Range Resources

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Feb 2026, plus the 10-Q filed 21 Jul 2026 and 6 later 8-Ks.

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

• Risks related to the industry in which we operate

  Could happen

  In July 2025, OBBBA was signed into law which includes, among other things, a permanent reinstatement of 100% bonus depreciation on certain property, plant and equipment assets in the first year placed in service and a domestic research and experimental expenditures deduction. These provisions generally extend or replace provisions within the Tax Cuts & Jobs Act passed in 2017 that were previously set to expire at the end of 2025. While we believe the provisions of OBBBA are largely beneficial to our financial condition and cash flows, compliance with the provisions may result in additional costs and our cash flow may be negatively affected.

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• Risks related to the industry in which we operate

  Could happen

  Federal and state governments have from time to time considered legislation and regulations to reduce GHG emissions, including, but not limited to the implementation of GHG monitoring and reporting for the natural gas industry which includes certain of our operations. For additional details please refer to Governmental Regulation in Item 1 , Environmental and Occupational Health and Safety Matters , specifically the Air emissions and Climate change sections above. There have also been a number of state and regional efforts that have emerged that seek to track and reduce GHG emissions by means of cap and trade programs where emitters would be required to acquire and surrender emission allowances in return for emitting GHGs. The Pennsylvania Environmental Quality Board approved a rule in 2020 to participate in the Regional Greenhouse Gas Initiative (“RGGI”), a multi-state program capping CO 2 emissions from fossil-fuel-fired power plants. Subsequent legal challenges resulted in a July 2022 Commonwealth Court of Pennsylvania order staying Pennsylvania’s participation in RGGI, and, in November 2023, the Commonwealth Court ruled that funds generated through the RGGI are an unconstitutional tax, effectively preventing the state from participating in RGGI. Pennsylvania Governor Josh Shapiro then appealed to the Pennsylvania Supreme Court. In parallel, throughout 2024 and 2025 the Pennsylvania General Assembly advanced legislation to repeal the RGGI regulation and to bar participation absent specific legislative authorization while executive-branch policymakers pursued alternative, Pennsylvania-specific cap-and-invest concepts. However, in November 2025, Governor Shapiro signed a bill as part of a deal to resolve an ongoing budget impasse that, among other things, withdrew the Commonwealth of Pennsylvania from the RGGI (and rendered moot the related legislation in the Pennsylvania General Assembly), ending years of political and legal conflict over whether the state should join the multistate cap and trade program. We will continue to monitor these developments because any carbon-pricing program applicable to in-state generators could influence in-state power-sector gas demand, basis differentials, and, indirectly, our price realizations and development plans. We also initiated our own internal goals to reduce GHG emissions to net zero Scope 1 and 2 GHG emissions by 2025, which we achieved in 2024 and maintained in 2025.

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• Competition in the oil and gas industry is intense, making it more difficult for us to acquire properties, market products and secure and…

  Could happen

  Competition in the oil and gas industry is intense, making it more difficult for us to acquire properties, market products and secure and retain trained personnel. Our ability to acquire additional drilling locations and to find and develop reserves in the future will depend on our ability to evaluate and select suitable properties and to consummate transactions in a highly competitive environment for acquiring properties, marketing products and securing equipment and trained personnel. Also, there is substantial competition for capital available for investment in the oil and natural gas industry. Many of our competitors possess and employ financial, technical and personnel resources substantially greater than ours. Those companies may be able to pay more for productive natural gas properties and exploratory drilling locations and to evaluate, bid for and purchase a greater number of properties and prospects than our financial or personnel resources permit.

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