DEF: Range Resources Sets Date for 2025 Annual Meeting, Outlines Board Refreshment and Strategic Outlook

Range Resources will hold its 2025 Annual Meeting of Stockholders on May 14, 2025, focusing on director elections, executive compensation, and ratification of Ernst & Young LLP as the independent accounting firm.

Summary

• Range Resources Corporation will hold its 2025 Annual Meeting of Stockholders telephonically on May 14, 2025, at 8:00 a.m. Central Time.
• Stockholders of record as of March 17, 2025, are eligible to vote.
• The meeting will address the election of seven director nominees, an advisory vote on executive compensation, and the ratification of Ernst & Young LLP as the independent registered public accounting firm.
• In September 2024, Steve Gray retired from the Board, and James Funk will retire effective May 14, 2025.
• Christian ('Chris') Kendall was added as a new director in February 2025.
• Range Resources reported strong performance in 2024, navigating natural gas pricing weakness and generating free cash flow.
• The company returned capital to stockholders through share repurchases and dividends while strengthening the balance sheet.
• Range's strategy for 2025 and beyond focuses on delivering consistent financial returns and environmentally responsible operations.
• The company emphasizes the importance of natural gas and NGLs in meeting global energy demands.
• Range proactively engages with stockholders and values their feedback.
• The Board recommends voting FOR all director nominees, the advisory vote on executive compensation, and the ratification of Ernst & Young LLP.
• In 2024, Range had $945 million in cash flows from operating activities, $1.3 billion available under its credit facility, $251 million in income before income taxes, $65 million in share repurchases, $2.2 billion in natural gas, NGLs, and oil sales, and $77 million in total dividends paid.
• Total 2024 production was comprised of 68% natural gas, 30% NGLs and 2% oil.
• Stockholder proposals for the 2026 Annual Meeting must be received by December 5, 2025.

Sentiment

Score: 7

Explanation: The document conveys a positive outlook with strong financial results and strategic initiatives, but also acknowledges challenges such as commodity price volatility, resulting in a moderately positive sentiment.

Positives

• Range Resources reported strong financial performance in 2024, generating free cash flow and returning capital to stockholders.
• The company's strategy for 2025 focuses on consistent financial returns and responsible operations.
• The Board is committed to ongoing and thoughtful refreshment to maintain an appropriate balance of tenure, background and skills on the Board.
• The company proactively engages with stockholders and values their feedback.
• Range's strong performance enabled the Company to return capital to stockholders through share repurchases and dividends, while further strengthening the balance sheet.

Risks

• The document mentions navigating natural gas pricing weakness, indicating potential vulnerability to commodity price fluctuations.
• The company's success is dependent on the demand for natural gas and NGLs, which could be affected by various factors, including regulatory changes and competition from other energy sources.
• The company's operations are subject to environmental and safety risks, which could result in liabilities and reputational damage.

Future Outlook

Range's strategy for 2025 and beyond remains to deliver consistent, repeatable financial returns to stockholders while executing safe and environmentally responsible operations, with a focus on meeting surging energy demands driven by domestic base-load power demand growth and the global expansion of liquefied natural gas markets.

Management Comments

• Greg G. Maxwell, Chairman of the Board: 'Our workforce performed at an exceptional level in 2024 as we successfully navigated natural gas pricing weakness.'
• Greg G. Maxwell, Chairman of the Board: 'We are excited about the opportunities that lie before us.'

Industry Context

The announcement highlights the pivotal role of Appalachian natural gas in meeting surging energy demands, aligning with the broader industry trend of increasing reliance on natural gas and NGLs in a lower-carbon world.

Comparison to Industry Standards

• The document states that Range Resources has a 'best-in-class cost profile among U.S. natural gas producers', but does not provide specific comparisons to companies such as EQT Corporation, Antero Resources, or Southwestern Energy.
• The document mentions a 'peer-leading reinvestment rate', but does not provide specific numbers or comparisons to companies such as Devon Energy, Pioneer Natural Resources, or Diamondback Energy.
• The document states that the company's drilling rate of return remained among the best of its Peer Group, but does not provide specific numbers or comparisons to companies such as Chesapeake Energy, Comstock Resources, or CNX Resources.

Management Changes

Corporate Governance

Related Party Transactions

• Mark Windle, brother of General Counsel Erin McDowell, is employed as Director Corporate Communications with a salary and bonus of approximately $254,000 and an equity award valued at approximately $179,000 for 2024.

Stakeholder Impact

• Stockholders: Focus on delivering consistent financial returns and returning capital.
• Employees: Commitment to safe and environmentally responsible operations and talent development.
• Customers: Meeting growing future demand for natural gas and NGLs.
• Environment: Low emissions intensity asset base and emissions reduction efforts.

Next Steps

• Stockholders are encouraged to vote on the proposals outlined in the proxy statement.
• The company will continue to engage with stockholders and incorporate their feedback.
• The Board will continue to undergo refreshment to maintain an appropriate balance of skills and experience.

Key Dates

Keywords

Annual Meeting, Proxy Statement, Board of Directors, Executive Compensation, Director Election, Range Resources, Stockholders, Governance, Financial Performance, Natural Gas, NGLs