10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark one)

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

For the quarterly period ended March 31, 2014

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)

Registrant’s telephone number, including area code

(817) 870-2601

Former Name, Former Address and Former Fiscal Year, if changed since last report: Not applicable

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  þ    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for shorter period that the registrant was required to submit and post such files).

    Yes  þ    No  ¨

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

Large Accelerated Filer	þ	Accelerated Filer	¨
Non-Accelerated Filer	¨  (Do not check if smaller reporting company)	Smaller Reporting Company	¨

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

    Yes  ¨    No  þ

163,879,524 Common Shares were outstanding on April 25, 2014

RANGE RESOURCES CORPORATION

FORM 10-Q

Quarter Ended March 31, 2014

Unless the context otherwise indicates, all references in this report to “Range,” “we,” “us,” or “our” are to Range Resources Corporation and its wholly-owned subsidiaries and its ownership interests in equity method investees.

TABLE OF CONTENTS

		Page
PART I – FINANCIAL INFORMATION
ITEM 1.	Financial Statements:	3
	Consolidated Balance Sheets (Unaudited)	3
	Consolidated Statements of Operations (Unaudited)	4
	Consolidated Statements of Comprehensive Income (Loss) (Unaudited)	5
	Consolidated Statements of Cash Flows (Unaudited)	6
	Selected Notes to Consolidated Financial Statements (Unaudited)	7
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	14
ITEM 4.	Controls and Procedures	14
PART II – OTHER INFORMATION
ITEM 1.	Legal Proceedings	14
ITEM 1A.	Risk Factors	14
ITEM 6.	Exhibits	14
	SIGNATURES	14

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PART I – FINANCIAL INFORMATION

ITEM 1. Financial Statements

RANGE RESOURCES CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

	March 31,			December 31,
	2014			2013
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	246		$	348
Accounts receivable, less allowance for doubtful accounts of $2,487 and $2,494		221,304			179,667
Derivative assets		80			4,421
Deferred tax asset		40,362			51,414
Inventory and other		17,353			12,451
Total current assets		279,345			248,301
Derivative assets		15,917			9,233
Equity method investments		123,791			129,034
Natural gas and oil properties, successful efforts method		9,309,743			9,032,881
Accumulated depletion and depreciation		(2,397,089	)		(2,274,444	)
		6,912,654			6,758,437
Transportation and field assets		120,036			118,625
Accumulated depreciation and amortization		(87,955	)		(85,841	)
		32,081			32,784
Other assets		118,987			121,297
Total assets	$	7,482,775		$	7,299,086
Liabilities
Current liabilities:
Accounts payable	$	273,756		$	258,431
Asset retirement obligations		5,037			5,037
Accrued liabilities		164,585			161,520
Accrued interest		32,303			44,375
Derivative liabilities		72,854			26,198
Total current liabilities		548,535			495,561
Bank debt		594,000			500,000
Subordinated notes		2,640,866			2,640,516
Deferred tax liability		778,955			771,980
Derivative liabilities		142		25
Deferred compensation liability		235,307			247,537
Asset retirement obligations and other liabilities		235,289			229,015
Total liabilities		5,033,094			4,884,634
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, 163,763,190 issued at      March 31, 2014 and 163,441,414 issued at December 31, 2013		1,638			1,634
Common stock held in treasury, 93,275 shares at March 31, 2014 and 98,520 shares    at December 31, 2013		(3,455	)		(3,637	)
Additional paid-in capital		1,969,948			1,959,636
Retained earnings		476,554			450,583
Accumulated other comprehensive income		4,996			6,236
Total stockholders’ equity		2,449,681			2,414,452
Total liabilities and stockholders’ equity	$	7,482,775		$	7,299,086

See accompanying notes.

3

RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except per share data)

	Three Months Ended
	March 31,
	2014			2013
Revenues and other income:
Natural gas, NGLs and oil sales	$	572,017		$	398,239
Derivative fair value loss		(146,850	)		(99,875	)
Loss on the sale of assets		(353	)		(166	)
Brokered natural gas, marketing and other		32,528			21,041
Total revenues and other income		457,342			319,239
Costs and expenses:
Direct operating		39,795			30,188
Transportation, gathering and compression		74,161			62,416
Production and ad valorem taxes		11,678			11,383
Brokered natural gas and marketing		34,129			22,315
Exploration		14,846			16,780
Abandonment and impairment of unproved properties		9,995			15,218
General and administrative		49,212			84,058
Deferred compensation plan		(2,035	)		42,360
Interest expense		45,401			42,210
Depletion, depreciation and amortization		128,682			115,101
Total costs and expenses		405,864			442,029
Income (loss) from operations before income taxes		51,478			(122,790	)
Income tax expense (benefit)
Current		6		25
Deferred		18,951			(47,205	)
		18,957			(47,180	)
Net income (loss)	$	32,521		$	(75,610	)
Net income (loss) per common share:
Basic	$	0.20		$	(0.47	)
Diluted	$	0.20		$	(0.47	)
Dividends paid per common share	$	0.04		$	0.04
Weighted average common shares outstanding:
Basic		160,794			160,125
Diluted		161,825			160,125

See accompanying notes.

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RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited, in thousands)

	Three Months Ended
	March 31,
	2014			2013
Net income (loss)	$	32,521		$	(75,610	)
Other comprehensive income (loss):
Realized loss (gain) on hedge derivative contract settlements reclassified into    natural gas, NGLs and oil sales from other comprehensive income, net of taxes (1)	—				(14,840	)
De-designated hedges reclassified into natural gas, NGLs and oil sales, net of taxes (2)		(1,240	)		(7,425	)
De-designated hedges reclassified to derivative fair value income, net of taxes (3)	—				(1,390	)
Change in unrealized deferred hedging (losses) gains, net of taxes (4)	—				(4,203	)
Total comprehensive income (loss)	$	31,281		$	(103,468	)

⁽¹⁾ Amounts are net of income tax benefit of $9,488 for the three months ended March 31, 2013.

⁽²⁾ Amounts are net of income tax benefit of $924 for the three months ended March 31, 2014 and $4,747 for the three months ended March 31, 2013.

⁽³⁾ Amounts relate to transactions not probable of occurring and are presented net of income tax benefit of $889 for the three months ended March 31, 2013.

⁽⁴⁾ Amounts are net of income tax benefit of $2,687 for the three months ended March 31, 2013.

See accompanying notes.

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RANGE RESOURCES CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

	Three Months Ended
	March 31,
	2014			2013
Operating activities:
Net income (loss)	$	32,521		$	(75,610	)
Adjustments to reconcile net income (loss) to net cash provided from operating activities:
Loss from equity method investments, net of distributions		2,732			610
Deferred income tax expense (benefit)		18,951			(47,205	)
Depletion, depreciation and amortization		128,682			115,101
Exploration dry hole costs		1			(159	)
Abandonment and impairment of unproved properties		9,995			15,218
Derivative fair value loss		146,850			99,875
Cash settlements on derivative financial instruments that do not qualify for hedge    accounting		(104,584	)		382
Amortization of deferred financing costs and other		2,873			2,080
Deferred and stock-based compensation		12,593			54,991
Loss on the sale of assets		353			166
Changes in working capital:
Accounts receivable		(41,643	)		1,292
Inventory and other		(5,358	)		166
Accounts payable		9,997			17,061
Accrued liabilities and other		(32,742	)		17,281
Net cash provided from operating activities		181,221			201,249
Investing activities:
Additions to natural gas and oil properties		(226,331	)		(259,601	)
Additions to field service assets		(3,084	)		(1,071	)
Acreage purchases		(50,690	)		(8,794	)
Equity method investments		2,511			1,885
Proceeds from disposal of assets		294			38,196
Purchases of marketable securities held by the deferred compensation plan		(8,247	)		(17,936	)
Proceeds from the sales of marketable securities held by the deferred compensation plan		9,310			6,316
Net cash used in investing activities		(276,237	)		(241,005	)
Financing activities:
Borrowing on credit facilities		412,000			368,000
Repayment on credit facilities		(318,000	)		(1,060,000	)
Issuance of subordinated notes		—			750,000
Dividends paid		(6,550	)		(6,521	)
Debt issuance costs		—			(12,098	)
Issuance of common stock		—			343
Change in cash overdrafts		(1,122	)		(12,458	)
Proceeds from the sales of common stock held by the deferred compensation plan		8,586			12,432
Net cash provided from financing activities		94,914			39,698
Decrease in cash and cash equivalents		(102	)		(58	)
Cash and cash equivalents at beginning of period		348			252
Cash and cash equivalents at end of period	$	246		$	194

See accompanying notes.

6

RANGE RESOURCES CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(1) SUMMARY OF ORGANIZATION AND NATURE OF BUSINESS

Range Resources Corporation (“Range,” “we,” “us,” or “our”) is a Fort Worth, Texas-based independent natural gas, natural gas liquids (“NGLs”) and oil company primarily engaged in the exploration, development and acquisition of natural gas and oil properties in the Appalachian and Southwestern regions of the United States. Our objective is to build stockholder value through consistent growth in reserves and production on a cost-efficient basis. Range is a Delaware corporation with our common stock listed and traded on the New York Stock Exchange under the symbol “RRC.”

(2) BASIS OF PRESENTATION

Presentation

These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Range Resources Corporation 2013 Annual Report on Form 10-K filed on February 26, 2014. The results of operations for the first quarter ended March 31, 2014 are not necessarily indicative of the results to be expected for the full year. These consolidated financial statements are unaudited but, in the opinion of management, reflect all adjustments necessary for fair presentation of the results for the periods presented. All adjustments are of a normal recurring nature unless otherwise disclosed. These consolidated financial statements, including selected notes, have been prepared in accordance with the applicable rules of the Securities and Exchange Commission (the “SEC”) and do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. Certain reclassifications have been made to prior years reported amounts in order to conform with the current year presentation including reclassifications between accounts payable and accrued liabilities within cash flow from operating activities and a change in the presentation for our derivative activities. These reclassifications have no impact on previously reported net income, stockholders’ equity or cash flows.

De-designation of Commodity Derivative Contracts

Effective March 1, 2013, we elected to discontinue hedge accounting prospectively. After March 1, 2013, both realized and unrealized gains and losses are recognized in derivative fair value income or loss immediately each quarter as derivative contracts are settled and marked to market. For additional information, see Note 11.

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(3) NEW ACCOUNTING STANDARDS

Recently Adopted

In February 2013, an accounting standards update was issued to provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date, except for obligations such as asset retirement and environmental obligations, contingencies, guarantees, income taxes and retirement benefits, which are separately addressed within U.S. GAAP. An entity is required to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date as the sum of (1) the amount the entity agreed to pay on the basis of its arrangement among its co-obligors and (2) any amount the entity expects to pay on behalf of its co-obligors. Disclosure of the nature of the obligation, including how the liability arose, the relationship with other co-obligors and the terms and conditions of the arrangement is required. In addition, the total outstanding amount under the arrangement, not reduced by the effect of any amounts that may be recoverable from other entities, plus the carrying amount of any liability or receivable recognized must be disclosed. This accounting standards update is effective for us beginning in first quarter 2014 and should be applied retrospectively for those in-scope obligations resulting from joint and several liability arrangements that exist at the beginning of 2014. Early adoption was permitted and we adopted this new standard in first quarter 2014 which did not have an impact on our consolidated results of operations, financial position or cash flows.

In April 2014, an accounting standards update was issued that raised the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other material disposal transactions that do not meet the revised definition of a discontinued operations. Under the updated standard, a disposal of a component or group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the component or group of components of the entity (1) has been disposed of by a sale, (2) has been disposed of other than by sale or (3) is classified as held for sale. This accounting standards update is effective for annual periods beginning on or after December 15, 2014 and is applied prospectively. Early adoption is permitted but only for disposals (or classifications that are held for sale) that have not been reported in financial statements previously issued or available for use. We adopted this new standard in first quarter 2014. There was no impact to our consolidated results of operations, financial position or cash flows as there were no disposals or assets held for sale in first quarter 2014.

(4) DISPOSITIONS

2014 Dispositions

In December 2013, we announced our plan to offer for sale certain of our properties in the Permian Basin. These properties included approximately 90,000 (70,000 net) acres, almost all of which are held by production in Glasscock and Sterling Counties and are currently producing approximately 28 Mmcfe per day. The data room opened in January 2014 and we received bids in late February. In late April, an agreement related to this transaction was executed, subject to board approval. The completion of this transaction is dependent upon continuing due diligence procedures and there can be no assurance the transaction will be completed. In first quarter 2014, we also sold miscellaneous unproved and proved properties for proceeds of $294,000 resulting in a pre-tax loss of $353,000.

2013 Dispositions

In first quarter 2013, we sold miscellaneous proved properties and inventory for proceeds of $38.2 million resulting in a pre-tax loss of $166,000.

(5) INCOME TAXES

Income tax expense (benefit) from operations was as follows (in thousands):

	Three Months Ended March 31,
	2014			2013
Income tax expense (benefit)	$	18,957		$	(47,180	)
Effective tax rate		36.8	%		38.4	%

We compute our quarterly taxes under the effective tax rate method based on applying an anticipated annual effective rate to our year-to-date income, except for discrete items. Income taxes for discrete items are computed and recorded in the period that the specific transaction occurs. For first quarter ended March 31, 2014 and 2013, our overall effective tax rate on operations was different than the federal statutory rate of 35% due primarily to state income taxes, valuation allowances and other permanent differences.

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(6) INCOME (LOSS) PER COMMON SHARE

Basic income or loss per share attributable to common shareholders is computed as (1) income or loss attributable to common shareholders (2) less income allocable to participating securities (3) divided by weighted average basic shares outstanding. Diluted income or loss per share attributable to common stockholders is computed as (1) basic income or loss attributable to common shareholders (2) plus diluted adjustments to income allocable to participating securities (3) divided by weighted average diluted shares outstanding. The following tables set forth a reconciliation of income or loss attributable to common shareholders to basic income or loss attributable to common shareholders to diluted income or loss attributable to common shareholders (in thousands except per share amounts):

	Three Months Ended March 31,
		2014			2013
Net income (loss), as reported	$	32,521		$	(75,610	)
Participating basic earnings (a)		(560	)		(109	)
Basic net income (loss) attributed to common shareholders		31,961			(75,719	)
Reallocation of participating earnings (a)		3			—
Diluted net income (loss) attributed to common shareholders	$	31,964		$	(75,719	)
Net income (loss) per common share:
Basic	$	0.20		$	(0.47	)
Diluted	$	0.20		$	(0.47	)

^(a) Restricted Stock Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses.

The following table provides a reconciliation of basic weighted average common shares outstanding to diluted weighted average common shares outstanding (in thousands):

	Three Months Ended March 31,
	2014		2013
Denominator:
Weighted average common shares outstanding – basic		160,794		160,125
Effect of dilutive securities:
Director and employee stock options and SARs		1,031		—
Weighted average common shares outstanding – diluted		161,825		160,125

Weighted average common shares – basic for the three months ended March 31, 2014 excludes 2.8 million shares and the three months ended March 31, 2013 excludes 2.7 million shares of restricted stock held in our deferred compensation plans (although all awards are issued and outstanding upon grant). Due to our loss from continuing operations for the three months ended March 31, 2013, we excluded all outstanding stock appreciation rights (“SARs”) and restricted stock from the computation of diluted net loss per share because the effect would have been anti-dilutive to the computations.

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(7) SUSPENDED EXPLORATORY WELL COSTS

We capitalize exploratory well costs until a determination is made that the well has either found proved reserves or that it is impaired. Capitalized exploratory well costs are presented in natural gas and oil properties in the accompanying consolidated balance sheets. If an exploratory well is determined to be impaired, the well costs are charged to exploration expense in the accompanying consolidated statements of operations. The following table reflects the changes in capitalized exploratory well costs for the three months ended March 31, 2014 and the year ended December 31, 2013 (in thousands except for number of projects):

	March 31, 2014			December 31, 2013
Balance at beginning of period	$	6,964		$	57,360
Additions to capitalized exploratory well costs pending the determination of proved reserves		5,552			39,832
Reclassifications to wells, facilities and equipment based on determination of proved reserves		—			(84,840	)
Capitalized exploratory well costs charged to expense		—			—
Divested wells		—			(5,388	)
Balance at end of period		12,516			6,964
Less exploratory well costs that have been capitalized for a period of one year or less		(5,552	)		—
Capitalized exploratory well costs that have been capitalized for a period greater than one year	$	6,964		$	6,964
Number of projects that have exploratory well costs that have been capitalized for a period greater than one year		1			1

As of March 31, 2014, $7.0 million of capitalized exploratory well costs have been capitalized for more than one year which relates to one well in our Marcellus Shale area where we are evaluating pipeline options. The following table provides an aging of capitalized exploratory well costs that have been suspended for more than one year as of March 31, 2014 (in thousands):

	Total		2013		2012		2011
Capitalized exploratory well costs that have been capitalized for more than one year	$	6,964	$	110	$	6,801	$	53

(8) INDEBTEDNESS

We had the following debt outstanding as of the dates shown below (bank debt interest rate at March 31, 2014 is shown parenthetically) (in thousands). No interest was capitalized during the three months ended March 31, 2014 or the year ended December 31, 2013:

	March 31, 2014		December 31, 2013
Bank debt (1.9%)	$	594,000	$	500,000
Senior subordinated notes:
8.00% senior subordinated notes due 2019, net of $9,134 and $9,484 discount, respectively		290,866		290,516
6.75% senior subordinated notes due 2020		500,000		500,000
5.75% senior subordinated notes due 2021		500,000		500,000
5.00% senior subordinated notes due 2022		600,000		600,000
5.00% senior subordinated notes due 2023		750,000		750,000
Total debt	$	3,234,866	$	3,140,516

Bank Debt

In February 2011, we entered into an amended and restated revolving bank facility, which we refer to as our bank debt or our bank credit facility, which is secured by substantially all of our assets. The bank credit facility provides for an initial commitment equal to the lesser of the facility amount or the borrowing base. On March 31, 2014, the facility amount was $1.75 billion and the borrowing base was $2.0 billion. The bank credit facility provides for a borrowing base subject to redeterminations semi-annually and for event-driven unscheduled redeterminations. As part of our semi-annual bank review completed on April 3, 2014, our borrowing base was reaffirmed at $2.0 billion and our facility amount was also reaffirmed at $1.75 billion. Our current bank group is composed

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of twenty-eight financial institutions with no one bank holding more than 9% of the total facility. The bank credit facility amount may be increased to the borrowing base amount with twenty days’ notice, subject to the banks agreeing to participate in the facility increase and our payment of a mutually acceptable commitment fee to those banks. As of March 31, 2014, the outstanding balance under our bank credit facility was $594.0 million. Additionally, we had $127.4 million of undrawn letters of credit leaving $1.0 billion of borrowing capacity available under the facility. The bank credit facility matures on February 18, 2016. Borrowings under the bank credit facility can either be at the Alternate Base Rate (as defined in the bank credit facility) plus a spread ranging from 0.50% to 1.5% or LIBOR borrowings at the Adjusted LIBO Rate (as defined in the bank credit facility) plus a spread ranging from 1.5% to 2.5%. The applicable spread is dependent upon borrowings relative to the borrowing base. We may elect, from time to time, to convert all or any part of our LIBOR loans to base rate loans or to convert all or any of the base rate loans to LIBOR loans. The weighted average interest rate was 2.0% for the three months ended March 31, 2014 compared to 2.1% for the three months ended March 31, 2013. A commitment fee is paid on the undrawn balance based on an annual rate of 0.35% to 0.50%. At March 31, 2014, the commitment fee was 0.375% and the interest rate margin was 1.75% on our LIBOR loans and 0.75% on our base rate loans.

Senior Subordinated Notes

If we experience a change of control, bondholders may require us to repurchase all or a portion of all of our senior subordinated notes at 101% of the aggregate principal amount plus accrued and unpaid interest, if any. All of the senior subordinated notes and the guarantees by our subsidiary guarantors are general, unsecured obligations and are subordinated to our bank debt and will be subordinated to future senior debt that we or our subsidiary guarantors are permitted to incur under the bank credit facility and the indentures governing the subordinated notes.

Guarantees

Range Resources Corporation is a holding company which owns no operating assets and has no significant operations independent of its subsidiaries. The guarantees by our subsidiaries of our senior subordinated notes are full and unconditional and joint and several, subject to certain customary release provisions. A subsidiary guarantor may be released from its obligations under the guarantee:

— in the event of a sale or other disposition of all or substantially all of the assets of the subsidiary guarantor or a sale or other disposition of all the capital stock of the subsidiary guarantor, to any corporation or other person (including an unrestricted subsidiary of Range) by way of merger, consolidation, or otherwise; or

— if Range designates any restricted subsidiary that is a guarantor to be an unrestricted subsidiary in accordance with the terms of the indenture.

Debt Covenants and Maturity

Our bank credit facility contains negative covenants that limit our ability, among other things, to pay cash dividends, incur additional indebtedness, sell assets, enter into certain hedging contracts, change the nature of our business or operations, merge, consolidate, or make investments. In addition, we are required to maintain a ratio of debt to EBITDAX (as defined in the credit agreement) of no greater than 4.25 to 1.0 and a current ratio (as defined in the credit agreement) of no less than 1.0 to 1.0. We are in compliance with our covenants under the bank credit facility at March 31, 2014.

The indentures governing our senior subordinated notes contain various restrictive covenants that are substantially identical to each other and may limit our ability to, among other things, pay cash dividends, incur additional indebtedness, sell assets, enter into transactions with affiliates, or change the nature of our business. At March 31, 2014, we are in compliance with these covenants.

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(9) ASSET RETIREMENT OBLIGATIONS

Our asset retirement obligations primarily represent the estimated present value of the amounts we will incur to plug, abandon and remediate our producing properties at the end of their productive lives. Significant inputs used in determining such obligations include estimates of plugging and abandonment costs, estimated future inflation rates and well life. The inputs are calculated based on historical data as well as current estimated costs. A reconciliation of our liability for plugging and abandonment costs for the three months ended March 31, 2014 is as follows (in thousands):

	Three Months Ended March 31, 2014
Beginning of period	$	230,077
Liabilities incurred		2,128
Liabilities settled		(384	)
Disposition of wells		(122	)
Accretion expense		3,707
Change in estimate		1,089
End of period		236,495
Less current portion		(5,037	)
Long-term asset retirement obligations	$	231,458

Accretion expense is recognized as a component of depreciation, depletion and amortization expense in the accompanying statements of operations.

(10) CAPITAL STOCK

We have authorized capital stock of 485.0 million shares which includes 475.0 million shares of common stock and 10.0 million shares of preferred stock. We currently have no preferred stock issued or outstanding. The following is a schedule of changes in the number of common shares outstanding since the beginning of 2013:

	Three Months Ended March 31, 2014		Year Ended December 31, 2013
Beginning balance		163,342,894		162,514,098
SARs exercised		48,280		278,916
Restricted stock granted		74,553		401,122
Restricted stock units vested		198,943		119,480
Treasury shares issued		5,245		29,278
Ending balance		163,669,915		163,342,894

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(11) DERIVATIVE ACTIVITIES

We use commodity-based derivative contracts to manage exposure to commodity price fluctuations. We do not enter into these arrangements for speculative or trading purposes. We do not utilize complex derivatives as we typically utilize commodity swaps or collars to (1) reduce the effect of price volatility of the commodities we produce and sell and (2) support our annual capital budget and expenditure plans. The fair value of our derivative contracts, represented by the estimated amount that would be realized upon termination, based on a comparison of the contract price and a reference price, generally the New York Mercantile Exchange (“NYMEX”), approximated a net unrealized pre-tax loss of $53.4 million at March 31, 2014. These contracts expire monthly through December 2016. The following table sets forth our derivative volumes by year as of March 31, 2014:

Period	Contract Type	Volume Hedged	Weighted Average Hedge Price
Natural Gas
2014	Collars	447,500 Mmbtu/day	$ 3.84–$ 4.48
2015	Collars	145,000 Mmbtu/day	$ 4.07–$ 4.56
2014	Swaps	240,145 Mmbtu/day	$ 4.18
2015	Swaps	234,966 Mmbtu/day	$ 4.19
2016	Swaps	60,000 Mmbtu/day	$ 4.18
Crude Oil
2014	Collars	2,000 bbls/day	$ 85.55–$ 100.00
2014	Swaps	9,169 bbls/day	$ 94.40
2015	Swaps	6,000 bbls day	$ 89.48
NGLs (C3-Propane)
2014	Swaps	12,000 bbls/day	$ 1.02/gallon
NGLs (NC4-Normal butane)
2014	Swaps	4,000 bbls/day	$ 1.34/gallon
NGLs (C5-Natural Gasoline)
2014	Swaps	1,000 bbls/day	$ 2.11/gallon

Every derivative instrument is required to be recorded on the balance sheet as either an asset or a liability measured at its fair value. Through February 28, 2013, changes in the fair value of our derivatives that qualified for hedge accounting were recorded as a component of accumulated other comprehensive income (“ AOCI”) in the stockholders’ equity section of the accompanying consolidated balance sheets, which is later transferred to natural gas, NGLs and oil sales when the underlying physical transaction occurs and the hedging contract is settled. As of March 31, 2014, an unrealized pre-tax derivative gain of $8.1 million ($5.0 million after tax) was recorded in AOCI. See additional discussion below regarding the discontinuance of hedge accounting. If the derivative does not qualify as a hedge or is not designated as a hedge, changes in fair value of these non-hedge derivatives are recognized in earnings in derivative fair value income or loss.

For those derivative instruments that qualified or were designated for hedge accounting, settled transaction gains and losses were determined monthly, and were included as increases or decreases to natural gas, NGLs and oil sales in the period the hedged production was sold. Through February 28, 2013, we had elected to designate our commodity derivative instruments that qualified for hedge accounting as cash flow hedges. Natural gas, NGLs and oil sales include $2.2 million of gains in first quarter 2014 compared to gains of $36.5 million in the same period of 2013 related to settled hedging transactions. Any ineffectiveness associated with these hedge derivatives is reflected in derivative fair value income or loss in the accompanying statements of operations. The ineffective portion is generally calculated as the difference between the changes in fair value of the derivative and the estimated change in future cash flows from the item hedged. Derivative fair value loss for the three months ended March 31, 2014 includes no ineffective gains or losses compared to a loss of $2.9 million in the three months ended March 31, 2013. During the three months ended March 31, 2013, we recognized a pre-tax gain of $2.3 million in derivative fair value loss as a result of the discontinuance of hedge accounting where we determined the transaction was probable not to occur primarily due to the sale of our Delaware and Permian Basin properties in New Mexico and West Texas.

Discontinuance of Hedge Accounting

Effective March 1, 2013, we elected to de-designate all commodity contracts that were previously designated as cash flow hedges and elected to discontinue hedge accounting prospectively. AOCI included $103.6 million ($63.2 million after tax) of unrealized net gains, representing the marked-to-market value of the effective portion of our cash flow hedges as of February 28, 2013. As a result of discontinuing hedge accounting, the marked-to-market values included in AOCI as of the de-designation date were frozen and will be reclassified into earnings in natural gas, NGLs and oil sales in future periods as the underlying hedged

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transactions occur. As of March 31, 2014, we expect to reclassify into earnings $8.1 million of unrealized net gains in the remaining months of 2014.

With the election to de-designate hedging instruments, all of our derivative instruments continue to be recorded at fair value with unrealized gains and losses recognized immediately in earnings rather than in AOCI. These marked-to-market adjustments will produce a degree of earnings volatility that can be significant from period to period, but such adjustments will have no cash flow impact relative to changes in market prices. The impact to cash flow occurs upon settlement of the underlying contract.

Basis Swap Contracts

At March 31, 2014, we had natural gas basis swap contracts that are not designated for hedge accounting, which lock in the differential between NYMEX and certain of our physical pricing options in Appalachia. These contracts are for 254,164 Mmbtu/day and settle monthly through March 2015. The fair value of these contracts was a loss of $3.7 million on March 31, 2014.

Derivative Assets and Liabilities

The combined fair value of derivatives included in the accompanying consolidated balance sheets as of March 31, 2014 and December 31, 2013 is summarized below. The assets and liabilities are netted where derivatives with both gain and loss positions are held by a single counterparty and we have master netting arrangements. The tables below provide additional information relating to our master netting arrangements with our derivative counterparties (in thousands):

		March 31, 2014
		Gross  Amounts of Recognized  Assets		Gross Amounts Offset in the Balance Sheet			Net Amounts of Assets  Presented in the Balance Sheet
Derivative assets:
Natural gas	–swaps	$	8,347	$	—		$	8,347
	–collars		7,328		(584	)		6,744
	–basis swaps		3,123		(3,123	)		—
Crude oil	–swaps		1,179		(273	)		906
NGLs	–C3 swaps		1,877		(1,877	)		—
	–C4 swaps		3,159		(3,159	)		—
		$	25,013	$	(9,016	)	$	15,997

		March 31, 2014
		Gross Amounts of Recognized (Liabilities)			Gross  Amounts Offset in the Balance Sheet		Net Amounts of (Liabilities)  Presented in the Balance Sheet
Derivative (liabilities):
Natural gas	–swaps	$	(27,720	)	$	—	$	(27,720	)
	–collars		(26,738	)		584		(26,154	)
	–basis swaps		(6,762	)		3,123		(3,639	)
Crude oil	–swaps		(10,027	)		273		(9,754	)
	–collars		(972	)		—		(972	)
NGLs	–C3 swaps		(9,692	)		1,877		(7,815	)
	–C4 swaps		—			3,159		3,159
	–C5 swaps		(101	)		—		(101	)
		$	(82,012	)	$	9,016	$	(72,996	)

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		December 31, 2013
		Gross Amounts of Recognized  Assets		Gross  Amounts Offset in the Balance Sheet			Net Amounts of Assets  Presented in the Balance Sheet
Derivative assets:
Natural gas	–swaps	$	4,240	$	(1,218	)	$	3,022
	–collars		16,057		(7,671	)		8,386
	–basis swaps		7,686		(7,686	)		—
Crude oil	–swaps		3,567		(1,321	)		2,246
NGLs	–C3 swaps		826		(826	)		—
	–C4 swaps		863		(863	)		—
	–C5 swaps		121		(121	)		—
		$	33,360	$	(19,706	)	$	13,654

		December 31, 2013
		Gross Amounts of Recognized  (Liabilities)			Gross  Amounts Offset in the Balance Sheet		Net Amounts of (Liabilities)  Presented in the Balance Sheet
Derivative (liabilities):
Natural gas	–swaps	$	(4,790	)	$	1,218	$	(3,572	)
	–collars		(13,345	)		7,671		(5,674	)
	–basis swaps		(3,756	)		7,686		3,930
Crude oil	–swaps		(4,711	)		1,321		(3,390	)
	–collars		(398	)		—		(398	)
NGLs	–C3 swaps		(18,172	)		826		(17,346	)
	–C4 swaps		(757	)		863		106
	–C5 swaps		—			121		121
		$	(45,929	)	$	19,706	$	(26,223	)

The effects of our cash flow hedges (or those derivatives that previously qualified for hedge accounting) on AOCI in the accompanying consolidated balance sheets is summarized below (in thousands):

	Three Months Ended March 31,
	Change in Hedge Derivative Fair Value					Realized Gain (Loss) Reclassified from OCI into Revenue (a)
	2014		2013			2014			2013
Swaps	$	—	$	125		$	836		$	8,047
Collars		—		(7,015	)		1,328			30,732
Income taxes		—		2,687			(924	)		(15,124	)
	$	—	$	(4,203	)	$	1,240		$	23,655

^(a) For realized gains upon derivative contract settlement, the reduction in AOCI is offset by an increase in revenues, NGLs and oil sales. For realized losses upon derivative contract settlement, the increase in AOCI is offset by a decrease in revenues. See additional discussion above regarding the discontinuance of hedge accounting.

The effects of our non-hedge derivatives (or those derivatives that do not qualify for hedge accounting) and the ineffective portion of our hedge derivatives on our consolidated statements of operations is summarized below (in thousands):

	Three Months Ended March 31,
	Gain (Loss) Recognized in Income (Non-hedge Derivatives)						Gain (Loss) Recognized in Income (Ineffective Portion)					Derivative Fair Value Income (Loss)
	2014			2013			2014		2013			2014			2013
Swaps	$	(44,073	)	$	(43,076	)	$	—	$	(1,995	)	$	(44,073	)	$	(45,071	)
Re-purchased swaps		—			1,185			—		—			—			1,185
Collars		(39,148	)		(55,003	)		—		(896	)		(39,148	)		(55,899	)
Call options		(63,629	)		(90	)		—		—			(63,629	)		(90	)
Total	$	(146,850	)	$	(96,984	)	$	—	$	(2,891	)	$	(146,850	)	$	(99,875	)

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(12) FAIR VALUE MEASUREMENTS

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There are three approaches for measuring the fair value of assets and liabilities: the market approach, the income approach and the cost approach, each of which includes multiple valuation techniques. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to measure fair value by converting future amounts, such as cash flows or earnings, into a single present value amount using current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace the service capacity of an asset. This is often referred to as current replacement cost. The cost approach assumes that the fair value would not exceed what it would cost a market participant to acquire or construct a substitute asset of comparable utility, adjusted for obsolescence.

The fair value accounting standards do not prescribe which valuation technique should be used when measuring fair value and does not prioritize among the techniques. These standards establish a fair value hierarchy that prioritizes the inputs used in applying the various valuation techniques. Inputs broadly refer to the assumptions that market participants use to make pricing decisions, including assumptions about risk. Level 1 inputs are given the highest priority in the fair value hierarchy while Level 3 inputs are given the lowest priority. The three levels of the fair value hierarchy are as follows:

— Level 1 – Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

— Level 2 – Observable market-based inputs or unobservable inputs that are corroborated by market data. These are inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

— Level 3 – Unobservable inputs that are not corroborated by market data and may be used with internally developed methodologies that result in management’s best estimate of fair value.

Valuation techniques that maximize the use of observable inputs are favored. Assets and liabilities are classified in their entirety based on the lowest priority level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement of assets and liabilities within the levels of the fair value hierarchy.

Fair Values – Recurring

We use a market approach for our recurring fair value measurements and endeavor to use the best information available. The following tables present the fair value hierarchy table for assets and liabilities measured at fair value, on a recurring basis (in thousands):

	Fair Value Measurements at March 31, 2014 using:
		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Carrying Value as of March 31, 2014
Trading securities held in the deferred compensation plans	$	67,119	$	—		$	—		$	67,119
Derivatives –swaps		—		(32,979	)		—			(32,979	)
–collars		—		(20,381	)		—			(20,381	)
–basis swaps		—		(3,611	)		(28	)		(3,639	)

	Fair Value Measurements at December 31, 2013 using:
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total Carrying Value as of December 31, 2013
Trading securities held in the deferred compensation plans	$	67,766	$	—		$	—	$	67,766
Derivatives –swaps		—		(18,812	)		—		(18,812	)
–collars		—		2,314			—		2,314
–basis swaps		—		3,381			548		3,929

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Our trading securities in Level 1 are exchange-traded and measured at fair value with a market approach using end of period market values. Derivatives in Level 2 are measured at fair value with a market approach using third-party pricing services, which have been corroborated with data from active markets or broker quotes. As of March 31, 2014, we have four natural gas basis swaps categorized as Level 3 due to the forward price curve being unavailable for the regional sales point. We based the fair value on the most similar regional forward natural gas basis curve received from a third party pricing service along with assumed basis differentials based on historical trends.

Our trading securities held in the deferred compensation plan are accounted for using the mark-to-market accounting method and are included in other assets in the accompanying consolidated balance sheets. We elected to adopt the fair value option to simplify our accounting for the investments in our deferred compensation plan. Interest, dividends, and mark-to-market gains or losses are included in deferred compensation plan expense in the accompanying statement of operations. For first quarter 2014, interest and dividends were $274,000 and the mark-to-market adjustment was a gain of $429,000 compared to interest and dividends of $40,000 and mark-to-market gain of $1.6 million in the same period of the prior year.

Fair Values—Reported

The following table presents the carrying amounts and the fair values of our financial instruments as of March 31, 2014 and December 31, 2013 (in thousands):

	March 31, 2014						December 31, 2013
	Carrying Value			Fair Value			Carrying Value			Fair Value
Assets:
Commodity swaps, collars and basis swaps	$	15,997		$	15,997		$	13,654		$	13,654
Marketable securities(a)		67,119			67,119			67,766			67,766
(Liabilities):
Commodity swaps, collars and basis swaps		(72,996	)		(72,996	)		(26,223	)		(26,223	)
Bank credit facility(b)		(594,000	)		(594,000	)		(500,000	)		(500,000	)
Deferred compensation plan(c)		(262,123	)		(262,123	)		(271,738	)		(271,738	)
8.00% senior subordinated notes due 2019(b)		(290,866	)		(313,875	)		(290,516	)		(319,500	)
6.75% senior subordinated notes due 2020(b)		(500,000	)		(540,000	)		(500,000	)		(541,250	)
5.75% senior subordinated notes due 2021(b)		(500,000	)		(535,625	)		(500,000	)		(530,625	)
5.00% senior subordinated notes due 2022(b)		(600,000	)		(611,250	)		(600,000	)		(588,750	)
5.00% senior subordinated notes due 2023(b)		(750,000	)		(759,375	)		(750,000	)		(732,188	)

^(a) Marketable securities, which are held in our deferred compensation plans, are actively traded on major exchanges. Refer to Note 13 for additional information.

^(b) The book value of our bank debt approximates fair value because of its floating rate structure. The fair value of our senior subordinated notes is based on end of period market quotes which are Level 2 market values. Refer to Note 8 for additional information.

^(c) The fair value of our deferred compensation plan is updated on the closing price on the balance sheet date which is a Level 1 market value.

Our current assets and liabilities contain financial instruments, the most significant of which are trade accounts receivable and payable. We believe the carrying values of our current assets and liabilities approximate fair value. Our fair value assessment incorporates a variety of considerations including (1) the short-term duration of the instruments and (2) our historical and expected incurrence of bad debt expense. Non-financial liabilities initially measured at fair value include asset retirement obligations. For additional information, see Note 9.

Concentrations of Credit Risk

As of March 31, 2014, our primary concentrations of credit risk are the risks of collecting accounts receivable and the risk of counterparties’ failure to perform under derivative obligations. Most of our receivables are from a diverse group of companies, including major energy companies, pipeline companies, local distribution companies, financial institutions and end-users in various industries. Letters of credit or other appropriate security are obtained as deemed necessary to limit our risk of loss. Our allowance for uncollectible receivables was $2.5 million at both March 31, 2014 and December 31, 2013. As of March 31, 2014, our derivative contracts consist of swaps and collars. Our exposure to credit risk is diversified primarily among major investment grade financial institutions, the majority of which we have master netting agreements which provide for offsetting payables against receivables from separate derivative contracts. To manage counterparty risk associated with our derivatives, we select and monitor our counterparties based on our assessment of their financial strength and/or credit ratings. We may also limit the level of exposure with any single counterparty. At March 31, 2014, our derivative counterparties include fourteen financial institutions, of which all but two are secured lenders in our bank credit facility. At March 31, 2014, our net derivative assets include a net payable to these two counterparties that are not included in our bank credit facility of $3.8 million.

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(13) STOCK-BASED COMPENSATION PLANS

Stock-Based Awards

Stock options represent the right to purchase shares of stock in the future at the fair value of the stock on the date of grant. Most stock options granted under our stock option plans vest over a three-year period and expire five years from the date they are granted. In 2005, we began granting SARs to reduce the dilutive impact of our equity plans. Similar to stock options, SARs represent the right to receive a payment equal to the excess of the fair market value of shares of common stock on the date the right is exercised over the value of the stock on the date of grant. All SARs granted under our Amended and Restated 2005 Equity-Based Incentive Compensation Plan (the “2005 Plan”) will be settled in shares of stock, vest over a three-year period and have a maximum term of five years from the date they are granted. Beginning in first quarter 2011, the Compensation Committee of the Board of Directors also began granting restricted stock units under our equity-based stock compensation plans. These restricted stock units, which we refer to as restricted stock Equity Awards, vest over a three-year period. All awards granted have been issued at prevailing market prices at the time of grant and the vesting of these shares is based upon an employee’s continued employment with us.

In first quarter 2014, the Compensation Committee of the Board of Directors began granting performance share unit awards (“PSUs”) under our 2005 Plan. The number of shares to be issued is determined by our total shareholder return compared to the total shareholder return of a predetermined group of peer companies over the performance period. The performance unit awards vest at the end of three years. The grant date fair value of the PSUs is determined using a Monte Carlo simulation and is recognized as stock-based compensation expense over the three-year performance period.

The Compensation Committee also grants restricted stock to certain employees and non-employee directors of the Board of Directors as part of their compensation. Upon grant of these restricted shares, which we refer to as restricted stock Liability Awards, the shares generally are placed in our deferred compensation plan and, upon vesting, employees are allowed to take withdrawals either in cash or in stock. Compensation expense is recognized over the balance of the vesting period, which is typically three years for employee grants and immediate vesting for non-employee directors. All restricted stock awards are issued at prevailing market prices at the time of the grant and vesting is based upon an employee’s continued employment with us. Prior to vesting, all restricted stock awards have the right to vote such shares and receive dividends thereon. These Liability Awards are classified as a liability and are remeasured at fair value each reporting period. This mark-to-market adjustment is reported as deferred compensation plan expense in the accompanying consolidated statements of operations.

Total Stock-Based Compensation Expense

Stock-based compensation represents amortization of restricted stock, PSUs and SARs expense. Unlike the other forms of stock-based compensation, the mark-to-market adjustment of the liability related to the vested restricted stock held in our deferred compensation plans is directly tied to the change in our stock price and not directly related to the functional expenses and therefore, is not allocated to the functional categories. The following table details the allocation of stock-based compensation that is allocated to functional expense categories (in thousands):

	Three Months Ended March 31,
	2014		2013
Operating expense	$	852	$	661
Brokered natural gas and marketing expense		528		249
Exploration expense		1,153		1,070
General and administrative expense		11,604		10,306
Total	$	14,137	$	12,286

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Stock Appreciation Right Awards

We have two active equity-based stock plans, the 2005 Plan and the 2004 Non-Employee Director Stock Option Plan. Under these plans, incentive and non-qualified stock options, SARs, restricted stock units and various other awards may be issued to non-employee directors and employees pursuant to decisions of the Compensation Committee, which is comprised of only non-employee, independent directors. Of the 2.4 million grants outstanding at March 31, 2014, all are grants relating to SARs. Information with respect to SARs activity is summarized below:

	Shares			Weighted Average Exercise Price
Outstanding at December 31, 2013		2,582,074		$	56.36
Granted		1,104			81.74
Exercised		(137,271	)		45.45
Expired/forfeited		—			—
Outstanding at March 31, 2014		2,445,907		$	56.98

During first three months 2014, we granted SARs to our non-executive chairman in conjunction with his retirement from Range as an employee. The weighted average grant date fair value of these SARs, based on our Black-Scholes-Merton assumptions, is shown below:

	Three Months Ended March 31, 2014
Weighted average exercise price per share	$	81.74
Expected annual dividends per share		0.20	%
Expected life in years		4.3
Expected volatility		33	%
Risk-free interest rate		1.4	%
Weighted average grant date fair value	$	23.17

Performance Share Unit Awards

A summary of our performance share unit awards (“PSUs”) outstanding at March 31, 2014 is summarized below:

	Number of Units (a)		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2013		—	$	—
Units granted		57,421		82.60
Outstanding at March 31, 2014		57,421	$	82.60

^(a) These amounts reflect the number of performance units granted. The actual payout of shares may be between zero percent and 150% of the performance units granted depending on the total shareholder return ranking compared to the peer companies at the vesting date.

The following assumptions were used to estimate the fair value of PSUs granted during the first three months 2014:

	Three  Months Ended March 31, 2014
Risk-free interest rate		0.71	%
Expected annual volatility		34	%
Grant date fair value per unit	$	82.60

We recorded PSU compensation expense of $533,000 in the first three months 2014 compared to none in the same period of 2013.

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Restricted Stock Awards

Equity Awards

In first three months 2014, we granted 351,000 restricted stock Equity Awards to employees at an average grant price of $84.89 compared to 386,000 restricted stock Equity Awards granted to employees at an average grant price of $71.02 in the same period of 2013. These awards generally vest over a three-year period. We recorded compensation expense for these Equity Awards of $6.5 million in the first three months 2014 compared to $4.3 million in the same period of 2013. Equity Awards are not issued to employees until they are vested. Employees do not have the option to receive cash.

Liability Awards

In first three months 2014, we granted 76,000 shares of restricted stock Liability Awards as compensation to employees at an average price of $85.02 with vesting generally over a three-year period. We also granted 950 shares at an average price of $81.74 to a director, which vested immediately. In the same period of 2013, we granted 125,000 shares of Liability Awards as compensation to employees at an average price of $71.40 with vesting generally over a three-year period. We recorded compensation expense for Liability Awards of $4.7 million in first three months 2014 compared to $4.5 million in the same period of 2013. Substantially all of these awards are held in our deferred compensation plan, are classified as a liability and are remeasured at fair value each reporting period. This mark-to-market adjustment is reported as deferred compensation expense in our consolidated statements of operations (see additional discussion below).

A summary of the status of our non-vested restricted stock and restricted stock units outstanding at March 31, 2014 is summarized below:

	Equity Awards					Liability Awards
	Shares			Weighted Average Grant Date Fair Value		Shares			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2013		385,063		$	68.24		389,013		$	71.02
Granted		350,594			84.89		77,435			84.98
Vested		(93,241	)		69.86		(77,142	)		69.55
Forfeited		(1,418	)		79.41		(90	)		71.03
Outstanding at March 31, 2014		640,998		$	77.09		389,216		$	74.09

Deferred Compensation Plan

Our deferred compensation plan gives non-employee directors, officers and key employees the ability to defer all or a portion of their salaries and bonuses and invest in Range common stock or make other investments at the individual’s discretion. Range provides a partial matching contribution which vests over three years. The assets of the plans are held in a grantor trust, which we refer to as the Rabbi Trust, and are therefore available to satisfy the claims of our general creditors in the event of bankruptcy or insolvency. Our stock held in the Rabbi Trust is treated as a liability award as employees are allowed to take withdrawals from the Rabbi Trust either in cash or in Range stock. The liability for the vested portion of the stock held in the Rabbi Trust is reflected as deferred compensation liability in the accompanying consolidated balance sheets and is adjusted to fair value each reporting period by a charge or credit to deferred compensation plan expense on our consolidated statements of operations. The assets of the Rabbi Trust, other than our common stock, are invested in marketable securities and reported at their market value as other assets in the accompanying consolidated balance sheets. The deferred compensation liability reflects the vested market value of the marketable securities and Range stock held in the Rabbi Trust. Changes in the market value of the marketable securities and changes in the fair value of the deferred compensation plan liability are charged or credited to deferred compensation plan expense each quarter. We recorded mark-to-market income of $2.0 million in first quarter 2014 compared to mark-to-market loss of $42.4 million in first quarter 2013. The Rabbi Trust held 2.8 million shares (2.4 million of vested shares) of Range stock at March 31, 2014 compared to 2.8 million shares (2.4 million of vested shares) at December 31, 2013.

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(14) SUPPLEMENTAL CASH FLOW INFORMATION

	Three Months Ended March 31,
	2014		2013
	(in thousands)
Net cash provided from operating activities included:
Income taxes (refunded) paid to taxing authorities	$	39	$	(162	)
Interest paid		55,190		37,541
Non-cash investing and financing activities included:
Asset retirement costs capitalized, net		3,218		1,690
Increase in accrued capital expenditures		6,808		128,136

(15) COMMITMENTS AND CONTINGENCIES

Litigation

We are the subject of, or party to, a number of pending or threatened legal actions, administrative proceedings and claims arising in the ordinary course of our business. While many of these matters involve inherent uncertainty, we believe that the amount of the liability, if any, ultimately incurred with respect to proceedings or claims will not have a material adverse effect on our consolidated financial position as a whole or on our liquidity, capital resources or future annual results of operations. We will continue to evaluate our litigation quarterly and will establish and adjust any litigation reserves as appropriate to reflect our assessment of the then current status of litigation.

Transportation and Gathering Contracts

In the three months ended March 31, 2014, our transportation and gathering commitments increased by approximately $628.4 million over the next 25 years primarily due to two new firm transportation contracts. In addition, we have entered into additional agreements which are contingent on certain pipeline and gathering modifications and/or construction, that will range between five and fifteen year terms and are expected to begin in late 2014 through 2017. Based on these new contracts, we will have transportation and gathering obligations for a range of natural gas volumes from 25,000 mcf per day to 300,000 mcf per day through the end of the contract term.

(16) Capitalized Costs and Accumulated Depreciation, Depletion and Amortization ^(a)

	March 31, 2014			December 31, 2013
	(in thousands)
Natural gas and oil properties:
Properties subject to depletion	$	8,467,064		$	8,225,859
Unproved properties		842,679			807,022
Total		9,309,743			9,032,881
Accumulated depreciation, depletion and amortization		(2,397,089	)		(2,274,444	)
Net capitalized costs	$	6,912,654		$	6,758,437

^(a) Includes capitalized asset retirement costs and the associated accumulated amortization.

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(17) Costs Incurred for Property Acquisition, Exploration and Development ^(a)

	Three Months Ended March 31, 2014		Year Ended December 31, 2013
	(in thousands)
Acreage purchases	$	48,597	$	137,538
Development		223,912		938,668
Exploration:
Drilling		7,737		189,742
Expense		13,694		60,384
Stock-based compensation expense		1,153		4,025
Gas gathering facilities:
Development		3,618		47,086
Subtotal		298,711		1,377,443
Asset retirement obligations		3,218		76,373
Total costs incurred	$	301,929	$	1,453,816

^(a) Includes cost incurred whether capitalized or expensed.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion is intended to assist you in understanding our business and results of operations together with our present financial condition. Certain sections of Management’s Discussion and Analysis of Financial Condition and Results of Operations include forward-looking statements concerning trends or events potentially affecting our business. These statements contain words such as “anticipates,” “believes,” “expects,” “targets,” “plans,” “projects,” “could,” “may,” “should,” “would” or similar words indicating that future outcomes are uncertain. In accordance with “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, these statements are accompanied by cautionary language identifying important factors, though not necessarily all such factors, which could cause future outcomes to differ materially from those set forth in the forward-looking statements. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our expectations for future revenues and operating results are based on our forecasts for our existing operations and do not include the potential impact of any future acquisitions. For additional risk factors affecting our business, see Item 1A. Risk Factors as set forth in our Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the SEC on February 26, 2014.

Overview of Our Business

We are a Fort Worth, Texas-based independent natural gas, natural gas liquids (“NGLs”) and oil company primarily engaged in the exploration, development and acquisition of natural gas and oil properties in the Appalachian and Southwestern regions of the United States. We operate in one segment and have a single company-wide management team that administers all properties as a whole rather than by discrete operating segments. We track only basic operational data by area.

Our objective is to build stockholder value through consistent growth in reserves and production on a cost-efficient basis. Our strategy to achieve our objective is to increase reserves and production through internally generated drilling projects occasionally coupled with complementary acquisitions. Our revenues, profitability and future growth depend substantially on prevailing prices for natural gas, NGLs, crude oil and condensate and on our ability to economically find, develop, acquire and produce natural gas, NGLs and crude oil reserves. Prices for natural gas, NGLs and oil fluctuate widely and affect:

— the amount of cash flows available for capital expenditures;

— our ability to borrow and raise additional capital; and

— the quantity of natural gas, NGLs and oil we can economically produce.

We prepare our financial statements in conformity with generally accepted accounting principles, which require us to make estimates and assumptions that affect our reported results of operations and the amount of our reported assets, liabilities and proved natural gas, NGLs and oil reserves. We use the successful efforts method of accounting for our natural gas, NGLs and oil activities.

Market Conditions

Prices for our products significantly impact our revenue, net income and cash flow. Natural gas, NGLs and oil are commodities and prices for commodities are inherently volatile. The following table lists average New York Mercantile Exchange (“NYMEX”) prices for natural gas and oil and the Mont Belvieu NGL composite price for the three months ended March 31, 2014 and 2013:

	Three Months Ended March 31,
	2014		2013
Average NYMEX prices (a)
Natural gas (per mcf)	$	4.89	$	3.35
Oil (per bbl)	$	98.61	$	94.25
Mont Belvieu NGL Composite (per gallon)	$	0.91	$	0.78

^(a) Based on weighted average of bid week prompt month prices.

Consolidated Results of Operations

Overview of First Quarter 2014 Results

During first quarter 2014, we achieved the following financial and operating results:

— increased revenue from the sale of natural gas, NGLs and oil by 44% from the same period of 2013;

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— achieved 21% production growth over the same period of 2013;

— continued expansion of our activities in the Marcellus Shale in Pennsylvania by growing production, proving up acreage and acquiring additional unproved acreage;

— excluding workovers, our direct operating expenses per mcfe remained flat from the same period of 2013;

— reduced our depletion, depreciation and amortization (“DD&A”) rate 8% over the same period of 2013;

— entered into additional derivative contracts for 2014, 2015 and 2016; and

— realized $181.2 million of cash flow from operating activities.

Our first quarter 2014 net income was $32.5 million, or $0.20 per diluted common share compared to a net loss of $75.6 million, or a loss of $0.47 per diluted common share in the same period 2013. During first quarter 2014, we had an increase in revenue from the sale of natural gas, NGLs and oil driven by higher production volumes of 21%. Our first quarter 2014 production growth was due to the continued success of our drilling program, particularly in the Marcellus Shale. First quarter 2014 production for NGLs increased 137% from the same period of 2013 due to our sales of ethane based on our new ethane sales/transport agreements which commenced initial deliveries in late 2013. When comparing first quarter 2014 to the same period of 2013, we also experienced a favorable increase in our non-cash mark-to-market related to our deferred compensation plans along with favorable non-cash fair value adjustments on our commodity derivatives, a non-GAAP measure and lower general and administrative expense, all of which were somewhat offset by lower realized prices. Realized prices include the impact of basis differentials. Average natural gas differentials were $0.66 per mcf above NYMEX in the first quarter 2014 compared to $0.15 per mcf above NYMEX in the same quarter 2013. This increase was more than offset by realized losses on our basis hedging in the first quarter 2014 of $0.90 per mcfe.

We believe natural gas, NGLs and oil prices will remain volatile and will be affected by, among other things, weather, the U.S. and worldwide economy, new technology and the level of oil and gas production in North America and worldwide. Although we have entered into derivative contracts covering a portion of our production volumes for the remainder of 2014 and for 2015 and 2016, a sustained lower price environment would result in lower prices for unprotected volumes and reduce the prices that we can enter into derivative contracts for additional volumes in the future.

Natural Gas, NGLs and Oil Sales, Production and Realized Price Calculations

Our revenues vary primarily as a result of changes in realized commodity prices, production volumes and the value of certain of our derivative contracts. We generally sell natural gas, NGLs and oil under two types of agreements, which are common in our industry. Revenue from the sale of natural gas, NGLs and oil sales include netback arrangements where we sell natural gas and oil at the wellhead and collect a price, net of transportation incurred by the purchaser. In this instance, we record revenue at the price we receive from the purchaser. Revenues are also realized from sales arrangements where we sell natural gas or oil at a specific delivery point and receive proceeds from the purchaser with no transportation deduction. Third party transportation costs we incur to get our commodity to the delivery point are reported in transportation, gathering and compression expense. Hedges included in natural gas, NGLs and oil sales reflect settlements on those derivatives that qualified for hedge accounting. Cash settlements and changes in the market value of derivative contracts that are not accounted for as hedges are included in derivative fair value income or loss in the statement of operations. For more information on revenues from derivative contracts that are not accounted for as hedges, see the derivative fair value loss discussion below. Effective March 1, 2013, we elected to de-designate all commodity contracts that were previously designated as cash flow hedges and elected to discontinue hedge accounting prospectively. Refer to Note 11 to the consolidated financial statements for more information.

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In first quarter 2014, natural gas, NGLs and oil sales increased 44% compared to the same period of 2013 with a 21% increase in production and a 19% increase in realized prices. The following table illustrates the primary components of natural gas, NGLs, crude oil and condensate sales for the three months ended March 31, 2014 and 2013 (in thousands):

	Three Months Ended March 31,
	2014		2013		Change			% Change
Natural gas, NGLs and oil sales
Gas wellhead	$	346,226	$	217,088	$	129,138			59	%
Gas hedges realized (a)		1,168		35,478		(34,310	)		(97	%)
Total gas revenue	$	347,394	$	252,566	$	94,828			38	%
Total NGLs revenue	$	135,504	$	67,571	$	67,933			101	%
Oil and condensate wellhead	$	88,121	$	77,080	$	11,041			14	%
Oil hedges realized (a)		998		1,022		(24	)		(2	%)
Total oil and condensate revenue	$	89,119	$	78,102	$	11,017			14	%
Combined wellhead	$	569,851	$	361,739	$	208,112			58	%
Combined hedges (a)		2,166		36,500		(34,334	)		(94	%)
Total natural gas, NGLs and oil sales	$	572,017	$	398,239	$	173,778			44	%

^(a) Cash settlements related to derivatives that qualified or were historically designated for hedge accounting.

Our production continues to grow through drilling success as we place new wells on production partially offset by the natural decline of our natural gas and oil wells and asset sales. When compared to the same period of 2013, our first quarter 2014 production volumes increased 25% in our Appalachian region and decreased 5% in our Southwestern region. When compared to the same period of 2013, our Marcellus production volumes increased 29% for the first quarter. The decline in natural gas production volumes is primarily related to the increased sales of ethane, the extraction of which reduces natural gas volumes to be sold and, to a lesser extent, adverse weather conditions during first quarter 2014. Ethane production volumes are reported with NGLs in the table below. Our production for the three months ended March 31, 2014 and 2013 is set forth in the following table:

	Three Months Ended March 31,
	2014		2013		Change			% Change
Production (a)
Natural gas (mcf)		62,017,581		62,023,956		(6,375	)		%
NGLs (bbls)		4,471,481		1,889,424		2,582,057			151	%
Crude oil and condensate (bbls)		1,035,145		912,662		122,483			13	%
Total (mcfe) (b)		95,057,337		78,836,472		16,220,865			21	%
Average daily production (a)
Natural gas (mcf)		689,084		689,155		(71	)		%
NGLs (bbls)		49,683		20,994		28,689			137	%
Crude oil and condensate (bbls)		11,502		10,141		1,361			13	%
Total (mcfe) (b)		1,056,193		875,961		180,232			21	%

^(a) Represents volumes sold regardless of when produced.

^(b) Oil and NGLs are converted to mcfe at the rate of one barrel equals six mcf based upon the approximate relative energy content of oil to natural gas, which is not necessarily indicative of the relationship between oil and natural gas prices.

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Our average realized price (including all derivative settlements and third-party transportation costs) received during first quarter 2014 was $4.14 per mcfe compared to $4.26 per mcfe in the same period of 2013. Because we record transportation costs on two separate bases, as required by U.S. GAAP, we believe computed final realized prices should include the total impact of transportation, gathering and compression expense. Our average realized price (including all derivative settlements and third-party transportation costs) calculation also includes all cash settlements for derivatives, whether or not they qualified for hedge accounting. Average sales prices (wellhead) do not include derivative settlements or third party transportation costs which are reported in transportation, gathering and compression expense on the accompanying statements of operations. Average sales prices (wellhead) do include transportation costs where we receive net revenue proceeds from purchasers. Average realized price calculations for the three months ended March 31, 2014 and 2013 are shown below:

	Three Months Ended March 31,
	2014		2013
Average Prices
Average sales prices (wellhead):
Natural gas (per mcf)	$	5.58	$	3.50
NGLs (per bbl)		30.30		35.76
Crude oil and condensate (per bbl)		85.13		84.46
Total (per mcfe) (a)		5.99		4.59
Average realized prices (including derivative settlements that qualified for hedge accounting):
Natural gas (per mcf)	$	5.60	$	4.07
NGLs (per bbl)		30.30		35.76
Crude oil and condensate (per bbl)		86.09		85.58
Total (per mcfe) (a)		6.02		5.05
Average realized prices (including all derivative settlements):
Natural gas (per mcf)	$	4.20	$	4.09
NGLs (per bbl)		27.34		35.29
Crude oil and condensate (per bbl)		82.03		85.46
Total (per mcfe) (a)		4.92		5.06
Average realized prices (including all derivative settlements and third party transportation costs paid by Range):
Natural gas (per mcf)	$	3.14	$	3.14
NGLs (per bbl)		25.35		33.61
Crude oil and condensate (per bbl)		82.03		85.46
Total (per mcfe) (a)		4.14		4.26

^(a) Oil and NGLs are converted to mcfe at the rate of one barrel equals six mcf based upon the approximate relative energy content of oil to natural gas, which is not indicative of the relationship between oil and natural gas prices.

Derivative fair value loss was $146.9 million in first quarter 2014 compared to $99.9 million in the same period of 2013. Through February 28, 2013, some of our derivatives did not qualify for hedge accounting and were accounted for using the mark-to-market accounting method whereby all realized and unrealized gains and losses related to these contracts are included in derivative fair value income or loss in the accompanying consolidated statements of operations. Effective March 1, 2013, we discontinued hedge accounting prospectively. Since March 1, 2013, all of our derivatives are accounted for using the mark-to-market accounting method. Mark-to-market accounting treatment results in volatility of our revenues as unrealized gains and losses from derivatives are included in total revenue. As commodity prices increase or decrease, such changes will have an opposite effect on the mark-to-market value of our derivatives. Gains on our derivatives generally indicate lower wellhead revenues in the future while losses indicate higher future wellhead revenues.

Loss on the sale of assets was $353,000 in first quarter 2014 compared to a loss of $166,000 in the same period of 2013. In first quarter 2014 and 2013, we sold miscellaneous proved and unproved oil and gas properties and inventory for proceeds received of $294,000 in first quarter 2014 compared to $38.2 million in the same period of 2013.

Brokered natural gas, marketing and other revenue in first quarter 2014 was $32.5 million compared to $21.0 million in the same period of 2013. The first three months 2014 includes a loss from equity method investments of $133,000 and $33.2 million of revenue from marketing and the sale of brokered gas. The first three months 2013 includes loss from equity method investments of $80,000 and $21.1 million of revenue from marketing and the sale of brokered gas. These revenues increased due to an increase in brokered volumes.

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We believe some of our expense fluctuations are best analyzed on a unit-of-production, or per mcfe, basis. The following presents information about certain of our expenses on a per mcfe basis for the three months ended March 31, 2014 and 2013:

	Three Months Ended March 31,
	(per mcfe)
	2014		2013		Change			% Change
Direct operating expense	$	0.42	$	0.38	$	0.04			11	%
Production and ad valorem tax expense		0.12		0.14		(0.02	)		(14	%)
General and administrative expense		0.52		1.07		(0.55	)		(51	%)
Interest expense		0.48		0.54		(0.06	)		(11	%)
Depletion, depreciation and amortization expense		1.35		1.46		(0.11	)		(8	%)

Direct operating expense was $39.8 million in first quarter 2014 compared to $30.2 million in the same period of 2013. We experience increases in operating expenses as we add new wells and manage existing properties. Direct operating expenses include normally recurring expenses to operate and produce our wells, non-recurring well workovers and repair-related expenses. Our production volumes increased 21% but, on an absolute basis, our spending for direct operating expenses for first quarter 2014 increased 32% with an increase in the number of producing wells, higher workover costs, higher water handling and winter operations costs somewhat offset by the sale of certain non-core assets at the beginning of second quarter 2013. We incurred $5.6 million of workover costs in first quarter 2014 compared to $1.4 million of workover costs in the same period of 2013.

On a per mcfe basis, direct operating expense in first quarter 2014 increased 11% from the same period of 2013 with the increase consisting of higher workover costs. We expect to experience lower costs per mcfe as we increase production from our Marcellus Shale wells due to their lower operating cost relative to our other operating areas. However, our operating costs in the Mississippian play are higher on a per mcfe basis than the Marcellus Shale play. As production increases from the Mississippian play, our direct operating expenses per mcfe are expected to increase. The following table summarizes direct operating expenses per mcfe for the three months ended March 31, 2014 and 2013:

	Three Months Ended March 31,
	(per mcfe)
	2014		2013		Change		% Change
Lease operating expense	$	0.35	$	0.35	$	¾		¾	%
Workovers		0.06		0.02		0.04		200	%
Stock-based compensation (non-cash)		0.01		0.01		¾		¾	%
Total direct operating expense	$	0.42	$	0.38	$	0.04		11	%

Production and ad valorem taxes are paid based on market prices, not hedged prices. This expense category also includes the Pennsylvania impact fee that was initially assessed in 2012. Production and ad valorem taxes (excluding the impact fee) were $5.2 million in first quarter 2014 compared to $4.2 million in the same period of 2013. On a per mcfe basis, production and ad valorem taxes (excluding the impact fee) was $0.05 in both first quarter 2014 and first quarter 2013 with an increase in volumes not subject to production taxes more than offset by higher prices. In February 2012, the Commonwealth of Pennsylvania enacted an “impact fee” on unconventional natural gas and oil production which includes the Marcellus Shale. Included in first quarter 2014 is a $6.5 million impact fee ($0.07 per mcfe) compared to $7.1 million ($0.09 per mcfe) in the same period of the prior year.

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General and administrative (“G&A”) expense was $49.2 million in first quarter 2014 compared to $84.1 million for the same period of 2013. The first quarter 2014 decrease of $34.8 million when compared to 2013 is primarily due to lower lawsuit settlements. The first quarter 2013 included an accrual of $35.0 million related to an Oklahoma lawsuit that was settled in second quarter 2013 for $87.5 million. Stock-based compensation expense represents the amortization of restricted stock grants and performance shares granted to our employees and non-employee directors as part of compensation. On a per mcfe basis, G&A expense decreased 51% from first quarter 2013 primarily due to the settlement of the Oklahoma lawsuit which was partially accrued in first quarter 2013 and lower salaries and benefits. The following table summarizes general and administrative expenses per mcfe for the three months ended March 31, 2014 and 2013:

	Three Months Ended March 31,
	(per mcfe)
	2014		2013		Change			% Change
General and administrative	$	0.40	$	0.50	$	(0.10	)		(20	%)
Oklahoma legal settlement		¾		0.44		(0.44	)		(100	%)
Stock-based compensation (non-cash)		0.12		0.13		(0.01	)		(8	%)
Total general and administrative expenses	$	0.52	$	1.07		(0.55	)		(51	%)

Interest expense was $45.4 million for first quarter 2014 compared to $42.2 million for first quarter 2013. The following table presents information about interest expense per mcfe for the three months ended March 31, 2014 and 2013:

	Three Months Ended March 31,
	(per mcfe)
	2014		2013		Change			% Change
Bank credit facility	$	0.05	$	0.06	$	(0.01	)		(17	%)
Subordinated notes		0.41		0.45		(0.04	)		(9	%)
Amortization of deferred financing costs and other		0.02		0.03		(0.01	)		(33	%)
Total interest expense	$	0.48	$	0.54		(0.06	)		(11	%)

On an absolute basis, the increase in interest expense for first quarter 2014 from the same period of 2013 was primarily due to an increase in outstanding debt balances. In March 2013, we issued $750.0 million of 5.0% senior subordinated notes due 2023. We used the proceeds to repay our outstanding bank debt which carries a lower interest rate. We used the proceeds to repay $350.0 million of our outstanding credit facility balance and for general corporate purposes. The 2013 note issuance was undertaken to better match the maturities of our debt with the life of our properties and to give us greater liquidity for the near term. Average debt outstanding on the bank credit facility for first quarter 2014 was $611.8 million compared to $685.6 million in the same period of 2013 and the weighted average interest rate on the bank credit facility was 2.0% in first quarter 2014 compared to 2.1% in the same period of 2013.

Depletion, depreciation and amortization (“DD&A”) was $128.7 million in first quarter 2014 compared to $115.1 million in the same period of 2013. The increase in first quarter 2014 when compared to the same period of 2013 is due to a 7% decrease in depletion rates more than offset by a 21% increase in production. Depletion expense, the largest component of DD&A, was $1.28 per mcfe in first quarter 2014 compared to $1.38 per mcfe in the same period of 2013. We have historically adjusted our depletion rates in the fourth quarter of each year based on the year-end reserve report and other times during the year when circumstances indicate there has been a significant change in reserves or costs. Our depletion rate per mcfe continues to decline due to our drilling success in the Marcellus Shale. The following table summarizes DD&A expense per mcfe for the three months ended March 31, 2014 and 2013:

	Three Months Ended March 31,
	(per mcfe)
	2014		2013		Change			% Change
Depletion and amortization	$	1.28	$	1.38	$	(0.10	)		(7	%)
Depreciation		0.03		0.05		(0.02	)		(40	%)
Accretion and other		0.04		0.03		0.01			33	%
Total DD&A expense	$	1.35	$	1.46	$	(0.11	)		(8	%)

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Other Operating Expenses

Our total operating expenses also include other expenses that generally do not trend with production. These expenses include stock-based compensation, transportation, gathering and compression expense, brokered natural gas and marketing expense, exploration expense, abandonment and impairment of unproved properties and deferred compensation plan expense. Stock-based compensation includes the amortization of restricted stock grants, PSUs and SARs grants. The following table details the allocation of stock-based compensation that is allocated to functional expense categories for the three months ended March 31, 2014 and 2013 (in thousands):

	Three Months Ended March 31,
	2014		2013
Direct operating expense	$	852	$	661
Brokered natural gas and marketing expense		528		249
Exploration expense		1,153		1,070
General and administrative expense		11,604		10,306
Total stock-based compensation	$	14,137	$	12,286

Transportation, gathering and compression expense was $74.2 million in first quarter 2014 compared to $62.4 million in the same period of 2013. These third party costs are higher than 2013 due to our production growth in the Marcellus Shale where we have third party gathering, compression and transportation agreements. First quarter 2014 also includes the impact of an ethane transportation contract.  We have included these costs in the calculation of average realized prices (including all derivative settlements and third party transportation expenses paid by Range).

Brokered natural gas and marketing expense was $34.1 million in first quarter 2014 compared to $22.3 million in the same period of 2013. These costs are higher than 2013 primarily due to an increase in brokered volumes.

Exploration expense was $14.8 million in first quarter 2014 compared to $16.8 million in the same period of 2013 due to lower seismic costs and delay rental payments. The following table details our exploration related expenses for the three months ended March 31, 2014 and 2013 (in thousands):

	Three Months Ended March 31,
	2014		2013			Change			% Change
Seismic	$	5,245	$	7,168		$	(1,923	)		(27	%)
Delay rentals and other		4,094		5,050			(956	)		(19	%)
Personnel expense		4,353		3,651			702			19	%
Stock-based compensation expense		1,153		1,070			83			8	%
Dry hole expense		1		(159	)		160			(101	%)
Total exploration expense	$	14,846	$	16,780		$	(1,934	)		(12	%)

Abandonment and impairment of unproved properties was $10.0 million in first quarter 2014 compared to $15.2 million in the same period of 2013. We assess individually significant unproved properties for impairment on a quarterly basis and recognize a loss where circumstances indicate impairment in value. In determining whether a significant unproved property is impaired we consider numerous factors including, but not limited to, current exploration plans, favorable or unfavorable activity on the property being evaluated and/or adjacent properties, our geologists’ evaluation of the property and the remaining months in the lease term for the property. Impairment of individually insignificant unproved properties is assessed and amortized on an aggregate basis based on our average holding period, expected forfeiture rate and anticipated drilling success. As we continue to review our acreage positions and high grade our drilling inventory based on the current price environment, additional leasehold impairments and abandonments will likely be recorded. The decline in first quarter 2014 when compared to the same quarter of 2013 is primarily due to lower expected forfeiture rates in the Marcellus Shale.

Deferred compensation plan expense was a gain of $2.0 million in first quarter 2014 compared to a loss of $42.4 million in the same period of 2013. This non-cash item relates to the increase or decrease in value of the liability associated with our common stock that is vested and held in our deferred compensation plan. The deferred compensation liability is adjusted to fair value by a charge or a credit to deferred compensation plan expense. Our stock price decreased from $84.31 at December 31, 2013 to $82.97 at March 31, 2014. In the same quarter of the prior year, our stock price increased from $62.83 at December 31, 2012 to $81.04 at March 31, 2013.

Income tax expense (benefit) was an expense of $19.0 million in first quarter 2014 compared to a benefit of $47.2 million in first quarter 2013. The increase in income taxes in first quarter 2014 reflects a 142% increase in income from operations when

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compared to the same period of 2013. For the first quarter, the effective tax rate was 36.8% in 2014 compared to 38.4% in 2013. The 2014 and 2013 effective tax rates were different than the statutory tax rate due to state income taxes, permanent differences and changes in our valuation allowances related to deferred tax assets associated with senior executives to the extent their estimated future compensation, which includes distributions from the deferred compensation plan, is expected to exceed the $1.0 million deductible limit provided under section 162 (m) of the Internal Revenue Code. We expect our effective tax rate to be approximately 39% for the remainder of 2014, before any discrete tax items.

Management’s Discussion and Analysis of Financial Condition, Capital Resources and Liquidity

Cash Flow

Cash flows from operations are primarily affected by production volumes and commodity prices, net of the effects of settlements of our derivatives. Our cash flows from operations are also impacted by changes in working capital. We generally maintain low cash and cash equivalent balances because we use available funds to reduce our bank debt. Short-term liquidity needs are satisfied by borrowings under our bank credit facility. Because of this, and since our principal source of operating cash flows (proved reserves to be produced in the following year) cannot be reported as working capital, we often have low or negative working capital. We sell a large portion of our production at the wellhead under floating market contracts. From time to time, we enter into various derivative contracts to provide an economic hedge of our exposure to commodity price risk associated with anticipated future natural gas, NGLs and oil production. The production we hedge has varied and will continue to vary from year to year depending on, among other things, our expectation of future commodity prices. Any payments due to counterparties under our derivative contracts should ultimately be funded by prices received from the sale of our production. Production receipts, however, often lag payments to the counterparties. Any interim cash needs are funded by borrowings under the bank credit facility. As of March 31, 2014, we have entered into hedging agreements covering 234.5 Bcfe for the remainder of 2014, 151.8 Bcfe for 2015 and 22.0 Bcfe for 2016.  We have also entered into basis hedges for 254,164 Mmbtu/day through March 2015.

Net cash provided from operations in the first three months 2014 was $181.2 million compared to $201.2 million in the same period of 2013. Cash provided from continuing operations is largely dependent upon commodity prices and production volumes, net of the effects of settlement of our derivative contracts. The decrease in cash provided from operating activities from 2013 to 2014 reflects a 21% increase in production offset by lower realized prices (a decline of 3%), higher operating costs and unfavorable working capital. As of March 31, 2014, we have hedged approximately 78% of our projected production for the remainder of 2014, with approximately 89% of our projected natural gas production hedged. Net cash provided from continuing operations is affected by working capital changes or the timing of cash receipts and disbursements. Changes in working capital (as reflected in our consolidated statements of cash flows) for first three months 2014 was negative $69.7 million compared to positive $35.8 million for the same period of 2013. The prior year working capital was impacted by a lawsuit settlement accrual of $35.0 million.

Net cash used in investing activities from operations in first three months 2014 was $276.2 million compared to $241.0 million in the same period of 2013.

During the three months ended March 31, 2014, we:

— spent $226.3 million on natural gas and oil property additions;

— spent $50.7 million on acreage, primarily in the Marcellus Shale; and

— received proceeds from asset sales of $294,000.

During the three months ended March 31, 2013, we:

— spent $259.6 million on natural gas and oil property additions;

— spent $8.8 million on acreage primarily in the Marcellus Shale; and

— received proceeds from asset sales of $38.2 million.

Net cash provided from financing activities in first three months 2014 was $94.9 million compared to $39.7 million in the same period of 2013. Historically, sources of financing have been primarily bank borrowings and capital raised through equity and debt offerings.

During the three months ended March 31, 2014, we:

— borrowed $412.0 million and repaid $318.0 million under our bank credit facility, ending the quarter with a $594.0 million outstanding balance on our bank debt.

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During the three months ended March 31, 2013, we:

— borrowed $368.0 million and repaid $1.1 billion under our bank credit facility, ending the quarter with $47.0 million outstanding borrowings under our bank credit facility; and

— issued $750.0 million principal amount of 5.00% senior subordinated notes due 2023, at par, with net proceeds of approximately $738.8 million.

Liquidity and Capital Resources

Our main sources of liquidity and capital resources are internally generated cash flow from operations, a bank credit facility with uncommitted and committed availability, access to the debt and equity capital markets and asset sales. We must find new reserves and develop existing reserves to maintain and grow our production and cash flows.  We accomplish this primarily through successful drilling programs which require substantial capital expenditures.  We continue to take steps to ensure adequate capital resources and liquidity to fund our capital expenditure program. In first three months 2014, we entered into additional commodity derivative contracts for 2014, 2015 and 2016 to protect future cash flows. On April 3, 2014, our borrowing base and our credit facility amounts were reaffirmed.

During first three months 2014, our net cash provided from operating activities of $181.2 million and borrowing under our bank credit facility were used to fund $280.1 million of capital expenditures (including acreage acquisitions). At March 31, 2014, we had $246,000 in cash and total assets of $7.5 billion.

Long-term debt at March 31, 2014 totaled $3.2 billion, including $594.0 million outstanding on our bank credit facility and $2.6 billion of senior subordinated notes. Our available committed borrowing capacity at March 31, 2014 was $1.0 billion. Cash is required to fund capital expenditures necessary to offset inherent declines in production and reserves that are typical in the oil and natural gas industry. Future success in growing reserves and production will be highly dependent on capital resources available and the success of finding or acquiring additional reserves. We currently believe that net cash generated from operating activities, unused committed borrowing capacity under the bank credit facility and proceeds from asset sales combined with our natural gas, NGLs and oil derivatives contracts currently in place will be adequate to satisfy near-term financial obligations and liquidity needs. To the extent our capital requirements exceed our internally generated cash flow and proceeds from asset sales, debt or equity securities may be issued to fund these requirements. Long-term cash flows are subject to a number of variables including the level of production and prices as well as various economic conditions that have historically affected the oil and natural gas business. A material drop in natural gas, NGLs and oil prices or a reduction in production and reserves would reduce our ability to fund capital expenditures, meet financial obligations and remain profitable. We establish a capital budget at the beginning of each calendar year and review it during the course of the year.  Our 2014 capital budget is $1.52 billion.  We operate in an environment with numerous financial and operating risks, including, but not limited to, the inherent risks of the search for, development and production of natural gas, NGLs and oil, the ability to buy properties and sell production at prices which provide an attractive return and the highly competitive nature of the industry. Our ability to expand our reserve base is, in part, dependent on obtaining sufficient capital through internal cash flow, bank borrowings, asset sales or the issuance of debt or equity securities. There can be no assurance that internal cash flow and other capital sources will provide sufficient funds to maintain capital expenditures that we believe are necessary to offset inherent declines in production and proven reserves.

Credit Arrangements

As of March 31, 2014, we maintained a $2.0 billion revolving credit facility, which we refer to as our bank credit facility. The bank credit facility is secured by substantially all of our assets and has a maturity date of February 18, 2016. Availability under the bank credit facility is subject to a borrowing base set by the lenders semi-annually with an option to set more often in certain circumstances. The borrowing base is dependent on a number of factors but primarily on the lenders’ assessment of future cash flows. Redeterminations of the borrowing base require approval of two thirds of the lenders; increases to the borrowing base require 97% lender approval. On April 3, 2014, the facility amount on our bank credit facility was reaffirmed at $1.75 billion and our borrowing base was reaffirmed at $2.0 billion. Our current bank group is currently composed of twenty-eight financial institutions.

Our bank debt and our subordinated notes impose limitations on the payment of dividends and other restricted payments (as defined under the debt agreements for our bank debt and our subordinated notes). The debt agreements also contain customary covenants relating to debt incurrence, working capital, dividends and financial ratios. We are in compliance with all covenants at March 31, 2014.

Cash Dividend Payments

On March 1, 2014, the Board of Directors declared a dividend of four cents per share ($6.6 million) on our common stock, which was paid on March 31, 2014 to stockholders of record at the close of business on March 14, 2014. The amount of future

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dividends is subject to declaration by the Board of Directors and primarily depends on earnings, capital expenditures, debt covenants and various other factors.

Cash Contractual Obligations

Our contractual obligations include long-term debt, operating leases, drilling commitments, derivative obligations, asset retirement obligations and transportation and gathering commitments. As of March 31, 2014, we do not have any capital leases. As of March 31, 2014, we do not have any significant off-balance sheet debt or other such unrecorded obligations and we have not guaranteed any debt of any unrelated party. As of March 31, 2014, we had a total of $127.4 million of undrawn letters of credit under our bank credit facility.

Since December 31, 2013, there have been no material changes to our contractual obligations other than a $94.0 million increase in our outstanding bank credit facility balance and new transportation contracts which increased these commitments by approximately $628.4 million over the next 25 years.

Hedging – Oil and Gas Prices

We use commodity-based derivative contracts to manage our exposure to commodity price fluctuations. We do not enter into these arrangements for speculative or trading purposes. We do not utilize complex derivatives, as we typically utilize commodity swap and collar contracts to (1) reduce the effect of price volatility on the commodities we produce and sell and (2) support our annual capital budget and expenditure plans. While there is a risk that the financial benefit of rising natural gas, NGLs and oil prices may not be captured, we believe the benefits of stable and predictable cash flow are more important. Among these benefits are a more efficient utilization of existing personnel and planning for future staff additions, the flexibility to enter into long-term projects requiring substantial committed capital, smoother and more efficient execution of our on-going development drilling and production enhancement programs, more consistent returns on invested capital, and better access to bank and other credit markets. The fair value of these contracts, represented by the estimated amount that would be realized or payable on termination, based on a comparison of the contract price and a reference price, generally NYMEX, approximated a pretax loss of $53.4 million at March 31, 2014. The contracts expire monthly through December 2016. At March 31, 2014, the following commodity derivative contracts were outstanding:

Period	Contract Type	Volume Hedged	Weighted Average Hedge Price
Natural Gas
2014	Collars	447,500 Mmbtu/day	$3.84–$ 4.48
2015	Collars	145,000 Mmbtu/day	$4.07–$ 4.56
2014	Swaps	240,145 Mmbtu/day	$4.18
2015	Swaps	234,966 Mmbtu/day	$4.19
2016	Swaps	60,000 Mmbtu/day	$4.18
Crude Oil
2014	Collars	2,000 bbls/day	$85.55–$ 100.00
2014	Swaps	9,169 bbls/day	$94.40
2015	Swaps	6,000 bbls/day	$89.48
NGLs (C3-Propane)
2014	Swaps	12,000 bbls/day	$ 1.02/gallon
NGLs (NC4-Normal butane)
2014	Swaps	4,000 bbls/day	$ 1.34/gallon
NGLs (C5-Natural Gasoline)
2014	Swaps	1,000 bbls/day	$ 2.11/gallon

Interest Rates

At March 31, 2014, we had approximately $3.2 billion of debt outstanding. Of this amount, $2.7 billion bears interest at fixed rates averaging 5.8%. Bank debt totaling $594.0 million bears interest at floating rates, which averaged 1.9% at March 31, 2014. The 30-day LIBOR rate on March 31, 2014 was approximately 0.2%. A 1% increase in short-term interest rates on the floating-rate debt outstanding on March 31, 2014 would cost us approximately $5.9 million in additional annual interest expense.

Off-Balance Sheet Arrangements

We do not currently utilize any off-balance sheet arrangements with unconsolidated entities to enhance our liquidity or capital resource position, or for any other purpose. However, as is customary in the oil and gas industry, we have various contractual work commitments some of which are described above under cash contractual obligations.

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Inflation and Changes in Prices

Our revenues, the value of our assets and our ability to obtain bank loans or additional capital on attractive terms have been and will continue to be affected by changes in natural gas, NGLs and oil prices and the costs to produce our reserves. Natural gas, NGLs and oil prices are subject to significant fluctuations that are beyond our ability to control or predict. Although certain of our costs and expenses are affected by general inflation, inflation does not normally have a significant effect on our business. We expect costs for the remainder of 2014 to continue to be a function of supply and demand.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The primary objective of the following information is to provide forward-looking quantitative and qualitative information about our potential exposure to market risks. The term “market risk” refers to the risk of loss arising from adverse changes in natural gas, NGLs and oil prices and interest rates. The disclosures are not meant to be precise indicators of expected future losses, but rather indicators of reasonably possible losses. This forward-looking information provides indicators of how we view and manage our ongoing market-risk exposure. All of our market-risk sensitive instruments were entered into for purposes other than trading. All accounts are U.S. dollar denominated.

Market Risk

We are exposed to market risks related to the volatility of natural gas, NGLs and oil prices. We employ various strategies, including the use of commodity derivative instruments, to manage the risks related to these price fluctuations. These derivatives instruments apply to a varying portion of our production and provide only partial price protection. These arrangements limit the benefit to us of increases in prices but offer protection in the event of price declines. Further, if our counterparties defaulted, this protection might be limited as we might not receive the benefits of the derivatives. Realized prices are primarily driven by worldwide prices for oil and spot market prices for North American natural gas production. Natural gas and oil prices have been volatile and unpredictable for many years. Natural gas prices affect us more than oil prices because approximately 69% of our December 31, 2013 proved reserves are natural gas. We are also exposed to market risks related to changes in interest rates. These risks did not change materially from December 31, 2013 to March 31, 2014.

Commodity Price Risk

We use commodity-based derivative contracts to manage exposures to commodity price fluctuations. We do not enter into these arrangements for speculative or trading purposes. We do not utilize complex derivatives such as swaptions, knockouts or extendable swaps. At times, certain of our derivatives are swaps where we receive a fixed price for our production and pay market prices to the counterparty. Our derivatives program also includes collars, which establish a minimum floor price and a predetermined ceiling price. At March 31, 2014, our derivatives program includes swaps and collars. These contracts expire monthly through December 2016. The fair value of these contracts, represented by the estimated amount that would be realized upon immediate liquidation as of March 31, 2014, approximated a net unrealized pretax loss of $53.4 million. At March 31, 2014, the following commodity derivative contracts were outstanding:

Period	Contract Type	Volume Hedged	Weighted Average Hedge Price	Fair Market Value
				(in thousands)
Natural Gas
2014	Collars	447,500 Mmbtu/day	$ 3.84–$ 4.48	$  (22,369)
2015	Collars	145,000 Mmbtu/day	$ 4.07–$ 4.56	$     2,959
2014	Swaps	240,145 Mmbtu/day	$ 4.18	$  (18,737)
2015	Swaps	234,966 Mmbtu/day	$ 4.19	$    (1,249)
2016	Swaps	60,000 Mmbtu/day	$ 4.18	$       613
Crude Oil
2014	Collars	2,000 bbls/day	$ 85.55–$ 100.00	$      (972)
2014	Swaps	9,169 bbls/day	$ 94.40	$   (7,976)
2015	Swaps	6,000 bbls/day	$ 89.48	$      (871)
NGLs (C3-Propane)
2014	Swaps	12,000 bbls/day	$ 1.02/gallon	$   (7,816)
NGLs (NC4-Normal butane)
2014	Swaps	4,000 bbls/day	$ 1.34/gallon	$    3,159

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Period	Contract Type	Volume Hedged	Weighted Average Hedge Price	Fair Market Value
				(in thousands)
NGLs (C5-Natural Gasoline)
2014	Swaps	1,000 bbls/day	$ 2.11/gallon	$      (101)

We expect our NGLs production to continue to increase. In our Marcellus Shale operations, propane is a large product component of our NGLs production and we believe NGL prices are somewhat seasonal. Therefore, the relationship of NGLs prices to NYMEX WTI (or West Texas Intermediate) will vary due to product components, seasonality and geographic supply and demand. We sell NGLs in several regional markets.  

Currently, there is little demand, or facilities to supply the existing demand, for ethane in the Appalachian region. We have previously announced three ethane agreements wherein we have contracted to either sell or transport ethane from our Marcellus Shale area, two of which began operations in late 2013. The remaining facility is expected to begin operations in mid-2015. We cannot assure you that this last facility will become available. If we are not able to sell ethane, we may be required to curtail production or purchase natural gas to blend with our rich residue gas, which will adversely affect our revenues.

Other Commodity Risk

We are impacted by basis risk, caused by factors that affect the relationship between commodity futures prices reflected in derivative commodity instruments and the cash market price of the underlying commodity. Natural gas transaction prices are frequently based on industry reference prices that may vary from prices experienced in local markets. If commodity price changes in one region are not reflected in other regions, derivative commodity instruments may no longer provide the expected hedge, resulting in increased basis risk. In addition to the collars and swaps discussed above, we have entered into basis swap agreements. The price we receive for our gas production can be more or less than the NYMEX price because of adjustments for delivery location (“basis”), relative quality and other factors; therefore, we have entered into basis swap agreements that effectively fix the basis adjustments. The fair value of the basis swaps was a loss of $3.6 million at March 31, 2014, the volumes are for 254,164 Mmbtu/day and they expire monthly through March 2015.

The following table shows the fair value of our collars, swaps and basis swaps and the hypothetical change in fair value that would result from a 10% and a 25% change in commodity prices at March 31, 2014. We remain at risk for possible changes in the market value of commodity derivative instruments; however, such risks should be mitigated by price changes in the underlying physical commodity (in thousands):

				Hypothetical Change in Fair Value						Hypothetical Change in Fair Value
				Increase of						Decrease of
		Fair Value		10%			25%			10%			25%
Collars	$	(20,381	)	$	(61,374	)	$	(168,347	)	$	53,858	$		147,812
Swaps		(32,979	)		(137,656	)		(344,130	)		139,462			349,499
Basis swaps		(3,639	)		1,254			3,134			(1,340	)		(3,254	)

Our commodity-based contracts expose us to the credit risk of non-performance by the counterparty to the contracts. Our exposure is diversified among major investment grade financial institutions and we have master netting agreements with the majority of our counterparties that provide for offsetting payables against receivables from separate derivative contracts. Our derivative contracts are with multiple counterparties to minimize our exposure to any individual counterparty. At March 31, 2014, our derivative counterparties include fourteen financial institutions, of which all but two are secured lenders in our bank credit facility. Counterparty credit risk is considered when determining the fair value of our derivative contracts. While counterparties are major investment grade financial institutions, the fair value of our derivative contracts have been adjusted to account for the risk of non-performance by certain of our counterparties, which was immaterial.

Interest Rate Risk

We are exposed to interest rate risk on our bank debt. We attempt to balance variable rate debt, fixed rate debt and debt maturities to manage interest costs, interest rate volatility and financing risk. This is accomplished through a mix of fixed rate senior subordinated debt and variable rate bank debt. At March 31, 2014, we had $3.2 billion of debt outstanding. Of this amount, $2.7 billion bears interest at fixed rates averaging 5.8%. Bank debt totaling $594.0 million bears interest at floating rates, which was 1.9% on March 31, 2014. On March 31, 2014, the 30-day LIBOR rate was approximately 0.2%. A 1% increase in short-term interest rates

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on the floating-rate debt outstanding on March 31, 2014, would cost us approximately $5.9 million in additional annual interest expense.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedure

As required by Rule 13a-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we have evaluated, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Form 10-Q. Our disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed by us in reports that we file under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure and is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. Based upon the evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures were effective as of March 31, 2014 at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

There was no change in our system of internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended March 31, 2014 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

See Note 15 to our unaudited consolidated financial statements entitled “Commitments and Contingencies” included in Part I Item 1 above for a summary of our legal proceedings, such information being incorporated herein by reference.

ITEM 1A. RISK FACTORS

We are subject to various risks and uncertainties in the course of our business. In addition to the factors discussed elsewhere in this report, you should carefully consider the risks and uncertainties described under Item 1A. Risk Factors filed in our Annual Report on Form 10-K for the year ended December 31, 2013. There have been no material changes from the risk factors previously disclosed in that Form 10-K.

ITEM 6. EXHIBITS

Exhibits included in this report are set forth in the Index to Exhibits which immediately precedes such exhibits, and are incorporated herein by reference.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: April 28, 2014

RANGE RESOURCES CORPORATION
By:	/s/ ROGER S. MANNY
	Roger S. Manny
	Executive Vice President and Chief Financial Officer

Date: April 28, 2014

RANGE RESOURCES CORPORATION
By:	/s/ DORI A. GINN
	Dori A. Ginn
	Senior Vice President – Controller and Principal Accounting Officer

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Exhibit index

Exhibit Number		Exhibit Description
	3.1	Restated Certificate of Incorporation of Range Resources Corporation (incorporated by reference to Exhibit 3.1.1 to our Form 10-Q (File No. 001-12209) as filed with the SEC on May 5, 2004, as amended by the Certificate of First Amendment to Restated Certificate of Incorporation of Range Resources Corporation (incorporated by reference to Exhibit 3.1 to our Form 10-Q (File No. 001-12209) as filed with the SEC on July 28, 2005) and the Certificate of Second Amendment to Restated Certificate of Incorporation of Range Resources Corporation (incorporated by reference to Exhibit 3.1 to our Form 10-Q (File No. 001-12209) as filed with the SEC on July 24, 2008)
	3.2	Amended and Restated By-laws of Range Resources Corporation (incorporated by reference to Exhibit 3.1 to our Form 8-K (File No. 001-12209) as filed with the SEC on May 20, 2010)
	10.1*	Fourth Amendment to the Fourth Amended and Restated Credit Agreement as of April 3, 2014 among Range (as borrower) and JPMorgan Chase Bank, N.A. and the institutions named (therein) as lenders, JPMorgan as Administrative Agent
	31.1*	Certification by the President and Chief Executive Officer of Range Resources Corporation Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
	31.2*	Certification by the Chief Financial Officer of Range Resources Corporation Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
	32.1**	Certification by the President and Chief Executive Officer of Range Resources Corporation Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
	32.2**	Certification by the Chief Financial Officer of Range Resources Corporation Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
	101. INS*	XBRL Instance Document
	101. SCH*	XBRL Taxonomy Extension Schema
	101. CAL*	XBRL Taxonomy Extension Calculation Linkbase Document
	101. DEF*	XBRL Taxonomy Extension Definition Linkbase Document
	101. LAB*	XBRL Taxonomy Extension Label Linkbase Document
	101. PRE*	XBRL Taxonomy Extension Presentation Linkbase Document

* filed herewith

** furnished herewith

38

EX-10

Exhibit 10.1

FOURTH AMENDMENT TO FOURTH AMENDED AND RESTATED

CREDIT AGREEMENT

THIS FOURTH AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is dated as of April 3, 2014, by and among RANGE RESOURCES CORPORATION, a Delaware corporation (the “Borrower”), CERTAIN SUBSIDIARIES OF THE BORROWER, as Guarantors (the “Guarantors”), the LENDERS party hereto and JPMORGAN CHASE BANK, N.A., as Administrative Agent for the Lenders (in such capacity, the “Administrative Agent”).  Unless the context otherwise requires or unless otherwise expressly defined herein, capitalized terms used but not defined in this Amendment have the meanings assigned to such terms in the Credit Agreement (as defined below).

WITNESSETH:

WHEREAS, the Borrower, the Guarantors, the Administrative Agent and the Lenders have entered into that certain Fourth Amended and Restated Credit Agreement, dated as of February 18, 2011 (as the same has been and may hereafter be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); and

WHEREAS, the Borrower and the Guarantors have requested that the Administrative Agent and the Lenders amend the Credit Agreement as provided herein, and the Administrative Agent and the Lenders have agreed to do so on and subject to the terms and conditions hereinafter set forth.

NOW, THEREFORE, for and in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and confessed, the Borrower, the Guarantors, the Administrative Agent and the Lenders hereby agree as follows:

SECTION 1.Amendments to Credit Agreement.  Subject to the satisfaction or waiver in writing of each condition precedent set forth in Section 3 of this Amendment, and in reliance on the representations, warranties, covenants and agreements contained in this Amendment, the Credit Agreement shall be amended in the manner provided in this Section 1.

1.1Additional Definitions.  The following definitions shall be and they hereby are added to Section 1.01 of the Credit Agreement in appropriate alphabetical order:

“Impacted Interest Period” has the meaning assigned to it in the definition of “LIBO Rate”.

“Interpolated Rate” means, at any time, for any Interest Period, the rate per annum (rounded upward to four decimal places) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBO Screen Rate for the longest period (for which the LIBO Screen Rate is available) that is shorter than the Impacted Interest Period and (b) the LIBO Screen Rate for the shortest period (for which the LIBO Screen Rate is available) that exceeds the Impacted Interest Period, in each case, at such time.

“LIBO Screen Rate” has the meaning assigned to such term in the definition of “LIBO Rate”.

1.2Amended Definitions.  The following definitions set forth in Section 1.01 of the Credit Agreement shall be and they hereby are amended and restated in their respective entireties to read as follows:

“ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate.  For the avoidance of doubt, any Loan or Borrowing that accrues interest at a rate determined by reference to clause (c) of the definition of Alternate Base Rate shall constitute an ABR Loan or an ABR Borrowing, as the case may be, notwithstanding the fact that the interest rate is based on the Adjusted LIBO Rate.

Range Resources Fourth Amendment

67067427.5

“Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus one-half of one percent (½ of 1%) and (c) the Adjusted LIBO Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that, with respect to the determination of the Alternate Base Rate, the Adjusted LIBO Rate for any day shall be based on the rate appearing on the Reuters Screen LIBOR01 Page (or on any successor or substitute page) at approximately 11:00 a.m. London time on such day (without any rounding).  Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, respectively. If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.15 hereof, then the Alternate Base Rate shall be the greater of clause (a) and (b) above and shall be determined without reference to clause (c) above.

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in Chicago, Illinois or Dallas, Texas are authorized or required by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market.

“LIBO Rate” means, with respect to any Eurodollar Borrowing for any applicable Interest Period, the London interbank offered rate administered by the ICE Benchmark Administration (or any other Person that takes over the administration of such rate for Dollars) for a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen or, in the event such rate does not appear on such Reuters page or the Reuters screen, (i) on any successor or substitute page on the Reuters screen that displays such rate, or (ii) on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion, as applicable) (the “LIBO Screen Rate”) at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period; provided that, (x) if any LIBO Screen Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement and (y) if the LIBO Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”), then the LIBO Rate shall be the Interpolated Rate at such time, subject to Section 2.15 in the event that the Administrative Agent shall conclude that it shall not be possible to determine such Interpolated Rate (which conclusion shall be conclusive and binding absent manifest error); provided further, that, if any Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.  Notwithstanding the above, to the extent that “LIBO Rate” or “Adjusted LIBO Rate” is used in connection with an ABR Borrowing, such rate shall be determined as modified by the definition of Alternate Base Rate.

1.3Deleted Definition.  The definition of “LMIR” shall be and it hereby is deleted from the Credit Agreement.

1.4Letters of Credit.  The last sentence of Section 2.07(b) of the Credit Agreement shall be and it hereby is amended and restated in its entirety to read as follows:

A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the LC Exposure shall not exceed $350,000,000 and (ii) the Aggregate Credit Exposure shall not exceed the lesser of (1) the Borrowing Base then in effect and (2) the Aggregate Commitment.

1.5Alternate Rate of Interest.  Section 2.15(a) of the Credit Agreement shall be and hereby is amended and restated in its entirety as follows:

(a)the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining (including, without limitation, by means of an Interpolated Rate) the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or

1.6Amendments to Organizational Documents.  Section 7.10 of the Credit Agreement shall be and hereby is amended and restated in its entirety as follows:

The Borrower will not, nor will it permit any of its Restricted Subsidiaries to, enter into or permit any material modification or amendment of, or waive any material right or obligation of any Person under its Organizational Documents other than (a) amendments, modifications or waivers required in connection with any transactions among the Borrower and the Restricted Subsidiaries permitted under Section 7.03(a) and not involving any other Person, and (b) amendments or modifications of Organizational Documents that do not materially

Range Resources Fourth Amendment 67067427.5 Page 2

adversely affect the Lenders or the Collateral (including conversions, a change in the state of organization and name changes as long as the Administrative Agent is provided at least ten (10) days (or such shorter period acceptable to the Administrative Agent) prior written notice thereof and an opportunity to amend or make any required UCC filings).

SECTION 2.Redetermined Borrowing Base.  This Amendment shall constitute notice of a Scheduled Redetermination of the Borrowing Base pursuant to Section 3.04 of the Credit Agreement, and the Administrative Agent, the Required Lenders, the Borrower and the Guarantors hereby acknowledge that effective as of the date hereof, the Borrowing Base shall be reaffirmed at $2,000,000,000 and such redetermined Borrowing Base shall remain in effect until the earlier of (a) the next Redetermination of the Borrowing Base or (b) the date such Borrowing Base is otherwise adjusted pursuant to the terms of the Credit Agreement.

SECTION 3.Conditions.  The amendments to the Credit Agreement contained in Section 1 of this Amendment and the reaffirmation of the Borrowing Base contained in Section 2 of this Amendment shall be effective upon the satisfaction of each of the conditions set forth in this Section 3.

3.1Execution and Delivery.  Each Credit Party, the Required Lenders, and the Administrative Agent shall have executed and delivered this Amendment and each other required document, all in form and substance satisfactory to the Administrative Agent.

3.2No Default.  No Default shall have occurred and be continuing or shall result from the effectiveness of this Amendment.

3.3Other Documents.  The Administrative Agent shall have received such other instruments and documents incidental and appropriate to the transactions provided for herein as the Administrative Agent or its special counsel may reasonably request, and all such documents shall be in form and substance satisfactory to the Administrative Agent.

SECTION 4.Representations and Warranties of Credit Parties.  To induce the Lenders to enter into this Amendment, each Credit Party hereby represents and warrants to the Lenders as follows:

4.1Reaffirmation of Representations and Warranties/Further Assurances.  After giving effect to the amendments contained herein, each representation and warranty of such Credit Party contained in the Credit Agreement and in each of the other Loan Documents is true and correct in all material respects on the date hereof (except to the extent such representations and warranties relate solely to an earlier date, in which case they shall be true and correct as of such earlier date).

4.2Corporate Authority; No Conflicts.  The execution, delivery and performance by such Credit Party of this Amendment and all documents, instruments and agreements contemplated herein (a) are within such Credit Party’s corporate or other organizational powers, (b) have been duly authorized by all necessary action, (c) require no consent or approval of, or registration or filing with, or further action by, any Governmental Authority except such as have been obtained or made and are in full force and effect and, after the effective date of this Amendment, any required filings with the Securities and Exchange Commission, (d) do not violate any applicable law or regulation or the charter, by-laws or other Organizational Documents of such Credit Party or any order of any Governmental Authority, (e) do not violate or result in a default under any indenture, agreement or other instrument evidencing Material Indebtedness binding upon such Credit Party and (f) do not result in the creation or imposition of any Lien upon any of the assets of such Credit Party not otherwise permitted under Section 7.02 of the Credit Agreement.

4.3Enforceability.  This Amendment has been duly executed and delivered by each Credit Party and constitutes the valid and binding obligation of such Credit Party enforceable in accordance with its terms, except as (i) the enforceability thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditor’s rights generally, and (ii) the availability of equitable remedies may be limited by equitable principles of general application.

4.4No Default.  As of the date of this Amendment, both before and immediately after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.

SECTION 5.Miscellaneous.

5.1Post-Closing Covenant.  Within thirty (30) days following the date hereof (or such longer period as permitted by the Administrative Agent in its sole discretion but in any event no later than sixty (60) days after the date hereof), the Borrower shall deliver to the Administrative Agent Mortgages reasonably satisfactory to the Administrative Agent with respect to the Borrowing Base Properties, or the portion thereof required by Section 6.09 of the Credit Agreement.

Range Resources Fourth Amendment 67067427.5 Page 3

5.2Reaffirmation of Loan Documents and Liens.  Except as amended and modified hereby, any and all of the terms and provisions of the Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby in all respects ratified and confirmed by each Credit Party.  Each Credit Party hereby agrees that the amendments and modifications herein contained shall in no manner affect or impair the liabilities, duties and obligations of any Credit Party under the Credit Agreement and the other Loan Documents or the Liens securing the payment and performance thereof.

5.3Parties in Interest.  All of the terms and provisions of this Amendment shall bind and inure to the benefit of the parties hereto and their respective successors and assigns.

5.4Counterparts.  This Amendment may be executed in one or more counterparts and by different parties hereto in separate counterparts each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document.  Delivery of an executed counterpart to this Amendment by facsimile or other electronic means shall be effective as delivery of manually executed counterparts of this Amendment.

5.5Legal Expenses.  Each Credit Party hereby agrees to pay all reasonable fees and expenses of counsel to the Administrative Agent incurred by the Administrative Agent in connection with the preparation, negotiation and execution of this Amendment and all related documents.

5.6Complete Agreement.  THIS AMENDMENT, THE CREDIT AGREEMENT, AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

5.7Headings.  The headings, captions and arrangements used in this Amendment are, unless specified otherwise, for convenience only and shall not be deemed to limit, amplify or modify the terms of this Amendment, nor affect the meaning thereof.

5.8Governing Law.  This Amendment shall be construed in accordance with and governed by the law of the State of Texas.

5.9Severability.  Any provision of this Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

5.10Reference to and Effect on the Loan Documents.

(a)This Amendment shall be deemed to constitute a Loan Document for all purposes and in all respects.  Each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import, and each reference in the Credit Agreement or in any other Loan Document, or other agreements, documents or other instruments executed and delivered pursuant to the Credit Agreement to the “Credit Agreement”, shall mean and be a reference to the Credit Agreement as amended by this Amendment.  

(b)The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.

[Remainder of Page Intentionally Blank.  Signature Pages Follow.]

Range Resources Fourth Amendment 67067427.5 Page 4

IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed as of the date first above written.

BORROWER:

RANGE RESOURCES CORPORATION

By:	/s/ ROGER S. MANNY
	Name:  Roger S. Manny
	Title:	Executive Vice President and Chief Financial Officer

GUARANTORS:

AMERICAN ENERGY SYSTEMS, LLC

ENERGY ASSETS OPERATING COMPANY, LLC

RANGE ENERGY SERVICES COMPANY, LLC

RANGE OPERATING NEW MEXICO, LLC

RANGE PRODUCTION COMPANY, LLC

RANGE RESOURCES – APPALACHIA, LLC

RANGE RESOURCES – MIDCONTINENT, LLC

RANGE RESOURCES – PINE MOUNTAIN, INC.

RANGE TEXAS PRODUCTION, LLC

By:	/s/ ROGER S. MANNY
	Name:  Roger S. Manny
	Title:	Executive Vice President of all of the foregoing Guarantors

Range Resources Fourth Amendment Signature Page

JPMORGAN CHASE BANK, N.A., as Administrative Agent, Issuing Bank and as a Lender

By:	/s/ DAVID MORRIS
	Name:  David Morris
	Title:   Authorized Officer

Range Resources Fourth Amendment Signature Page

ROYAL BANK OF CANADA, as a
Co-Syndication Agent and as a Lender

By:	/s/ KRISTAN SPIVEY
	Name:  Kristan Spivey
	Title:  Authorized Signatory

Range Resources Fourth Amendment Signature Page

BANK OF AMERICA, N.A., as a
Co-Documentation Agent and as a Lender

By:	/s/ BRYAN HELLER
	Name:  Bryan Heller
	Title:  Director

Range Resources Fourth Amendment Signature Page

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,as a Co-Syndication Agent and as a Lender

By:	/s/ MARK ROCHE
	Name:  Mark Roche
	Title:  Managing Director

By:	/s/ TING LEE
	Name:  Ting Lee
	Title:  Director

Range Resources Fourth Amendment Signature Page

WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Co-Documentation Agent and as a Lender

By:	/s/ BRANDON KAST
	Name:  Brandon Kast
	Title:  Assistant Vice President

Range Resources Fourth Amendment Signature Page

BANK OF MONTREAL, as a Co-Agent and as a Lender

By:	/s/ JAMES V. DUCOTE
	Name:  James V. Ducote
	Title:  Managing Director

Range Resources Fourth Amendment Signature Page

BARCLAYS BANK PLC, as a Co-Agent and as a Lender

By:	/s/ VANESSA A. KURBATSKIY
	Name:  Vanessa A. Kurbatskiy
	Title:  Vice President

Range Resources Fourth Amendment Signature Page

CITIBANK, N.A., as a Co-Agent and as a Lender

By:	/s/ EAMON BAQUI
	Name:  Eamon Baqui
	Title:  Vice President

Range Resources Fourth Amendment Signature Page

COMPASS BANK, as a Co-Agent and as a Lender

By:	/s/ BLAKE KIRSHMAN
	Name:  Blake Kirshman
	Title:  Senior Vice President

Range Resources Fourth Amendment Signature Page

DEUTSCHE BANK TRUST COMPANY AMERICAS, as a Co-Agent and as a Lender

By:	/s/ MICHAEL GETZ
	Name:  Michael Getz
	Title:  Vice President

By:	/s/ MICHAEL SHANNON
	Name:  Michael Shannon
	Title:  Vice President

Range Resources Fourth Amendment Signature Page

NATIXIS, NEW YORK BRANCH, as a Co-Agent and as a Lender

By:	/s/ LOUIS P. LAVILLE III
	Name:  Louis P. Laville III
	Title:  Managing Director

By:	/s/ STUART MURRAY
	Name:  Stuart Murray
	Title:  Managing Director

Range Resources Fourth Amendment Signature Page

THE BANK OF NOVA SCOTIA, as a Co-Agent and as a Lender

By:	/s/ ALAN DAWSON
	Name:  Alan Dawson
	Title:  Director

Range Resources Fourth Amendment Signature Page

SUNTRUST BANK, as a Co-Agent and as a Lender

By:	/s/ YANN PIRIO
	Name:  Yann Pirio
	Title:  Managing Director

Range Resources Fourth Amendment Signature Page

UNION BANK, N.A., as a Co-Agent and as a Lender

By:	/s/ RACHEL BOWMAN
	Name:  Rachel Bowman
	Title:  Vice President

Range Resources Fourth Amendment Signature Page

CAPITAL ONE, N.A., as a Lender

By:	/s/ NANCY M. MAK
	Name:  Nancy M. Mak
	Title:  Senior Vice President

Range Resources Fourth Amendment Signature Page

COMERICA BANK, as a Lender

By:	/s/ EKATERINA EVSEEV
	Name:  Ekaterina Evseev
	Title:  Assistant Vice President

Range Resources Fourth Amendment Signature Page

CREDIT SUISSE AG, Cayman Islands Branch, as a Lender

By:	/s/ MICHAEL SPAIGHT
	Name:  Michael Spaight
	Title:  Authorized Signatory

By:	/s/ SAMUEL MILLER
	Name:  Samuel Miller
	Title:  Authorized Signatory

Range Resources Fourth Amendment Signature Page

KEYBANK NATIONAL ASSOCIATION, as a Lender

By:	/s/ JOHN DRAVENSTOTT
	Name:  John Dravenstott
	Title:  Vice President

Range Resources Fourth Amendment Signature Page

SOCIÉTÉ GÉNÉRALE, as a Lender

By:	/s/ ANSON WILLIAMS
	Name:  Anson Williams
	Title:  Director

Range Resources Fourth Amendment Signature Page

UBS AG STAMFORD BRANCH, as a Lender

By:	/s/ LISA MURRAY
	Name:  Lisa Murray
	Title:  Associate Director

By:	/s/ JENNIFER ANDERSON
	Name:  Jennifer Anderson
	Title:  Associate Director

Range Resources Fourth Amendment Signature Page

U.S. BANK NATIONAL ASSOCIATION, as a Lender

By:	/s/ DANIEL K. HANSEN
	Name:  Daniel K. Hansen
	Title:  Vice President

Range Resources Fourth Amendment Signature Page

SOVEREIGN BANK, N.A., as a Lender

By:	/s/ AIDAN LANIGAN
	Name:  Aidan Lanigan
	Title:  Senior Vice President

By:	/s/ PUIKI LOK
	Name:  Puiki Lok
	Title:  Vice President

Range Resources Fourth Amendment Signature Page

BOKF, NA dba BANK OF TEXAS, as a Lender

By:	/s/ COLIN WATSON
	Name:  Colin Watson
	Title:  Assistant Vice President

Range Resources Fourth Amendment Signature Page

AMEGY BANK NATIONAL ASSOCIATION, as a Lender

By:	/s/ KEVIN A. JAMES
	Name:  Kevin A. James
	Title:  Vice President

Range Resources Fourth Amendment Signature Page

FROST BANK, as a Lender

By:	/s/ ERICA SPENCER
	Name:  Erica Spencer
	Title:  Vice President

Range Resources Fourth Amendment Signature Page

PNC BANK, NATIONAL ASSOCIATION, as a Lender

By:	/s/ BRETT SCHWEIKLE
	Name:  Brett Schweikle
	Title:  Senior Vice President

Range Resources Fourth Amendment Signature Page

BRANCH BANKING AND TRUST COMPANY, as a Lender

By:	/s/ JODIE GILDERSLEEVE
	Name:  Jodie Gildersleeve
	Title:  Assistant Vice President

Range Resources Fourth Amendment Signature Page

CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH, as a Lender

By:	/s/ TRUDY NELSON
	Name:  Trudy Nelson
	Title:  Authorized Signatory

By:	/s/ WILLIAM M. REID
	Name:  William M. Reid
	Title:  Authorized Signatory

Range Resources Fourth Amendment Signature Page

EX-31

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, Jeff L. Ventura, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Range Resources Corporation (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 28, 2014	/s/ JEFF L. VENTURA
	Jeff L. Ventura
	President and Chief Executive Officer

EX-31

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Roger S. Manny, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Range Resources Corporation (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 28, 2014	/s/ ROGER S. MANNY
	Roger S. Manny
	Executive Vice President and Chief Financial Officer

EX-32

EXHIBIT 32.1

CERTIFICATION OF

PRESIDENT AND CHIEF EXECUTIVE OFFICER

OF RANGE RESOURCES CORPORATION

PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the period ending March 31, 2014 and filed with the Securities and Exchange Commission on the date hereof (the “Report”) and pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Jeff L. Ventura, President and Chief Executive Officer of Range Resources Corporation (the “Company”), hereby certify that, to my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

By:	/s/ JEFF L. VENTURA
	Jeff L. Ventura
	April 28, 2014

EX-32

EXHIBIT 32.2

CERTIFICATION OF

CHIEF FINANCIAL OFFICER

OF RANGE RESOURCES CORPORATION

PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the period ending March 31, 2014 and filed with the Securities and Exchange Commission on the date hereof (the “Report”) and pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Roger S. Manny, Chief Financial Officer of Range Resources Corporation (the “Company”), hereby certify that, to my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

By:	/s/ ROGER S. MANNY
	Roger S. Manny
	April 28, 2014

XML

Income Taxes - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Income Taxes [Line Items]
Statutory Tax Rate	35.00%	35.00%

XML

Capital Stock (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Stockholders' Equity Note [Abstract]
Beginning balance	163,342,894	162,514,098
SARs exercised	48,280	278,916
Restricted stock granted	74,553	401,122
Restricted stock units vested	198,943	119,480
Treasury shares issued	5,245	29,278
Ending balance	163,669,915	163,342,894

XML

Indebtedness - Debt Outstanding (Parenthetical) (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Bank debt percentage	1.90%	1.90%
8.00% Senior Subordinated notes due 2019
Debt Instrument [Line Items]
Interest rate on senior subordinated notes	8.00%	8.00%
Discount on Senior Subordinated notes	$ 9,134	$ 9,484
6.75% Senior Subordinated notes due 2020
Debt Instrument [Line Items]
Interest rate on senior subordinated notes	6.75%	6.75%
5.75% Senior Subordinated notes due 2021
Debt Instrument [Line Items]
Interest rate on senior subordinated notes	5.75%	5.75%
5.00% Senior Subordinated notes due 2022
Debt Instrument [Line Items]
Interest rate on senior subordinated notes	5.00%	5.00%
5.00% Senior Subordinated notes due 2023
Debt Instrument [Line Items]
Interest rate on senior subordinated notes		5.00%

XML

Stock-Based Compensation Plans - PSUA Activity (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2014
Minimum
Schedule Of Weighted Average Assumptions For Fair Values Of Stock Options [Line Items]
Actual payout of shares on performance units granted	0.00%
Maximum
Schedule Of Weighted Average Assumptions For Fair Values Of Stock Options [Line Items]
Actual payout of shares on performance units granted	150.00%

XML

Derivative Activities - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Derivative [Line Items]
Unrealized pre-tax derivative gain recorded in AOCI	$ 8,100,000
Unrealized pre-tax derivative gain recorded in AOCI	5,000,000
Gain (Loss) Recognized in Income (Ineffective Portion)	0	(2,891,000)
Unrealized net gains, reclassify into earnings		2,300,000
Unrealized pre-tax derivative gain expected to be reclassified into earnings	8,100,000
Designated as Hedging Instrument
Derivative [Line Items]
Gains (Losses) in oil and gas sales related to settled hedging transactions	2,200,000	36,500,000
Not Designated as Hedging Instrument
Derivative [Line Items]
Unrealized pre-tax derivative gain recorded in AOCI	103,600,000
Accumulated other comprehensive income, unrealized net gains, after tax	63,200,000
Derivatives Excluding Basis Swaps
Derivative [Line Items]
Derivative assets liabilities at fair value net	53,400,000
Basis Swap
Derivative [Line Items]
Derivative assets liabilities at fair value net	$ 3,700,000
Volume Hedged	254,164

XML

Costs Incurred for Property Acquisition, Exploration and Development - Costs Incurred for Property Acquisition, Exploration and Development (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended			12 Months Ended
	Mar. 31, 2014		Mar. 31, 2013	Dec. 31, 2013
Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities [Line Items]
Acreage purchases	$ 48,597	[1]		$ 137,538	[1]
Development	223,912	[1]		938,668	[1]
Gas gathering facilities:
Development	3,618	[1]		47,086	[1]
Subtotal	298,711	[1]		1,377,443	[1]
Asset retirement obligations	3,218	[1]	1,690	76,373	[1]
Total costs incurred	301,929	[1]		1,453,816	[1]
Drilling
Exploration:
Exploration costs incurred	7,737	[1]		189,742	[1]
Expense
Exploration:
Exploration costs incurred	13,694	[1]		60,384	[1]
Stock-based compensation expense
Exploration:
Exploration costs incurred	$ 1,153	[1]		$ 4,025	[1]

[1] Includes cost incurred whether capitalized or expensed.

XML

Indebtedness - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Interest capitalized during the period	$ 0	$ 0

XML

Stock-Based Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2014

Allocation of Stock-Based Compensation by Functional Category

The following table details the allocation of stock-based compensation that is allocated to functional expense categories (in thousands):

	Three Months Ended March 31,
	2014		2013
Operating expense	$	852	$	661
Brokered natural gas and marketing expense		528		249
Exploration expense		1,153		1,070
General and administrative expense		11,604		10,306
Total	$	14,137	$	12,286

SARs Activities

Information with respect to SARs activity is summarized below:

	Shares			Weighted Average Exercise Price
Outstanding at December 31, 2013		2,582,074		$	56.36
Granted		1,104			81.74
Exercised		(137,271	)		45.45
Expired/forfeited		—			—
Outstanding at March 31, 2014		2,445,907		$	56.98

Weighted Average Grant Date Fair Value of SARs

During first three months 2014, we granted SARs to our non-executive chairman in conjunction with his retirement from Range as an employee. The weighted average grant date fair value of these SARs, based on our Black-Scholes-Merton assumptions, is shown below:

	Three Months Ended March 31, 2014
Weighted average exercise price per share	$	81.74
Expected annual dividends per share		0.20	%
Expected life in years		4.3
Expected volatility		33	%
Risk-free interest rate		1.4	%
Weighted average grant date fair value	$	23.17

Summary of Performance Share Unit Awards Activity

A summary of our performance share unit awards (“PSUs”) outstanding at March 31, 2014 is summarized below:

	Number of Units (a)		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2013		—	$	—
Units granted		57,421		82.60
Outstanding at March 31, 2014		57,421	$	82.60

Schedule of Share Based Payment Award Performance Stock Awards Valuation Assumptions

The following assumptions were used to estimate the fair value of PSUs granted during the first three months 2014:

	Three  Months Ended March 31, 2014
Risk-free interest rate		0.71	%
Expected annual volatility		34	%
Grant date fair value per unit	$	82.60

Restricted Stock and Restricted Stock Units Outstanding

A summary of the status of our non-vested restricted stock and restricted stock units outstanding at March 31, 2014 is summarized below:

	Equity Awards					Liability Awards
	Shares			Weighted Average Grant Date Fair Value		Shares			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2013		385,063		$	68.24		389,013		$	71.02
Granted		350,594			84.89		77,435			84.98
Vested		(93,241	)		69.86		(77,142	)		69.55
Forfeited		(1,418	)		79.41		(90	)		71.03
Outstanding at March 31, 2014		640,998		$	77.09		389,216		$	74.09

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Stock-Based Compensation Plans - Restricted Stock and Restricted Stock Units Outstanding (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014
Equity Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding, Beginning Balance	385,063
Shares granted to employees and directors	350,594
Vested	(93,241)
Forfeited	(1,418)
Outstanding, Ending Balance	640,998
Outstanding, Beginning Balance	$ 68.24
Grant date fair value per unit	$ 84.89
Vested	$ 69.86
Forfeited	$ 79.41
Outstanding, Ending Balance	$ 77.09
Liability Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding, Beginning Balance	389,013
Shares granted to employees and directors	77,435
Vested	(77,142)
Forfeited	(90)
Outstanding, Ending Balance	389,216
Outstanding, Beginning Balance	$ 71.02
Grant date fair value per unit	$ 84.98
Vested	$ 69.55
Forfeited	$ 71.03
Outstanding, Ending Balance	$ 74.09

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Derivative Activities - Schedule of Additional Information Related to Master Netting Arrangements with Derivative Counterparties (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Derivative [Line Items]
Gross Amounts of Recognized Assets	$ 25,013	$ 33,360
Gross Amounts Offset in the Balance Sheet	(9,016)	(19,706)
Net Amounts of Assets Presented in the Balance Sheet	15,997	13,654
Gross Amounts of Recognized (Liabilities)	(82,012)	(45,929)
Gross Amounts Offset in the Balance Sheet	9,016	19,706
Net Amounts of (Liabilities) Presented in the Balance Sheet	(72,996)	(26,223)
Natural gas | Swaps
Derivative [Line Items]
Gross Amounts of Recognized Assets	8,347	4,240
Gross Amounts Offset in the Balance Sheet		(1,218)
Net Amounts of Assets Presented in the Balance Sheet	8,347	3,022
Gross Amounts of Recognized (Liabilities)	(27,720)	(4,790)
Gross Amounts Offset in the Balance Sheet		1,218
Net Amounts of (Liabilities) Presented in the Balance Sheet	(27,720)	(3,572)
Natural gas | Collars
Derivative [Line Items]
Gross Amounts of Recognized Assets	7,328	16,057
Gross Amounts Offset in the Balance Sheet	(584)	(7,671)
Net Amounts of Assets Presented in the Balance Sheet	6,744	8,386
Gross Amounts of Recognized (Liabilities)	(26,738)	(13,345)
Gross Amounts Offset in the Balance Sheet	584	7,671
Net Amounts of (Liabilities) Presented in the Balance Sheet	(26,154)	(5,674)
Natural gas | Basis Swap
Derivative [Line Items]
Gross Amounts of Recognized Assets	3,123	7,686
Gross Amounts Offset in the Balance Sheet	(3,123)	(7,686)
Net Amounts of Assets Presented in the Balance Sheet
Gross Amounts of Recognized (Liabilities)	(6,762)	(3,756)
Gross Amounts Offset in the Balance Sheet	3,123	7,686
Net Amounts of (Liabilities) Presented in the Balance Sheet	(3,639)	3,930
Crude oil | Swaps
Derivative [Line Items]
Gross Amounts of Recognized Assets	1,179	3,567
Gross Amounts Offset in the Balance Sheet	(273)	(1,321)
Net Amounts of Assets Presented in the Balance Sheet	906	2,246
Gross Amounts of Recognized (Liabilities)	(10,027)	(4,711)
Gross Amounts Offset in the Balance Sheet	273	1,321
Net Amounts of (Liabilities) Presented in the Balance Sheet	(9,754)	(3,390)
Crude oil | Collars
Derivative [Line Items]
Gross Amounts of Recognized (Liabilities)	(972)	(398)
Gross Amounts Offset in the Balance Sheet
Net Amounts of (Liabilities) Presented in the Balance Sheet	(972)	(398)
Swap NGLs (Natural Gasoline) | C3 swaps
Derivative [Line Items]
Gross Amounts of Recognized Assets	1,877	826
Gross Amounts Offset in the Balance Sheet	(1,877)	(826)
Net Amounts of Assets Presented in the Balance Sheet
Gross Amounts of Recognized (Liabilities)	(9,692)	(18,172)
Gross Amounts Offset in the Balance Sheet	1,877	826
Net Amounts of (Liabilities) Presented in the Balance Sheet	(7,815)	(17,346)
Swap NGLs (Natural Gasoline) | C4 swaps
Derivative [Line Items]
Gross Amounts of Recognized Assets	3,159	863
Gross Amounts Offset in the Balance Sheet	(3,159)	(863)
Net Amounts of Assets Presented in the Balance Sheet
Gross Amounts of Recognized (Liabilities)		(757)
Gross Amounts Offset in the Balance Sheet	3,159	863
Net Amounts of (Liabilities) Presented in the Balance Sheet	3,159	106
Swap NGLs (Natural Gasoline) | C5 swaps
Derivative [Line Items]
Gross Amounts of Recognized Assets		121
Gross Amounts Offset in the Balance Sheet		(121)
Net Amounts of Assets Presented in the Balance Sheet
Gross Amounts of Recognized (Liabilities)	(101)
Gross Amounts Offset in the Balance Sheet		121
Net Amounts of (Liabilities) Presented in the Balance Sheet	$ (101)	$ 121

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Commitments and Contingencies - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014
Commitments And Contingencies Disclosure [Line Items]
Transportation commitments future minimum transportation fees due three months change	$ 628.4
Period of transportation commitments future minimum transportation fees due three months change	25 years
Minimum
Commitments And Contingencies Disclosure [Line Items]
Terms of Contingent Transportation and Gathering Contracts	5 years
Transportation and gathering commitments contingent upon construction and modification	25,000
Maximum
Commitments And Contingencies Disclosure [Line Items]
Terms of Contingent Transportation and Gathering Contracts	15 years
Transportation and gathering commitments contingent upon construction and modification	300,000

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Capitalized Costs and Accumulated Depreciation, Depletion and Amortization (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Natural gas and oil properties:
Properties subject to depletion	$ 8,467,064	[1]	$ 8,225,859	[1]
Unproved properties	842,679	[1]	807,022	[1]
Total	9,309,743	[1]	9,032,881	[1]
Accumulated depreciation, depletion and amortization	(2,397,089)	[1]	(2,274,444)	[1]
Net capitalized costs	$ 6,912,654	[1]	$ 6,758,437	[1]

[1] Includes capitalized asset retirement costs and the associated accumulated amortization

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Stock-Based Compensation Plans - Valuation Assumptions for Grant Date Fair Value of Performance Awards (Detail) (Performance Shares, USD $)	3 Months Ended
	Mar. 31, 2014
Performance Shares
Schedule Of Assumptions To Estimate Fair Value For Performance Share Unit Awards [Line Items]
Risk-free interest rate	0.71%
Expected annual volatility	34.00%
Grant date fair value per unit	$ 82.60

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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2014

Income Tax Expense (Benefit) from Continuing Operations

Income tax expense (benefit) from operations was as follows (in thousands):

	Three Months Ended March 31,
	2014			2013
Income tax expense (benefit)	$	18,957		$	(47,180	)
Effective tax rate		36.8	%		38.4	%

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Indebtedness - Senior Subordinated Notes - Additional Information (Detail) (Subordinated Debt)	3 Months Ended
	Mar. 31, 2014
Subordinated Debt
Debt Instrument [Line Items]
Maximum redemption price of notes as percentage of principal amount	101.00%

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Income (Loss) Per Common Share - Additional Information (Detail) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average number of shares, Restricted stock liability awards	2.8	2.7

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Supplemental Cash Flow Information - Supplemental Cash Flow Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended			12 Months Ended
	Mar. 31, 2014		Mar. 31, 2013	Dec. 31, 2013
Net cash provided from operating activities included:
Income taxes (refunded) paid to taxing authorities	$ 39		$ (162)
Interest paid	55,190		37,541
Non-cash investing and financing activities included:
Asset retirement costs capitalized, net	3,218	[1]	1,690	76,373	[1]
Increase in accrued capital expenditures	$ 6,808		$ 128,136

[1] Includes cost incurred whether capitalized or expensed.

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Dispositions - Additional Information (Detail) (USD $)	3 Months Ended		1 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013 Permian basin Mcfe acre
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Area of property, gross			90,000
Area of property, net			70,000
Production per day			28,000
Proceeds from sale of oil and gas	$ 294,000	$ 38,200,000
Gain (loss) on disposition of oil and gas property	$ (353,000)	$ (166,000)

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Asset Retirement Obligations - Asset Retirement Obligations (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Asset Retirement Obligation [Abstract]
Beginning of period	$ 230,077
Liabilities incurred	2,128
Liabilities settled	(384)
Disposition of wells	(122)
Accretion expense	3,707
Change in estimate	1,089
End of period	236,495
Less current portion	(5,037)	(5,037)
Long-term asset retirement obligations	$ 231,458

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Stock-Based Compensation Plans - SARs Activity (Detail) (Stock Appreciation Rights (SARs) [Member], USD $)	3 Months Ended
	Mar. 31, 2014
Stock Appreciation Rights (SARs) [Member]
Schedule Of Stock Option Activity [Line Items]
Beginning Balance, Shares	2,582,074
Granted, Shares	1,104
Exercised, Shares	(137,271)
Expired/forfeited, Shares
Ending Balance, Shares	2,445,907
Beginning Balance, Weighted Average Exercise Price	$ 56.36
Granted, Weighted Average Exercise Price	$ 81.74
Exercised, Weighted Average Exercise Price	$ 45.45
Expired/forfeited, Weighted Average Exercise Price
Ending Balance, Weighted Average Exercise Price	$ 56.98

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Fair Value Measurements - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014 Company Lenders	Mar. 31, 2013	Dec. 31, 2013
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest and dividends	$ 274,000	$ 40,000
Mark-to-market gain (loss)	429,000	1,600,000
Allowance for uncollectible receivables	2,500,000		2,500,000
Number of financial institutions included in counter parties	14
Number of secured lenders not in banking credit facility	2
Net derivative asset	$ 3,800,000
Basis Swap | Fair Value, Inputs, Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Number of natural gas basis swap	4

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Indebtedness - Debt Outstanding (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Bank debt	$ 594,000	$ 500,000
Subordinated notes	2,640,866	2,640,516
Total debt	3,234,866	3,140,516
8.00% Senior Subordinated notes due 2019
Debt Instrument [Line Items]
Subordinated notes	290,866	290,516
6.75% Senior Subordinated notes due 2020
Debt Instrument [Line Items]
Subordinated notes	500,000	500,000
5.75% Senior Subordinated notes due 2021
Debt Instrument [Line Items]
Subordinated notes	500,000	500,000
5.00% Senior Subordinated notes due 2022
Debt Instrument [Line Items]
Subordinated notes	600,000	600,000
5.00% Senior Subordinated notes due 2023
Debt Instrument [Line Items]
Subordinated notes	$ 750,000	$ 750,000

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Basis of Presentation

3 Months Ended

Mar. 31, 2014

Basis of Presentation

(2) BASIS OF PRESENTATION

Presentation

These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Range Resources Corporation 2013 Annual Report on Form 10-K filed on February 26, 2014. The results of operations for the first quarter ended March 31, 2014 are not necessarily indicative of the results to be expected for the full year. These consolidated financial statements are unaudited but, in the opinion of management, reflect all adjustments necessary for fair presentation of the results for the periods presented. All adjustments are of a normal recurring nature unless otherwise disclosed. These consolidated financial statements, including selected notes, have been prepared in accordance with the applicable rules of the Securities and Exchange Commission (the “SEC”) and do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. Certain reclassifications have been made to prior years reported amounts in order to conform with the current year presentation including reclassifications between accounts payable and accrued liabilities within cash flow from operating activities and a change in the presentation for our derivative activities. These reclassifications have no impact on previously reported net income, stockholders’ equity or cash flows.

De-designation of Commodity Derivative Contracts

Effective March 1, 2013, we elected to discontinue hedge accounting prospectively. After March 1, 2013, both realized and unrealized gains and losses are recognized in derivative fair value income or loss immediately each quarter as derivative contracts are settled and marked to market. For additional information, see Note 11.

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Fair Value Measurements - Carrying Amounts and Fair Values of Financial Instruments (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Assets:
Commodity swaps, collars and basis swaps	$ 15,997		$ 13,654
(Liabilities):
Commodity swaps, collars and basis swaps	(72,996)		(26,223)
Bank credit facility	(594,000)		(500,000)
Subordinated debt	(2,640,866)		(2,640,516)
8.00% Senior Subordinated notes due 2019
(Liabilities):
Subordinated debt	(290,866)		(290,516)
6.75% Senior Subordinated notes due 2020
(Liabilities):
Subordinated debt	(500,000)		(500,000)
5.75% Senior Subordinated notes due 2021
(Liabilities):
Subordinated debt	(500,000)		(500,000)
5.00% Senior Subordinated notes due 2022
(Liabilities):
Subordinated debt	(600,000)		(600,000)
5.00% Senior Subordinated notes due 2023
(Liabilities):
Subordinated debt	(750,000)		(750,000)
Carrying Value
Assets:
Commodity swaps, collars and basis swaps	15,997		13,654
Marketable securities	67,119	[1]	67,766	[1]
(Liabilities):
Commodity swaps, collars and basis swaps	(72,996)		(26,223)
Bank credit facility	(594,000)	[2]	(500,000)	[2]
Deferred compensation plan	(262,123)	[3]	(271,738)	[3]
Carrying Value | 8.00% Senior Subordinated notes due 2019
(Liabilities):
Subordinated debt	(290,866)	[2]	(290,516)	[2]
Carrying Value | 6.75% Senior Subordinated notes due 2020
(Liabilities):
Subordinated debt	(500,000)	[2]	(500,000)	[2]
Carrying Value | 5.75% Senior Subordinated notes due 2021
(Liabilities):
Subordinated debt	(500,000)	[2]	(500,000)	[2]
Carrying Value | 5.00% Senior Subordinated notes due 2022
(Liabilities):
Subordinated debt	(600,000)	[2]	(600,000)	[2]
Carrying Value | 5.00% Senior Subordinated notes due 2023
(Liabilities):
Subordinated debt	(750,000)	[2]	(750,000)	[2]
Fair Value
Assets:
Commodity swaps, collars and basis swaps	15,997		13,654
Marketable securities	67,119	[1]	67,766	[1]
(Liabilities):
Commodity swaps, collars and basis swaps	(72,996)		(26,223)
Bank credit facility	(594,000)	[2]	(500,000)	[2]
Deferred compensation plan	(262,123)	[3]	(271,738)	[3]
Fair Value | 8.00% Senior Subordinated notes due 2019
(Liabilities):
Subordinated debt	(313,875)	[2]	(319,500)	[2]
Fair Value | 6.75% Senior Subordinated notes due 2020
(Liabilities):
Subordinated debt	(540,000)	[2]	(541,250)	[2]
Fair Value | 5.75% Senior Subordinated notes due 2021
(Liabilities):
Subordinated debt	(535,625)	[2]	(530,625)	[2]
Fair Value | 5.00% Senior Subordinated notes due 2022
(Liabilities):
Subordinated debt	(611,250)	[2]	(588,750)	[2]
Fair Value | 5.00% Senior Subordinated notes due 2023
(Liabilities):
Subordinated debt	$ (759,375)	[2]	$ (732,188)	[2]

[1] Marketable securities, which are held in our deferred compensation plans, are actively traded on major exchanges. Refer to Note 13 for additional information.

[2] The book value of our bank debt approximates fair value because of its floating rate structure. The fair value of our senior subordinated notes is based on end of period market quotes which are Level 2 market values. Refer to Note 8 for additional information.

[3] The fair value of our deferred compensation plan is updated on the closing price on the balance sheet date which is a Level 1 market value.

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Suspended Exploratory Well Costs - Suspended Exploratory Well Costs (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2014 Project	Dec. 31, 2013 Project
Extractive Industries [Abstract]
Balance at beginning of period	$ 6,964	$ 57,360
Additions to capitalized exploratory well costs pending the determination of proved reserves	5,552	39,832
Reclassifications to wells, facilities and equipment based on determination of proved reserves		(84,840)
Capitalized exploratory well costs charged to expense
Divested wells		(5,388)
Balance at end of period	12,516	6,964
Less exploratory well costs that have been capitalized for a period of one year or less	(5,552)
Capitalized exploratory well costs that have been capitalized for a period greater than one year	$ 6,964	$ 6,964
Number of projects that have exploratory well costs that have been capitalized for a period greater than one year	1	1

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Asset Retirement Obligations (Tables)

3 Months Ended

Mar. 31, 2014

Asset Retirement Obligations

Our asset retirement obligations primarily represent the estimated present value of the amounts we will incur to plug, abandon and remediate our producing properties at the end of their productive lives. Significant inputs used in determining such obligations include estimates of plugging and abandonment costs, estimated future inflation rates and well life. The inputs are calculated based on historical data as well as current estimated costs. A reconciliation of our liability for plugging and abandonment costs for the three months ended March 31, 2014 is as follows (in thousands):

	Three Months Ended March 31, 2014
Beginning of period	$	230,077
Liabilities incurred		2,128
Liabilities settled		(384	)
Disposition of wells		(122	)
Accretion expense		3,707
Change in estimate		1,089
End of period		236,495
Less current portion		(5,037	)
Long-term asset retirement obligations	$	231,458

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Indebtedness (Tables)

3 Months Ended

Mar. 31, 2014

Debt Outstanding

We had the following debt outstanding as of the dates shown below (bank debt interest rate at March 31, 2014 is shown parenthetically) (in thousands). No interest was capitalized during the three months ended March 31, 2014 or the year ended December 31, 2013:

	March 31, 2014		December 31, 2013
Bank debt (1.9%)	$	594,000	$	500,000
Senior subordinated notes:
8.00% senior subordinated notes due 2019, net of $9,134 and $9,484 discount, respectively		290,866		290,516
6.75% senior subordinated notes due 2020		500,000		500,000
5.75% senior subordinated notes due 2021		500,000		500,000
5.00% senior subordinated notes due 2022		600,000		600,000
5.00% senior subordinated notes due 2023		750,000		750,000
Total debt	$	3,234,866	$	3,140,516

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Derivative Activities - Derivative Volumes Hedged and Average Hedge Prices (Detail)	Mar. 31, 2014 MMBTU
Natural Gas 2014 | Collars
Derivative [Line Items]
Volume Hedged	447,500
Average floor price	3.84
Average cap price	4.48
Natural Gas 2014 | Swaps
Derivative [Line Items]
Volume Hedged	240,145
Average hedge price	4.18
Natural Gas 2015 | Collars
Derivative [Line Items]
Volume Hedged	145,000
Average floor price	4.07
Average cap price	4.56
Natural Gas 2015 | Swaps
Derivative [Line Items]
Volume Hedged	234,966
Average hedge price	4.19
Natural Gas 2016 | Swaps
Derivative [Line Items]
Volume Hedged	60,000
Average hedge price	4.18
Crude Oil 2014 | Collars
Derivative [Line Items]
Volume Hedged	2,000
Average floor price	85.55
Average cap price	100.00
Crude Oil 2014 | Swaps
Derivative [Line Items]
Volume Hedged	9,169
Average hedge price	94.40
Crude Oil 2015 | Swaps
Derivative [Line Items]
Volume Hedged	6,000
Average hedge price	89.48
NGLs (C3 - Propane) 2014 | Swaps
Derivative [Line Items]
Volume Hedged	12,000
Average hedge price	1.02
NGLs (NC4 - Normal Butane) 2014 | Swaps
Derivative [Line Items]
Volume Hedged	4,000
Average hedge price	1.34
NGLs (C5 - Natural Gasoline) 2014 | Swaps
Derivative [Line Items]
Volume Hedged	1,000
Average hedge price	2.11

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Suspended Exploratory Well Costs - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014 Well	Dec. 31, 2013
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Capitalized exploratory well costs that have been capitalized for a period greater than one year	$ 6,964	$ 6,964
Number of wells waiting on pipeline	1

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Capital Stock (Tables)

3 Months Ended

Mar. 31, 2014

Capital Stock

We have authorized capital stock of 485.0 million shares which includes 475.0 million shares of common stock and 10.0 million shares of preferred stock. We currently have no preferred stock issued or outstanding. The following is a schedule of changes in the number of common shares outstanding since the beginning of 2013:

	Three Months Ended March 31, 2014		Year Ended December 31, 2013
Beginning balance		163,342,894		162,514,098
SARs exercised		48,280		278,916
Restricted stock granted		74,553		401,122
Restricted stock units vested		198,943		119,480
Treasury shares issued		5,245		29,278
Ending balance		163,669,915		163,342,894

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Derivative Activities(Tables)

3 Months Ended

Mar. 31, 2014

Derivative Volumes Hedged and Average Hedge Prices

The following table sets forth our derivative volumes by year as of March 31, 2014:

Period	Contract Type	Volume Hedged	Weighted Average Hedge Price
Natural Gas
2014	Collars	447,500 Mmbtu/day	$ 3.84–$ 4.48
2015	Collars	145,000 Mmbtu/day	$ 4.07–$ 4.56
2014	Swaps	240,145 Mmbtu/day	$ 4.18
2015	Swaps	234,966 Mmbtu/day	$ 4.19
2016	Swaps	60,000 Mmbtu/day	$ 4.18
Crude Oil
2014	Collars	2,000 bbls/day	$ 85.55–$ 100.00
2014	Swaps	9,169 bbls/day	$ 94.40
2015	Swaps	6,000 bbls day	$ 89.48
NGLs (C3-Propane)
2014	Swaps	12,000 bbls/day	$ 1.02/gallon
NGLs (NC4-Normal butane)
2014	Swaps	4,000 bbls/day	$ 1.34/gallon
NGLs (C5-Natural Gasoline)
2014	Swaps	1,000 bbls/day	$ 2.11/gallon

Combined Fair Value of Derivatives, by Consolidated Balance Sheets

The combined fair value of derivatives included in the accompanying consolidated balance sheets as of March 31, 2014 and December 31, 2013 is summarized below. The assets and liabilities are netted where derivatives with both gain and loss positions are held by a single counterparty and we have master netting arrangements. The tables below provide additional information relating to our master netting arrangements with our derivative counterparties (in thousands):

		March 31, 2014
		Gross  Amounts of Recognized  Assets		Gross Amounts Offset in the Balance Sheet			Net Amounts of Assets  Presented in the Balance Sheet
Derivative assets:
Natural gas	–swaps	$	8,347	$	—		$	8,347
	–collars		7,328		(584	)		6,744
	–basis swaps		3,123		(3,123	)		—
Crude oil	–swaps		1,179		(273	)		906
NGLs	–C3 swaps		1,877		(1,877	)		—
	–C4 swaps		3,159		(3,159	)		—
		$	25,013	$	(9,016	)	$	15,997

		March 31, 2014
		Gross Amounts of Recognized (Liabilities)			Gross  Amounts Offset in the Balance Sheet		Net Amounts of (Liabilities)  Presented in the Balance Sheet
Derivative (liabilities):
Natural gas	–swaps	$	(27,720	)	$	—	$	(27,720	)
	–collars		(26,738	)		584		(26,154	)
	–basis swaps		(6,762	)		3,123		(3,639	)
Crude oil	–swaps		(10,027	)		273		(9,754	)
	–collars		(972	)		—		(972	)
NGLs	–C3 swaps		(9,692	)		1,877		(7,815	)
	–C4 swaps		—			3,159		3,159
	–C5 swaps		(101	)		—		(101	)
		$	(82,012	)	$	9,016	$	(72,996	)

		December 31, 2013
		Gross Amounts of Recognized  Assets		Gross  Amounts Offset in the Balance Sheet			Net Amounts of Assets  Presented in the Balance Sheet
Derivative assets:
Natural gas	–swaps	$	4,240	$	(1,218	)	$	3,022
	–collars		16,057		(7,671	)		8,386
	–basis swaps		7,686		(7,686	)		—
Crude oil	–swaps		3,567		(1,321	)		2,246
NGLs	–C3 swaps		826		(826	)		—
	–C4 swaps		863		(863	)		—
	–C5 swaps		121		(121	)		—
		$	33,360	$	(19,706	)	$	13,654

		December 31, 2013
		Gross Amounts of Recognized  (Liabilities)			Gross  Amounts Offset in the Balance Sheet		Net Amounts of (Liabilities)  Presented in the Balance Sheet
Derivative (liabilities):
Natural gas	–swaps	$	(4,790	)	$	1,218	$	(3,572	)
	–collars		(13,345	)		7,671		(5,674	)
	–basis swaps		(3,756	)		7,686		3,930
Crude oil	–swaps		(4,711	)		1,321		(3,390	)
	–collars		(398	)		—		(398	)
NGLs	–C3 swaps		(18,172	)		826		(17,346	)
	–C4 swaps		(757	)		863		106
	–C5 swaps		—			121		121
		$	(45,929	)	$	19,706	$	(26,223	)

Effects of Cash Flow Hedges and Other Hedges on Accumulated Other Comprehensive Income

The effects of our cash flow hedges (or those derivatives that previously qualified for hedge accounting) on AOCI in the accompanying consolidated balance sheets is summarized below (in thousands):

	Three Months Ended March 31,
	Change in Hedge Derivative Fair Value					Realized Gain (Loss) Reclassified from OCI into Revenue (a)
	2014		2013			2014			2013
Swaps	$	—	$	125		$	836		$	8,047
Collars		—		(7,015	)		1,328			30,732
Income taxes		—		2,687			(924	)		(15,124	)
	$	—	$	(4,203	)	$	1,240		$	23,655

Effects of Non-Hedge Derivatives on Consolidated Statements of Operations

The effects of our non-hedge derivatives (or those derivatives that do not qualify for hedge accounting) and the ineffective portion of our hedge derivatives on our consolidated statements of operations is summarized below (in thousands):

	Three Months Ended March 31,
	Gain (Loss) Recognized in Income (Non-hedge Derivatives)						Gain (Loss) Recognized in Income (Ineffective Portion)					Derivative Fair Value Income (Loss)
	2014			2013			2014		2013			2014			2013
Swaps	$	(44,073	)	$	(43,076	)	$	—	$	(1,995	)	$	(44,073	)	$	(45,071	)
Re-purchased swaps		—			1,185			—		—			—			1,185
Collars		(39,148	)		(55,003	)		—		(896	)		(39,148	)		(55,899	)
Call options		(63,629	)		(90	)		—		—			(63,629	)		(90	)
Total	$	(146,850	)	$	(96,984	)	$	—	$	(2,891	)	$	(146,850	)	$	(99,875	)

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Summary of Organization and Nature of Business

3 Months Ended

Mar. 31, 2014

Summary of Organization and Nature of Business

(1) SUMMARY OF ORGANIZATION AND NATURE OF BUSINESS

Range Resources Corporation (“Range,” “we,” “us,” or “our”) is a Fort Worth, Texas-based independent natural gas, natural gas liquids (“NGLs”) and oil company primarily engaged in the exploration, development and acquisition of natural gas and oil properties in the Appalachian and Southwestern regions of the United States. Our objective is to build stockholder value through consistent growth in reserves and production on a cost-efficient basis. Range is a Delaware corporation with our common stock listed and traded on the New York Stock Exchange under the symbol “RRC.”

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Hierarchy Table for Assets and Liabilities Measured at Fair Value

We use a market approach for our recurring fair value measurements and endeavor to use the best information available. The following tables present the fair value hierarchy table for assets and liabilities measured at fair value, on a recurring basis (in thousands):

	Fair Value Measurements at March 31, 2014 using:
		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Carrying Value as of March 31, 2014
Trading securities held in the deferred compensation plans	$	67,119	$	—		$	—		$	67,119
Derivatives –swaps		—		(32,979	)		—			(32,979	)
–collars		—		(20,381	)		—			(20,381	)
–basis swaps		—		(3,611	)		(28	)		(3,639	)

	Fair Value Measurements at December 31, 2013 using:
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total Carrying Value as of December 31, 2013
Trading securities held in the deferred compensation plans	$	67,766	$	—		$	—	$	67,766
Derivatives –swaps		—		(18,812	)		—		(18,812	)
–collars		—		2,314			—		2,314
–basis swaps		—		3,381			548		3,929

Carrying Amounts and Fair Values of Financial Instruments

The following table presents the carrying amounts and the fair values of our financial instruments as of March 31, 2014 and December 31, 2013 (in thousands):

	March 31, 2014						December 31, 2013
	Carrying Value			Fair Value			Carrying Value			Fair Value
Assets:
Commodity swaps, collars and basis swaps	$	15,997		$	15,997		$	13,654		$	13,654
Marketable securities(a)		67,119			67,119			67,766			67,766
(Liabilities):
Commodity swaps, collars and basis swaps		(72,996	)		(72,996	)		(26,223	)		(26,223	)
Bank credit facility(b)		(594,000	)		(594,000	)		(500,000	)		(500,000	)
Deferred compensation plan(c)		(262,123	)		(262,123	)		(271,738	)		(271,738	)
8.00% senior subordinated notes due 2019(b)		(290,866	)		(313,875	)		(290,516	)		(319,500	)
6.75% senior subordinated notes due 2020(b)		(500,000	)		(540,000	)		(500,000	)		(541,250	)
5.75% senior subordinated notes due 2021(b)		(500,000	)		(535,625	)		(500,000	)		(530,625	)
5.00% senior subordinated notes due 2022(b)		(600,000	)		(611,250	)		(600,000	)		(588,750	)
5.00% senior subordinated notes due 2023(b)		(750,000	)		(759,375	)		(750,000	)		(732,188	)

^(a) Marketable securities, which are held in our deferred compensation plans, are actively traded on major exchanges. Refer to Note 13 for additional information.

^(b) The book value of our bank debt approximates fair value because of its floating rate structure. The fair value of our senior subordinated notes is based on end of period market quotes which are Level 2 market values. Refer to Note 8 for additional information.

^(c) The fair value of our deferred compensation plan is updated on the closing price on the balance sheet date which is a Level 1 market value.

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Income (Loss) Per Common Share - Computations of Basic and Diluted (Loss) Income Per Common Share (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014		Mar. 31, 2013
Net income (loss)	$ 32,521		$ (75,610)
Participating basic earnings	(560)	[1]	(109)	[1]
Basic net income (loss) attributed to common shareholders	31,961		(75,719)
Reallocation of participating earnings	3	[1]		[1]
Diluted net income (loss) attributed to common shareholders	$ 31,964		$ (75,719)
Net income (loss) per common share:
Basic	$ 0.20		$ (0.47)
Diluted	$ 0.20		$ (0.47)

[1] Restricted Stock Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses.

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Capital Stock - Additional Information (Detail)	Mar. 31, 2014	Dec. 31, 2013
Class Of Stock Disclosures [Abstract]
Authorized capital stock	485,000,000
Common stock, shares authorized	475,000,000	475,000,000
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

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Stock-Based Compensation Plans - Additional Information 2 (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 14,137,000	$ 12,286,000
Equity Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	6,500,000	4,300,000
Shares granted to employees	351,000	386,000
Restricted stock granted average price	$ 84.89	$ 71.02
Vesting period of shares granted to employees	three-year	three-year
Liability Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	4,700,000	4,500,000
Restricted stock granted average price	$ 85.02	$ 71.40
Vesting period of shares granted to employees	three-year	three-year
Shares granted to employees and directors	76,000	125,000
Liability Awards | Director
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock granted average price	$ 81.74
Shares granted to employees and directors	950
Performance Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 533,000	$ 533,000

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CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 246	$ 348
Accounts receivable, less allowance for doubtful accounts of $2,487 and $2,494	221,304	179,667
Derivative assets	80	4,421
Deferred tax asset	40,362	51,414
Inventory and other	17,353	12,451
Total current assets	279,345	248,301
Derivative assets	15,917	9,233
Equity method investments	123,791	129,034
Natural gas and oil properties, successful efforts method	9,309,743	9,032,881
Accumulated depletion and depreciation	(2,397,089)	(2,274,444)
Natural gas and oil properties, successful efforts method, net	6,912,654	6,758,437
Transportation and field assets	120,036	118,625
Accumulated depreciation and amortization	(87,955)	(85,841)
Transportation and field assets, net	32,081	32,784
Other assets	118,987	121,297
Total assets	7,482,775	7,299,086
Current liabilities:
Accounts payable	273,756	258,431
Asset retirement obligations	5,037	5,037
Accrued liabilities	164,585	161,520
Accrued interest	32,303	44,375
Derivative liabilities	72,854	26,198
Total current liabilities	548,535	495,561
Bank debt	594,000	500,000
Subordinated notes	2,640,866	2,640,516
Deferred tax liability	778,955	771,980
Derivative liabilities	142	25
Deferred compensation liability	235,307	247,537
Asset retirement obligations and other liabilities	235,289	229,015
Total liabilities	5,033,094	4,884,634
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, 163,763,190 issued at March 31, 2014 and 163,441,414 issued at December 31, 2013	1,638	1,634
Common stock held in treasury, 93,275 shares at March 31, 2014 and 98,520 shares at December 31, 2013	(3,455)	(3,637)
Additional paid-in capital	1,969,948	1,959,636
Retained earnings	476,554	450,583
Accumulated other comprehensive income	4,996	6,236
Total stockholders’ equity	2,449,681	2,414,452
Total liabilities and stockholders’ equity	$ 7,482,775	$ 7,299,086

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Suspended Exploratory Well Costs - Aging of Capitalized Exploratory Well Costs Suspended more than One Year (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Projects With Exploratory Well Costs Capitalized For More Than One Year [Line Items]
Capitalized exploratory well costs that have been capitalized for more than one year	$ 6,964	$ 6,964
2013
Projects With Exploratory Well Costs Capitalized For More Than One Year [Line Items]
Capitalized exploratory well costs that have been capitalized for more than one year	110
2012
Projects With Exploratory Well Costs Capitalized For More Than One Year [Line Items]
Capitalized exploratory well costs that have been capitalized for more than one year	6,801
2011
Projects With Exploratory Well Costs Capitalized For More Than One Year [Line Items]
Capitalized exploratory well costs that have been capitalized for more than one year	$ 53

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Realized loss (gain) on hedge derivative contract settlements reclassified into natural gas, NGLs and oil sales from other comprehensive income, tax portion		$ 9,488
De-designated hedges reclassified into natural gas, NGLs and oil sales, tax portion	924	4,747
De-designated hedges reclassified to derivative fair value income, tax portion		889
Change in unrealized deferred hedging (losses) gains, tax effect		$ 2,687

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Derivative Activities - Effects of Non-Hedge Derivatives on Consolidated Statement of Operations (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Derivative Financial Instruments [Line Items]
Gain (Loss) Recognized in Income (Non-hedge Derivatives)	$ (146,850)	$ (96,984)
Gain (Loss) Recognized in Income (Ineffective Portion)	0	(2,891)
Derivative fair value loss	(146,850)	(99,875)
Swaps
Derivative Financial Instruments [Line Items]
Gain (Loss) Recognized in Income (Non-hedge Derivatives)	(44,073)	(43,076)
Gain (Loss) Recognized in Income (Ineffective Portion)		(1,995)
Derivative fair value loss	(44,073)	(45,071)
Re-purchased swaps
Derivative Financial Instruments [Line Items]
Gain (Loss) Recognized in Income (Non-hedge Derivatives)		1,185
Derivative fair value loss		1,185
Collars
Derivative Financial Instruments [Line Items]
Gain (Loss) Recognized in Income (Non-hedge Derivatives)	(39,148)	(55,003)
Gain (Loss) Recognized in Income (Ineffective Portion)		(896)
Derivative fair value loss	(39,148)	(55,899)
Call options
Derivative Financial Instruments [Line Items]
Gain (Loss) Recognized in Income (Non-hedge Derivatives)	(63,629)	(90)
Derivative fair value loss	$ (63,629)	$ (90)

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Capitalized Costs and Accumulated Depreciation, Depletion and Amortization (Tables)

3 Months Ended

Mar. 31, 2014

Capitalized Costs and Accumulated Depreciation, Depletion and Amortization

	March 31, 2014			December 31, 2013
	(in thousands)
Natural gas and oil properties:
Properties subject to depletion	$	8,467,064		$	8,225,859
Unproved properties		842,679			807,022
Total		9,309,743			9,032,881
Accumulated depreciation, depletion and amortization		(2,397,089	)		(2,274,444	)
Net capitalized costs	$	6,912,654		$	6,758,437

^(a) Includes capitalized asset retirement costs and the associated accumulated amortization.

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Stock-Based Compensation Plans - Allocation of Stock-Based Compensation by Functional Category (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total	$ 14,137,000	$ 12,286,000
Operating Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total	852,000	661,000
Brokered Natural Gas And Marketing Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total	528,000	249,000
Exploration Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total	1,153,000	1,070,000
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total	$ 11,604,000	$ 10,306,000

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2014

Commitments and Contingencies

(15) COMMITMENTS AND CONTINGENCIES

Litigation

We are the subject of, or party to, a number of pending or threatened legal actions, administrative proceedings and claims arising in the ordinary course of our business. While many of these matters involve inherent uncertainty, we believe that the amount of the liability, if any, ultimately incurred with respect to proceedings or claims will not have a material adverse effect on our consolidated financial position as a whole or on our liquidity, capital resources or future annual results of operations. We will continue to evaluate our litigation quarterly and will establish and adjust any litigation reserves as appropriate to reflect our assessment of the then current status of litigation.

Transportation and Gathering Contracts

In the three months ended March 31, 2014, our transportation and gathering commitments increased by approximately $628.4 million over the next 25 years primarily due to two new firm transportation contracts. In addition, we have entered into additional agreements which are contingent on certain pipeline and gathering modifications and/or construction, that will range between five and fifteen year terms and are expected to begin in late 2014 through 2017. Based on these new contracts, we will have transportation and gathering obligations for a range of natural gas volumes from 25,000 mcf per day to 300,000 mcf per day through the end of the contract term.

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Costs Incurred for Property Acquisition, Exploration and Development (Tables)

3 Months Ended

Mar. 31, 2014

Costs Incurred for Property Acquisition, Exploration and Development

	Three Months Ended March 31, 2014		Year Ended December 31, 2013
	(in thousands)
Acreage purchases	$	48,597	$	137,538
Development		223,912		938,668
Exploration:
Drilling		7,737		189,742
Expense		13,694		60,384
Stock-based compensation expense		1,153		4,025
Gas gathering facilities:
Development		3,618		47,086
Subtotal		298,711		1,377,443
Asset retirement obligations		3,218		76,373
Total costs incurred	$	301,929	$	1,453,816

^(a) Includes cost incurred whether capitalized or expensed.

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Costs Incurred for Property Acquisition, Exploration and Development

3 Months Ended

Mar. 31, 2014

Costs Incurred for Property Acquisition, Exploration and Development

(17) Costs Incurred for Property Acquisition, Exploration and Development ^(a)

	Three Months Ended March 31, 2014		Year Ended December 31, 2013
	(in thousands)
Acreage purchases	$	48,597	$	137,538
Development		223,912		938,668
Exploration:
Drilling		7,737		189,742
Expense		13,694		60,384
Stock-based compensation expense		1,153		4,025
Gas gathering facilities:
Development		3,618		47,086
Subtotal		298,711		1,377,443
Asset retirement obligations		3,218		76,373
Total costs incurred	$	301,929	$	1,453,816

^(a) Includes cost incurred whether capitalized or expensed.

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Stock-Based Compensation Plans - Weighted Average Grant Date Fair Value of SARs (Detail) (Stock Appreciation Rights (SARs) [Member], USD $)	3 Months Ended
	Mar. 31, 2014
Stock Appreciation Rights (SARs) [Member]
Schedule Of Assumptions Used To Estimate Fair Value Of Stock Based Compensation [Line Items]
Weighted average exercise price per share	$ 81.74
Expected annual dividends per share	0.20%
Expected life in years	4 years 3 months 18 days
Expected volatility	33.00%
Risk-free interest rate	1.40%
Weighted average grant date fair value	$ 23.17

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Operating activities:
Net income (loss)	$ 32,521	$ (75,610)
Adjustments to reconcile net income (loss) to net cash provided from operating activities:
Loss from equity method investments, net of distributions	2,732	610
Deferred income tax expense (benefit)	18,951	(47,205)
Depletion, depreciation and amortization	128,682	115,101
Exploration dry hole costs	1	(159)
Abandonment and impairment of unproved properties	9,995	15,218
Derivative fair value loss	146,850	99,875
Cash settlements on derivative financial instruments that do not qualify for hedge accounting	(104,584)	382
Amortization of deferred financing costs and other	2,873	2,080
Deferred and stock-based compensation	12,593	54,991
Loss on the sale of assets	353	166
Changes in working capital:
Accounts receivable	(41,643)	1,292
Inventory and other	(5,358)	166
Accounts payable	9,997	17,061
Accrued liabilities and other	(32,742)	17,281
Net cash provided from operating activities	181,221	201,249
Investing activities:
Additions to natural gas and oil properties	(226,331)	(259,601)
Additions to field service assets	(3,084)	(1,071)
Acreage purchases	(50,690)	(8,794)
Equity method investments	2,511	1,885
Proceeds from disposal of assets	294	38,196
Purchases of marketable securities held by the deferred compensation plan	(8,247)	(17,936)
Proceeds from the sales of marketable securities held by the deferred compensation plan	9,310	6,316
Net cash used in investing activities	(276,237)	(241,005)
Financing activities:
Borrowing on credit facilities	412,000	368,000
Repayment on credit facilities	(318,000)	(1,060,000)
Issuance of subordinated notes		750,000
Dividends paid	(6,550)	(6,521)
Debt issuance costs		(12,098)
Issuance of common stock		343
Change in cash overdrafts	(1,122)	(12,458)
Proceeds from the sales of common stock held by the deferred compensation plan	8,586	12,432
Net cash provided from financing activities	94,914	39,698
Decrease in cash and cash equivalents	(102)	(58)
Cash and cash equivalents at beginning of period	348	252
Cash and cash equivalents at end of period	$ 246	$ 194

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CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Allowance for doubtful accounts on accounts receivable	$ 2,487	$ 2,494
Preferred stock, par value	$ 1	$ 1
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	475,000,000	475,000,000
Common stock, shares issued	163,763,190	163,441,414
Common stock held in treasury, shares	93,275	98,520

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Capital Stock

3 Months Ended

Mar. 31, 2014

Capital Stock

(10) CAPITAL STOCK

We have authorized capital stock of 485.0 million shares which includes 475.0 million shares of common stock and 10.0 million shares of preferred stock. We currently have no preferred stock issued or outstanding. The following is a schedule of changes in the number of common shares outstanding since the beginning of 2013:

	Three Months Ended March 31, 2014		Year Ended December 31, 2013
Beginning balance		163,342,894		162,514,098
SARs exercised		48,280		278,916
Restricted stock granted		74,553		401,122
Restricted stock units vested		198,943		119,480
Treasury shares issued		5,245		29,278
Ending balance		163,669,915		163,342,894

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Document and Entity Information	3 Months Ended
	Mar. 31, 2014	Apr. 25, 2014
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q1
Trading Symbol	RRC
Entity Registrant Name	RANGE RESOURCES CORP
Entity Central Index Key	0000315852
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		163,879,524

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Derivative Activities

3 Months Ended

Mar. 31, 2014

Derivative Activities

(11) DERIVATIVE ACTIVITIES

We use commodity-based derivative contracts to manage exposure to commodity price fluctuations. We do not enter into these arrangements for speculative or trading purposes. We do not utilize complex derivatives as we typically utilize commodity swaps or collars to (1) reduce the effect of price volatility of the commodities we produce and sell and (2) support our annual capital budget and expenditure plans. The fair value of our derivative contracts, represented by the estimated amount that would be realized upon termination, based on a comparison of the contract price and a reference price, generally the New York Mercantile Exchange (“NYMEX”), approximated a net unrealized pre-tax loss of $53.4 million at March 31, 2014. These contracts expire monthly through December 2016. The following table sets forth our derivative volumes by year as of March 31, 2014:

Period	Contract Type	Volume Hedged	Weighted Average Hedge Price
Natural Gas
2014	Collars	447,500 Mmbtu/day	$ 3.84–$ 4.48
2015	Collars	145,000 Mmbtu/day	$ 4.07–$ 4.56
2014	Swaps	240,145 Mmbtu/day	$ 4.18
2015	Swaps	234,966 Mmbtu/day	$ 4.19
2016	Swaps	60,000 Mmbtu/day	$ 4.18
Crude Oil
2014	Collars	2,000 bbls/day	$ 85.55–$ 100.00
2014	Swaps	9,169 bbls/day	$ 94.40
2015	Swaps	6,000 bbls day	$ 89.48
NGLs (C3-Propane)
2014	Swaps	12,000 bbls/day	$ 1.02/gallon
NGLs (NC4-Normal butane)
2014	Swaps	4,000 bbls/day	$ 1.34/gallon
NGLs (C5-Natural Gasoline)
2014	Swaps	1,000 bbls/day	$ 2.11/gallon

Every derivative instrument is required to be recorded on the balance sheet as either an asset or a liability measured at its fair value. Through February 28, 2013, changes in the fair value of our derivatives that qualified for hedge accounting were recorded as a component of accumulated other comprehensive income (“ AOCI”) in the stockholders’ equity section of the accompanying consolidated balance sheets, which is later transferred to natural gas, NGLs and oil sales when the underlying physical transaction occurs and the hedging contract is settled. As of March 31, 2014, an unrealized pre-tax derivative gain of $8.1 million ($5.0 million after tax) was recorded in AOCI. See additional discussion below regarding the discontinuance of hedge accounting. If the derivative does not qualify as a hedge or is not designated as a hedge, changes in fair value of these non-hedge derivatives are recognized in earnings in derivative fair value income or loss.

For those derivative instruments that qualified or were designated for hedge accounting, settled transaction gains and losses were determined monthly, and were included as increases or decreases to natural gas, NGLs and oil sales in the period the hedged production was sold. Through February 28, 2013, we had elected to designate our commodity derivative instruments that qualified for hedge accounting as cash flow hedges. Natural gas, NGLs and oil sales include $2.2 million of gains in first quarter 2014 compared to gains of $36.5 million in the same period of 2013 related to settled hedging transactions. Any ineffectiveness associated with these hedge derivatives is reflected in derivative fair value income or loss in the accompanying statements of operations. The ineffective portion is generally calculated as the difference between the changes in fair value of the derivative and the estimated change in future cash flows from the item hedged. Derivative fair value loss for the three months ended March 31, 2014 includes no ineffective gains or losses compared to a loss of $2.9 million in the three months ended March 31, 2013. During the three months ended March 31, 2013, we recognized a pre-tax gain of $2.3 million in derivative fair value loss as a result of the discontinuance of hedge accounting where we determined the transaction was probable not to occur primarily due to the sale of our Delaware and Permian Basin properties in New Mexico and West Texas.

Discontinuance of Hedge Accounting

Effective March 1, 2013, we elected to de-designate all commodity contracts that were previously designated as cash flow hedges and elected to discontinue hedge accounting prospectively. AOCI included $103.6 million ($63.2 million after tax) of unrealized net gains, representing the marked-to-market value of the effective portion of our cash flow hedges as of February 28, 2013. As a result of discontinuing hedge accounting, the marked-to-market values included in AOCI as of the de-designation date were frozen and will be reclassified into earnings in natural gas, NGLs and oil sales in future periods as the underlying hedged transactions occur. As of March 31, 2014, we expect to reclassify into earnings $8.1 million of unrealized net gains in the remaining months of 2014.

With the election to de-designate hedging instruments, all of our derivative instruments continue to be recorded at fair value with unrealized gains and losses recognized immediately in earnings rather than in AOCI. These marked-to-market adjustments will produce a degree of earnings volatility that can be significant from period to period, but such adjustments will have no cash flow impact relative to changes in market prices. The impact to cash flow occurs upon settlement of the underlying contract.

Basis Swap Contracts

At March 31, 2014, we had natural gas basis swap contracts that are not designated for hedge accounting, which lock in the differential between NYMEX and certain of our physical pricing options in Appalachia. These contracts are for 254,164 Mmbtu/day and settle monthly through March 2015. The fair value of these contracts was a loss of $3.7 million on March 31, 2014.

Derivative Assets and Liabilities

The combined fair value of derivatives included in the accompanying consolidated balance sheets as of March 31, 2014 and December 31, 2013 is summarized below. The assets and liabilities are netted where derivatives with both gain and loss positions are held by a single counterparty and we have master netting arrangements. The tables below provide additional information relating to our master netting arrangements with our derivative counterparties (in thousands):

		March 31, 2014
		Gross  Amounts of Recognized  Assets		Gross Amounts Offset in the Balance Sheet			Net Amounts of Assets  Presented in the Balance Sheet
Derivative assets:
Natural gas	–swaps	$	8,347	$	—		$	8,347
	–collars		7,328		(584	)		6,744
	–basis swaps		3,123		(3,123	)		—
Crude oil	–swaps		1,179		(273	)		906
NGLs	–C3 swaps		1,877		(1,877	)		—
	–C4 swaps		3,159		(3,159	)		—
		$	25,013	$	(9,016	)	$	15,997

		March 31, 2014
		Gross Amounts of Recognized (Liabilities)			Gross  Amounts Offset in the Balance Sheet		Net Amounts of (Liabilities)  Presented in the Balance Sheet
Derivative (liabilities):
Natural gas	–swaps	$	(27,720	)	$	—	$	(27,720	)
	–collars		(26,738	)		584		(26,154	)
	–basis swaps		(6,762	)		3,123		(3,639	)
Crude oil	–swaps		(10,027	)		273		(9,754	)
	–collars		(972	)		—		(972	)
NGLs	–C3 swaps		(9,692	)		1,877		(7,815	)
	–C4 swaps		—			3,159		3,159
	–C5 swaps		(101	)		—		(101	)
		$	(82,012	)	$	9,016	$	(72,996	)

		December 31, 2013
		Gross Amounts of Recognized  Assets		Gross  Amounts Offset in the Balance Sheet			Net Amounts of Assets  Presented in the Balance Sheet
Derivative assets:
Natural gas	–swaps	$	4,240	$	(1,218	)	$	3,022
	–collars		16,057		(7,671	)		8,386
	–basis swaps		7,686		(7,686	)		—
Crude oil	–swaps		3,567		(1,321	)		2,246
NGLs	–C3 swaps		826		(826	)		—
	–C4 swaps		863		(863	)		—
	–C5 swaps		121		(121	)		—
		$	33,360	$	(19,706	)	$	13,654

		December 31, 2013
		Gross Amounts of Recognized  (Liabilities)			Gross  Amounts Offset in the Balance Sheet		Net Amounts of (Liabilities)  Presented in the Balance Sheet
Derivative (liabilities):
Natural gas	–swaps	$	(4,790	)	$	1,218	$	(3,572	)
	–collars		(13,345	)		7,671		(5,674	)
	–basis swaps		(3,756	)		7,686		3,930
Crude oil	–swaps		(4,711	)		1,321		(3,390	)
	–collars		(398	)		—		(398	)
NGLs	–C3 swaps		(18,172	)		826		(17,346	)
	–C4 swaps		(757	)		863		106
	–C5 swaps		—			121		121
		$	(45,929	)	$	19,706	$	(26,223	)

The effects of our cash flow hedges (or those derivatives that previously qualified for hedge accounting) on AOCI in the accompanying consolidated balance sheets is summarized below (in thousands):

	Three Months Ended March 31,
	Change in Hedge Derivative Fair Value					Realized Gain (Loss) Reclassified from OCI into Revenue (a)
	2014		2013			2014			2013
Swaps	$	—	$	125		$	836		$	8,047
Collars		—		(7,015	)		1,328			30,732
Income taxes		—		2,687			(924	)		(15,124	)
	$	—	$	(4,203	)	$	1,240		$	23,655

^(a) For realized gains upon derivative contract settlement, the reduction in AOCI is offset by an increase in revenues, NGLs and oil sales. For realized losses upon derivative contract settlement, the increase in AOCI is offset by a decrease in revenues. See additional discussion above regarding the discontinuance of hedge accounting.

The effects of our non-hedge derivatives (or those derivatives that do not qualify for hedge accounting) and the ineffective portion of our hedge derivatives on our consolidated statements of operations is summarized below (in thousands):

	Three Months Ended March 31,
	Gain (Loss) Recognized in Income (Non-hedge Derivatives)						Gain (Loss) Recognized in Income (Ineffective Portion)					Derivative Fair Value Income (Loss)
	2014			2013			2014		2013			2014			2013
Swaps	$	(44,073	)	$	(43,076	)	$	—	$	(1,995	)	$	(44,073	)	$	(45,071	)
Re-purchased swaps		—			1,185			—		—			—			1,185
Collars		(39,148	)		(55,003	)		—		(896	)		(39,148	)		(55,899	)
Call options		(63,629	)		(90	)		—		—			(63,629	)		(90	)
Total	$	(146,850	)	$	(96,984	)	$	—	$	(2,891	)	$	(146,850	)	$	(99,875	)

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Revenues and other income:
Natural gas, NGLs and oil sales	$ 572,017	$ 398,239
Derivative fair value loss	(146,850)	(99,875)
Loss on the sale of assets	(353)	(166)
Brokered natural gas, marketing and other	32,528	21,041
Total revenues and other income	457,342	319,239
Costs and expenses:
Direct operating	39,795	30,188
Transportation, gathering and compression	74,161	62,416
Production and ad valorem taxes	11,678	11,383
Brokered natural gas and marketing	34,129	22,315
Exploration	14,846	16,780
Abandonment and impairment of unproved properties	9,995	15,218
General and administrative	49,212	84,058
Deferred compensation plan	(2,035)	42,360
Interest expense	45,401	42,210
Depletion, depreciation and amortization	128,682	115,101
Total costs and expenses	405,864	442,029
Income (loss) from operations before income taxes	51,478	(122,790)
Income tax expense (benefit)
Current	6	25
Deferred	18,951	(47,205)
Total income tax expense (benefit)	18,957	(47,180)
Net income (loss)	$ 32,521	$ (75,610)
Net income (loss) per common share:
Basic	$ 0.20	$ (0.47)
Diluted	$ 0.20	$ (0.47)
Dividends paid per common share	$ 0.04	$ 0.04
Weighted average common shares outstanding:
Basic	160,794	160,125
Diluted	161,825	160,125

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Income Taxes

3 Months Ended

Mar. 31, 2014

Income Taxes

(5) INCOME TAXES

Income tax expense (benefit) from operations was as follows (in thousands):

	Three Months Ended March 31,
	2014			2013
Income tax expense (benefit)	$	18,957		$	(47,180	)
Effective tax rate		36.8	%		38.4	%

We compute our quarterly taxes under the effective tax rate method based on applying an anticipated annual effective rate to our year-to-date income, except for discrete items. Income taxes for discrete items are computed and recorded in the period that the specific transaction occurs. For first quarter ended March 31, 2014 and 2013, our overall effective tax rate on operations was different than the federal statutory rate of 35% due primarily to state income taxes, valuation allowances and other permanent differences.

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Dispositions

3 Months Ended

Mar. 31, 2014

Dispositions

(4) DISPOSITIONS

2014 Dispositions

In December 2013, we announced our plan to offer for sale certain of our properties in the Permian Basin. These properties included approximately 90,000 (70,000 net) acres, almost all of which are held by production in Glasscock and Sterling Counties and are currently producing approximately 28 Mmcfe per day. The data room opened in January 2014 and we received bids in late February. In late April, an agreement related to this transaction was executed, subject to board approval. The completion of this transaction is dependent upon continuing due diligence procedures and there can be no assurance the transaction will be completed. In first quarter 2014, we also sold miscellaneous unproved and proved properties for proceeds of $294,000 resulting in a pre-tax loss of $353,000

2013 Dispositions

In first quarter 2013, we sold miscellaneous proved properties and inventory for proceeds of $38.2 million resulting in a pre-tax loss of $166,000.

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Capitalized Costs and Accumulated Depreciation, Depletion and Amortization

3 Months Ended

Mar. 31, 2014

Capitalized Costs and Accumulated Depreciation, Depletion and Amortization

(16) Capitalized Costs and Accumulated Depreciation, Depletion and Amortization ^(a)

	March 31, 2014			December 31, 2013
	(in thousands)
Natural gas and oil properties:
Properties subject to depletion	$	8,467,064		$	8,225,859
Unproved properties		842,679			807,022
Total		9,309,743			9,032,881
Accumulated depreciation, depletion and amortization		(2,397,089	)		(2,274,444	)
Net capitalized costs	$	6,912,654		$	6,758,437

^(a) Includes capitalized asset retirement costs and the associated accumulated amortization.

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Fair Value Measurements

3 Months Ended

Mar. 31, 2014

Fair Value Measurements

(12) FAIR VALUE MEASUREMENTS

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There are three approaches for measuring the fair value of assets and liabilities: the market approach, the income approach and the cost approach, each of which includes multiple valuation techniques. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to measure fair value by converting future amounts, such as cash flows or earnings, into a single present value amount using current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace the service capacity of an asset. This is often referred to as current replacement cost. The cost approach assumes that the fair value would not exceed what it would cost a market participant to acquire or construct a substitute asset of comparable utility, adjusted for obsolescence.

The fair value accounting standards do not prescribe which valuation technique should be used when measuring fair value and does not prioritize among the techniques. These standards establish a fair value hierarchy that prioritizes the inputs used in applying the various valuation techniques. Inputs broadly refer to the assumptions that market participants use to make pricing decisions, including assumptions about risk. Level 1 inputs are given the highest priority in the fair value hierarchy while Level 3 inputs are given the lowest priority. The three levels of the fair value hierarchy are as follows:

— Level 1 – Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

— Level 2 – Observable market-based inputs or unobservable inputs that are corroborated by market data. These are inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

— Level 3 – Unobservable inputs that are not corroborated by market data and may be used with internally developed methodologies that result in management’s best estimate of fair value.

Valuation techniques that maximize the use of observable inputs are favored. Assets and liabilities are classified in their entirety based on the lowest priority level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement of assets and liabilities within the levels of the fair value hierarchy.

Fair Values – Recurring

We use a market approach for our recurring fair value measurements and endeavor to use the best information available. The following tables present the fair value hierarchy table for assets and liabilities measured at fair value, on a recurring basis (in thousands):

	Fair Value Measurements at March 31, 2014 using:
		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Carrying Value as of March 31, 2014
Trading securities held in the deferred compensation plans	$	67,119	$	—		$	—		$	67,119
Derivatives –swaps		—		(32,979	)		—			(32,979	)
–collars		—		(20,381	)		—			(20,381	)
–basis swaps		—		(3,611	)		(28	)		(3,639	)

	Fair Value Measurements at December 31, 2013 using:
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total Carrying Value as of December 31, 2013
Trading securities held in the deferred compensation plans	$	67,766	$	—		$	—	$	67,766
Derivatives –swaps		—		(18,812	)		—		(18,812	)
–collars		—		2,314			—		2,314
–basis swaps		—		3,381			548		3,929

Our trading securities in Level 1 are exchange-traded and measured at fair value with a market approach using end of period market values. Derivatives in Level 2 are measured at fair value with a market approach using third-party pricing services, which have been corroborated with data from active markets or broker quotes. As of March 31, 2014, we have four natural gas basis swaps categorized as Level 3 due to the forward price curve being unavailable for the regional sales point. We based the fair value on the most similar regional forward natural gas basis curve received from a third party pricing service along with assumed basis differentials based on historical trends.

Our trading securities held in the deferred compensation plan are accounted for using the mark-to-market accounting method and are included in other assets in the accompanying consolidated balance sheets. We elected to adopt the fair value option to simplify our accounting for the investments in our deferred compensation plan. Interest, dividends, and mark-to-market gains or losses are included in deferred compensation plan expense in the accompanying statement of operations. For first quarter 2014, interest and dividends were $274,000 and the mark-to-market adjustment was a gain of $429,000 compared to interest and dividends of $40,000 and mark-to-market gain of $1.6 million in the same period of the prior year.

Fair Values—Reported

The following table presents the carrying amounts and the fair values of our financial instruments as of March 31, 2014 and December 31, 2013 (in thousands):

	March 31, 2014						December 31, 2013
	Carrying Value			Fair Value			Carrying Value			Fair Value
Assets:
Commodity swaps, collars and basis swaps	$	15,997		$	15,997		$	13,654		$	13,654
Marketable securities(a)		67,119			67,119			67,766			67,766
(Liabilities):
Commodity swaps, collars and basis swaps		(72,996	)		(72,996	)		(26,223	)		(26,223	)
Bank credit facility(b)		(594,000	)		(594,000	)		(500,000	)		(500,000	)
Deferred compensation plan(c)		(262,123	)		(262,123	)		(271,738	)		(271,738	)
8.00% senior subordinated notes due 2019(b)		(290,866	)		(313,875	)		(290,516	)		(319,500	)
6.75% senior subordinated notes due 2020(b)		(500,000	)		(540,000	)		(500,000	)		(541,250	)
5.75% senior subordinated notes due 2021(b)		(500,000	)		(535,625	)		(500,000	)		(530,625	)
5.00% senior subordinated notes due 2022(b)		(600,000	)		(611,250	)		(600,000	)		(588,750	)
5.00% senior subordinated notes due 2023(b)		(750,000	)		(759,375	)		(750,000	)		(732,188	)

^(a) Marketable securities, which are held in our deferred compensation plans, are actively traded on major exchanges. Refer to Note 13 for additional information.

^(b) The book value of our bank debt approximates fair value because of its floating rate structure. The fair value of our senior subordinated notes is based on end of period market quotes which are Level 2 market values. Refer to Note 8 for additional information.

^(c) The fair value of our deferred compensation plan is updated on the closing price on the balance sheet date which is a Level 1 market value.

Our current assets and liabilities contain financial instruments, the most significant of which are trade accounts receivable and payable. We believe the carrying values of our current assets and liabilities approximate fair value. Our fair value assessment incorporates a variety of considerations including (1) the short-term duration of the instruments and (2) our historical and expected incurrence of bad debt expense. Non-financial liabilities initially measured at fair value include asset retirement obligations. For additional information, see Note 9.

Concentrations of Credit Risk

As of March 31, 2014, our primary concentrations of credit risk are the risks of collecting accounts receivable and the risk of counterparties’ failure to perform under derivative obligations. Most of our receivables are from a diverse group of companies, including major energy companies, pipeline companies, local distribution companies, financial institutions and end-users in various industries. Letters of credit or other appropriate security are obtained as deemed necessary to limit our risk of loss. Our allowance for uncollectible receivables was $2.5 million at both March 31, 2014 and December 31, 2013. As of March 31, 2014, our derivative contracts consist of swaps and collars. Our exposure to credit risk is diversified primarily among major investment grade financial institutions, the majority of which we have master netting agreements which provide for offsetting payables against receivables from separate derivative contracts. To manage counterparty risk associated with our derivatives, we select and monitor our counterparties based on our assessment of their financial strength and/or credit ratings. We may also limit the level of exposure with any single counterparty. At March 31, 2014, our derivative counterparties include fourteen financial institutions, of which all but two are secured lenders in our bank credit facility. At March 31, 2014, our net derivative assets include a net payable to these two counterparties that are not included in our bank credit facility of $3.8 million.

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Indebtedness

3 Months Ended

Mar. 31, 2014

Indebtedness

(8) INDEBTEDNESS

We had the following debt outstanding as of the dates shown below (bank debt interest rate at March 31, 2014 is shown parenthetically) (in thousands). No interest was capitalized during the three months ended March 31, 2014 or the year ended December 31, 2013:

	March 31, 2014		December 31, 2013
Bank debt (1.9%)	$	594,000	$	500,000
Senior subordinated notes:
8.00% senior subordinated notes due 2019, net of $9,134 and $9,484 discount, respectively		290,866		290,516
6.75% senior subordinated notes due 2020		500,000		500,000
5.75% senior subordinated notes due 2021		500,000		500,000
5.00% senior subordinated notes due 2022		600,000		600,000
5.00% senior subordinated notes due 2023		750,000		750,000
Total debt	$	3,234,866	$	3,140,516

Bank Debt

In February 2011, we entered into an amended and restated revolving bank facility, which we refer to as our bank debt or our bank credit facility, which is secured by substantially all of our assets. The bank credit facility provides for an initial commitment equal to the lesser of the facility amount or the borrowing base. On March 31, 2014, the facility amount was $1.75 billion and the borrowing base was $2.0 billion. The bank credit facility provides for a borrowing base subject to redeterminations semi-annually and for event-driven unscheduled redeterminations. As part of our semi-annual bank review completed on April 3, 2014, our borrowing base was reaffirmed at $2.0 billion and our facility amount was also reaffirmed at $1.75 billion. Our current bank group is composed of twenty-eight financial institutions with no one bank holding more than 9% of the total facility. The bank credit facility amount may be increased to the borrowing base amount with twenty days’ notice, subject to the banks agreeing to participate in the facility increase and our payment of a mutually acceptable commitment fee to those banks. As of March 31, 2014, the outstanding balance under our bank credit facility was $594.0 million. Additionally, we had $127.4 million of undrawn letters of credit leaving $1.0 billion of borrowing capacity available under the facility. The bank credit facility matures on February 18, 2016. Borrowings under the bank credit facility can either be at the Alternate Base Rate (as defined in the bank credit facility) plus a spread ranging from 0.50% to 1.5% or LIBOR borrowings at the Adjusted LIBO Rate (as defined in the bank credit facility) plus a spread ranging from 1.5% to 2.5%. The applicable spread is dependent upon borrowings relative to the borrowing base. We may elect, from time to time, to convert all or any part of our LIBOR loans to base rate loans or to convert all or any of the base rate loans to LIBOR loans. The weighted average interest rate was 2.0% for the three months ended March 31, 2014 compared to 2.1% for the three months ended March 31, 2013. A commitment fee is paid on the undrawn balance based on an annual rate of 0.35% to 0.50%. At March 31, 2014, the commitment fee was 0.375% and the interest rate margin was 1.75% on our LIBOR loans and 0.75% on our base rate loans.

Senior Subordinated Notes

If we experience a change of control, bondholders may require us to repurchase all or a portion of all of our senior subordinated notes at 101% of the aggregate principal amount plus accrued and unpaid interest, if any. All of the senior subordinated notes and the guarantees by our subsidiary guarantors are general, unsecured obligations and are subordinated to our bank debt and will be subordinated to future senior debt that we or our subsidiary guarantors are permitted to incur under the bank credit facility and the indentures governing the subordinated notes.

Guarantees

Range Resources Corporation is a holding company which owns no operating assets and has no significant operations independent of its subsidiaries. The guarantees by our subsidiaries of our senior subordinated notes are full and unconditional and joint and several, subject to certain customary release provisions. A subsidiary guarantor may be released from its obligations under the guarantee:

— in the event of a sale or other disposition of all or substantially all of the assets of the subsidiary guarantor or a sale or other disposition of all the capital stock of the subsidiary guarantor, to any corporation or other person (including an unrestricted subsidiary of Range) by way of merger, consolidation, or otherwise; or

— if Range designates any restricted subsidiary that is a guarantor to be an unrestricted subsidiary in accordance with the terms of the indenture.

Debt Covenants and Maturity

Our bank credit facility contains negative covenants that limit our ability, among other things, to pay cash dividends, incur additional indebtedness, sell assets, enter into certain hedging contracts, change the nature of our business or operations, merge, consolidate, or make investments. In addition, we are required to maintain a ratio of debt to EBITDAX (as defined in the credit agreement) of no greater than 4.25 to 1.0 and a current ratio (as defined in the credit agreement) of no less than 1.0 to 1.0. We are in compliance with our covenants under the bank credit facility at March 31, 2014.

The indentures governing our senior subordinated notes contain various restrictive covenants that are substantially identical to each other and may limit our ability to, among other things, pay cash dividends, incur additional indebtedness, sell assets, enter into transactions with affiliates, or change the nature of our business. At March 31, 2014, we are in compliance with these covenants.

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Fair Value Measurements - Fair Value Hierarchy Table for Assets and Liabilities Measured at Fair Value (Detail) (Fair Value, Measurements, Recurring, USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Trading securities held in the deferred compensation plans	$ 67,119	$ 67,766
Swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets liabilities at fair value net	(32,979)	(18,812)
Collars
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets liabilities at fair value net	(20,381)	2,314
Basis Swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets liabilities at fair value net	(3,639)	3,929
Fair Value, Inputs, Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Trading securities held in the deferred compensation plans	67,119	67,766
Fair Value, Inputs, Level 1 | Swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets liabilities at fair value net
Fair Value, Inputs, Level 1 | Collars
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets liabilities at fair value net
Fair Value, Inputs, Level 1 | Basis Swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets liabilities at fair value net
Fair Value, Inputs, Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Trading securities held in the deferred compensation plans
Fair Value, Inputs, Level 2 | Swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets liabilities at fair value net	(32,979)	(18,812)
Fair Value, Inputs, Level 2 | Collars
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets liabilities at fair value net	(20,381)	2,314
Fair Value, Inputs, Level 2 | Basis Swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets liabilities at fair value net	(3,611)	3,381
Fair Value, Inputs, Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Trading securities held in the deferred compensation plans
Fair Value, Inputs, Level 3 | Swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets liabilities at fair value net
Fair Value, Inputs, Level 3 | Collars
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets liabilities at fair value net
Fair Value, Inputs, Level 3 | Basis Swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets liabilities at fair value net	$ (28)	$ 548

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Income (Loss) Per Common Share

3 Months Ended

Mar. 31, 2014

Income (Loss) Per Common Share

(6) INCOME (LOSS) PER COMMON SHARE

Basic income or loss per share attributable to common shareholders is computed as (1) income or loss attributable to common shareholders (2) less income allocable to participating securities (3) divided by weighted average basic shares outstanding. Diluted income or loss per share attributable to common stockholders is computed as (1) basic income or loss attributable to common shareholders (2) plus diluted adjustments to income allocable to participating securities (3) divided by weighted average diluted shares outstanding. The following tables set forth a reconciliation of income or loss attributable to common shareholders to basic income or loss attributable to common shareholders to diluted income or loss attributable to common shareholders (in thousands except per share amounts):

	Three Months Ended March 31,
		2014			2013
Net income (loss), as reported	$	32,521		$	(75,610	)
Participating basic earnings (a)		(560	)		(109	)
Basic net income (loss) attributed to common shareholders		31,961			(75,719	)
Reallocation of participating earnings (a)		3			—
Diluted net income (loss) attributed to common shareholders	$	31,964		$	(75,719	)
Net income (loss) per common share:
Basic	$	0.20		$	(0.47	)
Diluted	$	0.20		$	(0.47	)

^(a) Restricted Stock Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses.

The following table provides a reconciliation of basic weighted average common shares outstanding to diluted weighted average common shares outstanding (in thousands):

	Three Months Ended March 31,
	2014		2013
Denominator:
Weighted average common shares outstanding – basic		160,794		160,125
Effect of dilutive securities:
Director and employee stock options and SARs		1,031		—
Weighted average common shares outstanding – diluted		161,825		160,125

Weighted average common shares – basic for the three months ended March 31, 2014 excludes 2.8 million shares and the three months ended March 31, 2013 excludes 2.7 million shares of restricted stock held in our deferred compensation plans (although all awards are issued and outstanding upon grant). Due to our loss from continuing operations for the three months ended March 31, 2013, we excluded all outstanding stock appreciation rights (“SARs”) and restricted stock from the computation of diluted net loss per share because the effect would have been anti-dilutive to the computations.

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Suspended Exploratory Well Costs

3 Months Ended

Mar. 31, 2014

Suspended Exploratory Well Costs

(7) SUSPENDED EXPLORATORY WELL COSTS

We capitalize exploratory well costs until a determination is made that the well has either found proved reserves or that it is impaired. Capitalized exploratory well costs are presented in natural gas and oil properties in the accompanying consolidated balance sheets. If an exploratory well is determined to be impaired, the well costs are charged to exploration expense in the accompanying consolidated statements of operations. The following table reflects the changes in capitalized exploratory well costs for the three months ended March 31, 2014 and the year ended December 31, 2013 (in thousands except for number of projects):

	March 31, 2014			December 31, 2013
Balance at beginning of period	$	6,964		$	57,360
Additions to capitalized exploratory well costs pending the determination of proved reserves		5,552			39,832
Reclassifications to wells, facilities and equipment based on determination of proved reserves		—			(84,840	)
Capitalized exploratory well costs charged to expense		—			—
Divested wells		—			(5,388	)
Balance at end of period		12,516			6,964
Less exploratory well costs that have been capitalized for a period of one year or less		(5,552	)		—
Capitalized exploratory well costs that have been capitalized for a period greater than one year	$	6,964		$	6,964
Number of projects that have exploratory well costs that have been capitalized for a period greater than one year		1			1

As of March 31, 2014, $7.0 million of capitalized exploratory well costs have been capitalized for more than one year which relates to one well in our Marcellus Shale area where we are evaluating pipeline options. The following table provides an aging of capitalized exploratory well costs that have been suspended for more than one year as of March 31, 2014 (in thousands):

	Total		2013		2012		2011
Capitalized exploratory well costs that have been capitalized for more than one year	$	6,964	$	110	$	6,801	$	53

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Asset Retirement Obligations

3 Months Ended

Mar. 31, 2014

Asset Retirement Obligations

(9) ASSET RETIREMENT OBLIGATIONS

Our asset retirement obligations primarily represent the estimated present value of the amounts we will incur to plug, abandon and remediate our producing properties at the end of their productive lives. Significant inputs used in determining such obligations include estimates of plugging and abandonment costs, estimated future inflation rates and well life. The inputs are calculated based on historical data as well as current estimated costs. A reconciliation of our liability for plugging and abandonment costs for the three months ended March 31, 2014 is as follows (in thousands):

	Three Months Ended March 31, 2014
Beginning of period	$	230,077
Liabilities incurred		2,128
Liabilities settled		(384	)
Disposition of wells		(122	)
Accretion expense		3,707
Change in estimate		1,089
End of period		236,495
Less current portion		(5,037	)
Long-term asset retirement obligations	$	231,458

Accretion expense is recognized as a component of depreciation, depletion and amortization expense in the accompanying statements of operations.

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Stock-Based Compensation Plans - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Expiration term of stock options	5 years

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Stock-Based Compensation Plans - Additional Information 1 (Detail)	3 Months Ended
	Mar. 31, 2014 Plans	Mar. 31, 2014 Stock Appreciation Rights (SARs) [Member]	Dec. 31, 2013 Stock Appreciation Rights (SARs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Active equity-based stock plans	2
Number of stock option outstanding		2,445,907	2,582,074

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Fair Value Measurements - Carrying Amounts and Fair Values of Financial Instruments (Parenthetical) (Detail)	Mar. 31, 2014	Dec. 31, 2013
8.00% Senior Subordinated notes due 2019
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate on senior subordinated notes	8.00%	8.00%
6.75% Senior Subordinated notes due 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate on senior subordinated notes	6.75%	6.75%
5.75% Senior Subordinated notes due 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate on senior subordinated notes	5.75%	5.75%
5.00% Senior Subordinated notes due 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate on senior subordinated notes	5.00%	5.00%
5.00% senior subordinated notes due 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate on senior subordinated notes	5.00%	5.00%

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Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2014

Supplemental Cash Flow Information

	Three Months Ended March 31,
	2014		2013
	(in thousands)
Net cash provided from operating activities included:
Income taxes (refunded) paid to taxing authorities	$	39	$	(162	)
Interest paid		55,190		37,541
Non-cash investing and financing activities included:
Asset retirement costs capitalized, net		3,218		1,690
Increase in accrued capital expenditures		6,808		128,136

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Indebtedness - Guarantees and Debt Covenants and Maturity - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2014
Debt Instrument [Line Items]
Debt instrument, Covenant compliance	Our bank credit facility contains negative covenants that limit our ability, among other things, to pay cash dividends, incur additional indebtedness, sell assets, enter into certain hedging contracts, change the nature of our business or operations, merge, consolidate, or make investments. In addition, we are required to maintain a ratio of debt to EBITDAX (as defined in the credit agreement) of no greater than 4.25 to 1.0 and a current ratio (as defined in the credit agreement) of no less than 1.0 to 1.0. We are in compliance with our covenants under the bank credit facility at March 31, 2014. The indentures governing our senior subordinated notes contain various restrictive covenants that are substantially identical to each other and may limit our ability to, among other things, pay cash dividends, incur additional indebtedness, sell assets, enter into transactions with affiliates, or change the nature of our business. At March 31, 2014, we are in compliance with these covenants.
Maximum
Debt Instrument [Line Items]
Ratio of debt to EBITDAX	4.25
Minimum
Debt Instrument [Line Items]
Current ratio	1.0

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Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2014

Supplemental Cash Flow Information

(14) SUPPLEMENTAL CASH FLOW INFORMATION

	Three Months Ended March 31,
	2014		2013
	(in thousands)
Net cash provided from operating activities included:
Income taxes (refunded) paid to taxing authorities	$	39	$	(162	)
Interest paid		55,190		37,541
Non-cash investing and financing activities included:
Asset retirement costs capitalized, net		3,218		1,690
Increase in accrued capital expenditures		6,808		128,136

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Income (Loss) Per Common Share (Tables)

3 Months Ended

Mar. 31, 2014

Computations of Basic and Diluted (Loss) Income Per Common Share

Basic income or loss per share attributable to common shareholders is computed as (1) income or loss attributable to common shareholders (2) less income allocable to participating securities (3) divided by weighted average basic shares outstanding. Diluted income or loss per share attributable to common stockholders is computed as (1) basic income or loss attributable to common shareholders (2) plus diluted adjustments to income allocable to participating securities (3) divided by weighted average diluted shares outstanding. The following tables set forth a reconciliation of income or loss attributable to common shareholders to basic income or loss attributable to common shareholders to diluted income or loss attributable to common shareholders (in thousands except per share amounts):

	Three Months Ended March 31,
		2014			2013
Net income (loss), as reported	$	32,521		$	(75,610	)
Participating basic earnings (a)		(560	)		(109	)
Basic net income (loss) attributed to common shareholders		31,961			(75,719	)
Reallocation of participating earnings (a)		3			—
Diluted net income (loss) attributed to common shareholders	$	31,964		$	(75,719	)
Net income (loss) per common share:
Basic	$	0.20		$	(0.47	)
Diluted	$	0.20		$	(0.47	)

^(a) Restricted Stock Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses.

Basic Weighted Average Common Shares Outstanding to Diluted Weighted Average Common Shares Outstanding

The following table provides a reconciliation of basic weighted average common shares outstanding to diluted weighted average common shares outstanding (in thousands):

	Three Months Ended March 31,
	2014		2013
Denominator:
Weighted average common shares outstanding – basic		160,794		160,125
Effect of dilutive securities:
Director and employee stock options and SARs		1,031		—
Weighted average common shares outstanding – diluted		161,825		160,125

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Indebtedness - Bank Debt - Additional Information (Detail) (USD $)	3 Months Ended				3 Months Ended
	Mar. 31, 2014 CommercialBank	Mar. 31, 2013	Dec. 31, 2013	Apr. 03, 2014 Subsequent Event	Mar. 31, 2014 Alternate Base Rate	Mar. 31, 2014 LIBOR Rate	Mar. 31, 2014 Minimum	Mar. 31, 2014 Maximum
Debt Instrument [Line Items]
Bank Credit facility, Facility amount	$ 1,750,000,000			$ 1,750,000,000
Bank Credit facility, Borrowing base	2,000,000,000			2,000,000,000
Percentage holding of commercial banks, Maximum	9.00%
Number of commercial banks included in current bank group	28
Notice period for increase in facility amount	20 days
Bank debt	594,000,000		500,000,000
Undrawn letters of credit	127,400,000
Borrowing capacity available under the facility amount	$ 1,000,000,000
Maturity date of loan	Feb. 18, 2016
Weighted average interest rate on the bank credit facility	2.00%	2.10%
Commitment fee	0.375%
Minimum range of base rate					0.50%	1.50%
Maximum range of base rate					1.50%	2.50%
Interest rate margin					0.75%	1.75%
Annual rate of commitment fee paid on the undrawn balance							0.35%	0.50%

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Income (Loss) Per Common Share - Basic Weighted Average Common Shares Outstanding to Diluted Weighted Average Common Shares Outstanding (Detail) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Denominator:
Weighted average common shares outstanding – basic	160,794	160,125
Effect of dilutive securities:
Director and employee stock options and SARs	1,031
Weighted average common shares outstanding – diluted	161,825	160,125

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014		Mar. 31, 2013
Net income (loss)	$ 32,521		$ (75,610)
Other comprehensive income (loss):
Realized loss (gain) on hedge derivative contract settlements reclassified into natural gas, NGLs and oil sales from other comprehensive income, net of taxes			(14,840)	[1]
De-designated hedges reclassified into natural gas, NGLs and oil sales, net of taxes	(1,240)	[2]	(7,425)	[2]
De-designated hedges reclassified to derivative fair value income, net of taxes			(1,390)	[3]
Change in unrealized deferred hedging (losses) gains, net of taxes			(4,203)	[4]
Total comprehensive income (loss)	$ 31,281		$ (103,468)

[1] Amounts are net of income tax benefit of $9,488 for the three months ended March 31, 2013.

[2] Amounts are net of income tax benefit of $924 for the three months ended March 31, 2014 and $4,747 for the three months ended March 31, 2013.

[3] Amounts relate to transactions not probable of occurring and are presented net of income tax benefit of $889 for the three months ended March 31, 2013.

[4] Amounts are net of income tax benefit of $2,687 for the three months ended March 31, 2013.

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New Accounting Standards

3 Months Ended

Mar. 31, 2014

New Accounting Standards

(3) NEW ACCOUNTING STANDARDS

Recently Adopted

In February 2013, an accounting standards update was issued to provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date, except for obligations such as asset retirement and environmental obligations, contingencies, guarantees, income taxes and retirement benefits, which are separately addressed within U.S. GAAP. An entity is required to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date as the sum of (1) the amount the entity agreed to pay on the basis of its arrangement among its co-obligors and (2) any amount the entity expects to pay on behalf of its co-obligors. Disclosure of the nature of the obligation, including how the liability arose, the relationship with other co-obligors and the terms and conditions of the arrangement is required. In addition, the total outstanding amount under the arrangement, not reduced by the effect of any amounts that may be recoverable from other entities, plus the carrying amount of any liability or receivable recognized must be disclosed. This accounting standards update is effective for us beginning in first quarter 2014 and should be applied retrospectively for those in-scope obligations resulting from joint and several liability arrangements that exist at the beginning of 2014. Early adoption was permitted and we adopted this new standard in first quarter 2014 which did not have an impact on our consolidated results of operations, financial position or cash flows.

In April 2014, an accounting standards update was issued that raised the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other material disposal transactions that do not meet the revised definition of a discontinued operations. Under the updated standard, a disposal of a component or group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the component or group of components of the entity (1) has been disposed of by a sale, (2) has been disposed of other than by sale or (3) is classified as held for sale. This accounting standards update is effective for annual periods beginning on or after December 15, 2014 and is applied prospectively. Early adoption is permitted but only for disposals (or classifications that are held for sale) that have not been reported in financial statements previously issued or available for use. We adopted this new standard in first quarter 2014. There was no impact to our consolidated results of operations, financial position or cash flows as there were no disposals or assets held for sale in first quarter 2014.

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Derivative Activities - Effects of Cash Flow Hedges and Other Hedges on Accumulated Other Comprehensive Income (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014		Mar. 31, 2013
Derivative Instruments Gain Loss [Line Items]
Change in unrealized deferred hedging gains, tax effect			$ 2,687
Change in Hedge Derivative Fair value, effects of Cash flow hedges on accumulated other comprehensive income (loss) total			(4,203)	[1]
Realized Gain Reclassified from AOCI into Revenue, Income taxes	(924)	[2]	(15,124)	[2]
Realized gain on hedge derivative contract settlements reclassified into earnings from other comprehensive income, net of taxes	1,240	[2]	23,655	[2]
Swaps
Derivative Instruments Gain Loss [Line Items]
Change in Hedge Derivative Fair Value			125
Realized Gain Reclassified from OCI into Revenue	836	[2]	8,047	[2]
Collars
Derivative Instruments Gain Loss [Line Items]
Change in Hedge Derivative Fair Value			(7,015)
Realized Gain Reclassified from OCI into Revenue	$ 1,328	[2]	$ 30,732	[2]

[1] Amounts are net of income tax benefit of $2,687 for the three months ended March 31, 2013.

[2] For realized gains upon derivative contract settlement, the reduction in AOCI is offset by an increase in revenues, NGLs and oil sales. For realized losses upon derivative contract settlement, the increase in AOCI is offset by a decrease in revenues. See additional discussion above regarding the discontinuance of hedge accounting.

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Stock-Based Compensation Plans - PSUA Activity (Detail) (Performance Shares, USD $)	3 Months Ended
	Mar. 31, 2014
Performance Shares
Summary of Performance Share Unit Awards outstanding, Number of Units
Outstanding, Beginning Balance
Units granted	57,421
Outstanding, Ending Balance	57,421
Summary of Performance Share Unit Awards outstanding, Weighted Average Grant Date Fair Value
Outstanding, Beginning Balance
Weighted average grant date fair value	$ 82.60
Outstanding, Ending Balance	$ 82.60

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Suspended Exploratory Well Costs (Tables)

3 Months Ended

Mar. 31, 2014

Suspended Exploratory Well Costs

The following table reflects the changes in capitalized exploratory well costs for the three months ended March 31, 2014 and the year ended December 31, 2013 (in thousands except for number of projects):

	March 31, 2014			December 31, 2013
Balance at beginning of period	$	6,964		$	57,360
Additions to capitalized exploratory well costs pending the determination of proved reserves		5,552			39,832
Reclassifications to wells, facilities and equipment based on determination of proved reserves		—			(84,840	)
Capitalized exploratory well costs charged to expense		—			—
Divested wells		—			(5,388	)
Balance at end of period		12,516			6,964
Less exploratory well costs that have been capitalized for a period of one year or less		(5,552	)		—
Capitalized exploratory well costs that have been capitalized for a period greater than one year	$	6,964		$	6,964
Number of projects that have exploratory well costs that have been capitalized for a period greater than one year		1			1

Aging of Capitalized Exploratory Well Costs Suspended More Than One Year

The following table provides an aging of capitalized exploratory well costs that have been suspended for more than one year as of March 31, 2014 (in thousands):

	Total		2013		2012		2011
Capitalized exploratory well costs that have been capitalized for more than one year	$	6,964	$	110	$	6,801	$	53

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Stock-Based Compensation Plans - Additional Information 3 (Detail) (USD $) In Thousands, except Share data in Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-cash, Mark-to-market income (loss) related to deferred compensation plan	$ 2,035	$ (42,360)
Shares held in rabbi trust total	2.8	2.8
Vested shares held in rabbi trust	2.4	2.4

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Income Taxes - Income Tax Expense (Benefit) from Continuing Operations (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Income Taxes [Line Items]
Income tax expense (benefit)	$ 18,957	$ (47,180)
Effective tax rate	36.80%	38.40%

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Stock-Based Compensation Plans

3 Months Ended

Mar. 31, 2014

Stock-Based Compensation Plans

(13) STOCK-BASED COMPENSATION PLANS

Stock-Based Awards

Stock options represent the right to purchase shares of stock in the future at the fair value of the stock on the date of grant. Most stock options granted under our stock option plans vest over a three-year period and expire five years from the date they are granted. In 2005, we began granting SARs to reduce the dilutive impact of our equity plans. Similar to stock options, SARs represent the right to receive a payment equal to the excess of the fair market value of shares of common stock on the date the right is exercised over the value of the stock on the date of grant. All SARs granted under our Amended and Restated 2005 Equity-Based Incentive Compensation Plan (the “2005 Plan”) will be settled in shares of stock, vest over a three-year period and have a maximum term of five years from the date they are granted. Beginning in first quarter 2011, the Compensation Committee of the Board of Directors also began granting restricted stock units under our equity-based stock compensation plans. These restricted stock units, which we refer to as restricted stock Equity Awards, vest over a three-year period. All awards granted have been issued at prevailing market prices at the time of grant and the vesting of these shares is based upon an employee’s continued employment with us.

In first quarter 2014, the Compensation Committee of the Board of Directors began granting performance share unit awards (“PSUs”) under our 2005 Plan. The number of shares to be issued is determined by our total shareholder return compared to the total shareholder return of a predetermined group of peer companies over the performance period. The performance unit awards vest at the end of three years. The grant date fair value of the PSUs is determined using a Monte Carlo simulation and is recognized as stock-based compensation expense over the three-year performance period.

The Compensation Committee also grants restricted stock to certain employees and non-employee directors of the Board of Directors as part of their compensation. Upon grant of these restricted shares, which we refer to as restricted stock Liability Awards, the shares generally are placed in our deferred compensation plan and, upon vesting, employees are allowed to take withdrawals either in cash or in stock. Compensation expense is recognized over the balance of the vesting period, which is typically three years for employee grants and immediate vesting for non-employee directors. All restricted stock awards are issued at prevailing market prices at the time of the grant and vesting is based upon an employee’s continued employment with us. Prior to vesting, all restricted stock awards have the right to vote such shares and receive dividends thereon. These Liability Awards are classified as a liability and are remeasured at fair value each reporting period. This mark-to-market adjustment is reported as deferred compensation plan expense in the accompanying consolidated statements of operations.

Total Stock-Based Compensation Expense

Stock-based compensation represents amortization of restricted stock, PSUs and SARs expense. Unlike the other forms of stock-based compensation, the mark-to-market adjustment of the liability related to the vested restricted stock held in our deferred compensation plans is directly tied to the change in our stock price and not directly related to the functional expenses and therefore, is not allocated to the functional categories. The following table details the allocation of stock-based compensation that is allocated to functional expense categories (in thousands):

	Three Months Ended March 31,
	2014		2013
Operating expense	$	852	$	661
Brokered natural gas and marketing expense		528		249
Exploration expense		1,153		1,070
General and administrative expense		11,604		10,306
Total	$	14,137	$	12,286

Stock Appreciation Right Awards

We have two active equity-based stock plans, the 2005 Plan and the 2004 Non-Employee Director Stock Option Plan. Under these plans, incentive and non-qualified stock options, SARs, restricted stock units and various other awards may be issued to non-employee directors and employees pursuant to decisions of the Compensation Committee, which is comprised of only non-employee, independent directors. Of the 2.4 million grants outstanding at March 31, 2014, all are grants relating to SARs. Information with respect to SARs activity is summarized below:

	Shares			Weighted Average Exercise Price
Outstanding at December 31, 2013		2,582,074		$	56.36
Granted		1,104			81.74
Exercised		(137,271	)		45.45
Expired/forfeited		—			—
Outstanding at March 31, 2014		2,445,907		$	56.98

During first three months 2014, we granted SARs to our non-executive chairman in conjunction with his retirement from Range as an employee. The weighted average grant date fair value of these SARs, based on our Black-Scholes-Merton assumptions, is shown below:

	Three Months Ended March 31, 2014
Weighted average exercise price per share	$	81.74
Expected annual dividends per share		0.20	%
Expected life in years		4.3
Expected volatility		33	%
Risk-free interest rate		1.4	%
Weighted average grant date fair value	$	23.17

Performance Share Unit Awards

A summary of our performance share unit awards (“PSUs”) outstanding at March 31, 2014 is summarized below:

	Number of Units (a)		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2013		—	$	—
Units granted		57,421		82.60
Outstanding at March 31, 2014		57,421	$	82.60

^(a) These amounts reflect the number of performance units granted. The actual payout of shares may be between zero percent and 150% of the performance units granted depending on the total shareholder return ranking compared to the peer companies at the vesting date.

The following assumptions were used to estimate the fair value of PSUs granted during the first three months 2014:

	Three  Months Ended March 31, 2014
Risk-free interest rate		0.71	%
Expected annual volatility		34	%
Grant date fair value per unit	$	82.60

We recorded PSU compensation expense of $533,000 in the first three months 2014 compared to none in the same period of 2013.

Restricted Stock Awards

Equity Awards

In first three months 2014, we granted 351,000 restricted stock Equity Awards to employees at an average grant price of $84.89 compared to 386,000 restricted stock Equity Awards granted to employees at an average grant price of $71.02 in the same period of 2013. These awards generally vest over a three-year period. We recorded compensation expense for these Equity Awards of $6.5 million in the first three months 2014 compared to $4.3 million in the same period of 2013. Equity Awards are not issued to employees until they are vested. Employees do not have the option to receive cash.

Liability Awards

In first three months 2014, we granted 76,000 shares of restricted stock Liability Awards as compensation to employees at an average price of $85.02 with vesting generally over a three-year period. We also granted 950 shares at an average price of $81.74 to a director, which vested immediately. In the same period of 2013, we granted 125,000 shares of Liability Awards as compensation to employees at an average price of $71.40 with vesting generally over a three-year period. We recorded compensation expense for Liability Awards of $4.7 million in first three months 2014 compared to $4.5 million in the same period of 2013. Substantially all of these awards are held in our deferred compensation plan, are classified as a liability and are remeasured at fair value each reporting period. This mark-to-market adjustment is reported as deferred compensation expense in our consolidated statements of operations (see additional discussion below).

A summary of the status of our non-vested restricted stock and restricted stock units outstanding at March 31, 2014 is summarized below:

	Equity Awards					Liability Awards
	Shares			Weighted Average Grant Date Fair Value		Shares			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2013		385,063		$	68.24		389,013		$	71.02
Granted		350,594			84.89		77,435			84.98
Vested		(93,241	)		69.86		(77,142	)		69.55
Forfeited		(1,418	)		79.41		(90	)		71.03
Outstanding at March 31, 2014		640,998		$	77.09		389,216		$	74.09

Deferred Compensation Plan

Our deferred compensation plan gives non-employee directors, officers and key employees the ability to defer all or a portion of their salaries and bonuses and invest in Range common stock or make other investments at the individual’s discretion. Range provides a partial matching contribution which vests over three years. The assets of the plans are held in a grantor trust, which we refer to as the Rabbi Trust, and are therefore available to satisfy the claims of our general creditors in the event of bankruptcy or insolvency. Our stock held in the Rabbi Trust is treated as a liability award as employees are allowed to take withdrawals from the Rabbi Trust either in cash or in Range stock. The liability for the vested portion of the stock held in the Rabbi Trust is reflected as deferred compensation liability in the accompanying consolidated balance sheets and is adjusted to fair value each reporting period by a charge or credit to deferred compensation plan expense on our consolidated statements of operations. The assets of the Rabbi Trust, other than our common stock, are invested in marketable securities and reported at their market value as other assets in the accompanying consolidated balance sheets. The deferred compensation liability reflects the vested market value of the marketable securities and Range stock held in the Rabbi Trust. Changes in the market value of the marketable securities and changes in the fair value of the deferred compensation plan liability are charged or credited to deferred compensation plan expense each quarter. We recorded mark-to-market income of $2.0 million in first quarter 2014 compared to mark-to-market loss of $42.4 million in first quarter 2013. The Rabbi Trust held 2.8 million shares (2.4 million of vested shares) of Range stock at March 31, 2014 compared to 2.8 million shares (2.4 million of vested shares) at December 31, 2013.