes, no filed rival costs more. On profit and sales it sits mid-pack.
The extra buys its record, its low debt and the best returns of the four on the money invested. It pays nothing yet for demand that nobody has signed.
Against its own history. A little dearer than its own normal on profit and sales, in a year when the price of future gas fell: buyers pay for the record, not the outlook.
The evidence under this - 4 claims
- 2026-09-26editedRe-struck on the pack refreshed 2026-09-26 at the 25 September close ($38.61 against $41.06). Two readings changed. EV/EBITDA, the frame metric, now prints, because Expand Energy's withholding was a defect in this repo's filed-series reader (C23 retired, C30): Range is the dearest of three on it. And the P/FCF lead has gone: Antero is fractionally cheaper at the new close, so Range is second of four rather than the cheapest, in a group priced within a narrow band.
- 2026-09-26editedMarket capitalization re-read at the 25 September 2026 close in the refreshed pack: roughly $9.0B against $9.6B at the first pack. The leverage figures are unchanged.
Priced against its rivals
The competitors its own annual report names, each confirmed against the rival's filing. Measured on company value for each $1 of cash profit, cheapest first:
| Ticker | Company | company value for each $1 of cash profit |
|---|---|---|
| EXE | Expand Energy | 3.6× |
| EQT | EQT | 6.2× |
| RRC | Range Resources | 7.1× |
| AR | Antero Resources held out | not priced |
The middle of the other 2 is 4.9. Range Resources Corporation is dearest of 3.
Rivals' figures come from a data provider, so read the spread of the group rather than any single pair.
The dearest of those that can be priced, though one rival is only half in this basin. The extra is Range's own: buyers pay for its record and low debt.
Where we disagree with the market
A clean winner from AI power demand and gas exports, with a strong balance sheet.
The demand is real, but it has not reached the price of gas: 2027 gas softened this year, about 15% by one analyst's estimate.
Analysts are more cautious than the story: 24 buy, 37 hold and 1 sell. The softer 2027 price came up in an analyst's question on the call, not in the raised guidance the coverage was written around.
We are wrong if the 2027 to 2028 gas price firms and Range signs more multi-year power or data-centre contracts like the Midwest deal.
What analysts say, and the evidence
The evidence under this - 4 claims
- The 15% is an analyst's approximation, prefaced 'probably', and neither the research pack nor any Range filing records the 2027 futures strip, so the direction is uncontested on the call but the size of the move is unverified.
- The chief executive's answer concerned front-month pricing and storage levels; he conceded no 2027 figure, so the most the call supports is that management did not dispute the analyst's characterisation.
'Awfully encouraged' and references to a peer's disclosure, rather than Range's own signed contracts, is a much lower bar than a committed agreement; management explicitly said more specific guidance on this demand would come closer to 2028-2030, meaning the near-term financial impact is not yet quantifiable.
75 MMcf/day is a small fraction (about 3%) of Range's roughly 2.3-2.4 Bcfe/day of total production, so while the deal's term and structure are notable, its direct volume and revenue contribution are modest against the company's overall scale.
What could go wrong, and how we would know
The risks
- Gas prices ahead are falling. An analyst put this year's fall in the 2027 price at about 15%, and export plants took slightly less gas in the June quarter than in March.
- More supply from everywhere. Management expects American output to reach 110 to 112 billion cubic feet a day by the end of 2026.
- Demand that never signs. One power contract so far; the rest is described, not committed.
- The liquids bonus fades. Its export liquids sell a record amount above their benchmark, which could fall back if new American export capacity outruns demand abroad.
- Bought for shares. Range's value follows EQT's price until the deal closes; a failed vote or antitrust block would leave it standing alone.
The evidence under this - 8 claims
- The 15% is an analyst's approximation, prefaced 'probably', and neither the research pack nor any Range filing records the 2027 futures strip, so the direction is uncontested on the call but the size of the move is unverified.
- The chief executive's answer concerned front-month pricing and storage levels; he conceded no 2027 figure, so the most the call supports is that management did not dispute the analyst's characterisation.
This 110-112 Bcf/day figure is management's own market read stated on a call, not independently corroborated in this thesis; if actual Lower 48 supply growth runs meaningfully above or below that figure, it would change the supply/demand balance underpinning both the gas-curve discussion (C20) and the LNG-demand tailwind (C18) in either direction.
'Awfully encouraged' and references to a peer's disclosure, rather than Range's own signed contracts, is a much lower bar than a committed agreement; management explicitly said more specific guidance on this demand would come closer to 2028-2030, meaning the near-term financial impact is not yet quantifiable.
75 MMcf/day is a small fraction (about 3%) of Range's roughly 2.3-2.4 Bcfe/day of total production, so while the deal's term and structure are notable, its direct volume and revenue contribution are modest against the company's overall scale.
These are the two companies' own projections in an announcement; no filing yet shows the analysis behind the savings or the free-cash-flow figure, and the registration statement will carry the financial advice each board relied on.
What we still do not know
- How much power and data-centre demand near its wells turns into signed contracts, and when.
- Whether exports reach management's 24 billion cubic feet a day by the end of 2027, or the government's figure of about 18.5.
The evidence under this - 2 claims
'Awfully encouraged' and references to a peer's disclosure, rather than Range's own signed contracts, is a much lower bar than a committed agreement; management explicitly said more specific guidance on this demand would come closer to 2028-2030, meaning the near-term financial impact is not yet quantifiable.
EIA's export figure and management's feedgas figure are not perfectly comparable metrics (exports versus feedgas can differ due to plant fuel use and boil-off), so the gap between 18.5 Bcf/day and 24 Bcf/day is not necessarily a direct contradiction, but no independent source corroborates management's specific 24 Bcf/day figure.
What would change our view
- Neutral→AttractiveThe demand gets signed and the curve firms
It needs all of:
- ○Range signs another power or data-centre gas-supply contract within four quarters.watched as it happens
- ○Gas prices for 2027 and 2028 delivery firm rather than soften, with debt staying near 0.8 times a year's cash profit.checked at the next results, due by 27 Oct
- Neutral→UnattractiveThe curve or the operating record turns
It needs any of:
- ○Gas prices for 2027 and 2028 delivery keep softening.checked at the next results, due by 27 Oct
- ○Reserve estimates are revised down after 18 straight years up, or its liquids stop selling well above their benchmark.watched as it happens
We would also be wrong if
- Debt rises well above 0.8 times a year's cash profit.
- No new power or data-centre contract is signed within four quarters.
What is coming
- 27 October 2026 Q3 2026 results: Whether the 2027 gas curve has firmed, whether a second power or data-centre supply contract is signed, and whether unit costs and buybacks hold.
Every dated event ahead
- 27 October 2026 Q3 2026 results: Whether the 2027 gas curve has firmed, whether a second power or data-centre supply contract is signed, and whether unit costs and buybacks hold.
- February 2027 Q4 2026 results, 2027 budget and year-end reserves: Whether 2027 capital stays near this year's while production steps toward 2.6 Bcfe/day, and whether reserve revisions stay positive for a nineteenth year.
Since we wrote this
- 27 OctEarningsRange's profit and debt improved; the 10-Q confirms its all-stock sale to EQT. View heldQ3 2026 results, read from the Form 10-Q; the EQT merger is confirmed.
- 26 OctNewsEQT agrees to buy Range Resources for stockEach Range share becomes 0.987 EQT shares, so Range's price now follows EQT's. Our Neutral view holds; the deal needs both companies' votes and antitrust clearance.
- 5 OctThesis reviewThe long case now sits under the verdictAfter the five-name pilot, the owner asked for the long case on every thesis.
- 4 OctThesis reviewOwner's checklist: revenue streams, cost of growth, management, catalystsThe owner's checklist found the method silent on who runs the company, what growth costs, where the money comes from and what is dated ahead; this pass fills those four blocks from the proxy and the 10-K.
- 26 SepThesis reviewThe 15% gas-curve fall was an analyst's figure, not management'sThe thesis quoted management conceding that 2027 gas had softened about 15%. The call shows a Goldman Sachs analyst said it and management did not dispute it. The view held: it rests on the price, not on who said it.
- 26 SepThesis reviewPriced on cash profit, Range is its group's dearest. View heldA data defect of ours had kept Expand Energy out of the cash-profit comparison. With it priced, Range costs the most of three on that measure, and its lead on free cash flow has gone.
- 24 AugThesis writtenNeutral, medium convictionA careful producer with 18 years of upward reserve revisions and low debt, at a price that already pays for that quality while gas for 2027 softens.
Also checked 2 times with nothing new to act on.
Sources 16
Sources - 16
Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.
- S01primarycompany filing2026-02-24business description, reserves, drilling inventory, business strategy, competition sectionbacksC01C02C23C24C30
- S03primarycompany filing2026-07-21Q2 2026 financial results, realized pricing, unit costs, net debt, buybacks, updated 2026 differential guidance, hedging statusbacksC03C04C05C06C11C14C22
- S04primarytranscript2026-07-22Range Resources Q2 2026 earnings call transcriptmanagement commentary on LNG/NGL export growth, in-basin power/data-center demand posture and pipeline transportation dynamics, and an analyst's question putting this year's softening of the 2027 gas curve at about 15%, with the chief executive's answer
For natural gas, LNG feed gas in the second quarter averaged over 17 BCF per day, or 17% higher compared to the same time period in 2025.
backsC09C15C16C20C21C28 - S05primarycompany filing2026-02-24FY2025 full-year results, the signed Midwest power-plant supply agreement, 2026 capital and production guidance, reserve-revision track record, debt/EBITDAXbacksC07C08C09C11C12C13
- S07secondaryvendor data2026-08-24Portfolio-management research pack (market and vendor tiers: price, insiders, analysts, peer valuation)content/RRC/research-pack.jsonprice/technicals snapshot, insider Form 4 aggregation, analyst consensus, cohort valuation multiples and filed_margin_gap detailbacksC10C17C23C26
- S08secondaryindustry data2026-06-25independent confirmation of US LNG feedgas growth, corroborating management's own figures within a reasonable range
feedgas flows averaged 18.1 Bcf per day year-to-date through June 24, [...] 19 percent higher than the same period in 2025.
backsC18 - S09secondaryindustry data2026-04-23independent confirmation of new LNG export capacity coming online in 2026
On April 22, 2026, Golden Pass LNG-the 9th liquefied natural gas (LNG) terminal in the United States-shipped its first cargo from Train 1.
backsC18 - S10secondaryindustry data2026-04-16independent EIA export-growth projection, used as a check against management's own feedgas growth claim
U.S. LNG exports rise 1.9 Bcf/d in 2026 to average 17.0 Bcf/d, and we forecast that LNG exports will increase an additional 9% (1.5 Bcf/d) in 2027.
backsC19 - S11secondaryindustry data2026-07-27independent evidence of a real quarter-over-quarter dip in LNG feedgas volumes, a counter-signal within the broader growth trend
Total feed gas averaged 18.4 Bcf/d during the first quarter, though that fell to 17.8 Bcf/d during the three-month period ending June 30.
backsC20C29 - S12secondaryvendor data2026-08-24Portfolio-management research pack (vendor_fundamentals tier: filed-vs-vendor cross-check and restatement history)content/RRC/research-pack.jsonthe filed-versus-vendor valuation_cross_check and the perimeter_change/restatement detailbacksC24
- S13secondaryvendor data2026-08-24Portfolio-management research pack (segments block)content/RRC/research-pack.jsonconfirmation that no XBRL segment concept is available for Range, consistent with a single-segment filerbacksC27
- S14secondaryvendor data2026-09-26Portfolio-management research pack, refreshed 2026-09-26 (price at the 25 September close; filed-series reader fixed that day)content/RRC/research-pack.jsonthe 25 September close, market capitalization and technicals, the own-history valuation series, and the filed-competitor cohort re-struck at that close with Expand Energy priced on EV/EBITDA, EV/EBIT and operating marginbacksC11C22C25C30
- S15primarycompany filing2026-03-31beneficial ownership of directors, officers and 5% holders as of March 16, 2026; the 2025 bonus criteria, goals and payouts; the 2026 bonus and performance-share design; the CEO's biographybacksC31C32C33
- S16primarycompany filing2026-02-24the executive officers' tenure, revenue by product for 2023 to 2025, cost lines and capital additions for 2023 to 2025, annual production in mcfe, buybacks, dividends, note repayments and the January 2026 note redemptionbacksC33C34C35C36C37C38
- S17primarycompany filing2026-10-04Portfolio-management numbers card (content/RRC/financials.json), the filer's own XBRL facts, fetched 2026-10-04content/RRC/financials.jsonrevenue, general and administrative expense and diluted share counts for 2020 to 2025 and the four quarters to June 2026backsC35C36C37C38
- S18primarycompany filing2026-10-26merger terms: exchange ratio, ownership split, closing conditions, end date, break fees, board seats; the parties' joint release of synergies and credit intentbacksC39C40