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- **Production Growth**: 2026-2027 ramp to 2.6 Bcf/d supported by 400,000-foot DUC inventory, with minimal capital allocation.
- **Free Cash Flow**: Year-to-date $177M share buybacks and $65M dividends, driven by operational efficiency and low reinvestment rate.
- **NGL Demand**: Ethane and propane exports set to grow 42% by 2030, with Range's Northeast LPG premium supporting margins.
- **Strategic Initiatives**: LNG export capacity additions (~4 Bcf/d by 2026) and in-basin demand (data centers, power) driving long-term growth.
- **Balance Sheet Strength**: Below investment-grade peers in leverage, with bonds trading at investment-grade levels.

**【CEO Summary Section】**
- **Operational Performance**: Q3 2025 production of 2.2 Bcf/d, with year-to-date capital investment of $491 million, tracking toward 2025 guidance of $650-680 million. All-in capital for the quarter was $190 million.
- **Growth Plans**: 400,000-foot lateral inventory (equivalent to ~30 wells) to support 2026-2027 production ramp to 2.6 Bcf/d, with minimal incremental capital. LNG export capacity additions (~4 Bcf/d by 2026) and in-basin demand (e.g., data centers, power generation) driving demand growth.
- **Efficiency**: Cash operating expenses of $0.11/Mcfe, within guidance range, supported by operational improvements and infrastructure utilization.
- **Marketing Strategy**: 90% of revenue from outside Appalachia, with focus on LNG exports (record volumes in Q3 2025) and NGLs (ethane and propane demand growth).

**【CFO Financial Commentary】**
- **Financial Highlights**: Year-to-date free cash flow generation, $177 million in share buybacks, $65 million in dividends, and $175 million net debt reduction. Balance sheet strength supports capital allocation flexibility.
- **Resilience**: Ability to generate free cash flow through cycles, with reinvestment rate among the lowest in the peer group.
- **Leverage**: Below investment-grade peers, with bonds trading at investment-grade levels. Credit rating improvements expected as scale and production grow.

**【Q&A Key Highlights】**
- **Inventory Utilization**: 2026 drilling activity to decline, with completions crew focus on DUC inventory. Linear production growth expected through 2027.
- **NGL Market Outlook**: Ethane spread to natural gas improving due to export capacity (~700,000 b/d new LPG demand by 2026). Propane relative to WTI expected to strengthen.
- **Supply Agreements**: Active discussions with end users for long-term supply agreements, leveraging Range's infrastructure and inventory depth.
- **M&A Strategy**: Focus on accretive white-space acreage in existing footprint, with limited opportunities for large-scale acquisitions.
- **Credit Rating**: Investment-grade status expected as production and scale meet rating agency thresholds.

Range Resources (RRC)-29 Oct 25-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

RRC

RRC fundamentals

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