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Jun 30
Range Resources Q2 2025 Earnings Report
Range Resources reported strong second quarter 2025 financial results, driven by efficiency gains and consistent well performance, leading to significant free cash flow and reduced net debt.
Key Takeaways
Range Resources delivered a strong second quarter in 2025, with GAAP revenues totaling $856 million and GAAP net income reaching $238 million, or $0.99 per diluted share. The company achieved robust cash flow from operating activities of $336 million and significantly reduced its net debt to $1.2 billion. Operational efficiencies led to improved production guidance and a lowered capital budget for 2025, while maintaining strong shareholder returns through share repurchases and dividends.
GAAP revenues and other income for Q2 2025 totaled $856 million, a 62% increase from the prior year.
GAAP net income was $238 million ($0.99 per diluted share), a substantial increase from $28.7 million in Q2 2024.
Cash flow from operating activities was $336 million, and cash flow from operations before working capital changes was $301 million.
The company repurchased $53 million of shares, paid $21 million in dividends, and reduced net debt to $1.2 billion.
Range Resources
Range Resources
Range Resources Revenue by Segment
Range Resources Revenue by Geographic Location
Revenue by Segment
Natural Gas Sales Revenue
CapyFin.comNGLs Sales Revenue
CapyFin.comOil and Condensate Sales Revenue
CapyFin.comRevenue by Geographic Location
Total Revenue
CapyFin.com Forward Guidance
Range Resources updated its 2025 guidance, improving the capital budget range and increasing expected annual production. The company anticipates continued operational efficiencies and strong NGL and oil price differentials.
Positive Outlook
- Lowered the high-end of its 2025 capital budget to $650 million - $680 million, improved from prior guidance of $650 million - $690 million, due to operational efficiencies.
- Increased annual production guidance to approximately 2.225 Bcfe per day in 2025, up from prior guidance of ~2.2 Bcfe per day.
- Liquids are expected to be over 30% of production for 2025.
- Improved expected 2025 NGL differential to average +$0.40 to +$1.25 relative to a Mont Belvieu equivalent barrel.
- Anticipates exiting 2025 with greater than 400,000 lateral feet of growth inventory to support future development.
Challenges Ahead
- Natural gas differential is expected to average ($0.40) to ($0.48) relative to NYMEX for FY 2025.
- Crude oil and condensate differential is expected to average ($10.00) to ($15.00) relative to WTI for FY 2025.
- Direct operating expense guidance is $0.12 - $0.13 per mcfe.
- Transportation, gathering, processing and compression expense guidance is $1.50 - $1.55 per mcfe.
- General and administrative expense guidance is $0.17 - $0.18 per mcfe.