Range Resources Corporation (RRC) Stock Analysis

Range Resources’ principal competitive advantage is its low-cost, long-duration inventory in the Marcellus Shale. The company controls over 30 years of high-quality drilling locations, with more than 28 million undrilled lateral feet and breakeven gas prices below $2.50 per thousand cubic feet—among the lowest in the U.S. industry. This cost position is supported by contiguous acreage, efficient long-lateral drilling, and a shallow base decline rate, resulting in lower required reinvestment and capital intensity than most peers.

RRC’s marketing flexibility is another differentiator. It sells into a diversified mix of end markets—roughly 30% Midwest, 25% Gulf Coast, 20% Northeast, and 25% to LNG and premium Gulf markets—reducing exposure to regional price swings. Its access to premium NGL export markets has enabled realized NGL prices at a 19% premium to Mont Belvieu benchmarks in 2024.

Compared to Appalachian rivals such as EQT and Chesapeake (Expand Energy), Range’s inventory depth, cost structure, and capital discipline are notable. For example, RRC’s 2025 free cash flow yield at $3.75 gas is 6%, above the sector median, and its net debt/EBITDAX is below 1x, providing financial flexibility.

Operationally, Range’s safety record and environmental performance (net zero Scope 1 and 2 emissions in 2024) support its social license and reduce regulatory risk. The company’s culture emphasizes efficiency, risk management, and shareholder returns, as reflected in its consistent capital returns and low employee turnover (<2%).