stockrowWhat it does
Range Resources is an independent producer of natural gas, natural gas liquids, or NGLs, and oil. It explores for, develops and acquires properties containing these resources, primarily in Pennsylvania’s Marcellus Shale. Its oil production is predominantly condensate, a liquid hydrocarbon associated with natural gas. Range is based in Fort Worth, Texas, and was incorporated in 1980. It was reported on 28 October 2026 that Dennis Degner was its chief executive.
The company holds interests in leases that give it the right to drill for and produce hydrocarbons in specified areas. It operates almost all of its net production, meaning it directs the work at most of the wells attributable to its ownership interests. At the end of 2025, it had 1,579 gross (1,499 net) operating producing wells. Its average daily production for the year was 2.24 Bcfe per day, a measure that expresses gas and liquids on a natural-gas-equivalent basis.
Range sells gas to utilities, industrial users, marketing companies and midstream businesses. Its NGLs go to buyers including petrochemical end users and refiners, while its oil is sold to processors, transporters and refining and marketing companies. A third party processes Range’s gas to separate the heavier hydrocarbons that make up its NGLs.
How it makes money
Range operates as one segment. Its principal business is producing and selling natural gas, NGLs and oil from its properties. It also buys commodities from third parties for resale as it balances sales, storage and transportation positions and uses contracted pipeline capacity.
In FY2025, natural gas, NGLs and oil sales were $2.8 billion, while brokered natural gas and marketing revenue was $172.6 million. Natural gas, NGLs and oil sales accounted for 94.2% of revenue. Those sales were $2.2 billion in FY2024.
The company’s production generates sales as long as its wells continue to produce and it can deliver the commodities to buyers. Production from existing reserves naturally declines, so Range drills and brings new wells into production to replenish volumes. It pays royalty owners from sales attributable to its working interest.
Most production is sold at market-based prices. The prices Range receives depend on factors including commodity indices or spot prices, product quality, supply and demand, distance to pipelines, and processing and other costs. Its revenue therefore changes with both production volumes and realized prices. In 2025, revenue from natural gas, NGLs and oil sales increased as realized prices and production rose.
Range uses derivatives for a portion of its production to reduce exposure to short-term commodity price changes and make cash flows more predictable. Its average realized price, including derivative settlements and third-party transportation costs paid by Range, was $2.10 per mcfe in 2025 compared to $1.84 per mcfe in 2024.
| Product or service | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Natural Gas, NGLs and Oil Sales | $2.8 billion | 94.2% | 27.2% |
| Brokered Natural Gas and Marketing | $172.6 million | 5.78% | 29.7% |
Customers and how it sells
Range’s production is concentrated in the Appalachian region, principally the Marcellus Shale in Pennsylvania. Substantially all of its reserves and production are located in the Marcellus. The company markets production to customers in domestic and international markets, using firm transportation contracts on multiple pipelines to reach the Midwest, Gulf Coast, Southeast, Northeast and international markets.
Its natural gas buyers include utilities, industrial users, marketers and midstream companies. NGLs are typically sold to petrochemical end users, refiners, marketers and traders, and natural gas processors. Oil buyers include crude oil processors, transporters and refining and marketing companies. Range selects purchasers based on price, credit quality and service reliability.
Customer A accounted for 10.0% of revenue in FY2025. Range believes alternative purchasers are usually readily available and that losing any purchaser accounting for a significant share of revenue would not materially harm its operations.
The company markets most production from the properties it operates on behalf of both itself and other working-interest owners. It uses a variety of price indices and formulas in its sales arrangements. Its transportation and storage positions can also involve buying commodities from third parties for resale.
Suppliers and costs
Range relies on outside operators to process its gas, gather production and transport commodities to buyers. Gathering and transportation expenses move production from wellheads, tanks and processing plants to purchaser-specified delivery points. These costs vary primarily with volume, distance and fees charged by third-party providers. Some processing contracts are based on a percentage of proceeds.
Its Appalachian production travels on third-party pipelines for which Range holds long-term contractual capacity. Capacity on gathering systems and pipelines is occasionally constrained. Range also makes commitments to acreage, technical staff, drilling and completion technology, and transportation arrangements to develop and market its production.
Transportation, gathering, processing and compression expense was $1.50 per mcfe in 2025 compared to $1.48 in 2024. Direct operating expense rose to $0.13 per mcfe in 2025 compared to $0.12 in 2024, due to increased workover costs. Range seeks to control the costs of finding, developing and producing commodities; it also pays royalties from sales attributable to its working interest.
- Revenue$3.1B
- Cost of revenue−$215.7M
- Selling, general and administrative−$1.5B
- Other operating costs−$397.6M
- Operating income$965.5M
Competitive position
Range competes to develop and acquire properties, secure personnel, conduct drilling and field operations, and market production. Its competitors include major and independent oil and gas companies as well as individual proprietors and others. It also competes for pipeline capacity and other transportation services, particularly in the northeastern United States, and faces competition from alternative energy sources. Range identifies no competing companies by name.
The company says its acreage position and concentration in a core area provide some competitive advantages. Concentrating drilling and production in Pennsylvania helps it develop knowledge of local geology and operating conditions and pursue economies of scale. It operates almost all of its net production and uses its technical expertise to maintain a multi-year drilling inventory.
Our reading: The acreage position and regional expertise provide a meaningful operating advantage because they support repeat development in an area Range knows. Our reading: That advantage is limited by the commodity nature of its products and by competitors with substantially greater financial and other resources, which can bid for more properties or pay more for leases. Our reading: Operating control supports cost management, but access to transportation still depends on outside providers and competition for capacity.
Growth opportunities
Range’s development strategy centers on drilling projects generated within the company, occasionally supplemented by acquisitions and dispositions. It intends to develop its acreage and use technology and analysis of its properties to improve operating and financial results. At the end of 2025, it had approximately 879,000 gross (769,000 net) acres under lease in the Marcellus and an estimated 27 million lateral feet of remaining Marcellus drilling inventory, including proved and unproved locations.
The company also holds drilling opportunities in the Marcellus, Utica/Point Pleasant and Upper Devonian formations beyond the five-year horizon of proved reserves. New wells can add production, although the natural decline of existing reserves offsets some of that contribution.
For 2026, Range expected a capital budget of $650 million to $700 million for natural gas, NGLs and oil activities, excluding potential acquisitions. It expected the plan to produce modest growth in 2026 production relative to 2025 and to be funded with operating cash flows. Range noted that it could adjust the budget during the year based on commodity prices, drilling success and other factors.
It was reported on 26 October 2026 that EQT would acquire Range in an all-stock transaction. It was reported on 29 October 2026 that the deal was expected to close in the first quarter of 2027, subject to shareholder and regulatory approval.
- $2.9BFY2021
- $4.1BFY2022
- $3.4BFY2023
- $2.4BFY2024
- $3.1BFY2025
Structural risks
- Commodity prices: Natural gas, NGLs and oil prices are volatile and affect revenue, cash flow, economically recoverable volumes and access to capital. Range hedges part of its production, but derivatives also carry counterparty and pricing risks.
- Geographic concentration: Substantially all reserves and production are in the Marcellus Shale. Local operating conditions, infrastructure constraints or regulatory changes can affect the properties on which Range relies.
- Drilling and reserves: Drilling is costly and uncertain. Equipment failures, unexpected geology, permitting delays and other operational events can disrupt activity. Reserve estimates also involve uncertainty, and there is no assurance that proved reserves will ultimately be produced.
- Third-party infrastructure: Range depends on outside gathering, processing and transportation providers. Capacity can be constrained, and interruptions or limits on pipeline capacity could affect its ability to move production and reach buyers.
- Regulation and environmental matters: Exploration, production and sales are subject to federal, state and local requirements covering matters including permits, emissions, hydraulic fracturing, water and well abandonment. Requirements can change, and environmental incidents may occur.
- Pending transaction: It was reported on 29 October 2026 that the EQT acquisition still required approval from shareholders of both companies and regulatory approval.
Bottom line
Our reading
Our reading: Range is a concentrated Appalachian commodity producer whose business rests on developing its drilling inventory and selling gas and liquids into markets reached through contracted infrastructure. Its regional expertise and operating control support development, but commodity prices, production decline and reliance on third-party services remain central exposures. Our reading: The proposed EQT transaction adds a separate question about the company’s future ownership, with completion dependent on approvals.