Range Resources Corporation Q1 FY2026 earnings call

• Range had strong start in 2026 with free cash flow of ~$400 million in Q1. • Production expected to increase mid-year with gas processing and infrastructure coming online. • Operational efficiency shown with single rig drilling ~143,000 lateral feet in Q1 and completions team setting program record. • Winter operations program successful keeping production flowing. • Marketing team captured strong natural gas and NGL pricing opportunities. • Service costs: electric fracturing fleet cost unchanged, steel market prices somewhat insulated, fuel pricing elevated but capital plans unchanged.

Production in Q1 was 2.2 BCF equivalent per day. Expected production to increase slightly in Q2 and jump meaningfully higher mid-year to 2.5 BC of equivalent per day by year end. Capital for Q1 was $139 million with completion spending stepping up in Q2. Natural gas had strong realized pricing in Q1 with a $0.18 premium to Henry Hub for the quarter. NGLs had a $4.41 premium to Mont Bellevue index in Q1, and full year 2026 NGL differential guidance revised to a premium of $1.25 to $2.50 per barrel over Mont Bellevue.

• Production expected to increase slightly in Q2, jump mid-year to 2.5 BC equivalent per day by year end. • Second and third quarters expected to be high point for capital with second completion crew added. • Full year 2026 NGL differential guidance revised to a premium of $1.25 to $2.50 per barrel over Mont Bellevue.

Q: Jake Roberts asked about percentage/volume of propane/butane in different markets and Fort Cherry update.

A: Roughly 80% of propane exported out of East Coast, majority linked to medium-term contracts with ARA and FEI, no specific contract terms disclosed; update on Fort Cherry with ongoing dialogue and multiple similar projects.

Q: Gabe Dowd asked about production trajectory post Harmon Creek entering service and LPG macro.

A: Production character similar to past, mid-year commissioning of infrastructure, back half of 2026 production ramp; export capacity expansion, stock levels elevated but export capacity added, future demand and capacity coming online.

Q: Neometa asked about NGL differential drivers and upward bias.

A: NGL differential in Q1 driven by high gas prices, domestic demand, and international export; forward view with seasonality and international market dynamics.

Q: Paul Diamond asked about OPEX and production split reactivity.

A: Rule of thumb for OPEX per dollar move in gas and NGL holds, production split similar to past with focus on liquids-rich activity; completion crew efficiency affecting capital.

Q: Kalei Eichelman asked about NGL market connectivity and growth program product split.

A: NGL market different due to global crisis and export capacity build-out; volumes similar to past with medium and short-term contract structures, ethane extraction adjusted based on price signals.

Q: Philip Youngworth asked about capital returns and NGL premium calculation.

A: Range could go to net cash position in strong commodity windows, NGL premium guidance takes into account forward strip in various markets with complexities but conservative approach