Q1 2025 Range Resources Corp Earnings Call

Conference call that are not historical facts are forward looking statements such statements are subject to risks and uncertainties, which could cause actual results to differ materially from those in the forward looking statements.

Speaker Change: After the Speakers' remarks, there will be a question and answer period at this time I would like to turn the call over to Mr. Lee Sandow SVP Investor Relations at range resources. Please go ahead Sir.

Thank you for watching!

Yeah.

Speaker Change: Thank you operator, good morning, everyone and thank you for joining ranges first quarter 2025 earnings call.

Speaker Change: The speakers on today's call are Dennis Degner, Chief Executive Officer.

Dennis Degner: That equates to completing approximately 650,000 lateral feet per year, which is more than what it takes to hold current production flat. This combined level of efficiency in drilling and completions lays the foundation for our three-year outlook and our ability to hold 2.2 BCF equivalent per day flat in 2025 while also adding to inventory with just two drilling rigs and a single frac .

Speaker Change: And Mark <unk>, Chief Financial Officer.

Speaker Change: Welcome to Range Resources' first quarter 2025 financial results conference call. All lines have been placed on mute to prevent any background noise.

Speaker Change: Hopefully you've had a chance to review the press release and updated Investor presentation that we posted on our website.

Speaker Change: Statements made during this conference call that are not historical facts, are forward-looking statements. Such statements are subject to risk and uncertainties, which could cause actual results to differ materially from those in the forward-looking statements. [inaudible]

Speaker Change: We may reference certain slides on the call. This morning.

Speaker Change: You'll also find our 10-Q on ranges website under the investors tab or you can access it using the Sec's Edgar system.

Speaker Change: Please note, we will be referencing certain non-GAAP measures on today's call. Our press release provides reconciliations of these to the most comparable GAAP figures.

Speaker Change: After the speaker's remarks, there will be a question to answer period. At this time, I would like to turn the call over to Mr. Laith Sando, SEP, Invest Relations at Range Resources. Please go ahead, sir.

Dennis Degner: So simply put, we're off to a great start this year. Lease operating expense finished at $0.13 per MCFE for the first quarter while managing through winter conditions. The team continues to improve on winter operations field runtime through strong communication with our midstream partners. Equipment Optimization, and Enhanced Maintenance. For context, over the past four years, this ongoing effort has driven a 13% improvement per year in winter runtime. further enhancing field level performance and contributing to the strong production performance in the First Corps.

Speaker Change: We've also posted supplemental tables on our website.

Speaker Change: Include realized pricing details by product.

Thank you.

Speaker Change: Thank you, Operator. Good morning, everyone, and thank you for joining Range's first quarter 2025 earnings call.

Speaker Change: Along with calculations of EBITDAX cash margins and other non-GAAP measures.

Dennis Degner: With that let me turn the call over to Dennis.

Speaker Change: Speakers on today's call are Dennis Degner, Chief Executive Officer, and Mark Scucchi, Chief Financial Officer.

Dennis Degner: Thanks, a lot.

Dennis Degner: Thanks to all of you for joining the call today.

Dennis Degner: In the first quarter <unk> executed on our planes safely and efficiently.

Speaker Change: Hope you've had a chance to review the press release and updated investor presentation that we've posted on our website. We may reference certain slides on the call this morning.

Dennis Degner: Livery and consistent well results and free cash flow with steady activity levels that support the longer term outlook, we communicated during our prior earnings call.

Speaker Change: You'll also find our 10Q on-ranges website under the Investors tab, or you can access it using the SECs at your system.

Dennis Degner: Range has strong free cash flow also provide increased returns to shareholders during the quarter.

Dennis Degner: Before moving on to marketing, I'll briefly touch on service costs and availability. Recently, we entered into a two-year contract extension securing our existing electric hydraulic fracturing fleet. which will provide continuity of a safe, efficient crew to support our stated operational plan. Given the vast majority of our spending is tied to domestically sourced goods and services, or has been contractually secured for the remainder of the year, We are expecting very consistent well costs throughout 2025 and into 2026. And as mentioned already, Range's low capital intensity provides an additional level of stability in our full cycle cost versus other producers.

Speaker Change: Please note, we'll be referencing certain non-GAAP measures on today's call. Our press release provides recommendations of these to the most comparable gap figures.

Dennis Degner: At the same time range further reduced debt, while continuing to invest in the long term development of our world class asset with a two rig and one completion crew program.

Speaker Change: We've also posted supplemental tables on our website that include realized pricing details by

Speaker Change: along with calculations of epitaphs, cash margins, and other non-GAAP measures .

Dennis Degner: A key component of range, a strong first quarter financial results and our through cycle profitability is ranges low capital intensity.

With that, let me turn the call over to Dennis.

Dennis Degner: Thanks, Leith, and thanks to all of you for joining the call today.

Which is anchored by ranges class, leading drilling and completion costs.

Dennis Degner: In the first quarter, range executed on our plans safely and efficiently, delivering consistent well results and free cash flow, with steady activity levels that support the longer-term outlook we communicated during our prior earnings call.

Dennis Degner: Shallow base decline.

Dennis Degner: Large blocky core inventory and talented team.

Dennis Degner: We believe this was on display once again in Q1.

As it has been for the past several years.

Dennis Degner: Rage's strong free cash flow also provided increased returns to shareholders during the quarter.

Dennis Degner: Looking back on the quarter all in capital came in at $147 million with production of two two bcf equivalent per day.

Dennis Degner: Shifting over to market. During the first quarter of 2025, persistently strong export demand, combined with cold weather in North America, resulted in improved storage levels for both natural gas and NGL. The combined demand resulted in a record 41 million barrel draw on propane inventory, driving the propane WTI ratio above 50% for the first three months of 2025. Similarly, natural gas inventories in the U.S. improved substantially throughout the winter. Ending the season 4.3% below the five-year average and nearly 22% below last year, presenting an improved outlook going forward. As in prior quarters, Range leveraged our flexible sales and transport portfolio for both gas and liquids to optimize sales mix and generate incremental cash flow during Q1.

Dennis Degner: At the same time, Range further reduced debt while continuing to invest in the long term development of our world-class asset with a two-rig in one completion crew program.

Dennis Degner: As we turned to sales 130000 lateral feet across 10 wells.

Dennis Degner: Production during the quarter was aided once again by strong well performance and resilient field run time, despite winter weather conditions.

Dennis Degner: A key component of Range's strong first quarter financial results, and our through cycle profitability, is Range's low capital intensity.

Dennis Degner: These consistent quarter over quarter results demonstrate the repeatable nature of our large contiguous acreage position.

Which is anchored by Range's class leading drilling and completion cost. [inaudible]

Shallow Vista Klein

Dennis Degner: The benefit of returning to pad sites for ongoing development.

large blocky core inventory and talent to team.

Dennis Degner: The team's dedication to enhancing field operating run time.

Dennis Degner: We believe this was on display once again in Q1 as it has been for the past several years.

Dennis Degner: Looking forward range expects production to be slightly down in the second quarter as we undergo scheduled processing maintenance.

Dennis Degner: Looking back on the quarter, all in capital came in at $147 million, for production of 2.2 BC of equivalent per day.

Dennis Degner: Following Q2, we expect production to increase in the second half of the year all in line with our previous guidance.

Dennis Degner: as we turn to sails 130,000 lateral feet across 10 wells.

Dennis Degner: On the capital side completion spending will step up over the next two quarters, which will drive the increased production in the second half of the year as mentioned.

Dennis Degner: As an example, Range timed its ethane production in the first quarter to take advantage of strong daily natural gas pricing, adding approximately $1 million in cash flow to the quarter. looking at our NGL exports, Range's access to the East Coast makes it a preferred source for European NGL imports and given an advantage versus U.S. Gulf Coast Terminal. At the same time, Range's waterboard export contracts contain either an outright price floor or a fixed premium versus Montbelli. This is Backstop Ranges consistent premium pricing relative to Mont Belvieu, which we saw again in the first quarter and expect going forward.

Dennis Degner: Production during the quarter was aided once again by strong well performance and resilient field runtime despite winter weather conditions.

Dennis Degner: And this operational cadence places us squarely within our stated capital guidance for the year.

Dennis Degner: These consistent quarter-over-quarter results demonstrate the repeatable nature of our large continuous

Dennis Degner: Consistent with our plans for the year range operated two horizontal rigs during the first quarter drilling approximately 250000 lateral feet across 18 laterals.

Dennis Degner: The benefit of returning to pad sites for ongoing development and the team's dedication to enhancing field operating runtime.

Dennis Degner: Looking forward, range expects production to be slightly down in the second quarter, as we undergo schedule processing maintenance.

Dennis Degner: This steady activity level combined with our prior investments in 2023, and 2024 adds to ranges drilled uncompleted inventory that we have discussed on prior calls.

Dennis Degner: Following Q2, we expect production to increase in the second half of the year, all in line with our previous guides.

Dennis Degner: This places us right on track to exit 2025, with approximately 400000 lateral feet of surplus inventory, which supports our three year outlook.

Dennis Degner: On the capital side, completion spending will step up over the next two quarters, which will drive the increased production in the second half of the year, as mentioned.

Dennis Degner: And on a final note, Range is collaborating with Liberty Energy and Imperial Land Corporation to supply natural gas to a planned, state-of-the-art power generation facility in Washington County, PA, directly adjacent to the heart of Range's Marcellus development, and not far from where we drilled the Marcellus discovery well over 20 years. The proposed power facility is expected to serve as a catalyst for attracting data centers and or industrial operations, seeking long term, reliable, efficient energy solutions, utilizing Marcellus natural gas, which has an advantage in emissions profile versus other basins in the U.S. We continue to believe that sourcing future power demand near the highest quality, long-duration natural gas assets in the world makes a lot of sense.

Dennis Degner: Diving further into operations.

Dennis Degner: and this operational cadence places us squarely within our stated capital guidance for the year.

Dennis Degner: During the quarter reset a new program drilling record by averaging 50 961 feet per day.

Dennis Degner: This alone is an impressive achievement, but what is most impressive is the team's ability to deliver this level of efficiency, while staying 98% within our very narrow geo steered linking target window.

Dennis Degner: Consistent with our plans for the year, range operated two horizontal rigs during the first quarter, drilling approximately 250,000 lateral feet across 18 laddles.

Dennis Degner: The steady activity level combined with our prior investments in 2023 and 2024 adds to the range is drilled, uncompleted inventory that we have discussed on prior calls.

Dennis Degner: And completions performance of the electric Frac fleet continues to impress as well.

Dennis Degner: Like the drilling advancements the completions team has kept pace by increasing the average number of stages per day.

Dennis Degner: This places us right on track to exit 2025 with approximately 400,000 lateral feet of surplus inventory, which supports our three-year outlook.

Dennis Degner: For context, if the team averages nine stages per day similar to our 2024 results.

Dennis Degner: That equates to completing approximately 650000 lateral feet per year, which is more than what it takes to hold current production flat.

Kevin further into operations.

Dennis Degner: And while this specific project is still early, we are glad to play a role alongside Liberty and Imperial to continue advancing future economic growth in Pennsylvania. with announcements like ours and many others, including Homer City, PA. We see this as a win for everyone in Appalachia and somewhat expect that research estimates for an additional four BCF per day of incremental natural gas demand in the PJM market through 2030 could prove conservative.

Dennis Degner: During the quarter, Range said a new program drilling record by averaging 5,961 feet per day.

Dennis Degner: This combined level of efficiency in drilling and completions lays the foundation for our three year outlook and our ability to hold two two bcf equivalent per day flat in 2025.

Dennis Degner: This alone is an impressive achievement, but what is most impressive is the team's ability to deliver this level of efficiency while staying 98% within our very narrow Geo Steered landing target window.

Dennis Degner: While also adding to inventory.

Dennis Degner: Two drilling rigs and a single Frac crew.

Dennis Degner: In completions, performance of the electric frack fleet continues to impress as well. And much like the drilling advancements, the completions team has kept pace by increasing the average number of stages per day. [inaudible]

Dennis Degner: So simply put we're off to a great start this year.

Dennis Degner: Lease operating expense finished at 13 per Mcf for the first quarter, while managing through winter conditions.

Dennis Degner: We believe the future of natural gas and NGLs is strong, and the range team remains focused on generating free cash flow while advancing our overall efficiencies and delivering repeatable well performance across our large continuous inventory while helping meet future emerging demand, just like we discussed today.

Dennis Degner: For context, if the team averages nine stages per day, similar to our 2024 results, that equates to completing approximately 650,000 lateral feet per year, which is more than what it takes to hold current production flat.

Dennis Degner: The team continues to improve on winter operations field run time through strong communication with our midstream partners.

Dennis Degner: Shipment optimization and enhanced maintenance.

Dennis Degner: For context over the past four years. This ongoing effort has driven a 13% improvement per year and winter run time.

Mark Scucchi: I'll now turn it over to Mark to discuss the finance. Thanks, Dennis. Range has kicked off 2025, executing on a disciplined, long-term plan designed to deliver value from Range's portfolio. As we discussed on our last call, our plan is not just focused on today, but given the economic resilience of our projects and the duration of our inventory. We are positioning Range for years to come. By executing thoughtfully today, we're laying the groundwork for efficient, modest production growth to meet increasing gas demand. We're using the power of Range's high quality and long duration inventory to access new demand, either by acquiring transportation, which enables Range to grow production and take market share in premium markets with materializing demand growth, or by supporting the growth of in-basin demand within Appalachian .

Dennis Degner: This combined level of efficiency in drilling and completions lays the foundation for our three-year outlook and our ability to hold 2.2 BCF equivalent per day flat in 2025.

Dennis Degner: Further enhancing field level performance and contributing to the strong production performance in the first quarter.

Dennis Degner: William, while also adding to inventory with just two drilling rigs and a single frat crew. [inaudible]

Dennis Degner: Before moving on to marketing I'll briefly touch on service costs and availability.

Dennis Degner: So simply put, we're off to a great start this year.

Dennis Degner: Recently, we entered into a two year contract extension, securing our existing electric hydraulic fracturing fleet.

Dennis Degner: Least operating expense finished at 13 cents per MCFE for the first quarter, while managing through winter conditions.

Dennis Degner: Which will provide continuity of a safe efficient crew to support our stated operational plans.

Dennis Degner: The team continues to improve on Winter Operations Field Runtime through strong communication with our Mid-Street partners.

Dennis Degner: Given the vast majority of our spending is tied to domestically sourced goods and services or has been contractually secured for the remainder of the year.

Equipment Optimization, and enhanced maintenance.

Dennis Degner: For context, over the past four years this ongoing effort has driven a 13% improvement per year in winter run time.

Dennis Degner: We are expecting very consistent well costs throughout 2025 and into 2026.

Dennis Degner: Further enhancing field level performance and contributing to the strong production performance in the first quarter.

Dennis Degner: And as mentioned already ranges low capital intensity provides an additional level of stability in our full cycle cost versus other producers.

Mark Scucchi: Through business cycles, we intend to generate free cash flow, prudently invest in the business, and return capital to shareholders. Consistently accomplishing these goals requires the flexibility to adapt to market conditions. As shown during the first quarter, as in recent years, we did just. When market dislocations occurred, we accelerated our share repurchase. while at the same time prudently accumulating cash to repay debt. The results of the first quarter highlight the strength of Range's production mix and transportation portfolio. Range paid $22 million in dividends, invested $68 million in share repurchases at prices well below our view of long-term value, and reduced net debt by $42 million while investing in operations.

Dennis Degner: Before moving on to marketing, I'll briefly touch on service costs and availability.

Dennis Degner: Shifting over to marketing.

Dennis Degner: Recently, we entered into a two-year contract extension, securing our existing electric hydraulic

Dennis Degner: During the first quarter of 2025 persistently strong export demand combined with cold weather in North America.

Dennis Degner: which will provide continuity of a safe, efficient crew to support our stated operational plans.

Dennis Degner: <unk> improved storage levels for both natural gas and Ngls.

Dennis Degner: The combined demand resulted in a record 41 million barrel draw on propane inventory driving the propane wty ratio above 50% for the first three months of 2025.

Dennis Degner: Given the vast majority of our spending is tied to domestically sourced goods and services, or has been contractually secured for the remainder of the year,

Dennis Degner: We are expecting very consistent well cost throughout 2025 and into 2026.

Dennis Degner: Similarly, natural gas inventories in the U S improved substantially throughout the winter.

Dennis Degner: and, as mentioned already, Range's low capital intensity provides an additional level of stability and our full cycle cost versus other producers.

Dennis Degner: The season, four 3% below the five year average and nearly 22% below last year.

Dennis Degner: <unk>, an improved outlook going forward.

Mark Scucchi: Those capital allocation decisions were made possible by $183 million in free cash flow, which was created while executing a strategic operational that stands in contrast to most industry peers with higher full-cycle costs. Financial results rely on safe, efficient operations, and the range team executed another successful quarter, delivering planned production on budget.

Kifting over to Marketing.

Dennis Degner: As in prior quarters range leveraged our flexible sales and transport portfolio for both gas and liquids to optimize sales mix and generate incremental cash flow during Q1.

Dennis Degner: During the first quarter of 2025, persistently strong export demand combined with cold weather in North America resulted improved storage levels for both natural gas and NGOs.

Dennis Degner: As an example range time this ethane production in the first quarter to take advantage of strong daily natural gas pricing, adding approximately $1 million in cash flow to the quarter.

Dennis Degner: The combined demand resulted in a record 41 million barrel draw on propane inventory, driving the propane WTI ratio above 50% for the first three months of 2025.

Dennis Degner: Looking at our NGL exports ranges access to the East coast makes it a preferred source for European NGL imports and given an advantage versus U S Gulf Coast terminals.

Mark Scucchi: As a reminder, Range's 2025 plan differs from others in the industry. and that our capital efficiency and low full cycle costs paired with advantaged marketing of our production. enables a low reinvestment rate while maintaining the ability to drive future growth from only two horizontal drilling rigs. and a single fraction. Critical in our assessment of growth potential is our ability to sustain a low full cycle cost run. Low Reinvestment Rate and Durable High Margin. On the year-end earnings call, when we announced a potential path through 2027, we estimated that Range can maintain 2.6 BCFE per day of production for under $600 million of annual drilling and completion capital, or approximately 60 cents per MCFE.

Dennis Degner: Similarly, natural gas inventories in the US improve substantially throughout the winter.

Dennis Degner: Aiding the season, 4.3% below the five-year average, and nearly 22% below last year, presenting an improved outlook going forward.

Dennis Degner: At the same time ranges waterborne export contracts contain either an outright price floor or a fixed premium versus Mont belvieu.

Dennis Degner: As in prior quarters, range of leverage are flexible sales and transport portfolio for both gas and liquids to optimize sales mix and generate incremental cash flow during Q1.

Dennis Degner: This is backstopped ranges consistent premium pricing relative to Mont Belvieu, which we saw again in the first quarter and expect going forward.

Dennis Degner: As an example, Range timed its ethane production in the first quarter to take advantage of strong daily natural gas pricing, adding approximately 1 million in cash flow to the quarter.

Dennis Degner: And on a final note ranges collaborating with Liberty energy and Imperial Land Corporation to supply natural gas to our planned state of the art power generation facility in Washington County PPA.

Dennis Degner: Looking at our NGL exports, ranges access to the East Coast, makes it a preferred source for European NGL imports, and give it an advantage versus US Gulf Coast terminals.

Dennis Degner: <unk> adjacent to the heart of ranges Marcellus development.

Dennis Degner: Far from where we drilled the Marcellus discovery, well over 20 years ago.

Mark Scucchi: Simply put, the result of efficient production growth by Range is growth in future cash flow per share, which we expect to be augmented by a declining share You can think of Range's future potential growth in a modular fashion. Range can very efficiently add wedges of growth as the market calls The additional wedge of production we're planning through 2027 can be held flat and generate substantial incremental free cash flow. as additional demand materialized. either in-basin or out-of-basin. and Peer Inventory Quality Degrees. It is expected that Range can add additional wedges of production. As evidenced by our three-year outlook, this will very quickly generate greater free cash flow.

Dennis Degner: The proposed facility is expected to serve as a catalyst for attracting data centers <unk> industrial operations seeking long term reliable efficient energy solutions utilizing Marcellus natural gas, which has an advantage in emissions profile versus other basins in the U S.

Dennis Degner: At the same time, Ranges Water Board Export Contracts contain either an outright price for or a fixed premium versus Mount Bellevue.

Dennis Degner: This is Backstop for Range's consistent premium pricing relative to Mont Belvue, which we saw again in the first quarter and expect going forward.

Dennis Degner: We continue to believe that sourcing future power demand near the highest quality long duration natural gas assets in the world. It makes a lot of sense.

Dennis Degner: and on a final note, Ranges Collaborating with Liberty Energy and Imperial Land Corporation to supply natural gas to a planned state-of-the-art powered generation facility in Washington County, PA.

Dennis Degner: And while the specific project is still early we are glad to play a role in long side Liberty and imperial to continue advancing future economic growth in Pennsylvania.

Dennis Degner: Directly adjacent to the heart of range is Marcellus development, and not far from where we drilled the Marcellus discovery well over 20 years ago.

With announcements like ours, and many others, including Homer CPA.

Dennis Degner: The proposed power facility is expected to serve as a catalyst for attracting data centers and or industrial operations seeking long-term, reliable, efficient energy solutions, utilizing Marcelo's natural gas, which has an advantage in admissions profile versus other basins in the U.S.

Mark Scucchi: The depth of Range's inventory and low stable base decline make this a unique opportunity to compound per share value over time. Range's business plan continues to be executed on what we believe is the largest, highest quality, core Appalachian inventory, paired with a transport and sales portfolio, delivering production across the U.S. and internationally, all supported by a strong financial foundation.

Dennis Degner: We see this as a win for everyone in Appalachia and somewhat expect that research estimates for an additional four bcf per day of incremental natural gas demand in the PJM market through 2030 could prove conservative.

Dennis Degner: We believe the future of natural gas and Ngls are strong and the range team remains focused on generating free cash flow, while advancing our overall efficiencies and delivering repeatable well performance across our large contiguous inventory, while helping meet future emerging demand just like we.

Dennis Degner: We continue to believe that sourcing future power demand near the highest quality, long duration natural gas assets in the world makes a lot of sense.

Dennis Degner: We have the team, assets, and balance sheet to succeed through price cycles, and we believe the range business can and will continue to deliver significant value to an Dennis, back.

Dennis Degner: and while this specific project is still early, we are glad to play a role in long-side liberty and imperial to continue advancing future economic growth in Pennsylvania.

Dennis Degner: Just today.

Dennis Degner: I'll now turn it over to Mark to discuss the financials.

Dennis Degner: with announcements like ours, and many others, including Homer City P.A.

Dennis Degner: Thanks, Mark. Our 2025 program is off to a solid start. And I believe the first quarter results communicated today showcase that Range's business is in the best place in company history. having de-risked high-quality inventory measured in decades. and translated that into a business capable of generating free cash flow through Cycle.

Mark: Thanks Dennis.

Mark: Range has kicked off 2025 executing on a disciplined long term plan designed to deliver value from ranges portfolio.

Dennis Degner: We see this as a win for everyone in Appalachia. And some would expect that research estimates for an additional four BCF per day of incremental natural gas demand and the PGA market through 2030 could prove conservative.

Mark: As we discussed on our last call. Our plan is not just focused on today.

Mark: But given the economic resilience of our projects and the duration of our inventory we are positioning range for years to come.

Dennis Degner: We believe the future of natural gas and NGLs is strong.

Unknown Executive: With that, let's open the line for questions. Thank you, Mr. Degner. The question and answer session will now begin. If you would like to ask a question, please indicate by pressing the star key, then 1-1. If you are on a speakerphone, please pick up your handset before asking your question. If you would like to withdraw your question, please press star 1-1 again. Once again, please press star 1-1 to ask a question. One moment for our first question.

Mark: By executing thoughtfully today, we're laying the groundwork for efficient modest production growth to meet increasing gas demand.

Dennis Degner: and the range team remains focused on generating free cash flow while advancing our overall efficiencies and delivering repeatable well performance across our large continuous inventory while helping meet future emerging demand just like we discussed today.

Mark: We're using the power of ranges high quality and long duration inventory to access new demand.

Mark: By acquiring transportation, which enables range to grow production and take market share in premium markets with materializing demand growth or <unk>.

Mark Scucchi: I'll now turn it over to Mark to discuss the financials.

Mark Scucchi: Thanks, Dennis. Range is kicked off 2025, executing on a discipline long-term plan designed to deliver value from Range's portfolio.

Mark: By supporting the growth of in basin demand within Appalachia.

Jacob Roberts: Our first question is going to come from the line of Jacob Roberts with TPH & Co. Your line is open. Please go ahead. Good morning. Morning, Jay.

Mark: Through business cycles, we intend to generate free cash flow prudently invest in the business and return capital to shareholders.

Speaker Change: As we discussed on our last call, our plan is not just focused on today, but given the economic resilience of our projects and the duration of our inventory.

Dennis Degner: I'm just wondering if you could expand on some of the drivers to reallocate the handful of wells between the target areas for this year. You bet. Well, again, good morning, Jake. I think as we look at our program, I guess if we were to look back over the last couple of years, there's always a small level of dynamics as you start to look at the operational cadence throughout the year and what will start to move forward and what will start to even move back. And I think last year is probably a good example. Some of it driven by efficiencies and some of it also timing of just how we see the sequence of events throughout the balance of the year.

Mark: Consistently accomplishing these goals requires the flexibility to adapt to market conditions.

We are positioning range for years to come.

Speaker Change: By executing thoughtfully today, we're laying the groundwork for efficient, modest production growth to meet increasing gas demand.

Mark: As shown during the first quarter as in recent years, we did just that.

Mark: When market dislocations occurred we accelerated our share repurchases while at the same time prudently accumulating cash to repay debt.

Speaker Change: We're using the power of range's high quality and long duration inventory to access new demand, either by acquiring transportation which enables range to grow production and take market share in premium markets with materializing demand growth or

Mark: The results of the first quarter highlight the strength of ranges production mix and transportation portfolio.

Mark: <unk> of $22 million in dividends invested $68 million in share repurchases at prices well below our view of long term value.

by supporting the growth of in-base and demand within Appalachia.

Dennis Degner: So, no, no secret sauce there other than we just see that the execution timing has worked out where it's shifted a little bit and it's pushed one of our, the timing of one of our tills like deep in the year. That's on the liquid side to something that'll be executing over the balance of the year and then turn in line in the beginning of twenty twenty six. But as we've seen over the last few years, efficiencies continue to always show positive movement. And we could even see some of that move into the end of twenty twenty five, just depending upon what efficiencies we see.

Speaker Change: Through business cycles, we intend to generate free cash flow, prudently invest in the business and return capital to shareholders.

Mark: And reduced net debt by $42 million, while investing in operations.

Speaker Change: consistently accomplishing these goals requires the flexibility to adapt to market conditions.

Mark: Those capital allocation decisions were made possible by $183 million in free cash flow, which was created while executing a strategic operational plan.

Speaker Change: As shown during the first quarter, as in recent years, we did just that.

Mark: Stands in contrast to most industry peers with higher full cycle costs.

Speaker Change: When market dislocations occurred, we accelerated our share repurchases, while at the same time prudently accumulating cash to repay debt.

Mark: Yeah.

Mark: Financial results rely on safe efficient operations in the range team executed another successful quarter delivering planned production on budget.

Speaker Change: The results of the first quarter highlight the strength of Range's production mix and transportation portfolio.

Unknown Executive: Great, thanks.

Unknown Executive: My second question, and Dennis, I appreciate, you know, some of the color you gave.

Speaker Change: Range Bay to $22 million in dividend, invested $68 million in share repurchases at prices well below, our view of long-term value, and reduced net debt by $42 million while investing in operations.

Mark: As a reminder range as 2025 plan differs from others in the industry and that our capital efficiency and low full cycle cost.

Dennis Degner: And I know it's a bit of a moving target, but was hoping you could expand on how the geopolitical news, the tariffs, the reciprocal tariffs are being baked into some of your macro views. And I think most in focus is that LPG trade.

Mark: Paired with advantaged marketing of our production <unk>.

Mark: Enables a low reinvestment rate, while maintaining the ability to drive future growth from only two horizontal drilling rigs.

Dennis Degner: And if I could tack just a little bit more into this long question would be can you expand on some of those price floors and premiums to Mont Belvieu you mentioned? You bet, happy to. You know, I think if, if I were to look back over the past several years, I feel like our, our industry and our business at Range has certainly been, you know, been through cycles. And it's something we reference every time we're together in person or in a quarter like today. But the business has still been incredibly resilient here at Range when you think about the quality of the asset base and, and again, the duration of it.

Mark: A single Frac crew.

Mark: Critical in our assessment of growth potential is our ability to sustain a low full cycle cost structure.

Mark: Low reinvestment rates and durable high margins.

Speaker Change: financial results, rely on safe, efficient operations, and the range team executed another successful quarter delivering planned production on budget.

Mark: On the yearend earnings call when we announced the potential path through 2027, we estimated that range can maintain two six bcf per day of production for under $600 million.

Speaker Change: As a reminder, Range's 2025 plan differs from others in the industry and that our capital efficiency and low full cycle costs paired with advanced marketing of our production.

Mark: Of annual drilling and completion capital.

Dennis Degner: And so, through all of the cycles that we've seen, we've still been able to be incredibly successful and accomplish a lot of the financial objectives that we've laid out and now, and now met. As you start to take a deeper dive around the tariff perspective, as an example, maybe more particular on LPG side, you know, we think a lot of this starts with our advantage from a word of diversity, how we've set up our diversity for how we transport our products. But also how we, the different pricing mechanisms that we use across the board, whether it's LPG or whether it's ethane, as an example, we think regardless of how the tariff dust settles here in the, in the weeks or months ahead, we see demand remaining relatively strong.

Mark: For approximately 60.

Mark: Cfe.

Mark: Simply put the result of efficient production growth by range is growth and future cash flow per share.

Speaker Change: Enables a low reinvestment rate while maintaining the ability to drive future growth from only two horizontal drilling rigs and a single flat crew. [inaudible]

Mark: Which we expect it to be augmented by a declining share count.

Mark: You can think of ranges future potential growth in a modular fashion.

Speaker Change: Critical in our assessment of growth potential is our ability to sustain a low full cycle cost structure.

Mark: The range can very efficiently add wedges of growth as the market calls for it.

Low Reinvestment Rate, and Durable High Margin.

Mark: The additional wedge of production we are planning through 2027.

Speaker Change: On the year end earnings call, when we announced a potential pass through 2027, we estimated that range can maintain 2.6 BCFE per day of production.

Mark: Can be held flat and generate substantial incremental free cash flow.

Mark: As additional demand materializes.

Mark: Either in basin or out of basin.

for under $600 million of annual drilling and completion capital.

Mark: And Pierre inventory quality degrades.

Dennis Degner: But we also see that the market will be incredibly efficient and start to redistribute those barrels to address global demand that still will be needing those LPG barrels or ethane barrels regardless of what portion of the NGL component we're looking at. When you look at pricing for us and transport, having access to markets or a terminal out of the East Coast is really beneficial. We've talked about that a lot over the past several years, and we think moments like this put it on full display. Our premium this past quarter was certainly strong, very consistent with what we saw in 2024.

or approximately 60 cents for MCFB.

Mark: It is expected that range can add additional wedges of production.

Speaker Change: Simply put, the result of efficient production growth by range is growth in future cash flow per share which we expect to be augmented by a declining share count.

Mark: As evidenced by our three year outlook. This will very quickly generate greater free cash flow.

Mark: The depth of a range of inventory and low stable base decline make this a unique opportunity to compound per share value over time.

Speaker Change: You can think of ranges future potential growth in a modular fashion.

Radio business continues to be executed on what we believe is the largest highest quality core Appalachia inventory.

Speaker Change: Range can very efficiently add wedges of growth as the market calls for it.

Speaker Change: The additional wedge of production we are planning through 2027 can be held flat and generate substantial incremental free cash flow.

Mark: With the transport and sales portfolio delivering production across the U S and internationally all supported by a strong financial Foundation.

Speaker Change: as additional demand materializes, either in Basin or out of Basin. [inaudible]

Dennis Degner: And it's part of the reason why you saw us improve the bottom end of our NGO guidance for the year. We would expect that to continue to look strong through the balance of this year. But there's some transportation advantages clearly for us out of the Northeast. We think that will continue to play a part as the barrels get redistributed pending what comes out of the tariffs. But you look at LPG, I'll just say for rain specifically on where our barrels move, really 80 percent of our LPG gets out on a waterborne export and all of it is going to Europe right now.

Mark: We have the team assets and balance sheet to succeed through price cycles, and we believe the range business can and will continue to deliver significant value to investors.

and Peer Inventory Quality Degrees. [inaudible]

Speaker Change: It is expected that range can add additional wedges of production.

Speaker Change: As evidenced by our three-year outlook, this will very quickly generate greater free cash flow.

Dennis Degner: Dennis back to you.

Speaker Change: Thanks Mark.

Dennis Degner: Our 2025 program is off to a solid start.

Speaker Change: The depth of range is inventory and low stable-based decline make this a unique opportunity to compound per share value over time.

Dennis Degner: And I believe the first quarter results communicated today showcase that ranges business is in the best place in company history.

Speaker Change: Range's business plan continues to be executed on what we believe is the largest highest quality core Appalachia inventory paired with the transport and sales portfolio delivering production across the US and internationally all supported by a strong financial foundation.

Dennis Degner: Having derisked, our high quality inventory measured in decades, and translate that into a business capable of generating free cash flow through cycles.

Dennis Degner: So we really don't have a current exposure to the Chinese market at this particular time. But as we see things change, we would fully again expect the market to be efficient, redistribute those barrels, and we would expect our premium to continue to look strong on a relative basis as we move forward.

Dennis Degner: With that let's open the line for questions.

Dennis Degner: Thank you Mr. Degner to the question and answer session will now begin if you would like to ask a question. Please <unk>.

Speaker Change: We have the team, assets, and balance sheet to succeed through price cycles, and we believe the range of business can and will continue to deliver significant value to industries.

Dennis Degner: Star Keith in one line if you're on a speakerphone. Please pick up your handset before asking your question. If you would like to withdraw your question. Please press star one again.

Jacob Roberts: So, at the end of the day, we're as well-positioned, I think, as you could possibly be set up in moments like this, and given all of the demand component that still is present and emerging, PDH infrastructure, ethylene steam crackers that are in phases of commissioning, we just see demand continuing to look encouraging and strong as we move forward. Great, appreciate the time. Thanks, Jake.

Dennis, back to you.

Thanks, Mark.

R2025 program is off to a solid start

Dennis Degner: Once again, please press star one to ask a question one moment for your first question.

Speaker Change: And I believe the first quarter results communicated today showcased that range in business is in the best place in company history.

Our first question is going to come from the line of Jacob Robert Smith.

Speaker Change: having de-risked a high quality inventory measured in decades and translated that into a business capable of generating free cash flow through cycles.

Dennis Degner: <unk> co. Your line is open. Please go ahead.

Unknown Executive: Thank you, and one moment as we move on to our next question.

Speaker Change: Good morning.

Speaker Change: Good morning, Jay.

Speaker Change: Just wondering if you could expand on some of the drivers to reallocate the handful of wells between the target areas for this year.

Douglas Leggate: Our next question comes from the line of Douglas Leggate with Wolf Research. Your line is open. Please go ahead. Good morning. Thanks for taking my questions. Morning, guys.

But that, let's open the line for questions.

Speaker Change: Thank you, Mr. Degner. The question-and-answer session will now begin. If you would like to ask a question, please indicate by pressing the star key, then 1-1. If you are on a speakerphone, please pick up your handset before asking your question. If you would like to withdraw your question, please press star 1-1 again. Once again, please press star 1-1 to ask a question.

Speaker Change: Well again, good morning, Jason I think as we look at our program I guess, if we were to look back over the last couple of years, there's always a small level of dynamics as you start to look at the operational cadence throughout the year and we'll start to move forward and what will start to even move back and I think last year is probably a good example.

Dennis Degner: Dennis, one for you and one for Mark, if I may. Dennis, my one for you is, I guess you were recently in the field with Doug Burgum. and it's kind of a regional macro question. You've talked a lot about new potential in-basin demand data centers and so on. So I'm just wondering if you can kind of frame what your thoughts are on regional basis, regional pricing, and whether you ever think constitution after your discussions with Secretary Burgum could actually come to fruition again.

One moment for our first question.

Speaker Change: Some of it driven by efficiencies some of it also timing of just how we see the sequence of events throughout the balance of the year. So no no secret sauce. There other than we just see that the execution timing has worked out where it's shifted a little bit and it's pushed one of our the timing of one of our tools like deepen the year that's on the liquids rich.

Speaker Change: Our first question is going to come from the line of Jacob Roberts with TPH and Co. Your line is open, please go ahead.

Good morning.

Dennis Degner: And I've got a follow-up from Mark. You bet. Good morning, Doug. I think if I if I take a step back on basis, I mean, we certainly have seen the benefits of what takeaway has done for in-basin basis. I mean, it's around 80 cents. We've seen it fluctuate between 30 to 80 cents every since MVP has been put into service about a year ago. I guess it'll be in June now. So I think we see the benefit of what it looks like when you start to add those incremental components. When you think about in-basin demand, though, that further emerges, I think the announcements like Homer City PA are really encouraging on top of the Liberty and Imperial Land Development announcement that Range is a part of.

Morning, Jay.

Speaker Change: Just wondering if you could expand on some of the drivers to reallocate the handful of wells between the target areas for this year?

Speaker Change: <unk> is something that will be executing over the balance of the year and then turn in line in the beginning of 2026, but as we've seen over the last few years efficiencies continue to always show positive movement, and we could even see some of that moved into the end of 2025, just depending upon what efficiencies we see captured this year.

Speaker Change: You bet. Well, again, good morning, Jake. I think as we look at our program, I guess if we were to look back over the last couple of years, there's always a small level of dynamics as you start to look at the operational cadence throughout the year and what wells start to move forward and what wells start to even move back. And I think last year is probably a good example. Some of it driven by efficiencies and some of it also, you know, timing of just, you know, how we see the sequence of events throughout the balance of the year. So no secret sauce.

Speaker Change: Great. Thanks, My second question Dennis I appreciate some of the color you gave and I know, it's a bit of a moving target, but I was hoping you could expand on how the geopolitical news the tariffs.

Sando, Dennis Degner, Mark Scucchi

Speaker Change: Tariffs are being baked in to some of your macro views and I think most in focus is that LPG trade and if I could talk just a little bit more into the following question would be can you expand on some of those price premiums from Mont Belvieu you mentioned.

Dennis Degner: As you've heard us say this morning, it just makes a lot of sense for those kind of opportunities to emerge and develop when you think about the alignment between the five nines of reliability that those pieces of infrastructure and entities are looking for and also just long duration quality assets that can deliver low emissions supply to power these facilities on the go forward. The Liberty Project, as an example, has the ability to be scalable up to around 450 gigawatts. I'm sorry, megawatts. And when you think about the supply that could go into that, it's very modular.

Speaker Change: You bet happy too I think if I were to look back over the past several years I feel like our our industry and our business at range has certainly been.

Speaker Change: But as we've seen over the last few years, efficiencies continue to always show positive movement and we could even see some of that move into the end of 2025 just depending upon what what efficiencies we see captured this year.

Speaker Change: <unk> been through cycles, and it's something we reference every time were together in person or in a quarter like today, but the business has still been incredibly resilient here at range. When you think about the quality of the asset base and again the duration of it is.

Speaker Change: Great, thanks. My second question, and Dennis, I appreciate some of the color you gave, and I know it's a bit of a moving target.

Speaker Change: But what's hoping you could expand on how the geopolitical news, the tariffs, the reciprocal tariffs are being baked in to some of your macro views. And I think most in focus is that LPG trade. And if I could tack just a little bit more on this long question, would be can you expand on some of those price forms and premiums from LPG mentioned? No, I don't think so.

Dennis Degner: It's right on top of our producing footprint, and it has the ability to consume somewhere around 90,000 to as much as 100 million a day in gas consumption. And again, with the ability to further expand more once you start to lay that groundwork. Footprint there is around 870 acres. So you're talking about the ability to really have a larger development opportunity as you start to attract future businesses into that area. So, back to your question about what does this do to basis? We would think this would further strengthen it over the course of time, especially as you think about maybe a lack of pipeline infrastructure that could further develop out of the area.

Speaker Change: Through all of the cycles that we've seen we've still been able to be an incredibly successful accomplish a lot of the financial objectives that we've laid out in a minute.

Speaker Change: As you start to take a deeper dive around the tariff perspective as an example, maybe more particular on LPG side.

Speaker Change: We think of this starts with our advantage from a a word of diversity, how we've set up our diversity for how do we transport our products, but also how we the different pricing mechanisms that we used.

Speaker Change: Across the board, whether its LPG or whether it's ethane as an example, we think regardless of how the dust.

Dennis Degner: Constitution certainly seems like a hot topic these days and Secretary Burgum is very interested along with others on what infrastructure industry needs to meet further demand that is out there and coming our way. Whether it's industrial, residential, further expanding the grid, bolstering it. So hard to see line of sight on a project like Constitution today. But as you start to see the open season that's in place right now for the boardwalk project, we think those are all positive signs that are pointing to there's a need for more energy and there's a need for how companies like range and others could participate in supplying that energy in the future.

Speaker Change: It does settles here is weeks or months ahead, we see demand remaining relatively strong, but we also see that the market will be incredibly efficient and start to redistribute those barrels to address global demand that still will be needing those LPG barrels or ethane barrels regardless of of what portion of the AGL component.

Dennis Degner: of the Financial Objectives that we've laid out and now met. As you start to take a deeper dive around the tariff perspective, as an example, maybe more particular on LPG side.

Dennis Degner: We think a lot of this starts with our advantage from a word of diversity.

Speaker Change: We're looking at.

Speaker Change: When you look at pricing for us and transport, having access to markets. Our terminal out of the East coast is really beneficial we've talked about that a lot over the past several years that we think moments like this put it on full display our premium this past quarter was certainly strong very consistent with what we saw in <unk>.

Dennis Degner: How we've set up our diversity for how we transport our products but also how we the different pricing mechanisms that we use across the board, whether it's LPG or whether it's ethane as an example. [inaudible]

Douglas Leggate: And it could be that it's a demand pool type environment that's a part of that conversation. I guess New York needs to cooperate, but thank you for the color.

Dennis Degner: We thank regardless of how the tariff dust settles here in the weeks or months ahead.

Speaker Change: 24, as part of the reason why you saw us improve the bottom end of our <unk> guidance for the year, we would expect that to continue to look strong through the balance of this year, but there's some transportation advantages clearly for us out of the northeast. We think that will continue to play a part as the barrels get redistributed pending what comes out of the tariffs.

Dennis Degner: We see demand remaining relatively strong, but we also see that the market will be incredibly efficient and start to redistribute those barrels to address global demand that still will be needing those LPG barrels or ethane barrels regardless of what portion of the NGO component we're looking at.

Mark Scucchi: Mark, my question for you is, obviously, you've given us a three-year look. I'm trying to understand, what that 600 million, 2.6 BCF a day means for the long term. Obviously, you've got optionality, but I'm thinking specifically about when you get to the 2.6, do you continue to build ducks at that point? Or is the 600 million a kind of a just in time, you know, that you're no longer building inventory at that stage? I know it's three years out, but I'm just trying to understand what the, how we should think about the longevity of 2.6 and $600 million of sustaining capital.

Speaker Change: As you look at LPG.

Dennis Degner: When you look at pricing for us and transport having access to markets are a terminal out of the East Coast is really beneficial we've talked about that a lot over the past several years and we think moments like this put it on full display.

Speaker Change: I'll, just say for range, specifically on where our barrels move really 80% of our LPG gets out on a waterborne export and all of it is going to Europe right. Now. So we really don't have a current exposure.

Speaker Change: To the Chinese market at this particular time, but as we see things change we would fully expect the market to be efficient redistribute those barrels and we would expect our premium to continue to look strong on a relative basis as we move forward.

Dennis Degner: Our premium this past quarter was certainly strong, very consistent with what we saw in 2024, and it's part of the reason why you saw us improve the bottom end of our NGO guidance for the year. We would expect that to continue to look strong through the balance of this year.

Mark Scucchi: Sure.

Mark Scucchi: Good morning, Doug. You know, I think at a high level, as we mentioned during the scripted portion of our opening remarks, the way we think about growth is still preserving those fundamental aspects of the range business that make it unique and so powerful and so durable. That is the low full cycle reinvestment rate and the low call on cash flow, basically. So, as we've laid out the materials holding that 2.6 BCFE per day at $570 million in DNC 570 to 600, that is a maintenance level. What it means is that range could shift back to a maintenance mode for whatever time period that's appropriate and generate substantial cash flow.

Speaker Change: So at the end of the day, we are well positioned I think as you could possibly be set up in moments like this.

Dennis Degner: But there's some transportation advantages clearly for us out of the Northeast. We think that will continue to play a part as the barrels get redistributed pending what comes out of the tariffs.

Given all of the demand component that still is president and emerging PTH infrastructure ethylene steam crackers that are in phases of commissioning, we just see demand continuing to look encouraging and strong as we move forward.

Dennis Degner: But you look at LPG. I'll just say for range specifically on where our barrels move. Really 80% of our LPG gets out on a waterborne export and all of it is going to Europe right now. So we really don't have a current exposure to the Chinese market at this particular time.

Speaker Change: Great I appreciate the time.

Speaker Change: Thanks Jake.

Speaker Change: Thank you one moment as we move onto our next question.

Dennis Degner: But as we see things change, we would fully again to expect the market to be efficient, redistribute those barrels, and we would expect our premium to continue to look strong on a relative basis as we move forward.

Speaker Change: Our next question comes from the line of Doug Leggate with Wolfe Research. Your line is open. Please go ahead.

Doug Leggate: Hi, Good morning, Thanks for taking my questions. Good morning, guys. Dennis one for you and one for Mark if I may.

Mark Scucchi: While at the same time, we can be responsive to market. So the point being is I tried to describe it in a modular fashion. We can add growth as it's called for in Basin without changes in the decline rate to the business, the production decline rate. We can do it without changing our full cycle cost structure. Growth can just generate incremental cashflow, that is the objective, without altering the risk profile of the business. So as we think about it, that is just meant to show what we're preserving that annuity type business is still there. A growth just is a step up.

Dennis Degner: So at the end of the day, we're in well-positioned. I think you could possibly be set up in moments like this and given all of the demand component that still is present and emerging, pdh infrastructure, ethylene steam crackers that are in phases of commission. We just see demand continuing to look encouraging and strong as we move forward. We just see demand continuing to look encouraging and strong. We just see demand continuing to look encouraging and strong as we move forward.

Doug Leggate: Denis Mcglynn for you is I guess you were recently in the field with Doug Bergen.

Doug Leggate: And just kind of a regional macro question, you've talked a lot about new potential and basin demand data centers and so on.

Doug Leggate: So I'm just wondering if you can kind of frame what your thoughts are on a regional basis regional pricing.

Great, appreciate the time.

Doug Leggate: And whether you think constitution after your discussions with.

Thanks, Jake.

Speaker Change: Thank you and one moment as we move on to our next question.

Speaker Change: Texas, the Burger could actually come to fruition again, I've got a follow up from Barclays.

Speaker Change: Our next question comes from the line of Doug Leggate with Wolf Research. Your line of open, please go ahead.

Doug Leggate: You bet good morning, Doug.

Speaker Change: I think if I, if I take a step back on basis would be we certainly have seen the benefits of what takeaway has done for in basin basis would be just around <unk>. We've seen it fluctuate between 30 to 80 cities to receipts MVP has been put into service about a year ago I guess it will be in June now.

Mark Scucchi: You can think about it as a one-time event, but you can do that as many times as the market dictates that the prudent reinvestment for the company and step it up or in Basin demand, be it Liberty, be it Homer City and similar in Basin projects. or using capacity that goes underutilized by others. Range is a value business, it's a growth business, it's an annuity, it can adapt and be all of those things.

Speaker Change: Dennis, my one for you is, I guess you were recently in the field with Doug Burgham.

Speaker Change: So I think we see the benefit of what it looks like when you start to add those incremental components.

Speaker Change: When you think about in basin demand, though further emerges I think the announcements like Homer CDP are really encouraging on top of the Liberty and Imperial land development announcement that range as a part of.

Speaker Change: and whether you ever think constitution after your discussion with Secretary Bergram could actually come to fruition again and I've got to follow up from Mark, please.

Douglas Leggate: Appreciate the answers, guys.

Unknown Executive: Thanks so much.

Roger Read: Thank you, and one moment for our next question. Our next question comes from the line of Roger Read with Wells Fargo Securities. Your line is open. Please go ahead. Yeah, thank you. Good morning.

You've been a good morning Doug [inaudible]

Speaker Change: As you've heard US say this morning. It just makes a lot of sense for those kind of opportunities to emerge and develop when you think about the alignment between the five nines of reliability that those pieces of infrastructure and <unk> are looking for.

Speaker Change: I think if I take a step back on basis, so we certainly have seen the benefits of what takeaway has done for in-basin basis. I mean it's around 80 cents. We've seen it fluctuate between 30 to 80 cents every since MVP has been put into service about a year ago. I guess it'll be in June now.

Dennis Degner: Um, maybe your last comment there on Homer City, if you could kind of expand on what exactly are we, you know, looking at their timing capable, you know, Expansion possibilities over time, all of that good stuff. Yvette, good morning, Roger. I think at this point, there's still, I'll just say it's a little early on on what that's going to fully materialize to look like. But, but what we do know is, is that the project is moving forward. There's a lot of opportunity there, just given the brownfield nature of repurposing that particular facility. Timelines, your information is probably about as good as ours at this point in time, but it looks like they're targeting a couple of years out.

Speaker Change: And also just long duration quality assets that can deliver low emissions supply to power. These facilities on the go forward.

Speaker Change: So, I think we see the benefit of what it looks like when you start to add those incremental components.

Speaker Change: The Liberty project as an example has the ability to be scalable up to around.

Speaker Change: When you think about in-base and demand, though, that further emerges, I think the announcements like Homer CDPA are really encouraging on top of the liberty and imperial land development announcement that range is a part of.

Speaker Change: 450 Gigawatts.

Speaker Change: I am sorry megawatts.

Speaker Change: And when you think about the supply that could go into that it's very modular is running on top of our producing footprint. It has the ability to consume somewhere around 90000 to as much as 100 100 million a day in gas consumption. It again with the ability to further expand more once you start to lay that groundwork footprint. There is around 870 acres. So youre talking.

Dennis Degner: So, sometime in 2027, again, the benefit of being able to utilize a brownfield facility, and then, of course, supply into that facility is still going to have to further materialize. But you're seeing voices from local trade unions talk about the ability to put folks from Appalachia to work in helping construct that facility. That brings us a lot of excitement as well. All pointing in the right direction of that generating power and energy in the area that companies like Range and others could participate in. So, very, very encouraging from what we're seeing so far.

Speaker Change: About the ability to really have a larger development opportunity as you start to attract future businesses into that area. So back to your question about what does this do to basis. We would think this would further strengthen it over the course of time, especially as you think about maybe a lack of pipeline infrastructure that could further develop out of the area.

Speaker Change: and also just long duration quality assets that can deliver low emissions supplied power of these facilities on the go forward.

Speaker Change: Deliberty Project as an example has the ability to be scalable up to around 450 gigawatts.

Speaker Change: I'm sorry, Megalots, and when you think about the supply that could go into that, it's very modular, it's right on top of our producing footprint, and it has the ability to consume somewhere around 90,000 as much as a 100 million a day in gas consumption. And again, with the ability to further expand more once you start to lay that groundwork. [inaudible]

Speaker Change: Constitution, certainly seems like a hot topic. These days and secretary Bergum is very interested along with others on what infrastructure industry needs to be further demand that is out there and coming our way whether it's industrial residential further expanding the grid bolstering it.

Roger Read: Yeah, it feels like in-basin development is a lot better than trying to depend on another state to allow a pipeline anyway. My follow-up question goes back to some of the intro discussions about using the EFRAX, the 660,000 feet that you would, you know, assuming the same level of performance in 25 as you achieved or had delivered in 24. But since we've continually seen improvements in productivity and efficiency, I was just curious, is that the budget or is that just to be illustrative of what's going on? In other words, I would generally assume you'll do better in 25 than 24.

Speaker Change: Footprint, there's around 870 acres, so you're talking about the ability to really have a [inaudible]

Speaker Change: So hard to see line of sight on our projects like Constitution today, but as you start to see the open season. That's in place right now for the Boardwalk project. We think those are all positive signs that are pointing to there is a need for more energy and there is a need for how companies like <unk> and others could participated supplying that energy in the future and it could be.

Speaker Change: A larger development opportunity as you start to attract future businesses into that area. So back to your question about what is this due to basis, we would think this would further strengthen it over the course of time, especially as you think about maybe a lack of pipeline infrastructure that could further develop out of the area.

Speaker Change: <unk>.

Speaker Change: It's a demand pull type environment, that's a part of that conversation.

Speaker Change: Okay, I guess in the northeast to cooperate but thank you for thank you for the color.

Speaker Change: My question for you is.

Speaker Change: Obviously, you've given us a three year look.

Dennis Degner: And if that's the case, then what does that imply for either reducing the amount of FRAC needs or, you know, building sort of resiliency within your production, you know, potential upside for 26, 27 as we think about it? Yeah, good question, Roger. I'll use the last couple of years as a proxy, you know, start maybe on the efficiency side and in on the capital. But, you know, when we when we think about the efficiencies, the team's been able to capture, I think, over the last couple of years, the, the result has generated the possibility of pulling a whole pad of completions out of the beginning of one year into the very end of the net of the one you're executing.

Speaker Change: I'm trying to understand.

What that $600 million two six Bcf a day means for the long term, obviously, you've got optionality, but I'm thinking specifically about when you get to the two six that you continue to build ducks at that point.

Speaker Change: Or is the $600 million of kind of a just in time.

Speaker Change: There's a need for more energy and there's a need for how companies like range and others could participate in supplying that energy in the future and it could be that it's a demand full type environment that's a part of that conversation. Thank you very much.

Speaker Change: You are no longer building inventory at that at that stage I noticed three years out, but I'm just trying to understand what the.

Speaker Change: We should think about the longevity of $2 60 to 601 goals of sustaining capital.

Doug Leggate: Sure Good morning, Doug.

Doug Leggate: I think at a high level as we mentioned during the scripted portion of our opening remarks. The way we think about growth is still preserving those fundamental aspects of the range business that make it unique and so powerful and so durable that is a low full cycle reinvestment rate.

Dennis Degner: So that meaning, you know, there's always that opportunity through those efficiencies to further see the the queue of wells continue to come your direction. And when you're running a lean single base, single frac crew type operation, you want to capture those kind of opportunities, as you said, to kind of think about how you would then shape your production profile. I think that's part of the reason why you've seen a shallowing also of our, our production as it's flattened over the course of time when we've talked about it being maintenance versus maybe a little bit more of a sine wave type character, you know, maybe three, four years ago.

Speaker Change: What that 600 million 2.6 BCF today means for the long term, obviously you've got optionality, but I'm thinking specifically about when you get to the 2.6, do you continue to build ducks at that point?

Doug Leggate: And the low.

Doug Leggate: Call on cash flow basically so as we've laid out in the materials holding that two six bcf per day and $570 million in D&C.

Speaker Change: or is the 600 million a kind of a just in time, you know, that you're no longer building inventory at that stage. I know it's three years out but I'm just trying to understand what the, how we should think about the longevity of 2.6 and 600 million dollars of sustaining capital.

Doug Leggate: 72, six hundreds that as a maintenance level what it means is that range could shift back to a maintenance mode for whatever time period, thats appropriate and generate substantial cash flow.

Speaker Change: Sure, good morning, Doug. You know, I think at a high levels we mentioned during the scripted portion of

Dennis Degner: The budget is the budget. So we think we can execute this program this year and in future years for six hundred and fifty to seven hundred million dollars with that single frac group. As we start to then think about improvements and efficiencies or utilization of that incremental turn in line footage, our duck footage that we're generating through the drilling rig side, you really start to see an allocation of the capital head the other direction or focus to the completion side. Again, building upon those efficiencies, we'll factor that in to our capital guide going forward. But again, we believe we can do this for that six hundred and fifty to seven hundred million dollars.

Speaker Change: Our opening remarks. The way we think about growth is still preserving this fundamental aspect of the range business that make it unique and so powerful and so durable. That is a low full cycle reinvestment rate and the low. So

Doug Leggate: While at the same time, we can be responsive to market demand. So the point being is I tried to describe it in a modular fashion, we can add growth at this call port in basin without changes in the decline rate to the business. The production decline rate, we can do it without changing our full cycle cost.

Speaker Change: Call on cashflow, basically. So, as we've laid out in the materials holding that 2.6 B.C.F.E. per day at $570 million in DNC, 570 to 600, that is a maintenance level.

Doug Leggate: Gross can just generate incremental cash flow that is the objective without altering the risk profile of the business. So as we think about it that is just meant to show what we're preserving that.

Speaker Change: What it means is that range could shift back to a maintenance mode for whatever time period that's appropriate and generates substantial cash flow.

Dennis Degner: So, simply put, we've got good options. The team continues to execute. It really feel like it sets us up for how we think about that ratable production growth in twenty, twenty six and twenty twenty.

Doug Leggate: Duty type business is still there a growth just as a step up you can think about it as a onetime event, but you can do that as many times as the market dictates that the prudent reinvestment for the company and stepping up our in basin demand be it liberate ABN Homer city and similar investment projects.

Speaker Change: while at the same time we can be responsive to market demand. .

Unknown Executive: Appreciate the explanation. I'll turn it back.

Speaker Change: So the point being is I tried to describe it in a modular fashion. We can add growth as it's called for in Basin without changes.

Kevin MacCurdy: One moment for our next question. Our next question comes from the line of Kevin MacCurdy with Pickering Energy Partners. Your line is open. Please go ahead. Hey, good morning.

Doug Leggate: Or using capacity that goes under utilized by others in the basin. So ranges of value business, It's a growth business, it's an annuity.

Speaker Change: in the decline rate to the business, production decline rate.

Speaker Change: We can do it without changing our full cycle cost structure. Growth can just generate incremental cash flow. That is the objective.

Doug Leggate: To be all of those things at the same time.

Dennis Degner: My question is on M&A. There was a little bit of M&A recently in central PA, not too far from your footprint. I'm just curious if any of the dynamics we've seen in the gas market with higher prices and the data center potential, has any of that changed your view on M&A and consolidation in Appalachian or even outside the basin? And just one question for me. Thanks.

Speaker Change: I appreciate the answers guys. Thanks, so much thank you.

Doug Leggate: Yes.

without altering the risk profile of the business.

Speaker Change: Thank you and one moment for our next question.

Speaker Change: So as we think about it, that is just meant to show what we're preserving, that the nudity type business is still there.

Speaker Change: Our next question comes from the line of Roger read with Wells Fargo Securities. Your line is open. Please go ahead.

Roger Read: Yes. Thank you good morning.

Speaker Change: A growth just is a step up. You can think about it as a one-time event, but you can do that as many times as the market dictates that the prudent reinvestment for the company and step it up or in-basin to man be it Liberty, be it Homer City and similar in-basin projects or using capacity that goes under utilized by others in the basins. So,

Roger Read: Maybe your last comment there on Homer city, if you could kind of expand on what exactly are we looking at their timing.

Dennis Degner: Sure, I'll kick this one off. Dennis, I'll address it. I think the shortest answer to your question is our view on M&A really hasn't changed. The fundamental dynamics, the framework that we are applying is really rooted in the quality and duration of our inventory. So as we said in the past, given the very high quality, long life of our inventory, To fold something in that's of equal quality, that can compete for capital day one, be additive, make range bigger but better, is there's a very short list of opportunities, certainly at a price. Price, it would make sense to fold in and change the company.

Roger Read: Expansion possibilities over time all of that good stuff.

Roger Read: You bet. Good morning, Roger I think at this point there is still I will just say, it's a little early on what thats going to fully materialize to look like.

Speaker Change: Ranges of Value Business, It's a growth business, it's an annuity, it can adapt to be all of those things at the same time.

Appreciate the answers, guys. Thanks so much.

Roger Read: But what we do know is that the project is moving forward.

Thank you

Thank you and one moment for our next question.

Roger Read: A lot of opportunity there just given the brownfield nature of Repurposing that particular facility.

Speaker Change: Our next question comes from the line of Roger Read with Wells Fargo Securities. Your line is open, please go ahead.

Roger Read: Timelines are.

Roger Read: <unk> information is probably about as good as ours at this point in time, but it looks like they are targeting a couple of years out. So some time in 2027 again, the benefit of being able to utilize a brownfield facility and that of course.

Speaker Change: Yeah, thank you. Good morning. Um, maybe your last comment there on Homer City, if you could kind of expand on what exactly are we, you know, looking at their timing, capable, you know. Thank you very much.

Mark Scucchi: Simplistically, growth for growth's sake, we don't see that as a primary driving factor. Range has the scale to obtain services at the most competitive levels, both in terms of price and quality, as well as access to pipelines, infrastructure, as well as our long-term customer contracts and our customer roster, both domestically and internationally. So, you know, the hurdle for M&A is it's a pretty high bar for range. Now, in the absolute, at the highest level for the industry, we think this has certainly been beneficial for the economic capital allocations and investment decisions overall for the industry.

Roger Read: Supply into that facility is still going to have to further materialize, but youre seeing voices from local trade unions talk about the ability to put.

Expansion Possibilities Over Time, all of that good stuff.

Folks from Appalachia to work and helping construct that facility that brings us a lot of excitement as well all pointing in the right direction of of that generating power and energy in the area that companies like region, others could participate in so very very encouraging from what we're seeing so far.

Speaker Change: But what we do know is that the project is moving forward. There's a lot of opportunity there just given the brownfield nature of repurposing that particular facility.

Speaker Change: Timelines. Your information is probably about as good as ours at this point in time, but it looks like they're targeting a couple of years out, so sometime in 2027. Again, the benefit of being able to utilize a brownfield facility. We'll see you next time.

Roger Read: Yes, it feels like again based on developments a lot better than trying to depend on another state to allow pipeline anyway.

Mark Scucchi: So we're happy to see that.

Speaker Change: My follow up question goes back to some of the trade discussions about.

Mark Scucchi: We certainly study the dynamics in basin, which brings me to the second part of your question about looking outside of basin. Range's expertise is in the Appalachian Basin. is in the Marcellus, in and around our footprint. And that's where we maintain our focus technically, is in and around. Obviously, from a business perspective, we look across the U.S. and internationally since 90% of our revenue is outside the basin.

and then of course,

Speaker Change: You know, supply into that facility is still going to have to further materialize, but you're seeing voices from local trade unions talk about the ability to put folks from Appalachia to work in helping construct that facility. That brings us a lot of excitement as well, all pointing in the right direction of of that generating power and energy in the area that companies like rage and others could participate in. So very, very encouraging from what we're seeing so far.

Using the E fracs to 660000 feet that you win.

Speaker Change: Assuming the same level of performance in 'twenty five as you achieved or had delivered 24, but since we've continually seen improvements in.

Speaker Change: Productivity and efficiency I was just curious is that the budget or is that just to be illustrative of what's going on in other words.

Unknown Executive: But from an operational standpoint, our focus is Great, thank you guys.

Speaker Change: Yeah, it feels like in-base and development, it's a lot better than trying to depend on another state to allow pipeline anyway.

Speaker Change: I would generally assume you'll do better than 25% and 24 and if that's the case then what does that imply for either reducing the amount of frac needs or.

Kaleinoheaokealaula Akamine: And one moment for our next question. Our next question is going to come from the line of Kaylee Akamine with Bank of America. Your line is open. Please go ahead. Yeah, I'll start start off this morning here. You know, I think when you when you start to kind of attack the financial versus the, you know, the fundamentals, if you will, it looks like the fundamentals are still intact from what we see.

Thank you.

Speaker Change: Much follow-up question goes back to some of the intro discussions about

Speaker Change: Building.

Speaker Change: using the E-Fract, the 660,000 feet that you would, you know, assuming the same level of-

Speaker Change: Sort of resiliency within your production potential upside for 'twenty six 'twenty seven as we think about it.

Speaker Change: Yes. Good question Roger I'll use the last couple of years as a proxy to start maybe on the efficiency side in other capital, but when we when we think about the efficiencies. The team has been able to capture I think over the last couple of years. The the result has <unk>.

Speaker Change: Performance in 25, as you achieved, or had delivered in 24. But since we've continually seen improvements in productivity and efficiency, I was just curious.

Speaker Change: <unk> the possibility of pulling a whole set of completions out of the beginning of one year into the very end of the of the one you are executing so that meaning there's always that opportunity through those efficiencies to further see the queue of wells continue to come your direction and when Youre running a lean single base.

Speaker Change: You know, building sort of resiliency within your production, you know, potential upside for 26-27 as we think about it.

Kaleinoheaokealaula Akamine: I think when you look at activity levels that, you know, I'll back up to January, I think one of the one of the thoughts was, is, you know, with pricing in 2026 and 27, you'd start to see an increase in activity in other basins that just really hasn't happened. You've seen Plaquemines as an example, the LNG offtake there has ramped up quicker. Clearly, I know that all of you are close to that story, but that's ramped up quicker than projections had forecast. And then, by the time you start to think about, you know, just power demand, storage levels that became renormalized over the over the winter months here, we're now at a within the five year average or a slight deficit to that level.

Speaker Change: A single Frac crew type operation you want to capture those kind of opportunities as you said to kind of think about how you would they shape. Your production profile I think thats part of the reason why <unk> seen a shallow wing also of our our production as it has flattened over the course of time, when we've talked about it being maintenance versus maybe a little bit more of a sine wave type character.

Speaker Change: Yeah, good question, Roger. I'll use the last couple of years as a proxy, you know, start maybe on the efficiency side and end on the Capitol, but, you know, when we, when we think about the efficiencies, the team's been able to capture, I think over the last couple of years, the result has [inaudible]

Speaker Change: Generated the possibility of pulling a whole pad of completions out of the beginning of one year into the very end of the net, of the one you're executing. [inaudible]

Speaker Change: Maybe three or four years ago. The budget is the budget. So we think we can execute this program this year and in future years for $650 to $700 million with a single Frac crew as we start to then think about improvements in efficiencies or utilization of that incremental turned in line footage are.

Speaker Change: So that meaning there's always that opportunity through those efficiencies to further see the queue of wells continue to come your direction.

Speaker Change: and when you're running a lean single base single frack crew type operation you want to capture those kind of opportunities as you said the kind of [inaudible]

Speaker Change: Doug footage that we're generating through the drilling rig side, you really start to see an allocation of the capital hit the other direction or focus to the completion side again building upon those efficiencies will factor that in to our capital guide going forward, but again, we believe we can do this for that $650 million to $700 million.

Kaleinoheaokealaula Akamine: You know, it really sets up an outlook this fall where you could see some tightness in storage levels because the supply just hasn't really come online, if you will, to help fill that backfill that void. And then lastly, you know, just given where the outlook is, maybe for the premium producers, there could be some pressure there to to to change the forecast and outlook of what kind of activity levels are taking place. So, it certainly feels like the fundamentals in our mind are still there for some tightness in storage levels by the time you get to the fall season, provides a really constructive setup as you start to get into 2026 and 27.

Speaker Change: Think about how you would then shape your production profile. I think that's part of the reason why you've seen a shadow wing also of our our production as it's flattened over the course of time when we've talked about it being maintenance versus maybe a little bit more of a sine wave type character maybe three or four years ago

Speaker Change: So simply put we've got good options. The team continues to execute it really feel like it sets us up for how we think about that ratable production growth in 2026 and 2027.

Speaker Change: The budget is the budget, so we think we can execute this program this year and in future years for $650 to $700 million with that single frat crew [inaudible]

Speaker Change: I appreciate the explanation I will turn it back thanks.

Roger Read: Thanks Roger.

Speaker Change: As we start to then think about improvements in efficiencies or utilization of that incremental turn in line footage or duct footage that we're generating through the drilling rig side. You really start to see an allocation of the capital head the other direction or focus to the completion side again building upon those efficiencies will factor that in to our capital guide going forward. But again, we believe we can do this for that 650 to 700 million dollars.

Roger Read: Thank you one moment for our next question.

Dennis Degner: We think it aligns with emerging demand and also what our three year outlook has been constructed around. But in the event that you see some dynamics in in the real aspects of this and demand changes a little bit, it's no different than the place range has been for the past four years. And so we feel like the low reinvestment rate of our asset base, coupled with how we see the dynamics of the other markets, our ability to export our NGLs, that all is a good complement to how we see still staying on track with the financial objectives you've heard Mark talk and walk through on a quarter by quarter basis.

Speaker Change: Our next question comes from the line of Kevin Mccurdy with Pickering Energy Partners. Your line is open. Please go ahead.

Kevin McCurdy: Hey, good morning.

Kevin McCurdy: My question is on M&A, there's a little bit of M&A recently in central Ta not too far from your footprint I'm just curious if any of the dynamics, we've seen in the gas market with higher prices in the data center potential.

Speaker Change: So simply put, we've got good options, the team continues to execute, it really feel like it sets us up for how we think about that roundabout production growth in 2026 and 2027.

Speaker Change: Has any of that changed your view on M&A and consolidation in Appalachian or even outside the basin.

Kevin McCurdy: And just one question from me thanks.

Appreciate the explanation. I'll turn it back.

Kevin McCurdy: Sure I'll kick this one off notice identify both address it I think.

Dennis Degner: So, it does feel like the fundamentals are still there in our mind. There's some patience here to see this start to further get clarity.

Thanks Roger.

Thank you, and moment for our next question. [inaudible]

Kevin McCurdy: <unk> to answer your question is our view on M&A really hasnt changed.

Speaker Change: Hi, next question comes from the line of Kevin MacCurdy with Pickering Energy Partners. Your line is open. Please go ahead.

Kevin McCurdy: The fundamental dynamics the framework that we are applying is really rooted in the quality and duration of our inventory.

Dennis Degner: That's great. That's very helpful, Dennis.

Mark Scucchi: Thank you.

Mark Scucchi: This next one is maybe more housekeeping. There's a bond that's maturing in May $600 million. Bond markets have been quite volatile recently. What are your latest thoughts on addressing that maturity? I think it's going to be pretty simple. We'll just use cash on hand and a small draw on the revolver can take care of that and we can evaluate any refinancing needs later in the year. Transcripts provided by Transcription Outsourcing, LLC. Transcription Outsourcing, LLC. Thanks, I appreciate it.

Hey, good morning.

Speaker Change: My question is on M&A. There was a little bit of M&A recently in central PA, not too far from your footprint. I'm just curious if any of the dynamics I'm seeing in the gas market with higher prices and the data center potential. Has any of that changed your view on M&A and consolidation and appellation or even outside the basin? Thank you.

Kevin McCurdy: As we said in the past.

Kevin McCurdy: Given the very high quality long life of our inventory.

Kevin McCurdy: To hold something in Thats of equal quality that can compete for capital day, one be additive make range the bigger but better is there is a very short list of opportunities certainly at a price.

Kevin McCurdy: Price that would make sense.

and just one question for me, thanks.

Kevin McCurdy: Fulton and change the company for the better.

Dennis Degner: Sure, I'll kick this one off. No, Dennis, I'll address it.

Kevin McCurdy: Simplistically growth for growth's sake.

Speaker Change: I think the shortest answer to your question is our view on M&A really hasn't changed Thanks.

Speaker Change: We don't see that as the primary driving factor range has the scale to obtain services.

The

Speaker Change: Undemental Dynamics, the framework that we are applying is really rooted in the quality and duration of our inventory. So as we said in the past, given the very high quality, long life of our inventory. We're going to be able to do that in the future.

Speaker Change: The most competitive levels, both in terms of price and quality as well as access to pipelines infrastructure as well as our long term customer contracts in our customer roster of both domestically and internationally. So.

Michael Scialla: Our next question is going to come from the line of Michael Scialla with Stevens. Your line is open. Please go ahead. Good morning, guys. I wanted to ask a little bit more on the in-basin demand and data centers. Dennis, you mentioned with Homer City, that getting repurposed, that there'd be some infrastructure needed to, I guess, get gas there. Got me thinking, you know, could you discuss what kind of infrastructure might be needed for any of these data centers if they do get built? And do you see that as a risk?

Speaker Change: The hurdle for M&A.

Speaker Change: It's a pretty high bar for range now in the absolute at the highest level for the industry. We think this has certainly been beneficial for the economic capital allocations investment decisions overall for the industry. So we're happy to see that.

Speaker Change: Price It Would Make Sense To Fold In And Change The Company For The Better

Speaker Change: Simplistically, growth for growth sake. We don't see that as a primary driving factor. Range has-

Speaker Change: We certainly study the dynamics in basin.

Speaker Change: Which brings me to the second part of your question about looking outside of the basin ranges expertise is in the Appalachian Basin is in the Marcellus in and around our footprint and that's where we maintain our focus technically is in and around the basin.

the scale to obtain services at the most competitive levels.

Speaker Change: both in terms of price and quality as well as access to pipelines infrastructure as well as our

Dennis Degner: Yeah, good morning, Mike. I'll, I'll kind of start here. And if we need to go further, I may punt over to Alan for some additional color. But, you know, I think what we're seeing from projects like Homer City, and also conversations around the Liberty and Imperial Land Development, both of those, it appears that these, these sites are being built near, either on a brownfield location, or near, or close proximity to existing infrastructure that you can tie into. So, what we're seeing is from a scoping perspective, short, we'll just say regional gathering jumper lines that would get you from a pipeline network, a diverse pipeline network at that, and provide that source reliability into those facilities for power generation.

Long-term customer contracts and our customer roster.

Speaker Change: Obviously from a business perspective, we look across the U S and internationally since 90% of our revenue is outside the basin, but from an operational standpoint, our focus is in basin.

Speaker Change: both domestically and internationally. So, you know, the hurdle for M&A

Speaker Change: is, it's a pretty high bar for range. Now in the absolute, at the highest level for the industry, we think this has certainly been beneficial for the economic capital allocations, investment decisions overall for the industry.

Speaker Change: Great. Thank you guys.

Speaker Change: Thank you.

Speaker Change: Thank you and one moment for our next question.

So we're happy to see that.

Speaker Change: Our next question is going to come from the line of Kelly <unk> with Bank of America. Your line is open. Please go ahead.

Speaker Change: We certainly study the dynamics in Basin, which brings me to the second part of your question about looking outside of Basin. Range Expertises in the Appalachian Basin.

Kelly: Hey, good morning, guys.

Speaker Change: This question is on the near term gas macro so we're noticing that help pricing a definitely declined over the last several weeks that's correlated with a lot of assets in this market and some guys who are trying to figure out how much its financial versus maybe a true fundamental move and also note that east and west or East and Midwest markets have also come down. So I guess the question is can you kind of.

Speaker Change: is in the Marcellus, in and around our footprint, and that's where we maintain our focus technically, is in and around the basin.

Dennis Degner: But the locations of these is what's also making them really ideal. So, if you think about the Imperial facility, as an example, that's going to be right on top of our producing assets where, you know, essentially, we've got the, you know, two B's equivalent of production that's flowing through a lot of that gathering system, not 100% flows in that area, but a large portion has access to that, would have access to that facility. And it would just simply require a short jumper line. We're talking about, you know, single digit miles, not, not long distance haul, if you will.

Speaker Change: Obviously, from a business perspective, we look across the US and internationally since 90% of our revenue is outside the basin, but from an operational standpoint, our focus is in basin.

Speaker Change: <unk> moved that Youre seeing in hub and how you see basis performing over the next call. It several months.

Great, thank you guys.

Speaker Change: Thank you. Thank you in one moment for our next question.

Speaker Change: Yes ill start start off this morning here.

Speaker Change: When you when you start to kind of attack the financial versus the fundamentals. If you will it looks like the fundamentals are still intact.

Speaker Change: Our next question is going to come from the line of Kayleigh Ekamine with Bank of America. Your line is open. Please go ahead.

Hey, good morning, guys.

Dennis Degner: So, proximity is going to be key and beneficial this conversation. So, I think infrastructure is going to be more limited on the needs to get gas to those facilities and probably just more general construction on the site. So not something that you view as a significant regulatory risk getting approval for some of these kind of things to get built.

Speaker Change: This question is on the near term gas macro. So we're noticing that help pricing has definitely declined over the last several weeks. That's correlated with a lot of assets in this market.

Speaker Change: What we see I think when you look at activity levels that all backup to January I think one of the one of the thoughts was with pricing in 2026, and 27 you'd start to see an increase in activity in other basins that just really hasnt happened.

Speaker Change: and some guys are trying to figure out how much it's financial versus maybe a true fun and that'll move.

Speaker Change: and also note that East and Midwest markets have also come down. So I guess the question is can you kind of characterize the movie you're seeing in Hub and how you see bases performing over the next couple of several months?

Speaker Change: <unk> seen plaquemines as an example, the the LNG offtake there has ramped up quicker clearly I know all of you are close to that story, but thats ramped up quicker than projections had forecast and then by the time you start to think about just power demand.

Dennis Degner: Well, good question. And I guess I would take a step back and maybe address regulatory risk from a different angle. I think there's a real willingness from the state to support these kind of projects. Clearly, there's been language around the importance of growing the economy from the state level, the importance of adding incremental jobs. We think those are all positive signs. And again, if you look back to the summer of 2024, when the last state budget was approved as a portion of that budget, there was $400 million earmarked for what's called a CITES Act to support site identification, readiness and preparation to, in our mind, truncate the timeframe when an industrial application is going to move into the region to help get it erected and in service.

Speaker Change: Yeah, I'll start off this morning here. I think when you start to kind of attack the financial versus the fundamentals, if you will, it looks like the fundamentals are still intact from what we see. I think when you look at activity levels that

Speaker Change: Storage levels that became re normalized over the over the winter months here. We're now at a within the five year average or a slight deficit to that level. It really sets up an outlook. This fall, where you could see some tightness in storage levels because of the supply just hasnt really come online. If you will to help fill that back fill that void.

Speaker Change: I'll back up to January , I think one of the thoughts was with pricing in 2026 and 27, you'd start to see an increase in activity in other basins that just really hasn't happened.

Speaker Change: And then lastly, just given where the outlook is maybe for the Permian producers there could be some pressure there too.

Speaker Change: You've seen Plaquemines as an example, the LNG offtake there has ramped up quicker. Clearly, I know all of you are close to that story, but that's ramped up quicker than projections had forecast.

Speaker Change: To change the forecast an outlook of what kind of activity levels are taking place. So it certainly feels like the fundamentals in our mind are still therefore, some tightness in storage levels by the time you get to the fall season provides a really constructive setup as you start to get into 2026, and 27% we think it aligns with emerging demand and also what.

Speaker Change: and then by the time you start to think about, you know, just power demand storage levels that became renormalized over the winter months here. We're now at a

Dennis Degner: So we think those are all positive signs that there will be regulatory support in order to put these facilities into service. So, yeah, we're really optimistic that this is going to be positive movement in the Basin. Thanks Dennis, appreciate the detail. You bet, thanks Mike.

Speaker Change: Our three year outlook has been constructed around but in the event that you see some dynamics in the real aspects of this and demand changes a little bit.

Unknown Executive: Thank you, one moment as we move to our next question.

Speaker Change: Different into place reach has been for the past four years and so we feel like the low reinvestment rate of our asset base, coupled with how we see the dynamics of the other markets our ability to export our Ngls that all is a good complement to how we see still staying on track with the financial objectives, you've heard mark costs and walk through on a quarter by quarter.

Speaker Change: and then lastly just given where the outlook is maybe for the Permian producers there could be some pressure there to

John Annis: Our next question comes from the line of John Annis with Texas Capitol. Your line is open. Please go ahead. Hey, good morning, guys, and thanks for taking my question. For my first one, a couple calls ago, you noted that it was a little early to see trends from compression and gathering expansions that went into effect last year. Could you provide some updated thoughts on the benefits you're seeing from the optimization of gathering and compression infrastructure?

Speaker Change: to change the forecast and outlook of what kind of activity levels are taking place so it certainly feels like the fundamentals in our mind are still there for.

Speaker Change: Some tightness in storage levels by the time you get to the fall season provides a really constructed setup as you start to get into 2026 and 27. We think it aligns with emerging demand and also what our three year outlook has been constructed around.

Speaker Change: Her basis. So it does feel like the fundamentals are still there in our mind.

Speaker Change: There is some patients here to see this start to further get clarity.

Speaker Change: That's great that's very helpful. Dan and thank you. This X months, maybe more housekeeping, there's a bond that's maturing in may $600 million.

Dennis Degner: Yeah, good morning, John, I I'll leave this pretty high level, because I think there's there's a couple of ways to talk about compression and infrastructure optimization. And one is, you know, when you're looking at assets that you're, you're truly optimizing that gathering system pressure, which we had some of that last year, that that probably was somewhere in the neighborhood of a, you know, 20% kind of uplift to the year over the compared to the overall production as for the year. Depending upon time of year was a little bit less, but we saw that as really good, stable, flat production profile generation and that that portion of our asset base.

Speaker Change: But in the event that you see some dynamics in the real aspects of this and demand changes a little bit.

Speaker Change: While market had been quite volatile recently, what are your latest thoughts on addressing that maturity.

Speaker Change: It's no different than the place range has been for the past four years. And so we feel like the lower reinvestment rate of our asset base...

Speaker Change: I think it's going to be pretty simple, we'll just use cash on hand at the small draw on the revolver can take care of that and we can evaluate any refinancing needs later in the year.

Speaker Change: Coupled with how we see the dynamics of the other markets, our ability to export our NGLs that all is a good complement to how we see still staying on track with the financial objectives you've heard Mark cough and walk through on a quarter by quarter basis. So it does feel like the fundamentals are still there in our mind.

Speaker Change: The trend in our debt's been a good one you can expect us to continue to balance our allocation of cash flow between returns of capital to shareholders.

Speaker Change: Continuing to optimize the balance sheet.

Speaker Change: There's some patients here to see this start to further get clarity.

Speaker Change: Just on an opportunistic basis, but cash and revolver draw will take care of it.

Thanks I appreciate it thank you.

Speaker Change: That's great. That's very helpful, Dennis. Thank you. The next one is maybe more housekeeping. There is a bond that's maturing in May $600 million while markets have been quite volatile recently. What are your latest thoughts on interesting that maturity? Thank you very much.

Dennis Degner: The other bulk of it is you've heard us talk about is really tied to system expansion and incremental capacity and flexibility that allows us to utilize the wet portions of our field. So that's what you would see in line with infrastructure as going forward. And we utilize with our long lateral development allows us to utilize that infrastructure at a high, high level in excess of 90%, not only today, but really for the go forward for the next several years.

Speaker Change: Thank you and one moment our next question.

Speaker Change: Our next question is going to come from the line of Michael <unk> with Stephens. Your line is open. Please go ahead.

Speaker Change: I think it's going to be pretty simple. We'll just use cash on hand and a small draw on the revolver can take care of that and we can evaluate any refinancing needs later in the year.

Michael: Good morning, guys I wanted to ask a little bit more on the in basin demand in data centers.

Speaker Change: Dennis you mentioned with Homer city that getting repurposed that there'd be some.

Speaker Change: The trend in our debt's been a good one. You can expect us to continue to balance our allocation of cash flow between returns of capital shareholders and continuing to optimize the balance sheet just on an opportunistic basis. But cash and revolver draw will take care of it.

Michael: Infrastructure needed to I guess get gas there.

Dennis Degner: So these, the projects you're going to hear us talk about more going forward will be more in line with more system expansions as part of that optimization and probably less about the lowering of. Great color.

Speaker Change: Could you discuss what kind of infrastructure might be needed for any of these data centers if they do get built.

Thanks, Doc. Appreciate it. Thank you.

Michael: Do you see that as a as a risk.

Mike: Yes, good morning, Mike I'll I'll kind of start here.

Thank you and one moment for our next question.

Dennis Degner: For my follow up, you mentioned you just recontracted your E-Fleet, but I wanted to ask how you view a potential slowdown in oil directed activity potentially occurring to the benefit of you and others in Appalachia just in terms of service costs. Well, I think when you we had contracted this E-Fleet to start at the beginning of last year, and though it's difficult to say your quote at the bottom of the market, but it certainly felt like we were we were nearing a portion that was at the at the base of the trough. And so we feel like securing this equipment was helpful for the next few years, and it maintains a good consistent cost structure for us going forward.

Speaker Change: We need to go further I may put it over to Alan for some additional color but.

Speaker Change: Our next question is going to come from the line of Michael Scialla with Steven's. Your line of welcome, please go ahead.

Speaker Change: I think what we're seeing from projects like Homer City, and also conversations around the Liberty and Imperial land development. Both of those it appears that these these sites are being built near.

Michael Sayala: Good morning, guys. I wanted to ask a little bit more on the invasive demand and data centers. Dennis, you mentioned with the Homer City, that getting repurposed, that there'd be some infrastructure needed to, I guess, get gas there. Johnny, can you discuss what kind of infrastructure might be needed for any of these data centers if they do get built? And do you see that as a risk? Okay.

Speaker Change: Either on a brownfield location or near our close proximity to existing infrastructure that you can tie into so what we're seeing is from a scoping perspective short, we'll just say regional gathering jumper lines that would get you from a pipeline network a diverse pipeline network at that and it can provide that source reliability into those.

Michael Sayala: Yeah, good morning, Mike. I'll kind of start here and if we need to go further, I may punt over to Allen for some additional color. But, you know, I think what we're seeing from projects like Homer City and also conversations around the Liberty and Imperial land development, both of those,

Speaker Change: Facilities for power generation, but the locations of these is what's also making them really ideal. So if you think about the imperial facility. As an example, that's going to be right on top of.

Dennis Degner: It's efficient, we've had some of our our strongest efficiencies in safe performance out of this particular fleet. So we think it checks a lot of the boxes. But when you think about an E-Fleet, there's really been a high, high level of utilization of those equipment, or those fleets. So essentially E-Fleets are running around 100% utilization. Fleet availability would most likely come through your more traditional conventional fleets, which we have used from time to time when we look at utilizing a spot crew and what's most most available and economic for the program. So, wouldn't rule that out as providing some conversation for future service costs.

Speaker Change: Our producing assets, where essentially we've got the <unk> equivalent of production that's flowing through a lot of that gathering system not 100% flows in that area, but a large portion has access to that would have access to that facility and it would just simply require a short jumper line, we're talking about.

either on a brownfield location or near.

Michael Sayala: are close proximity to existing infrastructure that you can tie into, so what we're seeing is from a scoping perspective short. [inaudible]

Michael Sayala: I'll just say regional gathering jumper lines that would get you from a pipeline network, a diverse pipeline network at that and provide that source reliability into those facilities for power generation, but the locations of these is what's also making them really ideal. So if you think about the imperial facility as an example, that's going to be right on top of. Thank you.

Speaker Change: Single digit miles not not long distance Hall, if you will so proximity is going to be key and beneficial. This conversation. So I think infrastructure is going to be more limited on the needs to get gas to those facilities and probably just more general construction on the site themselves.

Dennis Degner: And I think on the drilling rig side, I mean, we throw around the term as an industry super spec rig, but that also has some optionality and flexibility around it. Whether it's super spec for the Permian versus the Haynesville versus us, but reality is, is we've all coalesced to a very similar rig configuration. And I think it's created an environment where you've also seen similar pricing structures, if you will. So, we think service providers have aligned closely with the operators in the respective basins that are efficient to do what they say they're going to do.

Speaker Change: So not something that you view as a significant regulatory risk getting approval for some of these kind of things to get built.

R, producing assets where...

Michael Sayala: You know, essentially, we've got the two D's equivalent of production that's flowing through a lot of that gathering system, not 100% flows in that area, but a large portion has access to that would have access to that facility. And it would just simply require a short jumper line. We're talking about, you know, single digit miles, not not long distance haul, if you will. So.

Well good question and I guess I would take a step back and maybe address regulatory risk from a different angle I think theres a real willingness from the state to support these kind of projects clearly there has been.

Unknown Executive: And that's why one of the reasons why you've seen our cost structure be as low as it has. We'll continue to be sensitive to what changes occur through our purchasing and supply chain efforts, and if there's an opportunity to further secure cost savings, we'll absolutely be on the front of it. Thanks, guys.

Speaker Change: Language around the importance of growing the economy.

Michael Sayala: Proximity is going to be key and beneficial in this conversation, so I think infrastructure is going to be more limited on the needs to get gas to those facilities, and probably just more general construction on the site themselves.

Speaker Change: From the state level, the importance of adding incremental jobs. We think those are all positive signs and again, if you look back to the summer of 2024, when the last state budget was approved as a portion of that budget. There was $400 million earmarked for what's called a site's act to support site identification readiness preparation.

Speaker Change: To not something that view as a significant regulatory risk in getting approval for some of these kind of things to get built.

Paul Diamond: One moment for our next question. Our next question is going to come from the line of Paul Diamond with Citi. Your line is open. Please go ahead. Thank you. Good morning, all. Thanks for taking the call. Just a quick one.

Speaker Change: In our mind truncate the timeframe when an industrial application is going to move into the region to help get it erected and in service. So we think those are all positive signs that there will be regulatory support in order to put these facilities into service. So we're really optimistic that this is going to be paused.

Speaker Change: Well, good question. And I guess I would take a step back and it may be addressed regulatory risk from a different angle. I think there's a real willingness from the state to support these kind of projects.

Paul Diamond: Just digging down a bit more on the Liberty Alliance. Do you guys see any further concrete opportunities being discussed out there? I guess kind of trying to get an idea of the scope of the entire opportunity set beyond this, that are having been announced. Yeah, good morning, Paul. Short answer is yes. Leading up to the Liberty and Imperial Land Development announcement, and now even, you know, I'll just say post that announcement, there's been a number of ongoing conversations, and really inbound phone calls to range around how we could participate in other projects just like And, of course, you've heard us say this, but we think it really ties back to not only the quality of our asset base, but really the duration of our inventory that could support a facility like this.

Speaker Change: Clearly, there's been language around the importance of growing the economy from the state level, the importance of adding incremental jobs. We think those are all positive signs.

Speaker Change: The movement in the basin.

Speaker Change: Thanks, Dan I appreciate the detail you bet. Thanks, Mike. Thank you one moment as we move to our next question.

Speaker Change: And again, if you look back to the summer of 2024, when the last state budget was approved as a portion of that budget, there was $400 million earmark for what's called a site act to support site identification readiness and preparation to [inaudible]

Speaker Change: Our next question comes from the line of John <unk> with Texas Capital. Your line is open. Please go ahead.

John: Hey, good morning, guys and thanks for taking my questions.

John: My first one a couple of calls ago, you noted that it was a little early to see trends from compression and gathering expansions that went into effect last year could you provide some updated thoughts on the benefits you're seeing from the optimization of gathering and compression infrastructure.

Speaker Change: put these facilities into service. So yeah, we're really optimistic that this is going to be positive movement in the basin.

Paul Diamond: We realize that these are multi-decade financial decisions that these other entities are making, and so it makes a lot of sense to be able to connect with a company like Range, being on the low emissions, into the emissions profile as well. So, we have had a number of conversations. I think it's still kind of in the early category of what else will further materialize, but we think there's an opportunity for, as you see, other coal retirements for the brownfield site utilization in the future, looking for areas of concentration where you've got access to things like water, ingress and egress, diversity in the pipeline network.

Speaker Change: Yes, good morning, John.

Speaker Change: I'll leave this pretty high level, because I think theres a couple of ways to talk about compression it infrastructure optimization.

Speaker Change: Thanks, Dennis. Appreciate the detail. Keep that. Thanks, Mike. Thank you, one moment as we move to our next question.

Speaker Change: Our next question comes from the line of John Annis with Texas Capital, your line of open, please go ahead.

Speaker Change: One is when you're looking at assets that.

Speaker Change: Youre truly optimizing that gathering system pressure, which we hedged some of that last year that that probably was somewhere in the neighborhood of a 20% kind of uplift to the year over year compared to the overall production adds for the year.

Hey, good morning guys and thanks for taking my questions.

Speaker Change: For my first one, a couple calls go, you noted that it was a little early to see trends from compression and gathering expansions that went into effect last year. Could you provide some updated thoughts on the benefits you're seeing from the optimization of gathering and compression infrastructure? Yeah, sure.

Speaker Change: Depending upon timing of year was a little bit less but we saw that as really good stable flat production profile generation in that that portion of our asset base. The bulk of it is you've heard US talk about is really tied to system expansion and incremental capacity and flexibility that allows us to utilize the wet portions of our field. So.

Dennis Degner: We think all of that lends itself to looking at Southwest PA and Appalachia. So, more conversations are being had. We'll see what further materializes. But again, as we think about the long-term outlook, 80% of our gas gets out of Basin, and as you've heard Mark touch on, 90% of our revenue comes from outside the Basin as well. So, we feel like we're set up in a very well-diverse takeaway environment, both from product and transport, and if further Basin demand materializes, which we think it's very likely, we're poised and ready to participate with you.

Speaker Change: Yeah, good morning, John. I'll leave this pretty high level because I think there's a couple of ways to talk about compression and infrastructure optimization. And one is, you know, when you're looking at assets that

Speaker Change: That's what you would see in line with infrastructure adds going forward and we utilized with our long lateral development allows us to utilize that infrastructure at a high high level in excess of 90% not only today, but really for the go forward for the next several years so.

Speaker Change: You're truly optimizing that gathering system pressure, which we had some of that last year, that that probably was somewhere in the neighborhood of a 20% kind of uplift to the year, over the compared to the overall production ads for the year. Depending upon time of year was a little bit less, but we saw that as really good stable flat production profile generation and that that portion of our asset base.

Speaker Change: The projects Youre going to hear us talk about more going forward will be more in line with more system expansions as part of that optimization and probably less about the lowering of the system line pressures.

Paul Diamond: Makes perfect sense. Appreciate the clarity.

Dennis Degner: Just one quick follow up. You talked about obviously a moving target, but with inflationary pressures, potentially, you know, post contract potentially rolling back in in 26. Is that purely on like steel and piping or tubing? Or where would you see the kind of the first? First entry there, if it were to come back and say Q1, Q2 next year. Well, if you were to look at, you know, tubular goods, as an example, we've always worked really closely with our service providers on that side in the mills to secure tubular goods for our program ahead of time when we find, you know, really opportunistic moments in the market.

Speaker Change: The other bulk of it as you've heard us talk about is really tied to system expansion and incremental capacity and flexibility that allows us to utilize

Speaker Change: Great color for my follow up you mentioned you just re contracted youre equally but I wanted to ask how you view a potential slowdown in oil directed activity potentially occurring to the benefit of you and others in Appalachia just in terms of service costs.

The web portions of our field, so...

Speaker Change: That's what you would see in line with the infrastructure ads going forward and we utilize with our long lateral development allows us to utilize that infrastructure at a high high level in excess of 90% not only today but really for the go forward for the next several years. So.

Speaker Change: Well I think when you.

Speaker Change: We had contracted this fleet to start at the beginning of last year.

Speaker Change: Although it's difficult to say your quote at the bottom of the market, but it certainly felt like we were we were nearing a portion that was at the base of the trough and so we feel like securing this equipment was helpful. For the next few years and it maintains a good consistent cost structure for us going forward. It's efficient we've had some of our our strongest.

Speaker Change: The projects you're going to hear us talk about more going forward will be more in line with more system expansions as part of that optimization and probably less about the lowering of the system line pressure.

Dennis Degner: And I would expect that to be to be similar as we look forward. As you think about this year, we've got somewhere in the neighborhood of about 80% of our tubular goods secured for the program, an approximate number, of course, but very much covered our basis for the year, if you will. I think on an annual basis, you'll see us work through a service RFP. We do it every fall. We align it with our activity level, how we're thinking about number of rigs, number of frack crews, spot crew availability. And so all of that will roll up into an annual fall process that will then line with 2026 rigs as well.

Speaker Change: Gray color. For my follow-up, you mentioned you just re-contracted your e-fleet, but I wanted to ask how you view a potential slowdown in oil directed activity potentially occurring to the benefit of you and others in Appalachia just in terms of service costs.

Efficiencies and safe performance out of this particular fleet. So we think it checks a lot of the boxes, but when you think about an easily theres really been a high high level of utilization of those equipment. Those fleet. So essentially fleets are running around 100% utilization so.

Speaker Change: Well, I think when you, we had contracted this ethically to start at the beginning of last year.

Speaker Change: Availability would most likely come through your more traditional conventional fleets, which we have used from time to time, when we look at utilizing a spot crew and whats most most available and economic for the program. So wouldn't rule that out as providing some conversations for future service cost and I think on the drilling rig side I mean, we throw around the term.

Speaker Change: and though it's difficult to say your quote at the bottom of the market, but it certainly felt like we were we were nearing a portion that was at the at the base of the trough.

Dennis Degner: And when there's alignment and an opportunity for us to continue to secure good, safe, efficient services and materials for 26, and sometimes even beyond, we'll certainly look to do so. But we would expect early next, this fall process to generate a lot of visibility on what changes in service costs could exist on materials. Understood. Appreciate the time. Take care. Thank you.

Speaker Change: And so we feel like securing this equipment was helpful for the next few years and it maintains a good consistent cost structure for us going forward. It's efficient. We've had some of our our strongest efficiencies and safe performance out of this particular fleet. So we think it checks a lot of the boxes.

Speaker Change: Is it the industry Super spec rig, but that also has some optionality and flexibility around it whether it's super spec for the Permian versus the Haynesville versus us, but reality is as we've all coalesced to a very similar rig configuration and I think it's created an environment, where you've also seen similar pricing structures. If you will so we think.

Speaker Change: But when you think about it easily, there's really been a high, high level of utilization of those equipment or those fleets. So essentially, really eat fleets are running around 100% utilization. So.

Neal Mehta: Our next question comes from the line of Neal Mehta with Goldman Sachs. Your line is open. Please go ahead. Yeah, good morning, team. First question is just really around the hedging strategy. And how do you think about the way you're going to approach 2026? And do you want to be opportunistic? Or do you want to take a more ratable strategy? And we've seen a lot of volatility around the 26 price points.

Speaker Change: Fleet availability would most likely come through your more traditional conventional fleas, which we have used from time to time when we look at.

Speaker Change: Service providers have aligned closely with the operators in their respective basins that.

Speaker Change: Our efficient to do what they say, they're going to do and that's why one of the reasons why <unk> seen our cost structure be as low as it has been over the past few years, but we will continue to be sensitive to what changes occur through our purchasing and supply chain efforts and if theres an opportunity to further secure.

Speaker Change: So wouldn't rule that out as providing some conversation for future service costs. And I think on the drilling rig side, I mean, we throw around the term as an industry super spec rig, but that also has some optionality and flexibility around it, whether it's super spec for the Permian versus the Haynesville versus us. But reality is, as we've all coalesced to a very similar rig configuration. And I think it's created an environment where you've also seen similar pricing structures that you wish.

Mark Scucchi: Your thoughts around hedging Gaster?

Mark Scucchi: Sure, this is Mark. Good morning, Neal. You know, I think philosophically, I'll reiterate what our strategy has been and what we're able and desiring to do. And the strategy, given how strong the balance sheet is today, is really to cover fixed costs and preserve that optionality of being able to step in, returns of capital or otherwise, to be opportunistic and protect the balance sheet, protect the margins. So to do that, what you've seen us be able to do is to scale back on some of the hedging. What you've seen us do for the balance this year, we're around 35% hedged.

Speaker Change: Cost savings will absolutely be on the front of that discussion.

Speaker Change: Thanks, guys.

Speaker Change: Thank you Joe.

Speaker Change: Thank you one moment for our next question.

Speaker Change: Our next question is going to come from the line of Paul Diamond with Citi. Your line is open. Please go ahead.

Speaker Change: Bill, so we think service providers have aligned closely with the operators in the respective basins that are efficient to do what they say they're going to do and that's one of the reasons why you've seen our cost structure be as low as it has been over the past.

Speaker Change: Thank you and good morning, all thanks for taking the call.

Quick one just digging down a bit more on.

Speaker Change: Liberty Alliance do you guys see any further concrete opportunities being discussed out there I guess I'm trying to get an idea of the scope of the entire opportunity set beyond that.

Speaker Change: last few years. But we'll continue to be sensitive to what changes occur through our purchasing and supply chain efforts. And if there's an opportunity to further secure cost savings, we'll absolutely be on the front of that discussion.

Mark Scucchi: The 26 programs, about 15% hedged. There's some swaptions that they're all executed, you're at about 25%. But you've got better than a $4 floor on that. So what we are striving to do is get an attractive price on a low percentage of the production to preserve what we see as still a tight market in the second half of this year and into 26. We're just not seeing the activity levels that would meet the demand that's under construction being commissioned right now. So on a go-forward basis, I would expect that from range, you can expect similar behavior.

Speaker Change: That having been announced.

Speaker Change: Yes. Good morning, Paul short answer is yes, leading up to the Liberty and Imperial land development announcement and now even I will just say post that announcement there has been a number of ongoing conversations and we're really inbound phone calls to range around how we could participate in other projects.

Thank you.

Thanks, guys.

Speaker Change: Thank you, Joe. Thank you, one moment for our next question.

Speaker Change: Our next question is going to come from the line of Paul Diamond with City Yearliners Open. Please go ahead.

Speaker Change: Just like this.

Paul Diamond: Thank you. Good morning. I'll be sticking the call. Just a quick one. Just digging down a bit more on the

Of course, you've heard us say this but we think it really ties back to not only the quality of our asset base, but really the duration of our inventory.

Speaker Change: Liberty Alliance, do you guys see any further concrete opportunities being discussed out there? I guess it's kind of trying to get an idea of the scope of the

Speaker Change: That could support a facility like this we realize that these are multi decade financial decisions that these these other entities are making and so it makes a lot of sense to be able to connect with a company like range being on the low emissions into the emissions profile as well. So we have had a number of conversations.

Mark Scucchi: We'll try to structure hedges to provide just enough insurance to protect from the downside, preserve optionality, preserve the balance sheet, while retaining as much of the upside from the That's really helpful and consistent. You know, balance sheets in good shape, team.

Entire Opportunity Set Beyond, that's having been announced. Thank you very much.

Speaker Change: Yeah, good morning Paul. Short answer is yes. Leading up to the Liberty and Imperial land development announcement and now even, you know, I'll just say post that announcement, there's been a number of ongoing conversations and really inbound phone calls to range around how we could participate in other projects just like this.

Speaker Change: Is it still kind of in the early category of what else will further materialized, but.

Mark Scucchi: So just your perspective on return of capital, we've seen a lot of volatility around the stock. In the last month, for example, does it make sense to be opportunistic and think about shrinking the share count here at some point? Or do you still want to maintain that fortress balance sheet to withstand the volatility? Yeah, I think we can do both. In the first quarter, we pulled in 1.8 million shares, you know, in total ranges pulled in 28.6 million shares. What we did in the first quarter was more than we did in all last year. I think you See us execute on the high-level description of the program that we've laid out over the last couple years.

Speaker Change: We think there is an opportunity for as you see other coal retirements further brownfield site utilization in the future looking for areas of concentration where you've got access to things like water ingress and egress.

Speaker Change: and of course you've heard of say this but we think it really ties back to not only the quality of our asset base but really the duration of our inventory.

Speaker Change: Diversity in the pipeline network, we think all of that lends itself to looking at southwest.

Speaker Change: that could support a facility like this. We realize that these are multi-decade financial decisions that these other entities are making. And so it makes a lot of sense to be able to connect with a company like Range being on the low emissions, into the emissions profile as well.

Speaker Change: Malaysia, So more conversations are being had we will see what further materializes, but again as we think about the long term outlook, 80% of our gas gets out of basin and as you've heard Mark touch on 90% of our revenue comes from outside the basin as well. So we feel like we're set up in a very well diversed.

Speaker Change: So we have had a number of conversations. I think it's it's still kind of in the early category of what else will further materialize but

Mark Scucchi: We have greater optionality as the balance sheet has gotten stronger. So we can continue to lean in as we see dislocations, like we've seen choppiness in the macro financial markets, as the market has gone into a risk-off mode and selling everything. Range Buying Back Shares, Range Buying Back Production, Buying Back Locations Per Share, Improved Reserves and Total Resource Potential Per Share. And our share price is an incredibly valuable investment in our assessment. So expect us to continue to balance the use of cash flow, but you can see it tilting towards the returns of capital while still accomplishing balance sheet Okay, that's really helpful.

Speaker Change: You know, we we think there's an opportunity for as you see other coal retirements for the brownfield site utilization in the future looking for areas of concentration where you've got access to things like water, ingress and egress. [inaudible]

Speaker Change: Takeaway environment, both from product and transport and it further in basin demand materializes, which we think it's very likely we're poised and ready to participate when needed.

Speaker Change: University in the Pipeline Network, we think all of that lends itself to looking at Southwest

Speaker Change: Makes perfect sense I appreciate the clarity and just one quick follow up you talked about.

Speaker Change: and Appalachia. So more conversations are being had. We'll see what further materializes. But again, as we think about the long term.

Speaker Change: Obviously, a moving target, but with inflationary pressures potentially post contract potentially rolling back in 2006, I guess is that purely on like steel and piping or tubing or where would you see the kind of the first.

Outworked

Speaker Change: 80% of our gas gets out of basin and as you've heard Mark touch on 90% of our revenue comes from outside the basin as well. So we feel like we're set up in a very well-diverse in a very well-diverse way.

Speaker Change: First century, there if it were to come back and say Q1 Q2 next year.

Speaker Change: Well, if you were to look at tubular goods as an example.

Speaker Change: Takeaway, Environment, both from product and transport, and if further in-base and demand materializes, which we think it's very likely, we're poised and ready to participate when needed.

Unknown Executive: Thanks, guys. Thank you.

Speaker Change: <unk> worked really closely with our service providers on that side in the mills to secure tubular goods for our program ahead of time, when we find really opportunistic moments in the market and I would expect that to be to be similar as we look forward. As you think about this year, we've got somewhere in the neighborhood of about 80% of our.

David Deckelbaum: We are nearing the end of today's conference and we are going to take one more question. Our last question is going to come from the line of David Deckelbaum with TD Cowen. Your line is open. Please go ahead. Morning, gents. Thanks for the time today.

Speaker Change: Makes perfect sense, appreciate the clarity. Just one quick follow-up. Talked about, obviously a moving target, but with inflationary pressures, potentially, you know, post-contract, potentially rolling back in in 26. I guess is that purely on, like, feel and piping or two thing, or as where would you see the kind of the first? [inaudible]

David Deckelbaum: I just wanted to revisit some of the strategy, as you all think about to build that out of in-basin demand, you know, highlighted earlier, right, 20% of your gas is in-basin. 80% leaves. So when we think about you looking at projects where you might be signing off take How do you think about balancing the exposure that you would have to in-basin demands or in-basin pricing? with those current 20% volumes versus being incentivized to redirect volumes that are leaving the basin to stay in as it relates to potential contracts with with projects that might be consuming significant amounts of natural Yeah, good question.

Tubular goods secured for the program approximate number of course, but very much covered our basis for the year. If you will I think on an annual basis Youll see us work through a service RFP, we do with every fall we align it with our activity level, how we're thinking about number of rigs number of frac crews spot crew availability and so on.

Speaker Change: First entry there that were to come back and say Q1, Q2 next year.

Speaker Change: All of that will roll up into an annual fall process that will be in line with 2026.

Speaker Change: Tungular Goods for our program ahead of time when we find you know really opportunistic moments in the market and I would expect that to be to be similar as we look forward.

Speaker Change: Rigs as well and when there's alignment and opportunity for us to continue to secure good safe efficient.

Speaker Change: Services and materials for 'twenty, six and sometimes even beyond we will certainly look to do so but we would expect early.

Speaker Change: As you think about this year, we've got somewhere in the neighborhood of about 80% of our two-gillers secured for the program and the approximate number of course, but

Dennis Degner: Good morning, David. We, you know, as we start to think about, you know, 20 years ago, we referenced the Discovery Well and the Marcellus. What occurred also in those first several years was Range starting to subscribe to transport, as you would imagine, in smaller, you know, modular packages at that time that were in brownfield . Pipes, that we're getting for the Gulf and other parts of the lower 48. Those packages, over the course of time, will have the ability to expire. We've got advantaged rights to basically renew those particular pieces of transport, if we still want to keep those longer term.

Speaker Change: This fall process to generate a lot of visibility on what changes in service cost could exist or materials.

Speaker Change: very much covered our basis for the year if you will. I think on an annual basis, you'll see us work through a service RFP. We do it every fall. We align it with our activity level. How we're thinking about number of rigs, number of frat crews.

Speaker Change: Understood appreciate the time.

Speaker Change: Thank you. Thank you and our next question.

Speaker Change: Our next question comes from the line of Neil Mehta with Goldman Sachs. Your line is open. Please go ahead.

Speaker Change: Spot Crew Availability, and so all of that will roll up into an annual fall process that will then line with 2026.

Neil Mehta: Yes, good morning team.

Neil Mehta: First question is just really around the hedging strategy and how do you think about the way youre going to approach 2026, and <unk> be opportunistic or do you want to take a more ratable strategy.

Speaker Change: Rings as well and when there's alignment and opportunity for us to continue to secure a good, safe, efficient

Speaker Change: Services and Materials for 26, and sometimes even beyond, we'll certainly look to do so, but we would expect early next this fall process to generate a lot of visibility on what changes in service costs could exist on materials. [inaudible]

Neil Mehta: <unk> seen a lot of volatility around the 2006.

Neil Mehta: So your thoughts around hedging gas there.

Dennis Degner: So we feel like it's setting us up for good optionality. When you think about the time frame that it will take in order to identify a location for, let's just say, a data center or a manufacturing facility to go into play, we not only would have the gas to help supply energy for one of those today, with that 20% that you're pointing out, but we can start to think strategically about, is there another thoughtful wedge of growth in the future? And we want to maintain that. or do we want to let that transport expire in the future and then take more of that gas and put it into a dedicated long-term price structure that, in some ways, might change the way we think about hedging, which you've heard Mark walk through this morning.

Marc: Sure. This is Marc good morning, Neil.

Marc: I think philosophically I'll reiterate what our strategy has been and what we're able and desiring to do in this strategy given how strong the balance sheet is today is really to cover fixed costs and preserve that optionality of being able to step in returns of capital or otherwise to be opportunistic and protect the balance sheet protection.

Understood. Appreciate the time.

Speaker Change: Thank you. Thank you one moment for our next question. Our next question comes from the line of Neal Mehta with Goldman Sachs, your line is open, please go ahead.

Neil Menta: Yeah, good morning team. First question is really around the headcon strategy and

Marc: Margins, so to do that what you've seen us be able to do is to scale back on some of the hedging what you've seen us do for the balance of this year, we're around 35% hedged the 26 programs about 15% hedged theres some swaption that theyre all executed you're at about 25%.

Speaker Change: How do you think about the way you're going to approach 2026 and do you want to be?

Neil Menta: opportunistic, or do you want to take a more ratable strategy? And we've seen a lot of volatility around the 26 price points. Your thoughts around Edge and Gaster.

Dennis Degner: So a lot of options we think that could present themselves. Instead of having to think about letting pipes go underutilized, we think we could time this out in an appropriate fashion. There's a lot of ways to run it. And I appreciate that.

Marc: But you've got better than a $4 floor on that so what we are striving to do is get an attractive price on a low percentage of the production to preserve what we see is still a tight market in the second half of this year and into 2006, we're just not seeing the activity levels that would meet the demand that's under construction.

Dennis Degner: And perhaps just as a follow up, you know, you all highlight a number of Upside cases I think on slide 20 for in-basin demand related to gas power, coal plant retirements, etc. As you think about these through 2030, you know, what is your view on the likelihood of timing of these projects? and you know if it's if it's sort of the 28 to 2030 time frame when do you think that we would see at least from range The largest cluster of announcements around potential agreements to address some of Or is this still a very iterative process that's likely going to be a multi-year process?

Neil Menta: and protect the balance sheet, protect the margins. So to do that, what you've seen us [inaudible]

Marc: <unk> being commissioned right now so on a go forward basis I would expect that from range you can expect similar behavior.

Neil Menta: He's able to do is to scale back on some of the hedging. What you've seen us do for the balance of this year, we're around 35% hedge, the 26 programs, about 15% hedge. There's some swapsions that they're all executed, you're at about 25%.

Marc: We will try to structure.

Marc: Hedges to provide just enough insurance to protect from the downside preserve optionality preserved the balance sheet, while retaining as much of the upside from the commodity prices as we possibly can.

Neil Menta: But you've got better than a $4.04 on that. So what we are striving to do is get an attractive price.

Marc: Yeah.

Marc: That's really helpful and consistent.

Marc: It's in good shape.

on a low percentage of production.

Marc: So just your perspective on return of capital is getting a lot of volatility around the stock.

Neil Menta: to preserve what we see as still a tight market in the second half of this year and into 26. We're just not seeing the activity levels that would meet the demand that's under construction being commissioned right now.

Marc: In the last month for example, does it makes sense to be opportunistic and think about the share count here at some point or.

Dennis Degner: I think, David, somewhere somewhere in the middle. I think there's line of sight on some of, you know, on several of the items here where there's some I'll just say some definition to timelines. Coal retirements is a good example where, you know, you're you're those retirement timelines, I think, are well understood. We've got the you know, roughly the almost one to one point eight B's of retirements by 2030. Reality is, is there's a significant portion of that that's going to be within the next 12 to 24 months. And again, we think those are pretty well understood when you start to think about, you know, AI data centers, you know, Homer City, the Liberty Project.

Marc: Do you still want to maintain that fortress balance sheet.

So, on a good forward basis, I would expect [inaudible]

Marc: To withstand the volatility.

Neil Menta: That for range, you can expect similar behavior. We'll try to structure hedges to provide just enough insurance to protect from the downside, preserve optionality, preserve the balance sheet, while retaining as much of the upside from the commodity prices as we possibly can. [inaudible]

Marc: Yes, I think we can do both.

Marc: In the first quarter, we pulled in one 8 million shares in total range is pulled in $28 6 million shares.

Marc: What we did in the first quarter was more than we did in all of last year I think you can.

Marc: See us execute on the high level description of the program that we've laid out over the last couple of years, we have greater optionality as the balance sheet has gotten stronger. So we can continue to lean in as we see dislocations like we've seen choppiness in the macro.

Yeah.

Speaker Change: That's really helpful and consistent. You know, balance sheets and good shape team. So just your perspective on return of capital. We've seen a lot of volatility around the stock in the last month. For example, does it make sense to be opportunistic and think about shrinking the share count here at some point or do you still want to maintain that fortress balance sheet to which stand of volatility? [inaudible]

Dennis Degner: Those are both targeting a 2027 type time frame projects that follow again if they have an advantage location, much like we're seeing could be supported through the Sites Act with the state. You can see those have a similar timeline, maybe even a little bit farther out. So by the time you get to the end of this timeframe, we think this is a lot of ways it could be conservative, but it's also a very realistic outlook, much like other numbers you've seen us communicate in the past.

Marc: Financial markets as the market has gone into a risk off mode and selling everything.

Marc: Range buying back shares range buying back production buying back locations per share improved reserves and total resource potential per share and our share prices is an incredibly valuable investment in our assessment so <unk>.

Thank you very much.

Speaker Change: Yeah, I think we can do both. In first quarter we pulled in 1.8 million shares, you know, in total ranges pulled in 28.6 million shares.

Speaker Change: What we did in the first quarter was more than we did in all last year. I think you can- [inaudible]

Marc: <unk> is to continue to balance the use of cash flow, but you can see it tilting towards the returns of capital.

Dennis Degner: And then, of course, from a takeaway transport standpoint, I think part of this is what you see is the further expansion of MVP. I think there's a line of sight there as well. And then you're starting to see some brownfield expansion opportunities through, we'll just say construction of expansions of interconnects to compression where that could actually add some. There's, there's, I will say good confidence in what these numbers represent. I think you're, you're seeing what what could happen pretty easily within the next two to five years. And so we think there's really good line of sight.

Speaker Change: See us execute on the high level description of the program that we've laid out over the last couple years. We have greater optionality as the balance sheet has gotten stronger. So we can continue to lean in as we see dislocations.

Marc: Silicon polishing balance sheet objectives.

Marc: Okay. That's really helpful. Thanks, guys.

Marc: Thank you.

Speaker Change: Thank you we are nearing the end of todays conference and we are going to take one more question.

Speaker Change: Like we've seen choppy, that's in the macro, financial markets, the market is going into a risk off mode and selling everything. [inaudible]

Speaker Change: Our last question is going to come from the line of David to Gabon with TD Cowen. Your line is open. Please go ahead.

Speaker Change: Good morning, Gents, thanks for the time today.

Speaker Change: I just wanted to revisit some of the strategy.

Speaker Change: As you all think about the build out of the in basin demand highlighted earlier, 20% of your gas is in basin.

Dennis Degner: We appreciate the time, guys. Thank you.

Speaker Change: 80% leaves so when we think about you looking at projects, where you might be signing offtake.

Speaker Change: But you can see it tilting towards the returns of capital, also accomplishing balance sheet objectives. Thank you.

Unknown Executive: This concludes today's question and answer session and I'd like to turn the call back over to Mr. Degner for his closing remarks. I'd just like to thank everyone for joining us on the call this morning. We look forward to talking about our Q2 results this summer in July. If you've got any follow-up questions, please follow up with our investor relations team. We look forward to connecting with a lot of you on the road here in the months ahead. Thank you. Thank you for participating in today's conference, you may now disconnect. Everyone have a great day.

Speaker Change: How do you think about balancing the exposure that you would have to in basin demand for in basin pricing.

Okay, that's really helpful. Thanks, guys.

Speaker Change: Thank you. Thank you. We are nearing the end of today's conference and we are going to take one more question.

Speaker Change: Those current 20% volumes versus being incentivize to redirect volumes that are leaving the basin to stay in as it relates to potential contracts with.

Speaker Change: Our last question is going to come from a line of David Ducobom with TD Cowan. Your line is open. Please go ahead.

Speaker Change: With projects that might be consuming significant amounts of natural gas.

Morning, Jen. Thanks for the time today.

Speaker Change: I just wanted to revisit some of this strategy as you all think about to build that out of invasive demand.

David Gabon: Yeah. Good question good morning, David.

Speaker Change: As we start to think about.

Speaker Change: 20 years ago, we referenced the discovery well in the Marcellus what occurred also in those first several years was range starting to subscribe to transport as you would imagine and smaller.

Speaker Change: 80% leaves. So when we think about you looking at projects where you might be signing off take.

Speaker Change: How do you think about balancing the exposure that you would have to invasive demands or invasive pricing?

Modular packages at that time that we're in brownfield.

Speaker Change: with those current 20% volumes versus being incentivized to redirect volumes that are leaving the basin to stay in as it relates to potential contracts with projects that might be consuming significant amounts of natural gas.

Speaker Change: Our pipes that we're getting to the Gulf and other other parts of the lower 48.

Speaker Change: Those packages over the course of time, we will have the ability to expire we've got advantaged rights to basically renew those particular pieces of transport if we still want to keep those longer term. So we feel like it's setting us up for good Optionality. When you think about the timeframe that it will take an order through.

Speaker Change: Yeah, good question. Good morning, David. We, you know, we start to think about

Speaker Change: You know, 20 years ago, we referenced the discovery well in the Marcellus, what occurred also in those first several years was range starting to subscribe to transport, as you would imagine, in smaller, you know, modular packages at that time that were in Brownfield.

Speaker Change: Identify location for let's just say a data center or manufacturing facility to go into play.

Speaker Change: Not only would have the gas to help supply energy for one of those today with that 20% that youre pointing out where we can start to think strategically about is there another thoughtful wage of growth in the future and we want to maintain that transport or do we want to let that transport expire in the future and then take more of that gas and put it into a dedicated.

Speaker Change: of Hypes that were getting to the Gulf and other parts of the lower 48.

Speaker Change: Those packages over the course of time will have the ability to expire. We've got-

Speaker Change: Advantage Drives to basically renew those particular pieces of transport if we still want to keep those longer term. So we feel like it's sending us up for good optionality. When you think about the time frame that it will take in order to identify a location for, let's just say a data center or a manufacturing facility to go into play. Hey.

Speaker Change: Long term price structure that in some ways might change the way, we think about hedging, which you've heard mark walked through this morning. So lot of a lot of options, we think that could present themselves instead of having to think about leading pipes go underutilized. We think we could time. This sound in an appropriate fashion. There is a lot of ways for range to win.

Speaker Change: We not only would have the gas to help supply energy for one of those today with that 20% that you're pointing out, but we can start to think strategically about, is there another thoughtful way to growth in the future, and we want to maintain that transport.

Speaker Change: Okay appreciate that and perhaps just as a follow up.

Speaker Change: You all highlight a number of.

Speaker Change: Upside cases, I think on slide 20 for in basin demand related to gas power coal plant retirements et cetera.

Speaker Change: or do we want to let that transport expire in the future and then take more of that gas and put it into a dedicated...

Speaker Change: As you think about these through 2030.

Speaker Change: Long-term price structure that in some ways might change the way we think about hazing which you've heard Mark walk through this morning. So a lot of options we think that could present themselves instead of having to think about

Speaker Change: What is your view on the likelihood of the timing of these projects and if it's if it's sort of the 28 to 2030 timeframe.

Speaker Change: When do you think that we would see at least from range.

Speaker Change: Leading pipes go under utilized. We think we could time this out in an appropriate fashion. There's a lot of weights for rates to win. [inaudible]

Speaker Change: The the largest cluster of announcements around potential agreements to address some of that demand or is this still.

Speaker Change: I appreciate that, and perhaps this is a follow-up. You all highlight a number of, you know,

Speaker Change: Iterative process, that's likely going to be a multiyear approach.

Speaker Change: I think David somewhere somewhere in the Middle I think there is line of sight on some of.

Speaker Change: Upside Cases, I think on Slide 20 for Endation Demand related to guest power, coal plant retirement, etc. As you think about these through 2030, what is your view in the likely other timing of these projects?

Speaker Change: On several of the items here, where there is some I'll just see some definition to timelines coal retirements as a good example, where youre those retirement timelines I think are well understood. We've got the roughly the almost one to $1 eight DS of retirements by 2030 reality is there is a significant portion of that thats going to be within.

Speaker Change: and, you know, if it's sort of the 28 to 2030 timeframe.

Speaker Change: One do you think that we would see at least from range the largest cluster of announcements around potential agreements to address some of that demand? Or is this still a very iterative process that's likely going to be a multi-year approach?

Speaker Change: The next 12 months to 24 months and again, we think those are pretty well understood. When you start to think about.

Speaker Change: AI data centers Homer city, the Liberty project those are both targeting a 2027 type timeframe.

Speaker Change: Projects that follow again, if they have an advantaged location much like we're seeing could be supported through the <unk> with the state you could see those have a similar timeline, maybe even a little bit farther out so by the time you get to the end of this time frame. We think this is a lot of ways. It could be conservative, but it's also a very realistic outlook much.

Speaker Change: You know, on several of the items here where there's some, I'll just say some definition to timelines, cold retirements is a good example where, you know, you're, you're those retirement timelines, I think are well understood. We've got the, you know, roughly the almost one to 1.8 Ds of retirements by 2030 reality is is there's a significant portion of that that's going to be within the next 12 to 24 months and again, and we think those are pretty well understood. Thank you very much.

Speaker Change: Other numbers, you've seen us communicate in the past and of course from a takeaway transport standpoint, I think part of this is what you see is the further expansion of MVP I think there is a line of sight, there as well and then youre starting to see.

when you start to think about...

Speaker Change: You know, the AI data centers, you know, Homer City, the Liberty Project, those are both targeting a 2027 type time frame.

Speaker Change: Some brownfield expansion opportunities through we'll just say construction of expanses of interconnects to compression where that could actually add somewhere between a half it would be <unk>. So there's there's I'll say good confidence in what these numbers represent I think youre seeing what.

Speaker Change: Projects that follow, again, if they have an advantage location, less like we're seeing could be supported through the sites act with the state. You can see those have a similar timeline, maybe even a little bit farther out. So by the time you get to the end of this time frame, we think this is. [inaudible]

Speaker Change: What could happen pretty easily within the next two to five years and so we think there's really good line of sight here David.

Speaker Change: A lot of ways it could be conservative but it's also a very realistic outlook much like other numbers you've seen us communicate in the past and...

David Gabon: I appreciate the time guys.

Speaker Change: And, of course, from a takeaway transport standpoint, I think part of this is what you see is the further expansion of MVP. I think there's a line of sight there as well. And then you're starting to see

Speaker Change: Thank you. Thank you. This concludes today's question and answer session and I'd like to turn the call back over to Mr. Daniel for his closing remarks.

David Gabon: I'd just like to thank everyone for joining us on the call. This morning, we.

Speaker Change: some brownfield expansion opportunities through, we'll just say construction of expanses of interconnects to compression where that could actually add somewhere between a half and a B and a B. So there's, there's, I will say good confidence in what these numbers represent. I think you're, you're seeing what.

David Gabon: We look forward to talking about our Q2 results. This summer in July if you've got any follow up questions. Please follow up with our Investor Relations team, we look forward to connecting with a lot of you on the road here in the months ahead. Thank you.

David Gabon: Thank you for participating in today's conference you May now disconnect everyone have a great day.

Speaker Change: What could happen pretty easily within the next two to five years? And so we think there's really good line of side here David.

and appreciate the time, guys.

Speaker Change: Thank you. Thank you. This concludes today's question and answer session and I'd like to turn the call back over to Mr. Degner for his closing remarks.

Speaker Change: I just like to thank everyone for joining us on the call this morning. We look forward to talking about our Q2 results this summer in July . If you've got any follow-up questions, please follow up with our investor relations team. We look forward to connecting with a lot of you on the road here in the months ahead. Thank you.

Speaker Change: Thank you for participating in today's conference. You may now just connect. Everyone have a great day.

Thank you for watching!

Music Music Music Music Music Music

Speaker Change: Film by Mark Scucchi Music by Mark Scucchi A film by Dennis Degner Edited by Mark Scucchi Music by Mark Scucchi Sound by Dennis Degner Edited by Mark Scucchi

Dr. Paret, Dr. Paret, Dr. Paret, Dr. Paret, Dr. Paret

Speaker Change: Laith Sando, Dennis Degner, Mark Scucchi Laith Sando, Dennis Degner, Mark Scucchi Laith Sando, Dennis Degner, Mark Scucchi

Music Music Music Music Music Music

Speaker Change: and David C. Brown for the Basic and Advanced Basics of the BASIC SKILLS of the BASIC SKILLS of the BASIC SKILLS of the BASIC SKILLS of the BASIC SKILLS of

Speaker Change: Sando, Dennis Degner, Mark Scucchi, Dennis Degner, Mark Scucchi, Dennis Degner, Dennis

Speaker Change: [music].

Speaker Change: Welcome to the range resources first quarter 2025 financial results conference call. All lines have been placed on mute to prevent any background noise statements.

Speaker Change: Statements made during this conference call that are not historical facts are forward looking statements such statements are subject to risks and uncertainties, which could cause actual results to differ materially from those in the forward looking statements.

Mr. Sandell: After the Speakers' remarks, there will be a question and answer period at this time I would like to turn the call over to Mr. Sandell SVP Investor Relations at range resources. Please go ahead Sir.

Mr. Sandell: Yes.

Speaker Change: Thank you operator, good morning, everyone and thank you for joining ranges first quarter 2025 earnings call.

Speaker Change: Speakers on today's call are Dennis Degner, Chief Executive Officer.

Speaker Change: Mark <unk> Chief Financial Officer.

Speaker Change: Hopefully you've had a chance to review the press release and updated Investor presentation that we posted on our website.

Speaker Change: May reference certain slides on the call. This morning.

Speaker Change: You'll also find our 10-Q on <unk> website under the investors tab.

Speaker Change: You can access it using the Sec's Edgar system.

Speaker Change: Please note, we'll be referencing certain non-GAAP measures on today's call.

Speaker Change: Our press release provides reconciliations of these to the most comparable GAAP figures.

Speaker Change: We've also posted supplemental tables on our website that include realized pricing details by product.

Speaker Change: Along with calculations of EBITDAX cash margins and other non-GAAP measures with that let me turn the call over to Dennis.

Dennis Degner: Thanks, Laith and thanks to all of you for joining the call today.

Speaker Change: In the first quarter <unk> executed on our plan safely and efficiently delivering consistent well results and free cash flow with steady activity levels that support the longer term outlook, we communicated during our prior earnings call.

Speaker Change: Rages strong free cash flow also provided increased returns to shareholders during the quarter.

Speaker Change: At the same time range further reduce debt, while continuing to invest in the long term development of our world class asset with a two rig and one completion crew program.

Speaker Change: A key component of range, a strong first quarter financial results and our through cycle profitability is ranges low capital intensity, which is anchored by ranges class, leading drilling and completion costs.

Speaker Change: <unk> base decline.

Speaker Change: Large blocky core inventory.

Speaker Change: Talented team.

We believe this was on display once again in Q1.

Speaker Change: As it has been for the past several years.

Speaker Change: Looking back on the quarter all in capital came in at $147 million.

Speaker Change: Churn of two two bcf equivalent per day.

Speaker Change: As we turned to sales 130000 lateral feet across 10 wells.

Speaker Change: Production during the quarter was aided once again by strong well performance and resilient field run time, despite winter weather conditions.

Speaker Change: These consistent quarter over quarter results demonstrate the repeatable nature of our large contiguous acreage position.

Speaker Change: The benefit of returning to pad sites for ongoing development and the team's dedication to enhancing field operating run time.

Speaker Change: Looking forward range expects production to be slightly down in the second quarter as we undergo scheduled processing maintenance.

Speaker Change: Following Q2, we expect production to increase in the second half of the year all in line with our previous guidance.

Speaker Change: On the capital side completion spending will step up over the next two quarters, which will drive the increased production in the second half of the year as mentioned.

Speaker Change: And this operational cadence places us squarely within our stated capital guidance for the year.

Speaker Change: Consistent with our plans for the year range operated two horizontal rigs during the first quarter drilling approximately 250000 lateral feet across 18 laterals.