...August 4, 2026 This report does not constitute a rating action. We expect Range Resources Corp.'s (Range) daily production to reach about 2.5 billion cubic feet equivalent per day (bcfe/d) by year-end 2026. In the second quarter, the company's production averaged 2.3 bcfe/d, driven by strong well performance and record completion activity. Range temporarily added a second completion crew and a spot rig to accelerate development of its drilled-but-uncompleted inventory and expects to return to its baseline one- rig, one-crew program in the fourth quarter while maintaining full-year capital spending of $650 million-$700 million. As a result, we expect production to increase ratably through the remainder of 2026, reaching approximately 2.4 bcfe/d in the third quarter and 2.5 bcfe/d by year-end, supported by recently commissioned gas processing and takeaway infrastructure. Liquids continue to contribute a growing share of Range's production mix, and we expect them to constitute more than 30%...
