RRC · CIK 315852
What Range Resources Corporation told the SEC could break it.
Range Resources is almost entirely a Pennsylvania story: essentially 100% of its proved reserves and producing properties are there, concentrating it in a single geographic and political region and leaving it exposed to Appalachian processing and transportation (takeaway) constraints that can strand production. That same concentration ties it to Pennsylvania-specific policy, notably the state's natural gas impact fee, an annual per-well charge (a severance-tax substitute on a sliding scale) running 15 years per well across the acreage where nearly all its operations sit. Its customer base is comparatively diffuse, though one customer accounted for 10% of natural gas, NGL and oil sales in 2025; it believes losing any single customer would not impair its ability to sell production.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- Pennsylvania — ~100% of proved reserves; Appalachian takeaway constraintshigh
Essentially 100% of Range's proved reserves and producing properties are in Pennsylvania, concentrating it in one geographic/political region and exposing it to Appalachian processing and transportation (takeaway) constraints and Pennsylvania-specific regulation.
“Our producing properties are concentrated in Pennsylvania, making us vulnerable to risks associated with operating in one geographic and political region . Essentially 100% of our total estimated proved reserves are located in Pennsylvania. We are additionally vulnerable to processing and transportation constraints for our products in this area.”
SEC filing →As of 2026
Regulatory & policy
- Pennsylvania natural gas impact fee (per-well production fee)medium
Pennsylvania's natural gas impact fee imposes an annual per-well charge (akin to a severance tax, on a sliding scale set by the PA PUC) for 15 years on operators producing where essentially all of Range's acreage is located.
“In 2012, Pennsylvania enacted legislation creating a tax referred to as the natural gas impact fee applicable to production in Pennsylvania, where essentially all of our acreage is located. The legislation imposes an annual fee on natural gas and oil operators for each well drilled for a period of fifteen years.”
SEC filing →As of 2026
Customer concentration
- one unnamed customer (Customer A) = 10% of saleslow
One unnamed customer (Customer A) accounted for 10% of natural gas, NGLs and oil sales in 2025 (15% in 2024, 13% in 2023), though Range believes the loss of any single customer would not impair its ability to sell production.
“For the year ended December 31, 2025, we had one customer that accounted for 10% or more of natural gas, NGLs and oil sales compared to two customers for the year ended December 31, 2024 and one customer for the year ended December 31, 2023. Customer A represented 10% of sales in 2025, 15% of sales in 2024 and 13% in 2023.”
SEC filing →As of 2026
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