RANGE RESOURCES CORP Revenue Disclosure
(3) REVENUES FROM CONTRACTS WITH CUSTOMERS
Disaggregation of Revenue
We have identified three material revenue streams in our business: natural gas sales, NGLs sales and oil sales. Brokered revenue attributable to each product sales type is included here because the volume of product that we purchase is subsequently sold to separate counterparties in accordance with existing sales contracts under which we also sell our production. Revenue attributable to each of our identified revenue streams is disaggregated below (in thousands):
|
Year Ended December 31, |
|
|||||||||
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Natural gas sales |
$ |
1,730,205 |
|
|
$ |
1,052,442 |
|
|
$ |
1,234,308 |
|
NGLs sales |
|
979,313 |
|
|
|
1,020,903 |
|
|
|
933,791 |
|
Oil sales |
|
106,073 |
|
|
|
140,505 |
|
|
|
166,562 |
|
Total natural gas, NGLs and oil sales |
|
2,815,591 |
|
|
|
2,213,850 |
|
|
|
2,334,661 |
|
Sales of purchased natural gas |
|
164,191 |
|
|
|
119,767 |
|
|
|
195,656 |
|
Sales of purchased NGLs |
|
2,443 |
|
|
|
5,370 |
|
|
|
1,834 |
|
Other marketing revenue |
|
5,939 |
|
|
|
7,911 |
|
|
|
9,062 |
|
Total |
$ |
2,988,164 |
|
|
$ |
2,346,898 |
|
|
$ |
2,541,213 |
|
Performance Obligations and Contract Balance
A significant number of our product sales are short-term in nature with a contract term of one year or less. We typically satisfy our performance obligation upon transfer of control and record revenue in the month production is delivered to the purchaser. Settlement statements for certain gas and NGLs sales may be received 30 to 90 days after the date production is delivered, and as a result, we are required to estimate the amount of production that was delivered to the purchaser and the price that will be received for the sale of the product. We record the differences between our estimates and the actual amounts for product sales in the month that payment is received from the purchaser. We have internal controls in place for our estimation process and any identified differences between our revenue estimates and actual revenue received historically have not been significant. For the three years ended December 31, 2025, 2024 and 2023, revenue recognized in the reporting period related to performance obligations satisfied in prior reporting periods was not material. Under our sales contracts, we invoice customers once our performance obligations have been satisfied, at which point payment is unconditional. Accordingly, our product sales contracts do not give rise to contract assets or liabilities. Accounts receivable attributable to our revenue contracts with customers was $354.9 million at December 31, 2025 compared to $291.5 million at December 31, 2024.
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.