Range is seen as the pioneer of the Marcellus Shale with now over 20 years of proven operating history. As an early entrant, it built a strong, contiguous acreage position in the more liquids-rich core in SW Pennsylvania. Range is currently in midst of a three-year plan to grow production by 20% from ~2.2 Bcfe/d in 2024 to 2.6 Bcfe/d in 2027.
- Novi models Range’s ability to meet its 2.6 Bcfe/d target in 2027 and sustain that level through 2040 maintaining a comparable TIL cadence (in terms of lateral feet) to its 2026 plan.
- Novi estimates 1,139 gross remaining Marcellus locations, equating to 13.0 MM lateral feet of drilling inventory (average lateral length of >11,400 ft). At 2025’s TIL cadence, this equates to >24 years of inventory based on well count.
- 76% of remaining locations are Tier-1 or Tier-2 ML-derived rock quality, the highest percentage among the five largest inventory holders.
- Range has multiple additional levers to support decades of Appalachian Basin duration, including internally identified Marcellus stacked pay potential that is only minimally captured in Novi’s current inventory estimates plus an additional >1,000 viable deeper Point Pleasant / Utica locations.
Figure 1: Marcellus Shale – NPV25 Breakeven Distribution, Undrilled Locations Only
The full Range Resources corporate report is now available on the Novi Intelligence portal
Our inaugural Q4 2025 corporate report covers its three-year plan, capital efficient growth drivers, cost advantages, and additional inventory levers not captured in Novi’s estimates. https://intelligence.novilabs.com/login/
