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Guidance history, every release

Range Resources (RRC) · 8 releases, Oct 22, 2024 to Jul 21, 2026 · rows are metrics, columns are releases

Raised · a change from the previous releaseSame · restated unchanged— · not stated in that releaseEvery value links to its sentence in the filing

Metric	Oct 22, 2024 FY24 Q3	Feb 25, 2025 FY24 Q4	Apr 22, 2025 FY25 Q1	Jul 22, 2025 FY25 Q2	Oct 28, 2025 FY25 Q3	Feb 24, 2026 FY25 Q4	Apr 21, 2026 FY26 Q1	Jul 21, 2026 FY26 Q2
For FY2027
Annual production	—	—	—	—	—	New“2.6 Bcfe per day”	—	—
Core Marcellus inventory duration	—	New“30+ years”	—	—	—	—	—	—
Daily production level	—	New“2.6 Bcfe”	—	—	—	—	—	—
Three-year outlook daily production target	—	New“2.6 Bcfe”	—	—	—	—	—	—
For FY2026
All-in capital budget	—	—	—	—	—	—	New“$650 million - $700 million”	Reiterated“$650 million - $700 million”
All-in capital spending	—	—	—	—	—	New“$650 - $700 million”	—	—
Annual production	—	—	—	—	—	New“approximately 2.35 – 2.40 Bcfe per day”	Reiterated“approximately 2.35 - 2.40 Bcfe per day”	Reiterated“approximately 2.35 - 2.40 Bcfe per day”
Condensate differential	—	—	—	—	—	—	New“($10.00) to ($14.00)”	—
Condensate differential relative to NYMEX (WTI)	—	—	—	—	—	—	New“($10.00) to ($14.00)”	—
Condensate differential to WTI	—	—	—	—	—	—	—	New“($10.00) to ($12.00)”
Condensate price differential	—	—	—	—	—	New“($10.00) to ($14.00)”	—	—
DD&A expense	—	—	—	—	—	New“$0.45 - $0.46 per mcfe”	Reiterated“$0.45 - $0.46 per mcfe”	Reiterated“$0.45 - $0.46 per mcfe”
Direct operating expense	—	—	—	—	—	New“$0.12 - $0.13 per mcfe”	Reiterated“$0.12 - $0.13 per mcfe”	Reiterated“$0.12 - $0.13 per mcfe”
Dry Gas	—	—	—	—	—	New“18”	Reiterated“18”	Lowered“11”
DUC inventory conversion	—	—	—	—	—	New“approximately 400,000 feet”	—	—
Emissions reduction (pneumatic/facility upgrade) project total cost	—	New“$50 - $60 million”	—	—	—	—	—	—
Estimated tax rate	—	—	—	—	—	—	New“approximately 21%”	Reiterated“approximately 21%”
Expected pre-hedge NGL price realization increase	—	—	—	—	—	—	New“approximately $4.75 per barrel”	—
Exploration expense	—	—	—	—	—	New“$22 - $28 million”	Reiterated“$22 - $28 million”	Reiterated“$22 - $28 million”
G&A expense	—	—	—	—	—	New“$0.17 - $0.18 per mcfe”	Reiterated“$0.17 - $0.18 per mcfe”	Reiterated“$0.17 - $0.18 per mcfe”
Gas transportation capacity secured	—	New“250 Mmcf per day”	—	—	—	—	—	—
Growth capital	—	—	—	—	—	New“$120 - $140 million”	—	—
Incremental cash flow from NGL price increase	—	—	—	—	—	—	New“approximately $160 million”	—
Lateral feet converted to production	—	—	—	—	—	New“approximately 400,000 feet”	—	—
Liquids percentage of production	—	—	—	—	—	New“over 30%”	Reiterated“over 30%”	Reiterated“over 30%”
Liquids Rich	—	—	—	—	—	New“50”	Lowered“33”	Lowered“19”
Maintenance drilling and completion capital	—	—	—	—	—	New“Approximately $500 million”	—	—
Maintenance land capital	—	—	—	—	—	New“$10 - $20 million”	—	—
Natural Gas	—	—	—	—	—	—	New“NYMEX minus $0.35 to $0.45”	—
Natural gas differential	—	—	—	—	—	—	New“($0.35) to ($0.45)”	—
Natural gas differential (including basis hedging) relative to NYMEX	—	—	—	—	—	—	New“($0.35) to ($0.45)”	—
Natural Gas Liquids	—	—	—	—	—	—	New“MB plus $1.25 to $2.50 per barrel”	—
Natural Gas Liquids differential	—	—	—	—	—	New“MB plus $0.00 to $1.00 per barrel”	—	—
Natural Gas Liquids price differential	—	—	—	—	—	—	—	New“MB plus $2.00 to $2.50 per barrel”
Natural gas price differential	—	—	—	—	—	New“($0.35) to ($0.45)”	—	—
Natural Gas price differential	—	—	—	—	—	—	—	New“NYMEX minus $0.35 to $0.40”
Net brokered gas marketing expense	—	—	—	—	—	New“$8 - $12 million”	Reiterated“$8 - $12 million”	Reiterated“$8 - $12 million”
Net Interest expense	—	—	—	—	—	New“$0.07 - $0.09 per mcfe”	Reiterated“$0.07 - $0.09 per mcfe”	Reiterated“$0.07 - $0.09 per mcfe”
NGL price	—	—	—	—	—	—	New“+$1.25 to +$2.50”	Narrowed“+$2.00 to +$2.50”
NGL price differential	—	—	—	—	—	New“+$0.00 to +$1.00”	—	—
NGL price relative to Mont Belvieu equivalent barrel	—	—	—	—	—	—	New“+$1.25 to +$2.50”	Narrowed“+$2.00 to +$2.50”
NGL takeaway and export capacity secured	—	New“20,000 bbl per day”	—	—	—	—	—	—
Oil/Condensate	—	—	—	—	—	—	New“WTI minus $10.00 to $14.00”	—
Oil/Condensate differential	—	—	—	—	—	New“WTI minus $10.00 to $14.00”	—	—
Oil/Condensate price differential	—	—	—	—	—	—	—	New“WTI minus $10.00 to $12.00”
Planned Wells TIL - Dry Gas	—	—	—	—	—	New“18”	—	—
Planned Wells TIL - Liquids Rich	—	—	—	—	—	New“50”	—	—
Planned Wells TIL - Total Appalachia	—	—	—	—	—	New“68”	—	—
Planned Wells TIL in 2026 - Dry Gas	—	—	—	—	—	—	New“18”	Reiterated“18”
Planned Wells TIL in 2026 - Liquids Rich	—	—	—	—	—	—	New“50”	Reiterated“50”
Planned Wells TIL in 2026 - Total Appalachia	—	—	—	—	—	—	New“68”	Reiterated“68”
Pneumatic retrofits, facilities and software capital	—	—	—	—	—	New“$15 - $25 million”	—	—
Processing capacity secured (Harmon Creek facility)	—	New“300 Mmcf per day”	—	—	—	—	—	—
Targeted acreage (increases planned lateral lengths and future inventory)	—	—	—	—	—	New“$5 - $15 million”	—	—
Targeted acreage capital	—	—	—	—	—	New“$5 - $15 million”	—	—
Taxes other than income	—	—	—	—	—	New“$0.03 - $0.04 per mcfe”	Reiterated“$0.03 - $0.04 per mcfe”	Reiterated“$0.03 - $0.04 per mcfe”
Total Appalachia	—	—	—	—	—	New“68”	Lowered“51”	Lowered“30”
Transportation, gathering, processing and compression expense	—	—	—	—	—	New“$1.50 - $1.55 per mcfe”	—	—
Transportation, gathering, processing and compression expense (GP&T)	—	—	—	—	—	—	New“$1.55 - $1.60 per mcfe”	Reiterated“$1.55 - $1.60 per mcfe”
For FY2025
Activity plans - total wells to sales	—	—	—	New“46”	—	—	—	—
All-in capital budget	—	New“$650 to $690 million”	Reiterated“$650 million - $690 million”	Narrowed“$650 million - $680 million”	Reiterated“$650 million - $680 million”	—	—	—
All-in maintenance capital including land and facilities	—	New“Approximately $530 million”	—	—	—	—	—	—
Annual capital expenditures	—	New“$650 to $700 million”	—	—	—	—	—	—
Annual production	—	—	New“approximately 2.2 Bcfe per day”	Raised“approximately 2.225 Bcfe per day”	Raised“approximately 2.23 Bcfe per day”	—	—	—
Annual production target	—	New“approximately 2.2 Bcfe per day”	—	—	—	—	—	—
Capital guide (high-end)	—	—	—	New“$680 million”	—	—	—	—
Condensate differential	—	—	New“($10.00) to ($15.00)”	Reiterated“($10.00) to ($15.00)”	Reiterated“($10.00) to ($15.00)”	—	—	—
Condensate differential to NYMEX	—	—	New“($10.00) to ($15.00) relative to NYMEX”	Reiterated“($10.00) to ($15.00)”	—	—	—	—
Condensate price differential	—	New“($10.00) to ($15.00) relative to NYMEX”	—	—	—	—	—	—
DD&A expense	—	New“$0.45 - $0.46 per mcfe”	Reiterated“$0.45 - $0.46 per mcfe”	Reiterated“$0.45 - $0.46 per mcfe”	Reiterated“$0.45 - $0.46 per mcfe”	—	—	—
Direct operating expense	—	New“$0.12 - $0.14 per mcfe”	Reiterated“$0.12 - $0.14 per mcfe”	Narrowed“$0.12 - $0.13 per mcfe”	Reiterated“$0.12 - $0.13 per mcfe”	—	—	—
Drilling and completion capital for future growth	—	New“$70 - $100 million”	—	—	—	—	—	—
Drilling rigs planned	—	New“two”	—	—	—	—	—	—
Exit 2025 surplus lateral feet inventory	—	—	New“~400,000 lateral feet of surplus inventory”	—	—	—	—	—
Exploration expense	—	New“$24 - $28 million”	Reiterated“$24 - $28 million”	Reiterated“$24 - $28 million”	Reiterated“$24 - $28 million”	—	—	—
Frac crew planned	—	New“one”	—	—	—	—	—	—
G&A expense	—	New“$0.17 - $0.19 per mcfe”	Reiterated“$0.17 - $0.19 per mcfe”	Narrowed“$0.17 - $0.18 per mcfe”	Reiterated“$0.17 - $0.18 per mcfe”	—	—	—
Growth inventory (lateral feet) at exit of 2025	—	—	—	—	New“greater than 400,000 lateral feet of growth inventory”	—	—	—
Liquids as a percentage of production	—	New“over 30%”	—	—	—	—	—	—
Liquids percentage of production	—	—	New“over 30%”	Reiterated“over 30%”	Reiterated“over 30%”	—	—	—
Natural Gas	—	—	New“NYMEX minus $0.40 to $0.48”	—	—	—	—	—
Natural Gas (differential, including basis hedging)	—	—	—	—	New“NYMEX minus $0.40 to $0.43”	—	—	—
Natural gas differential to NYMEX	—	—	New“($0.40) to ($0.48) relative to NYMEX”	Reiterated“($0.40) to ($0.48)”	—	—	—	—
Natural Gas Liquids	—	—	New“MB plus $0.25 to $1.25 per barrel”	—	—	—	—	—
Natural Gas Liquids (differential)	—	—	—	—	New“MB plus $0.50 to $0.75 per barrel”	—	—	—
Natural Gas Liquids price	—	New“MB plus $0.00 to $1.25 per barrel”	—	—	—	—	—	—
Natural Gas Liquids price differential	—	—	—	New“MB plus $0.40 to $1.25 per barrel”	—	—	—	—
Natural Gas price	—	New“NYMEX minus $0.40 to $0.48”	—	—	—	—	—	—
Natural gas price differential	—	New“($0.40) to ($0.48) relative to NYMEX”	—	—	—	—	—	—
NE PA Dry	—	New“4”	Reiterated“4”	Reiterated“4”	Reiterated“4”	—	—	—
Net brokered gas marketing expense	—	New“$8 - $12 million”	Reiterated“$8 - $12 million”	Reiterated“$8 - $12 million”	Reiterated“$8 - $12 million”	—	—	—
Net Interest expense	—	New“$0.12 - $0.13 per mcfe”	Reiterated“$0.12 - $0.13 per mcfe”	Reiterated“$0.12 - $0.13 per mcfe”	Reiterated“$0.12 - $0.13 per mcfe”	—	—	—
NGL differential	—	—	—	New“+$0.40 to +$1.25”	Narrowed“+$0.50 to +$0.75”	—	—	—
NGL differential to Mont Belvieu equivalent	—	—	—	New“+$0.40 to +$1.25”	—	—	—	—
NGL price differential	—	New“+$0.00 to +$1.25 relative to a Mont Belvieu equivalent barrel”	—	—	—	—	—	—
NGL price relative to Mont Belvieu	—	—	New“+$0.25 to +$1.25 relative to a Mont Belvieu equivalent barrel”	—	—	—	—	—
Oil/Condensate	—	—	New“WTI minus $10.00 to $15.00”	—	—	—	—	—
Oil/Condensate (differential)	—	—	—	—	New“WTI minus $10.00 to $15.00”	—	—	—
Oil/Condensate price	—	New“WTI minus $10.00 to $15.00”	—	—	—	—	—	—
Oil/Condensate price differential	—	—	—	New“WTI minus $10.00 to $15.00”	—	—	—	—
Planned TIL (Total Wells)	—	—	—	—	New“47”	—	—	—
Planned Wells TIL in 2025 - NE PA Dry	—	New“4”	—	—	—	—	—	—
Planned Wells TIL in 2025 - SW PA Dry	—	New“5”	—	—	—	—	—	—
Planned Wells TIL in 2025 - SW PA Super-Rich	—	New“14”	—	—	—	—	—	—
Planned Wells TIL in 2025 - SW PA Wet	—	New“23”	—	—	—	—	—	—
Planned Wells TIL in 2025 - Total Appalachia	—	New“46”	—	—	—	—	—	—
Pneumatic devices and facility upgrades capital	—	New“Approximately $20 - $30 million”	—	—	—	—	—	—
SW PA Dry	—	New“5”	Reiterated“5”	Reiterated“5”	Reiterated“5”	—	—	—
SW PA Super-Rich	—	New“14”	—	Lowered“3”	Raised“14”	—	—	—
SW PA Wet	—	New“23”	Lowered“19”	Lowered“12”	Raised“24”	—	—	—
Targeted acreage (increases planned lateral lengths and future inventory)	—	New“Up to $30 million”	—	—	—	—	—	—
Targeted acreage investment	—	New“Up to $30 million”	—	—	—	—	—	—
Taxes	—	—	—	New“approximately 23%”	—	—	—	—
Taxes other than income	—	New“$0.03 - $0.04 per mcfe”	Reiterated“$0.03 - $0.04 per mcfe”	Reiterated“$0.03 - $0.04 per mcfe”	Reiterated“$0.03 - $0.04 per mcfe”	—	—	—
Total Appalachia	—	New“46”	—	—	—	—	—	—
Total Wells	—	—	New“36”	Lowered“24”	Lowered“10”	—	—	—
Total Wells - 2025 Planned TIL	—	—	New“46”	—	—	—	—	—
Transportation, gathering, processing and compression expense	—	New“$1.50 - $1.55 per mcfe”	Reiterated“$1.50 - $1.55 per mcfe”	Reiterated“$1.50 - $1.55 per mcfe”	Narrowed“$1.50 - $1.52 per mcfe”	—	—	—
For FY2024
All-in capital budget	New“$645 million - $670 million”	—	—	—	—	—	—	—
Annual drilling and completion capital (maintenance scenario)	—	New“approximately $570 million”	—	—	—	—	—	—
Annual estimated capital expenditures	—	New“$650 to $700 million”	—	—	—	—	—	—
Annual production	New“~2.17 Bcfe per day”	—	—	—	—	—	—	—
DD&A expense	New“$0.45 - $0.46 per mcfe”	—	—	—	—	—	—	—
Direct operating expense	New“$0.11 - $0.12 per mcfe”	—	—	—	—	—	—	—
Exploration expense	New“$22 - $28 million”	—	—	—	—	—	—	—
G&A expense	New“$0.17 - $0.18 per mcfe”	—	—	—	—	—	—	—
Liquids as a percentage of production	New“over 30%”	—	—	—	—	—	—	—
Natural Gas differential	New“NYMEX minus $0.39 to $0.40”	—	—	—	—	—	—	—
Natural Gas Liquids differential	New“MB plus $2.10 to $2.35 per barrel”	—	—	—	—	—	—	—
Natural gas price differential vs NYMEX	New“($0.39) to ($0.40) per mcf”	—	—	—	—	—	—	—
Net brokered gas marketing expense	New“$8 - $12 million”	—	—	—	—	—	—	—
Net Interest expense	New“$0.13 - $0.14 per mcfe”	—	—	—	—	—	—	—
Net Zero Scope 1 and 2 GHG emissions expectation	—	New“Expect to achieve Net Zero for 2024 Scope 1 and 2 GHG emissions”	—	—	—	—	—	—
NGL price differential vs Mont Belvieu	New“+$2.10 - +$2.35”	—	—	—	—	—	—	—
NGL price differential vs Mont Belvieu	New“+$1.00 to +$2.00”	—	—	—	—	—	—	—
Oil/Condensate differential	New“WTI minus $10.00 to $13.00”	—	—	—	—	—	—	—
SW PA Dry	New“11”	—	—	—	—	—	—	—
SW PA Super-Rich	New“9”	—	—	—	—	—	—	—
SW PA Wet	New“27”	—	—	—	—	—	—	—
Taxes other than income	New“$0.03 - $0.04 per mcfe”	—	—	—	—	—	—	—
Three-year outlook annual capital expenditures	—	New“$650 to $700 million”	—	—	—	—	—	—
Total Wells	New“17”	—	—	—	—	—	—	—
Total Wells - 2024 Planned TIL	New“47”	—	—	—	—	—	—	—
Total Wells - Remaining 2024	New“17”	—	—	—	—	—	—	—
Transportation, gathering, processing and compression expense	New“$1.48 - $1.50 per mcfe”	—	—	—	—	—	—	—
No period stated
Annual drilling and completion capital to maintain 2.6 Bcfe/d plateau	—	New“approximately $570 million”	—	—	—	—	—	—
Condensate price differential vs WTI	New“$10.00-$13.00 below WTI”	—	—	—	—	—	—	—
Drilling and completion capital equivalent	—	New“approximately $0.60 per mcfe”	—	—	—	—	—	—
Lateral feet turned to sales	—	New“approximately 600,000”	—	—	—	—	—	—
Lateral feet turned to sales to maintain current production levels	—	New“approximately 600,000 lateral feet”	—	—	—	—	—	—
Quarterly cash dividend	—	New“$0.09 per share”	—	—	—	Changed“an 11.1% increase to the quarterly cash dividend to $0.10 per share”	—	—
Quarterly cash dividend increase	—	New“a 12.5% increase to the quarterly cash dividend to $0.09 per share”	—	—	—	—	—	—
Reinvestment rate	—	New“below 50%”	—	—	—	—	—	—
Reinvestment rate (three-year outlook, assuming $3.75 natural gas)	—	New“below 50%”	—	—	—	—	—	—
Share repurchase authorization	—	—	—	—	—	New“$1.5 billion”	—	—
Share repurchase program availability	New“approximately $1.0 billion”	Reiterated“approximately $1.0 billion”	Lowered“approximately $949 million”	Lowered“approximately $900 million”	Lowered“approximately $839 million”	—	Raised“$1.5 billion”	Lowered“$1.4 billion”

Values in quotation marks are the company’s words. Change labels compare each statement with the same metric and target year in the previous release. HighGravityData does not judge whether guidance was met.