10-Q 1 rrc-20210930.htm 10-Q 10-Q
0000315852falseQ3--12-310000315852us-gaap:SwapMembersrt:CrudeOilMemberus-gaap:CommodityContractMember2021-09-300000315852us-gaap:SwapMemberrrc:NGLsCFiveNaturalGasolineMemberus-gaap:CommodityContractMember2021-09-300000315852rrc:NorthwestPennsylvaniaMember2020-01-012020-03-310000315852us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852rrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2021-01-012021-09-300000315852rrc:ContingentConsiderationMember2020-07-012020-09-300000315852rrc:PropaneSpreadSwapMemberus-gaap:CommodityContractMember2021-09-300000315852us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberrrc:ThreeWayCollarsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852us-gaap:SwapMemberus-gaap:CommodityContractMember2020-01-012020-09-300000315852rrc:BrokeredNaturalGasMarketingAndOtherMember2020-07-012020-09-300000315852rrc:FivePercentSeniorNotesDueTwoThousandTwentyThreeMember2020-12-310000315852rrc:NinePointTwoFivePercentSeniorNotesDueTwoThousandTwentySixMember2021-09-300000315852srt:NaturalGasReservesMemberrrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2020-07-012020-09-300000315852rrc:ContingentConsiderationMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852rrc:BrokeredNaturalGasAndMarketingExpenseMember2020-01-012020-09-300000315852rrc:ContingentConsiderationMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852rrc:DerivativesCallsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852us-gaap:SwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852us-gaap:FairValueInputsLevel3Memberrrc:ContingentConsiderationMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852rrc:ContingentConsiderationMember2020-12-310000315852us-gaap:SwapMemberrrc:JanuaryMarchTwoThousandTwentyTwoCommodityContractMemberrrc:NGLsCFiveNaturalGasolineMember2021-09-300000315852rrc:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyFiveMember2020-12-310000315852us-gaap:NotesPayableToBanksMemberrrc:TwoPointTwoPercentBankDebtMember2021-09-300000315852rrc:PerformanceBasedTSRPSUsMember2020-01-012020-09-300000315852us-gaap:BasisSwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852rrc:ExplorationExpenseMember2021-07-012021-09-300000315852rrc:ThreeWayCollarsMember2020-07-012020-09-300000315852us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300000315852rrc:FivePointSevenFivePercentSeniorSubordinatedNotesDueTwoThousandTwentyOneMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000315852srt:MinimumMemberrrc:PerformanceSharesAwardsBasedOnProductionPerShareAwardsAndReservePerShareAwardsMember2021-01-012021-09-300000315852rrc:NaturalsGasMemberrrc:CollarsMemberrrc:TwoThousandTwentyOneCommodityContractMember2021-09-300000315852srt:OilReservesMemberrrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2021-07-012021-09-300000315852us-gaap:FairValueInputsLevel1Memberus-gaap:SwaptionMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852us-gaap:CarryingReportedAmountFairValueDisclosureMemberrrc:FivePointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyTwoMember2020-12-310000315852us-gaap:SwapMemberrrc:NGLsCThreePropaneMemberus-gaap:CommodityContractMember2021-09-300000315852rrc:NaturalsGasMemberrrc:CollarsMemberrrc:TwoThousandTwentyTwoCommoditiesContractMember2021-09-300000315852us-gaap:BasisSwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852rrc:DerivativesCallsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852rrc:OtherMarketingRevenueMemberrrc:BrokeredNaturalGasMarketingAndOtherMember2021-07-012021-09-300000315852rrc:FivePointSevenFivePercentSeniorSubordinatedNotesDueTwoThousandTwentyOneMember2021-09-300000315852rrc:RestrictedStockLiabilityAwardsMember2021-01-012021-09-300000315852rrc:NonEmployeeDirectorsMemberrrc:RestrictedStockLiabilityAwardsMember2020-01-012020-09-300000315852rrc:BankCreditFacilityMember2021-01-012021-09-300000315852us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852us-gaap:SwapMemberus-gaap:CommodityContractMember2020-07-012020-09-300000315852us-gaap:FairValueInputsLevel3Member2021-09-300000315852us-gaap:SwaptionMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852rrc:BankCreditFacilityMember2020-07-012020-09-300000315852us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852us-gaap:FairValueInputsLevel2Memberrrc:DerivativesCallsMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852srt:NaturalGasLiquidsReservesMemberrrc:BrokeredNaturalGasMarketingAndOtherMember2021-07-012021-09-300000315852rrc:PostRetirementMedicalPlanMember2021-01-012021-09-300000315852us-gaap:SwapMemberrrc:NGLsCFiveNaturalGasolineMemberus-gaap:CommodityContractMember2020-12-310000315852us-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberrrc:ThreeWayCollarsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852us-gaap:CommonStockMember2020-07-012020-09-300000315852srt:MinimumMemberus-gaap:MeasurementInputPriceVolatilityMember2021-01-012021-09-300000315852us-gaap:SubordinatedDebtMember2021-01-012021-09-300000315852rrc:FivePercentSeniorNotesDueTwoThousandTwentyThreeMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300000315852us-gaap:CarryingReportedAmountFairValueDisclosureMemberrrc:ContingentConsiderationMember2020-12-310000315852rrc:ExitCostsMember2021-09-300000315852us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000315852us-gaap:CarryingReportedAmountFairValueDisclosureMemberrrc:FivePointSevenFivePercentSeniorSubordinatedNotesDueTwoThousandTwentyOneMember2021-09-300000315852us-gaap:AdditionalPaidInCapitalMember2021-09-300000315852us-gaap:SwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852rrc:ExplorationExpenseMember2020-01-012020-09-300000315852srt:NaturalGasLiquidsReservesMemberrrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2021-07-012021-09-300000315852rrc:FivePercentSeniorSubordinatedNotesDueTwoThousandTwentyThreeMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-3100003158522020-04-012020-06-300000315852rrc:RestrictedStockEquityAwardsMember2020-12-310000315852us-gaap:FairValueInputsLevel2Memberus-gaap:SwaptionMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852rrc:ContingentConsiderationMember2021-09-300000315852srt:NaturalGasReservesMemberrrc:BrokeredNaturalGasMarketingAndOtherMember2020-07-012020-09-300000315852us-gaap:OperatingExpenseMember2021-07-012021-09-3000003158522020-01-012020-09-3000003158522021-04-022021-04-020000315852us-gaap:CommonStockMember2021-04-012021-06-300000315852us-gaap:CommonStockMember2020-04-012020-06-300000315852srt:NaturalGasReservesMemberrrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2020-01-012020-09-300000315852us-gaap:CommonStockMember2020-09-300000315852rrc:FivePercentSeniorSubordinatedNotesDueTwoThousandTwentyTwoMember2021-09-300000315852us-gaap:RetainedEarningsMember2021-06-300000315852us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberrrc:ThreeWayCollarsMember2021-09-300000315852us-gaap:LondonInterbankOfferedRateLIBORMembersrt:MinimumMemberrrc:BankCreditFacilityMember2021-09-300000315852us-gaap:GeneralAndAdministrativeExpenseMember2020-07-012020-09-3000003158522021-06-300000315852us-gaap:SwapMemberrrc:FreightContractMember2021-01-012021-09-300000315852rrc:FreightContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852rrc:FivePercentSeniorSubordinatedNotesDueTwoThousandTwentyTwoMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-3000003158522021-03-310000315852rrc:FivePointSevenFivePercentSeniorSubordinatedNotesDueTwoThousandTwentyOneMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000315852rrc:FivePercentSeniorSubordinatedNotesDueTwoThousandTwentyThreeMember2021-03-310000315852rrc:BankCreditFacilityMemberus-gaap:BaseRateMember2021-01-012021-09-300000315852rrc:ContingentConsiderationMember2021-07-012021-09-300000315852rrc:RestrictedStockEquityAwardsMember2020-01-012020-09-300000315852us-gaap:FairValueInputsLevel3Member2021-01-012021-09-300000315852rrc:NonEmployeeDirectorsMemberrrc:RestrictedStockLiabilityAwardsMember2021-01-012021-09-300000315852rrc:CollarsMember2020-01-012020-09-300000315852rrc:FivePercentSeniorSubordinatedNotesDueTwoThousandTwentyThreeMember2021-09-300000315852us-gaap:FairValueInputsLevel2Memberrrc:NorthLouisianaMember2020-01-012020-03-310000315852us-gaap:SwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852rrc:NorthLouisianaMember2020-08-142020-08-140000315852rrc:FivePercentSeniorSubordinatedNotesDueTwoThousandTwentyTwoMember2020-12-310000315852us-gaap:LondonInterbankOfferedRateLIBORMembersrt:MaximumMemberrrc:BankCreditFacilityMember2021-09-300000315852us-gaap:CarryingReportedAmountFairValueDisclosureMemberrrc:FivePercentSeniorSubordinatedNotesDueTwoThousandTwentyTwoMember2020-12-310000315852us-gaap:SwapMemberrrc:NGLsNCFourNormalButaneMemberrrc:TwoThousandTwentyOneCommodityContractMember2021-09-300000315852us-gaap:SwapMemberrrc:TwoThousandTwentyThreeCommodityContractMembersrt:CrudeOilMember2021-09-300000315852rrc:PerformanceSharesAwardsBasedOnProductionPerShareAwardsAndReservePerShareAwardsMember2020-12-310000315852rrc:NGLsNCFourNormalButaneMemberrrc:CollarsMemberus-gaap:CommodityContractMember2021-09-300000315852us-gaap:BasisSwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852rrc:NorthLouisianaContractReleaseMember2020-01-012020-09-300000315852us-gaap:TreasuryStockMember2020-03-310000315852rrc:FreightContractMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852us-gaap:GeneralAndAdministrativeExpenseMember2021-01-012021-09-300000315852rrc:EightPointTwoFivePercentSeniorNotesDueTwoThousandTwentyNineMember2021-01-012021-01-310000315852rrc:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyFiveMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300000315852us-gaap:FairValueInputsLevel3Memberrrc:ContingentConsiderationMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852rrc:NorthLouisianaContractReleaseMember2021-07-012021-09-300000315852rrc:ExplorationExpenseMember2020-01-012020-12-310000315852us-gaap:AdditionalPaidInCapitalMember2021-06-3000003158522021-04-012021-06-3000003158522021-10-220000315852rrc:FivePointSevenFivePercentSeniorSubordinatedNotesDueTwoThousandTwentyOneMember2021-03-310000315852rrc:DerivativesCallsMember2020-01-012020-09-300000315852rrc:DerivativesCallsMember2021-07-012021-09-300000315852rrc:FivePercentSeniorSubordinatedNotesDueTwoThousandTwentyTwoMember2021-03-310000315852rrc:EightPointTwoFivePercentageSeniorNotesDueTwoThousandTwentyNine1Member2020-12-310000315852us-gaap:EstimateOfFairValueFairValueDisclosureMemberrrc:FivePercentSeniorSubordinatedNotesDueTwoThousandTwentyTwoMember2020-12-310000315852us-gaap:SwapMemberus-gaap:CommodityContractMember2021-07-012021-09-300000315852rrc:BrokeredNaturalGasMarketingAndOtherMember2021-07-012021-09-300000315852us-gaap:CommonStockMember2020-12-310000315852rrc:NaturalsGasMemberus-gaap:SwaptionMemberus-gaap:CommodityContractMember2021-09-300000315852rrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2020-01-012020-09-300000315852rrc:NorthLouisianaMember2020-08-012020-08-310000315852us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000315852rrc:CollarsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852us-gaap:SwapMemberrrc:NaturalsGasMemberus-gaap:CommodityContractMember2020-12-310000315852us-gaap:CommonStockMember2020-06-300000315852us-gaap:CarryingReportedAmountFairValueDisclosureMemberrrc:FivePercentSeniorSubordinatedNotesDueTwoThousandTwentyTwoMember2021-09-300000315852srt:NaturalGasReservesMemberrrc:BrokeredNaturalGasMarketingAndOtherMember2021-07-012021-09-300000315852us-gaap:SwaptionMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852us-gaap:BasisSwapMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000315852rrc:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyFiveMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000315852us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310000315852rrc:EmployeesMemberrrc:RestrictedStockLiabilityAwardsMember2021-01-012021-09-300000315852us-gaap:RetainedEarningsMember2020-09-300000315852us-gaap:GeneralAndAdministrativeExpenseMember2020-01-012020-09-300000315852us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000315852rrc:CollarsMemberrrc:NGLsCFiveNaturalGasolineMemberus-gaap:CommodityContractMember2021-09-300000315852rrc:FreightContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852rrc:TerminationCostsMember2021-07-012021-09-300000315852rrc:NorthLouisianaMembersrt:MaximumMemberrrc:ContingentConsiderationMember2021-01-012021-09-300000315852rrc:FivePointSevenFivePercentSeniorNotesDueTwoThousandTwentyOneMember2021-09-300000315852us-gaap:CarryingReportedAmountFairValueDisclosureMemberrrc:NinePointTwoFivePercentageSeniorNotesDueTwoThousandTwentySixMember2020-12-310000315852us-gaap:GeneralAndAdministrativeExpenseMember2021-07-012021-09-300000315852rrc:ContingentConsiderationMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000315852us-gaap:RetainedEarningsMember2021-03-310000315852rrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2020-07-012020-09-300000315852rrc:PostRetirementMedicalPlanMember2020-01-012020-09-300000315852us-gaap:SwapMemberrrc:NGLsNCFourNormalButaneMemberus-gaap:CommodityContractMember2021-09-300000315852us-gaap:SwapMemberrrc:NaturalsGasMemberus-gaap:CommodityContractMember2021-09-300000315852us-gaap:CommonStockMember2021-07-012021-09-300000315852srt:OilReservesMemberrrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2020-01-012020-09-300000315852rrc:NaturalsGasMemberus-gaap:CommodityContractMemberrrc:ThreeWayCollarsMember2021-09-300000315852us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300000315852rrc:BrokeredNaturalGasMarketingAndOtherMember2021-01-012021-09-300000315852rrc:NorthLouisianaMember2021-01-012021-03-310000315852us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300000315852rrc:EightPointTwoFivePercentageSeniorNotesDueTwoThousandTwentyNine1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000315852us-gaap:SwapMemberus-gaap:FairValueInputsLevel2Memberrrc:FreightContractMemberrrc:ContractsSettleInTwoThousandAndTwentyOneMembersrt:ScenarioForecastMember2021-12-310000315852us-gaap:FairValueInputsLevel2Memberrrc:DerivativesCallsMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310000315852rrc:BrokeredNaturalGasAndMarketingExpenseMember2020-07-012020-09-300000315852rrc:NaturalsGasMemberrrc:TwoThousandTwentyOneCommodityContractMemberrrc:ThreeWayCollarsMember2021-09-300000315852rrc:EightPointTwoFivePercentageSeniorNotesDueTwoThousandTwentyNine1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300000315852us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300000315852us-gaap:AdditionalPaidInCapitalMember2021-03-310000315852us-gaap:CarryingReportedAmountFairValueDisclosureMemberrrc:FivePointSevenFivePercentSeniorSubordinatedNotesDueTwoThousandTwentyOneMember2020-12-310000315852us-gaap:CommonStockMember2021-09-300000315852us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300000315852rrc:TerminationCostsMember2020-01-012020-09-300000315852us-gaap:SwapMemberrrc:TwoThousandTwentyTwoCommoditiesContractMembersrt:CrudeOilMember2021-09-300000315852us-gaap:SwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852us-gaap:RetainedEarningsMember2021-07-012021-09-300000315852rrc:NaturalsGasMemberrrc:TwoThousandTwentyTwoCommoditiesContractMemberrrc:CallSwaptionsMember2021-09-300000315852rrc:OtherMarketingRevenueMemberrrc:BrokeredNaturalGasMarketingAndOtherMember2021-01-012021-09-300000315852rrc:ExplorationExpenseMember2021-01-012021-09-300000315852rrc:MarchTwoThousandEighteenGrantMemberrrc:PerformanceSharesAwardsBasedOnProductionPerShareAwardsAndReservePerShareAwardsMember2018-03-012018-03-310000315852srt:MinimumMemberrrc:BankCreditFacilityMember2021-01-012021-09-300000315852rrc:OneCounterpartyNotInFacilityMember2021-09-300000315852us-gaap:SwapMemberrrc:NaturalsGasMemberrrc:TwoThousandTwentyOneCommodityContractMember2021-09-300000315852us-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberrrc:ThreeWayCollarsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852rrc:DerivativesCallsMemberrrc:NGLsCFiveNaturalGasolineMemberus-gaap:CommodityContractMember2020-12-310000315852rrc:OtherSeniorNotesDueTwoThousandTwentyTwoMember2020-12-310000315852srt:OilReservesMemberrrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2020-07-012020-09-300000315852rrc:BrokeredNaturalGasMarketingAndOtherMembersrt:NaturalGasLiquidsReservesMember2021-01-012021-09-300000315852srt:MaximumMemberrrc:BankCreditFacilityMember2021-01-012021-09-300000315852rrc:DerivativesCallsMember2021-01-012021-09-300000315852us-gaap:FairValueInputsLevel1Memberrrc:CollarsMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852us-gaap:SwapMembersrt:CrudeOilMemberrrc:TwoThousandTwentyOneCommodityContractMember2021-09-300000315852rrc:NGLsCThreePropaneMemberrrc:CollarsMemberus-gaap:CommodityContractMember2020-12-310000315852rrc:NaturalsGasMemberrrc:CollarsMemberus-gaap:CommodityContractMember2020-12-310000315852us-gaap:CommonStockMember2020-01-012020-03-310000315852us-gaap:AdditionalPaidInCapitalMember2020-03-310000315852us-gaap:FairValueInputsLevel2Memberrrc:ContingentConsiderationMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852us-gaap:FairValueInputsLevel3Memberus-gaap:SwaptionMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852srt:MinimumMemberrrc:PerformanceBasedTSRPSUsMember2021-01-012021-09-300000315852rrc:OtherSeniorNotesDueTwoThousandTwentyTwoMember2021-09-300000315852rrc:NGLsNCFourNormalButaneMemberrrc:CollarsMemberus-gaap:CommodityContractMember2020-12-310000315852country:PA2021-01-012021-09-300000315852rrc:NaturalsGasMemberrrc:TwoThousandTwentyTwoCommoditiesContractMemberrrc:ThreeWayCollarsMember2021-09-300000315852us-gaap:SwapMemberrrc:FreightContractMember2020-07-012020-09-300000315852us-gaap:SwapMemberrrc:FreightContractMember2021-07-012021-09-3000003158522020-01-012020-03-310000315852srt:MaximumMemberrrc:PerformanceSharesAwardsBasedOnProductionPerShareAwardsAndReservePerShareAwardsMember2021-01-012021-09-300000315852rrc:CollarsMemberrrc:NGLsCThreePropaneMemberrrc:TwoThousandTwentyOneCommodityContractMember2021-09-300000315852srt:NaturalGasReservesMemberrrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2021-01-012021-09-300000315852rrc:OtherMarketingRevenueMemberrrc:BrokeredNaturalGasMarketingAndOtherMember2020-07-012020-09-300000315852us-gaap:FairValueInputsLevel2Memberrrc:CollarsMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852us-gaap:RetainedEarningsMember2021-04-012021-06-300000315852rrc:FivePercentSeniorNotesDueTwoThousandTwentyTwoMember2020-12-310000315852rrc:FivePointSevenFivePercentSeniorSubordinatedNotesDueTwoThousandTwentyOneMember2020-12-310000315852srt:NaturalGasLiquidsReservesMemberrrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2020-07-012020-09-300000315852us-gaap:BasisSwapMember2021-07-012021-09-300000315852srt:NaturalGasReservesMemberrrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2021-07-012021-09-3000003158522020-03-310000315852us-gaap:FairValueInputsLevel1Memberrrc:ContingentConsiderationMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852us-gaap:CarryingReportedAmountFairValueDisclosureMemberrrc:FivePercentSeniorSubordinatedNotesDueTwoThousandTwentyThreeMember2021-09-300000315852country:PA2020-07-012020-09-300000315852us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2021-01-012021-09-300000315852rrc:DirectOperatingExpenseMember2020-01-012020-09-300000315852rrc:RestrictedStockLiabilityAwardsMember2021-09-300000315852us-gaap:TreasuryStockMember2020-01-012020-03-310000315852us-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852us-gaap:FairValueInputsLevel2Memberus-gaap:BasisSwapMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852rrc:FivePercentSeniorSubordinatedNotesDueTwoThousandTwentyThreeMember2020-12-310000315852us-gaap:TreasuryStockMember2020-06-300000315852us-gaap:TreasuryStockMember2021-03-310000315852us-gaap:RevenueFromContractWithCustomerMember2020-12-310000315852us-gaap:RestrictedStockMember2020-07-012020-09-300000315852us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852srt:NaturalGasLiquidsReservesMemberrrc:BrokeredNaturalGasMarketingAndOtherMember2020-07-012020-09-300000315852rrc:FreightContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852us-gaap:RestrictedStockMember2020-01-012020-12-310000315852us-gaap:SwapMemberrrc:FreightContractMember2020-01-012020-09-300000315852rrc:NaturalsGasMemberrrc:JanuaryMarchTwoThousandTwentyTwoCommodityContractMemberrrc:CallsMember2021-09-300000315852us-gaap:CarryingReportedAmountFairValueDisclosureMemberrrc:FivePercentSeniorNotesDueTwoThousandTwentyTwoMember2020-12-310000315852rrc:ContingentConsiderationMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000315852us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310000315852rrc:CollarsMemberrrc:JanuaryMarchTwoThousandTwentyTwoCommodityContractMemberrrc:NGLsCFiveNaturalGasolineMember2021-09-300000315852srt:NaturalGasLiquidsReservesMemberrrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2021-01-012021-09-300000315852rrc:FivePercentSeniorNotesDueTwoThousandTwentyTwoMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000315852us-gaap:CommonStockMember2021-01-012021-03-310000315852us-gaap:SwaptionMember2020-07-012020-09-300000315852us-gaap:RetainedEarningsMember2020-12-310000315852us-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberrrc:ThreeWayCollarsMember2021-09-300000315852us-gaap:TreasuryStockMember2021-09-300000315852us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300000315852rrc:NaturalsGasMemberus-gaap:BasisSwapMemberus-gaap:CommodityContractMember2020-12-310000315852us-gaap:FairValueInputsLevel2Memberrrc:FreightContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-3100003158522021-01-012021-03-310000315852rrc:OtherSeniorNotesDueTwoThousandTwentyTwoMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000315852rrc:FivePercentSeniorNotesDueTwoThousandTwentyThreeMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000315852us-gaap:EmployeeSeveranceMember2020-07-012020-09-300000315852us-gaap:SwapMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852rrc:NGLsNCFourNormalButaneMemberrrc:CollarsMemberrrc:TwoThousandTwentyOneCommodityContractMember2021-09-300000315852us-gaap:CarryingReportedAmountFairValueDisclosureMemberrrc:NinePointTwoFivePercentageSeniorNotesDueTwoThousandTwentySixMember2021-09-300000315852srt:NaturalGasLiquidsReservesMemberrrc:BrokeredNaturalGasMarketingAndOtherMember2020-01-012020-09-300000315852rrc:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyFiveMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000315852us-gaap:TreasuryStockMember2021-01-012021-03-310000315852rrc:FivePercentSeniorNotesDueTwoThousandTwentyThreeMember2021-09-3000003158522021-09-300000315852rrc:TerminationCostsMember2021-01-012021-09-300000315852us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2020-01-012020-09-300000315852srt:MinimumMemberrrc:BankCreditFacilityMember2021-09-3000003158522020-09-300000315852rrc:PostRetirementMedicalPlanMember2021-07-012021-09-300000315852rrc:CollarsMemberrrc:TwoThousandTwentyOneCommodityContractMemberrrc:NGLsCFiveNaturalGasolineMember2021-09-300000315852srt:MaximumMemberus-gaap:MeasurementInputPriceVolatilityMember2021-01-012021-09-3000003158522021-01-012021-09-300000315852country:PA2020-04-012020-06-300000315852rrc:FivePointSevenFivePercentSeniorNotesDueTwoThousandTwentyOneMember2021-03-310000315852rrc:RestrictedStockLiabilityAwardsMember2020-12-310000315852us-gaap:RestrictedStockMember2020-01-012020-09-300000315852srt:NaturalGasReservesMemberrrc:BrokeredNaturalGasMarketingAndOtherMember2021-01-012021-09-300000315852us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852rrc:OtherMarketingRevenueMemberrrc:BrokeredNaturalGasMarketingAndOtherMember2020-01-012020-09-300000315852rrc:OtherSeniorNotesDueTwoThousandTwentyTwoMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000315852us-gaap:FairValueInputsLevel2Memberus-gaap:LeaseAgreementsMember2020-07-012020-09-300000315852rrc:NaturalsGasMemberrrc:DerivativesCallsMemberus-gaap:CommodityContractMember2021-09-300000315852rrc:FourCounterPartiesNotInFacilityMember2021-09-300000315852us-gaap:NotesPayableToBanksMemberrrc:TwoPointTwoPercentBankDebtMember2020-12-310000315852us-gaap:RetainedEarningsMember2020-06-300000315852us-gaap:CommonStockMember2019-12-310000315852us-gaap:SwapMemberrrc:ContractsSettleInTwoThousandAndTwentyTwoMemberus-gaap:FairValueInputsLevel2Memberrrc:FreightContractMembersrt:ScenarioForecastMember2022-03-310000315852rrc:FivePointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyTwoMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000315852rrc:PerformanceSharesAwardsBasedOnProductionPerShareAwardsAndReservePerShareAwardsMember2021-01-012021-09-300000315852rrc:NGLsCThreePropaneMemberus-gaap:CommodityContractMemberrrc:SpreadSwapMember2020-12-310000315852country:PArrc:CapacityReleasesOnTransportationPipelinesMember2021-01-012021-09-300000315852rrc:NinePointTwoFivePercentageSeniorNotesDueTwoThousandTwentySixMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000315852us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000315852us-gaap:SwapMemberrrc:TwoThousandTwentyOneCommodityContractMemberrrc:NGLsCFiveNaturalGasolineMember2021-09-300000315852us-gaap:CommodityContractMemberrrc:ThreeWayCollarsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-3100003158522020-06-300000315852us-gaap:AdditionalPaidInCapitalMember2020-12-310000315852country:PA2021-07-012021-09-300000315852rrc:FivePointSevenFivePercentSeniorNotesDueTwoThousandTwentyOneMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000315852rrc:NaturalsGasMemberrrc:TwoThousandTwentyThreeCommodityContractMemberrrc:CallSwaptionsMember2021-09-300000315852rrc:DerivativesCallsMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852rrc:ExitCostsMember2021-01-012021-09-300000315852rrc:NaturalsGasMemberrrc:CollarsMemberus-gaap:CommodityContractMember2021-09-300000315852rrc:DerivativesExcludingBasisSwapsAndFreightSwapsMember2021-09-300000315852us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberrrc:ThreeWayCollarsMember2020-12-310000315852us-gaap:SwaptionMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852us-gaap:RestrictedStockMember2021-01-012021-09-300000315852us-gaap:FairValueInputsLevel1Memberrrc:ContingentConsiderationMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852rrc:CollarsMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852rrc:FivePercentSeniorSubordinatedNotesDueTwoThousandTwentyThreeMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000315852rrc:RestrictedStockLiabilityAwardsMember2020-01-012020-09-300000315852srt:MinimumMemberrrc:ContingentConsiderationMember2021-09-300000315852us-gaap:CommonStockMember2021-06-300000315852us-gaap:OperatingExpenseMember2021-01-012021-09-300000315852us-gaap:CarryingReportedAmountFairValueDisclosureMemberrrc:FivePointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyTwoMember2021-09-300000315852us-gaap:FairValueInputsLevel2Memberrrc:FreightContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852rrc:PostRetirementMedicalPlanMember2020-07-012020-09-300000315852us-gaap:RestrictedStockMember2021-07-012021-09-300000315852rrc:NGLsCThreePropaneMemberus-gaap:CommodityContractMemberrrc:SpreadSwapMember2021-09-300000315852us-gaap:PerformanceSharesMember2020-01-012020-12-310000315852rrc:ContingentConsiderationMember2021-01-012021-09-300000315852rrc:DerivativesCallsMember2020-07-012020-09-300000315852us-gaap:TreasuryStockMember2019-12-310000315852us-gaap:TreasuryStockMember2020-04-012020-06-300000315852rrc:BankCreditFacilityMember2020-01-012020-09-300000315852rrc:ExplorationExpenseMember2020-07-012020-09-300000315852us-gaap:OperatingExpenseMember2020-07-012020-09-300000315852us-gaap:TreasuryStockMember2020-12-310000315852us-gaap:BasisSwapMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852rrc:FivePercentSeniorNotesDueTwoThousandTwentyThreeMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000315852rrc:FivePointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyTwoMember2021-03-310000315852us-gaap:LondonInterbankOfferedRateLIBORMemberrrc:BankCreditFacilityMember2021-01-012021-09-300000315852us-gaap:FairValueInputsLevel2Memberus-gaap:SwaptionMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852us-gaap:SwapMemberrrc:NGLsCThreePropaneMemberrrc:TwoThousandTwentyOneCommodityContractMember2021-09-300000315852rrc:TerminationCostsMember2021-09-3000003158522020-07-012020-09-300000315852rrc:TerminationCostsMember2020-07-012020-09-300000315852us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310000315852us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300000315852us-gaap:FairValueInputsLevel2Memberrrc:ContingentConsiderationMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852rrc:PerformanceBasedTSRPSUsMember2021-01-012021-09-300000315852rrc:MarchTwoThousandEighteenGrantMembersrt:MinimumMemberrrc:PerformanceBasedTSRPSUsMember2021-01-012021-09-300000315852rrc:RestrictedStockEquityAwardsMember2021-01-012021-09-300000315852rrc:PennsylvaniaDepartmentOfEnvironmentalProtectionMember2021-02-102021-02-100000315852us-gaap:OperatingExpenseMember2020-01-012020-09-300000315852rrc:ThreeWayCollarsMember2020-01-012020-09-300000315852us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300000315852rrc:DirectOperatingExpenseMember2020-07-012020-09-300000315852rrc:NorthLouisianaMemberrrc:ContingentConsiderationMember2020-08-140000315852rrc:TerminationCostsMember2021-01-012021-09-300000315852rrc:DirectOperatingExpenseMember2021-01-012021-09-300000315852us-gaap:RetainedEarningsMember2020-03-310000315852us-gaap:RevenueFromContractWithCustomerMember2021-09-300000315852rrc:TerminationCostsMember2020-12-310000315852us-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300000315852us-gaap:RetainedEarningsMember2021-01-012021-03-310000315852rrc:EightPointTwoFivePercentSeniorNotesDueTwoThousandTwentyNineMember2021-01-012021-09-300000315852us-gaap:BasisSwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852us-gaap:SwapMemberrrc:FreightContractMember2020-12-310000315852rrc:PerformanceBasedTSRPSUsMember2020-12-310000315852us-gaap:RetainedEarningsMember2020-01-012020-03-310000315852us-gaap:BasisSwapMember2020-07-012020-09-300000315852rrc:OtherSeniorNotesDueTwoThousandTwentyTwoMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300000315852us-gaap:TreasuryStockMember2021-07-012021-09-300000315852rrc:FivePointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyTwoMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000315852rrc:NinePointTwoFivePercentageSeniorNotesDueTwoThousandTwentySixMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000315852rrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2021-07-012021-09-300000315852us-gaap:TreasuryStockMember2021-04-012021-06-300000315852rrc:ThreeWayCollarsMember2021-07-012021-09-300000315852us-gaap:FairValueInputsLevel2Memberrrc:CollarsMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2020-07-012020-09-300000315852rrc:FreightContractMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852srt:NaturalGasLiquidsReservesMemberrrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2020-01-012020-09-300000315852rrc:CollarsMember2021-01-012021-09-300000315852rrc:FivePercentSeniorNotesDueTwoThousandTwentyTwoMember2021-09-300000315852us-gaap:SwapMemberrrc:NGLsNCFourNormalButaneMemberus-gaap:CommodityContractMember2020-12-310000315852us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310000315852us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300000315852us-gaap:FairValueInputsLevel3Member2020-12-310000315852rrc:FivePointSevenFivePercentSeniorNotesDueTwoThousandTwentyOneMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300000315852rrc:FivePointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyTwoMember2020-12-310000315852us-gaap:RetainedEarningsMember2019-12-310000315852rrc:FivePercentSeniorNotesDueTwoThousandTwentyThreeMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000315852rrc:NaturalsGasMemberus-gaap:BasisSwapMemberus-gaap:CommodityContractMember2021-09-300000315852rrc:BrokeredNaturalGasMarketingAndOtherMember2020-01-012020-09-300000315852rrc:CollarsMember2021-07-012021-09-300000315852us-gaap:FairValueInputsLevel1Memberrrc:CollarsMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852us-gaap:RetainedEarningsMember2020-07-012020-09-300000315852rrc:BankCreditFacilityMember2021-03-3100003158522019-10-310000315852rrc:EightPointTwoFivePercentSeniorNotesDueTwoThousandTwentyNineMember2021-09-300000315852srt:OilReservesMemberrrc:NaturalGasNaturalGasLiquidsAndOilSalesMember2021-01-012021-09-300000315852us-gaap:BasisSwapMember2020-01-012020-09-300000315852us-gaap:FairValueInputsLevel2Memberus-gaap:BasisSwapMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852rrc:OtherSeniorNotesDueTwoThousandTwentyTwoMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000315852srt:MinimumMemberrrc:BankCreditFacilityMemberus-gaap:BaseRateMember2021-09-300000315852rrc:CollarsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852rrc:NorthLouisianaContractReleaseMember2020-07-012020-09-300000315852us-gaap:FairValueInputsLevel2Memberrrc:FreightContractMemberrrc:ContractsSettleInTwoThousandAndTwentyOneMemberrrc:PropaneSpreadSwapMember2021-09-300000315852us-gaap:SwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852rrc:PerformanceSharesAwardsBasedOnProductionPerShareAwardsAndReservePerShareAwardsMember2021-09-3000003158522021-07-012021-09-300000315852us-gaap:RetainedEarningsMember2020-04-012020-06-300000315852rrc:EightPointTwoFivePercentageSeniorNotesDueTwoThousandTwentyNine1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000315852rrc:FivePointSevenFivePercentSeniorNotesDueTwoThousandTwentyOneMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000315852us-gaap:SwaptionMember2020-01-012020-09-300000315852us-gaap:PerformanceSharesMember2021-01-012021-09-300000315852us-gaap:SwapMemberrrc:TwoThousandTwentyThreeCommodityContractMemberrrc:NaturalsGasMember2021-09-300000315852us-gaap:SwapMemberrrc:NaturalsGasMemberrrc:TwoThousandTwentyTwoCommoditiesContractMember2021-09-300000315852rrc:BankCreditFacilityMember2021-07-012021-09-300000315852rrc:CollarsMemberrrc:NGLsCThreePropaneMemberus-gaap:CommodityContractMember2021-09-300000315852rrc:NinePointTwoFivePercentageSeniorNotesDueTwoThousandTwentySixMember2020-12-310000315852us-gaap:CarryingReportedAmountFairValueDisclosureMemberrrc:ContingentConsiderationMember2021-09-300000315852rrc:FivePercentSeniorNotesDueTwoThousandTwentyTwoMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000315852rrc:DerivativesCallsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852us-gaap:FairValueInputsLevel1Memberus-gaap:SwaptionMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300000315852us-gaap:SwapMembersrt:CrudeOilMemberus-gaap:CommodityContractMember2020-12-310000315852us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300000315852srt:MaximumMemberrrc:BankCreditFacilityMemberus-gaap:BaseRateMember2021-09-300000315852us-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberrrc:ThreeWayCollarsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852rrc:CollarsMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852us-gaap:PerformanceSharesMember2020-01-012020-09-300000315852rrc:EightPointTwoFivePercentSeniorNotesDueTwoThousandTwentyNineMember2020-12-310000315852us-gaap:AdditionalPaidInCapitalMember2019-12-310000315852us-gaap:CarryingReportedAmountFairValueDisclosureMemberrrc:FivePercentSeniorSubordinatedNotesDueTwoThousandTwentyThreeMember2020-12-310000315852rrc:FivePointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyTwoMember2021-09-300000315852rrc:RestrictedStockEquityAwardsMember2021-09-300000315852rrc:NorthLouisianaMember2021-04-012021-06-300000315852us-gaap:SwapMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852rrc:FivePointSevenFivePercentSeniorNotesDueTwoThousandTwentyOneMember2020-12-310000315852us-gaap:SwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852us-gaap:CommonStockMember2021-03-310000315852country:PA2020-01-012020-09-300000315852us-gaap:SwaptionMember2021-07-012021-09-300000315852rrc:EmployeesMemberrrc:RestrictedStockLiabilityAwardsMember2020-01-012020-09-300000315852srt:NaturalGasReservesMemberrrc:BrokeredNaturalGasMarketingAndOtherMember2020-01-012020-09-3000003158522019-12-310000315852us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300000315852rrc:NinePointTwoFivePercentSeniorNotesDueTwoThousandTwentySixMember2020-12-310000315852us-gaap:SwapMemberus-gaap:CommodityContractMember2021-01-012021-09-300000315852us-gaap:TreasuryStockMember2020-09-300000315852rrc:PerformanceBasedTSRPSUsMember2021-09-300000315852us-gaap:SwapMemberrrc:NGLsCThreePropaneMemberus-gaap:CommodityContractMember2020-12-310000315852rrc:NorthLouisianaMember2021-01-012021-09-300000315852rrc:NinePointTwoFivePercentageSeniorNotesDueTwoThousandTwentySixMember2021-09-300000315852rrc:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyFiveMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000315852rrc:ThreeWayCollarsMember2021-01-012021-09-300000315852us-gaap:TreasuryStockMember2021-06-300000315852us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000315852us-gaap:CommonStockMember2020-03-310000315852rrc:FreightContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000315852us-gaap:CommonStockMemberus-gaap:PerformanceSharesMember2021-01-012021-09-300000315852us-gaap:RetainedEarningsMember2021-09-3000003158522020-01-012020-12-310000315852us-gaap:TreasuryStockMember2020-07-012020-09-300000315852rrc:EightPointTwoFivePercentageSeniorNotesDueTwoThousandTwentyNine1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000315852rrc:DirectOperatingExpenseMember2021-07-012021-09-300000315852us-gaap:SwapMemberrrc:FreightContractMember2021-09-300000315852rrc:NaturalsGasMemberus-gaap:SwaptionMemberus-gaap:CommodityContractMember2020-12-310000315852rrc:FivePointSevenFivePercentSeniorNotesDueTwoThousandTwentyOneMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000315852us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember2021-07-012021-09-3000003158522020-12-310000315852rrc:BankCreditFacilityMember2021-09-300000315852us-gaap:CarryingReportedAmountFairValueDisclosureMemberrrc:FivePercentSeniorNotesDueTwoThousandTwentyTwoMember2021-09-300000315852rrc:NorthLouisianaMember2020-07-012020-09-300000315852rrc:CollarsMember2020-07-012020-09-300000315852rrc:BrokeredNaturalGasAndMarketingExpenseMember2021-07-012021-09-300000315852rrc:DerivativesCallsMemberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000315852rrc:BrokeredNaturalGasAndMarketingExpenseMember2021-01-012021-09-300000315852rrc:EightPointTwoFivePercentSeniorNotesDueTwoThousandTwentyNineMember2021-01-310000315852rrc:NorthLouisianaMember2020-08-140000315852us-gaap:AdditionalPaidInCapitalMember2020-06-300000315852rrc:NaturalGasBasisSwapMemberus-gaap:CommodityContractMember2021-09-300000315852rrc:EightPointTwoFivePercentageSeniorNotesDueTwoThousandTwentyNine1Member2021-09-300000315852rrc:FourPointEightSevenFivePercentSeniorNotesDueTwoThousandTwentyFiveMember2021-09-300000315852us-gaap:SwaptionMember2021-01-012021-09-300000315852rrc:NaturalsGasMemberus-gaap:SwaptionMembersrt:WeightedAverageMemberus-gaap:MeasurementInputPriceVolatilityMember2021-01-012021-09-300000315852us-gaap:AdditionalPaidInCapitalMember2020-09-300000315852rrc:ExitCostsMember2020-12-310000315852us-gaap:BasisSwapMember2021-01-012021-09-300000315852srt:MaximumMemberrrc:PerformanceBasedTSRPSUsMember2021-01-012021-09-300000315852rrc:NaturalsGasMemberus-gaap:CommodityContractMemberrrc:ThreeWayCollarsMember2020-12-310000315852rrc:NorthLouisianaContractReleaseMember2021-01-012021-09-300000315852rrc:ContingentConsiderationMember2020-01-012020-09-30rrc:Commercialbankiso4217:USDxbrli:sharesxbrli:purerrc:RevenueStreamsutr:MMBTUrrc:BarrelsPerDayrrc:TPerMxbrli:sharesrrc:Awardiso4217:USDutr:MMBTUrrc:Plansrrc:Counterpartyiso4217:USDutr:galrrc:MmbtuPerDayiso4217:USD

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark one)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-12209

 

RANGE RESOURCES CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware

 

34-1312571

(State or Other Jurisdiction of

Incorporation or Organization)

 

(IRS Employer

Identification No.)

 

100 Throckmorton Street, Suite 1200

Fort Worth, Texas

 

76102

(Address of Principal Executive Offices)

 

(Zip Code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, (Par Value $0.01)

 

RRC

 

New York Stock Exchange

Registrant’s telephone number, including area code

(817) 870-2601

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer

 

Accelerated Filer

 

 

 

 

Non-Accelerated Filer

 

Smaller Reporting Company

 

 

 

 

Emerging Growth Company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No

259,794,788 Common Shares were outstanding on October 22, 2021

 


 

RANGE RESOURCES CORPORATION

FORM 10-Q

Quarter Ended September 30, 2021

Unless the context otherwise indicates, all references in this report to “Range Resources,” “Range,” “we,” “us,” or “our” are to Range Resources Corporation and its directly and indirectly owned subsidiaries. For certain industry specific terms used in this Form 10-Q, please see “Glossary of Certain Defined Terms” in our 2020 Annual Report on Form 10-K.

TABLE OF CONTENTS

 

 

 

 

 

Page

PART I – FINANCIAL INFORMATION

 

 

ITEM 1.

 

Financial Statements:

 

 

 

 

Consolidated Balance Sheets

 

3

 

 

Consolidated Statements of Operations (Unaudited)

 

4

 

 

Consolidated Statements of Comprehensive Loss (Unaudited)

 

5

 

 

Consolidated Statements of Cash Flows (Unaudited)

 

6

 

 

Consolidated Statements of Stockholders’ Equity (Unaudited)

 

7

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

9

ITEM 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

27

ITEM 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

41

ITEM 4.

 

Controls and Procedures

 

44

PART II – OTHER INFORMATION

 

 

ITEM 1.

 

Legal Proceedings

 

44

ITEM 1A.

 

Risk Factors

 

44

ITEM 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

44

ITEM 6.

 

Exhibits

 

45

 

 

SIGNATURES

 

46

 

2


 

PART I – FINANCIAL INFORMATION

 

ITEM 1. Financial Statements

RANGE RESOURCES CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets

 

(Unaudited)

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

478

 

 

$

458

 

Accounts receivable, less allowance for doubtful accounts of $373 and $3,004

 

 

366,695

 

 

 

252,642

 

Derivative assets

 

 

28,145

 

 

 

23,332

 

Other current assets

 

 

17,037

 

 

 

13,408

 

Total current assets

 

 

412,355

 

 

 

289,840

 

Derivative assets

 

 

25,518

 

 

 

16,680

 

Natural gas properties, successful efforts method

 

 

10,068,245

 

 

 

9,751,114

 

Accumulated depletion and depreciation

 

 

(4,330,289

)

 

 

(4,064,305

)

 

 

 

5,737,956

 

 

 

5,686,809

 

Other property and equipment

 

 

74,167

 

 

 

79,878

 

Accumulated depreciation and amortization

 

 

(70,734

)

 

 

(75,717

)

 

 

 

3,433

 

 

 

4,161

 

Operating lease right-of-use assets

 

 

46,543

 

 

 

63,581

 

Other assets

 

 

78,384

 

 

 

75,865

 

Total assets

 

$

6,304,189

 

 

$

6,136,936

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

151,919

 

 

$

132,421

 

Asset retirement obligations

 

 

6,689

 

 

 

6,689

 

Accrued liabilities

 

 

448,950

 

 

 

348,333

 

Accrued interest

 

 

43,514

 

 

 

54,742

 

Derivative liabilities

 

 

685,285

 

 

 

26,707

 

Divestiture contract obligation

 

 

92,061

 

 

 

92,593

 

Current maturities of long-term debt

 

 

217,909

 

 

 

45,356

 

Total current liabilities

 

 

1,646,327

 

 

 

706,841

 

Bank debt

 

 

23,976

 

 

 

693,123

 

Senior notes

 

 

2,706,495

 

 

 

2,329,745

 

Senior subordinated notes

 

 

 

 

 

17,384

 

Deferred tax liabilities

 

 

99,855

 

 

 

135,267

 

Derivative liabilities

 

 

85,436

 

 

 

9,746

 

Deferred compensation liabilities

 

 

112,235

 

 

 

81,481

 

Operating lease liabilities

 

 

27,839

 

 

 

43,155

 

Asset retirement obligations and other liabilities

 

 

86,247

 

 

 

91,157

 

Divestiture contract obligation

 

 

334,495

 

 

 

391,502

 

Total liabilities

 

 

5,122,905

 

 

 

4,499,401

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ Equity

 

 

 

 

 

 

Preferred stock, $1 par, 10,000,000 shares authorized, none issued and outstanding

 

 

 

 

 

 

Common stock, $0.01 par, 475,000,000 shares authorized, 259,787,004 issued at
   September 30, 2021 and
256,353,887 issued at December 31, 2020

 

 

2,598

 

 

 

2,563

 

Common stock held in treasury, 10,002,646 shares at September 30, 2021 and 10,005,795
   shares at December 31, 2020

 

 

(30,007

)

 

 

(30,132

)

Additional paid-in capital

 

 

5,707,382

 

 

 

5,684,268

 

Accumulated other comprehensive loss

 

 

(268

)

 

 

(479

)

Retained deficit

 

 

(4,498,421

)

 

 

(4,018,685

)

Total stockholders’ equity

 

 

1,181,284

 

 

 

1,637,535

 

Total liabilities and stockholders’ equity

 

$

6,304,189

 

 

$

6,136,936

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

3


 

RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share data)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas, NGLs and oil sales

 

$

849,305

 

 

$

381,553

 

 

$

2,074,507

 

 

$

1,162,907

 

Derivative fair value (loss) income

 

 

(652,220

)

 

 

(124,690

)

 

 

(959,782

)

 

 

102,182

 

Brokered natural gas, marketing and other

 

 

105,554

 

 

 

42,482

 

 

 

248,668

 

 

 

104,722

 

Total revenues and other income

 

 

302,639

 

 

 

299,345

 

 

 

1,363,393

 

 

 

1,369,811

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Direct operating

 

 

20,245

 

 

 

19,515

 

 

 

57,653

 

 

 

75,944

 

Transportation, gathering, processing and compression

 

 

296,510

 

 

 

268,108

 

 

 

853,684

 

 

 

831,748

 

Production and ad valorem taxes

 

 

7,140

 

 

 

6,106

 

 

 

20,179

 

 

 

20,682

 

Brokered natural gas and marketing

 

 

105,838

 

 

 

47,967

 

 

 

247,177

 

 

 

118,752

 

Exploration

 

 

5,881

 

 

 

8,086

 

 

 

16,447

 

 

 

23,190

 

Abandonment and impairment of unproved properties

 

 

2,000

 

 

 

5,667

 

 

 

7,206

 

 

 

16,604

 

General and administrative

 

 

49,061

 

 

 

38,153

 

 

 

127,307

 

 

 

118,695

 

Exit and termination costs

 

 

11,789

 

 

 

521,633

 

 

 

9,557

 

 

 

533,525

 

Deferred compensation plan

 

 

34,278

 

 

 

6,237

 

 

 

89,551

 

 

 

10,287

 

Interest

 

 

56,809

 

 

 

47,999

 

 

 

170,974

 

 

 

144,141

 

Loss (gain) on early extinguishment of debt

 

 —

 

 

 

7,821

 

 

 

98

 

 

 

(14,093

)

Depletion, depreciation and amortization

 

 

93,116

 

 

 

96,167

 

 

 

272,128

 

 

 

303,779

 

Impairment of proved properties and other assets

 

 

 

 

 

1,955

 

 

 

 

 

 

78,955

 

(Gain) loss on the sale of assets

 

 

(78

)

 

 

9,230

 

 

 

(724

)

 

 

(112,443

)

Total costs and expenses

 

 

682,589

 

 

 

1,084,644

 

 

 

1,871,237

 

 

 

2,149,766

 

Loss before income taxes

 

 

(379,950

)

 

 

(785,299

)

 

 

(507,844

)

 

 

(779,955

)

Income tax expense (benefit):

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

4,484

 

 

 

 

 

 

7,221

 

 

 

(366

)

Deferred

 

 

(34,167

)

 

 

(36,509

)

 

 

(35,477

)

 

 

(29,411

)

 

 

 

(29,683

)

 

 

(36,509

)

 

 

(28,256

)

 

 

(29,777

)

Net loss

 

$

(350,267

)

 

$

(748,790

)

 

$

(479,588

)

 

$

(750,178

)

Net loss per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(1.44

)

 

$

(3.12

)

 

$

(1.98

)

 

$

(3.10

)

Diluted

 

$

(1.44

)

 

$

(3.12

)

 

$

(1.98

)

 

$

(3.10

)

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

243,311

 

 

 

239,895

 

 

 

242,692

 

 

 

241,770

 

Diluted

 

 

243,311

 

 

 

239,895

 

 

 

242,692

 

 

 

241,770

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

4


 

RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited, in thousands)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(350,267

)

 

$

(748,790

)

 

$

(479,588

)

 

$

(750,178

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Postretirement benefits:

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial gain

 

 

 

 

 

 

 

 

 

 

 

7

 

Amortization of prior service costs

 

 

92

 

 

 

92

 

 

 

277

 

 

 

277

 

Income tax expense

 

 

(22

)

 

 

(22

)

 

 

(66

)

 

 

(70

)

Total comprehensive loss

 

$

(350,197

)

 

$

(748,720

)

 

$

(479,377

)

 

$

(749,964

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

5


 

RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

 

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

Operating activities:

 

 

 

 

 

 

Net loss

 

$

(479,588

)

 

$

(750,178

)

Adjustments to reconcile net loss to net cash provided from operating activities:

 

 

 

 

 

 

Deferred income tax benefit

 

 

(35,477

)

 

 

(29,411

)

Depletion, depreciation and amortization and impairment of proved properties

 

 

272,128

 

 

 

382,734

 

Abandonment and impairment of unproved properties

 

 

7,206

 

 

 

16,604

 

Derivative fair value loss (income)

 

 

959,782

 

 

 

(102,182

)

Cash settlements on derivative financial instruments

 

 

(239,165

)

 

 

305,243

 

Divestiture contract obligation, including accretion, net of gain

 

 

8,467

 

 

 

486,689

 

Allowance for bad debt

 

 

 

 

 

400

 

Amortization of deferred financing costs and other

 

 

6,253

 

 

 

5,023

 

Deferred and stock-based compensation

 

 

119,946

 

 

 

38,380

 

Gain on the sale of assets

 

 

(724

)

 

 

(112,443

)

Loss (gain) on early extinguishment of debt

 

 

98

 

 

 

(14,093

)

Changes in working capital:

 

 

 

 

 

 

Accounts receivable

 

 

(116,204

)

 

 

91,343

 

Other current assets

 

 

(3,574

)

 

 

(5,786

)

Accounts payable

 

 

34,313

 

 

 

(52,820

)

Accrued liabilities and other

 

 

(58,172

)

 

 

(80,529

)

Net cash provided from operating activities

 

 

475,289

 

 

 

178,974

 

Investing activities:

 

 

 

 

 

 

Additions to natural gas properties

 

 

(311,709

)

 

 

(321,849

)

Additions to field service assets

 

 

(720

)

 

 

(2,493

)

Acreage purchases

 

 

(20,302

)

 

 

(18,554

)

Proceeds from disposal of assets