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Document and Company Information - USD ($)	6 Months Ended
Document and Company Information - USD ($)	Jun. 30, 2009	Jul. 20, 2009	Jun. 30, 2008
Document And Entity Information [Abstract]
Entity Registrant Name	RANGE RESOURCES CORPORATION
Entity Central Index Key	0000315852
Document Type	10-Q
Document Period End Date	Jun. 30, 2009
Amendment Flag	false
Amendment Description	No
Company Fiscal Year End Date	--12-31
Entity Well Known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 9,963,751,000
Entity Common Stock Shares Outstanding		157,255,568

Consolidated Balance Sheets - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2009	Dec. 31, 2008
Current assets:
Cash and equivalents	$ 2,152	$ 753
Accounts receivable, less allowance for doubtful accounts of $753 and $954	99,065	162,201
Unrealized derivative gain	169,856	221,430
Inventory and other	22,179	19,927
Total current assets	293,252	404,311
Unrealized derivative gain	0	5,231
Equity method investments	150,979	147,126
Oil and gas properties, successful efforts method	6,161,834	6,028,980
Accumulated depletion and depreciation	(1,337,153)	(1,186,934)
Oil and gas properties, successful efforts method, net	4,824,681	4,842,046
Transportation and field assets	157,066	142,662
Accumulated depreciation and amortization	(65,114)	(56,434)
Transportation and field assets, net	91,952	86,228
Other assets	75,135	66,937
Total assets	5,435,999	5,551,879
Current liabilities:
Accounts payable	131,436	250,640
Asset retirement obligations	2,064	2,055
Accrued liabilities	54,234	47,309
Deferred tax liability	23,986	32,984
Accrued interest	23,134	20,516
Unrealized derivative loss	2,412	10
Total current liabilities	237,266	353,514
Bank debt	403,000	693,000
Subordinated notes and other long term debt	1,383,134	1,097,668
Deferred tax liability	773,277	779,218
Unrealized derivative loss	2,534	0
Deferred compensation liability	109,730	93,247
Asset retirement obligations and other liabilities	$ 84,232	$ 83,890
Commitments and Contingencies
Stockholders' Equity
Preferred stock, $1 par, 10,000,000 shares authorized, none issued and outstanding	$ 0	$ 0
Common stock, $0.01 par, 475,000,000 shares authorized, 157,255,400 issued at June 30, 2009 and 155,609,387 issued at December 31, 2008	1,573	1,556
Common stock held in treasury, 233,900 shares at June 30, 2009 and December 31, 2008	(8,557)	(8,557)
Additional paid-in capital	1,729,190	1,695,268
Retained earnings	665,752	685,568
Accumulated other comprehensive income	54,868	77,507
Total stockholders' equity	2,442,826	2,451,342
Total liabilities and stockholders' equity	$ 5,435,999	$ 5,551,879

Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2009	Dec. 31, 2008
Statement [Line Items]
Allowance for doubtful accounts on accounts recievables	$ 753,000	$ 954,000
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	157,255,400	155,609,387
Common stock held in treasury shares	233,900	233,900

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2009	Jun. 30, 2008	Jun. 30, 2009	Jun. 30, 2008
Revenues
Oil and gas sales	$ 192,523	$ 347,622	$ 395,712	$ 655,006
Transportation and gathering	2,152	1,224	1,647	2,353
Derivative fair value (loss) income	(9,856)	(196,684)	65,691	(320,451)
Other	(4,387)	(359)	(6,181)	20,233
Total revenue	180,432	151,803	456,869	357,141
Costs and expenses
Direct operating	34,828	37,228	70,369	70,178
Production and ad valorem taxes	7,564	16,056	15,821	29,896
Exploration	11,368	19,462	24,707	36,055
Abandonment and impairment of unproved properties	40,954	3,474	60,526	5,598
General and administrative	29,103	23,938	54,013	41,350
Deferred compensation plan	756	7,539	13,190	28,150
Interest expense	29,555	23,842	56,184	46,988
Depletion, depreciation and amortization	88,713	72,115	173,033	142,248
Total costs and expenses	242,841	203,654	467,843	400,463
Loss from operations	(62,409)	(51,851)	(10,974)	(43,322)
Income tax expense (benefit)
Current	619	949	619	1,835
Deferred	(23,145)	(20,445)	(4,318)	(17,651)
Total income tax benefit	(22,526)	(19,496)	(3,699)	(15,816)
Net loss	$ (39,883)	$ (32,355)	$ (7,275)	$ (27,506)
Loss per common share:
Basic	$ (0.26)	$ (0.22)	$ (0.05)	$ (0.18)
Diluted	(0.26)	(0.22)	(0.05)	(0.18)
Dividends per common share	$ 0.04	$ 0.04	$ 0.08	$ 0.08
Weighted average common shares outstanding:
Basic	154,389	150,772	154,056	149,215
Diluted	154,389	150,772	154,056	149,215

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2009	Jun. 30, 2008
Operating activities:
Net loss	$ (7,275)	$ (27,506)
Adjustments to reconcile net cash provided from operating activities:
Loss (gain) from equity method investments	5,526	(19)
Deferred income tax benefit	(4,318)	(17,651)
Depletion, depreciation and amortization	173,033	142,248
Exploration dry hole costs	131	9,256
Mark-to-market on oil and gas derivatives not designated as hedges	30,070	297,501
Abandonment and impairment of unproved properties	60,526	5,598
Unrealized derivative loss	97	2,691
Deferred and stock-based compensation	32,794	43,601
Amortization of deferred financing costs and other	2,333	1,488
Loss (gain) on sale of assets and other	1,943	(19,972)
Changes in working capital:
Accounts receivable	46,453	(94,657)
Inventory and other	(2,154)	(29,839)
Accounts payable	(72,008)	22,384
Accrued liabilities and other	1,283	9,739
Net cash provided from operating activities	268,434	344,862
Investing activities:
Additions to oil and gas properties	(275,999)	(407,313)
Additions to field service assets	(14,849)	(19,895)
Acreage purchases	(107,321)	(404,922)
Investment in equity method investments	(6,400)	(10,800)
Other assets	9,079	0
Proceeds from disposal of assets	182,122	66,660
Purchase of marketable securities held by the deferred compensation plan	(3,605)	(5,848)
Proceeds from the sales of marketable securities held by the deferred compensation plan	1,981	3,320
Net cash used in investing activities	(214,992)	(778,798)
Financing activities:
Borrowing on credit facilities	451,000	678,000
Repayment on credit facilities	(741,000)	(775,500)
Dividends paid	(12,541)	(12,196)
Debt issuance costs	(6,161)	(5,510)
Issuance of subordinated notes	285,201	250,000
Issuance of common stock	6,002	288,073
Cash overdrafts	(38,212)	2,891
Proceeds from the sales of common stock held by the deferred compensation plan	3,683	4,306
Purchases of common stock held by the deferred compensation plan and other treasury stock purchases	(15)	(73)
Net cash (used in) provided from financing activities	(52,043)	429,991
Increase (decrease) in cash and equivalents	1,399	(3,945)
Cash and equivalents at beginning of period	753	4,018
Cash and equivalents at end of period	$ 2,152	$ 73

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2009
Basis of Presentation [Abstract]
BASIS OF PRESENTATION	(2) BASIS OF PRESENTATION These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Range Resources Corporation 2008 Annual Report on Form 10-K filed on February 25, 2009. 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 disclosed otherwise. These consolidated financial statements, including selected notes, have been prepared in accordance with the applicable rules of the Securities and Exchange Commission (“SEC”) and do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America for complete financial statements. We have evaluated events or transactions through July 22, 2009 in conjunction with our preparation of these financial statements. We adhere to Statement of Financial Accounting Standards (“SFAS”) No. 19 “Financial Accounting and Reporting by Oil and Gas Producing Companies,” for recognizing impairment of capitalized costs related to unproved properties. These costs are capitalized and periodically evaluated (at least quarterly) as to recoverability based on changes brought about by economic factors and potential shifts in business strategy employed by management. We consider time, geologic and engineering factors to evaluate the need for impairment of these costs. We continue to experience an increase in lease expirations and impairment expense caused by (1) current economic conditions which have impacted our future drilling plans thereby increasing the amount of expected lease expirations and (2) the expansion of our unproved property positions in new shale plays. As economic conditions change and we continue to evaluate unproved properties, our estimates of expirations likely will change and we may increase or decrease impairment expense. We recorded abandonment and impairment expense in the first six months of 2009 of $60.5 million compared to $5.6 million in the same period of the prior year. In the second quarter of 2009, we recorded abandonment and impairment expense of $41.0 million, which includes the expiration of certain significant Barnett Shale leases. In second quarter 2009, we identified certain leases amounting to $8.2 million that expired in 2006, 2007, and 2008, which were not expensed as required. Based on Staff Accounting Bulletin No. 108 (“SAB 108”), we have determined that these amounts are immaterial to each of the time periods affected and, therefore, we are not required to amend our previously filed reports. However, if these adjustments were recorded in 2009, we believe the impact could be material to this year. Therefore, we plan to adjust our previously reported results for 2006, 2007, and 2008 for these immaterial amounts as required by SAB 108. Such previous periods will be restated upon the next filing of our annual consolidated financial statements. In addition to recording additional lease expirations, we plan to make four other adjustments to prior year numbers to correct other immaterial items, which included the following adjustments: (1) tax expense of $3.5 million for discrete tax items recorded in 2008 related to 2007 (2) expense for volumetric ineffectiveness related to our derivative positions of $1.7 million recorded in 2008 related to 2007 (3) dry hole expense of $2.4 million not recorded in 2007 and (4) deferred compensation income of $7.1 million recorded in 2007 related to 2006 and prior years. The balance sheet as of December 31, 2008 has been adjusted to reflect the cumulative impact of such errors. As a result, oil and gas properties decreased by $10.7 million, deferred tax liability decreased $4.2 million and retained earnings decreased by $6.5 million. For additional information, see Footnote 18.

New Accounting Standards

6 Months Ended

Jun. 30, 2009

New Accounting Standards [Abstract]

NEW ACCOUNTING STANDARDS

(3) NEW ACCOUNTING STANDARDS

In February 2008, the Financial Accounting Standards Board (“FASB”) issued staff position (“FSP”) SFAS No. 157-2 which delayed the effective date of SFAS No. 157 for all non-financial assets and non-financial liabilities except those that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). This deferral of SFAS No. 157 primarily applied to our asset retirement obligation (“ARO”), which uses fair value measures at the date incurred to determine our liability and any property impairments that may occur. We adopted FSP SFAS No. 157-2 effective January 1, 2009 and the adoption did not have a material effect on our consolidated results of operations.

In June 2008, the FASB issued Staff Position No. EITF 03-6-1 “Determining Whether Instruments Granted in Share-Based Payment Transactions are Participating Securities,” (“FSP EITF 03-6-1”) which provides that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and, therefore, need to be included in the earnings allocation in computing earnings per share under the two class method. We adopted FSP EITF 03-6-1 on January 1, 2009 with no impact on our reported earnings per share.

In March 2008, the FASB issued SFAS No. 161, “Disclosure about Derivative Instruments and Hedging Activities, an amendment of FASB Statement No. 133.” SFAS No. 161 amends and expands the disclosure requirements of SFAS No. 133 with the intent to provide users of financial statements with an enhanced understanding of: (i) how and why any entity uses derivative instruments; (ii) how derivative instruments and related hedged items are accounted for under SFAS No. 133 and its related interpretations; and (iii) how derivative instruments and related hedged items affect an entity’s financial position, financial performance and cash flows. We adopted SFAS No. 161 on January 1, 2009. See Note 11 for additional disclosures required by SFAS No. 161.

In December 2007, the FASB issued SFAS No. 141(R), “Business Combinations.” SFAS No. 141(R) replaces SFAS No. 141. The statement retains the purchase method of accounting for acquisitions, but requires a number of changes, including changes in the way assets and liabilities are recognized in the purchase method of accounting. It changes the recognition of assets acquired and liabilities assumed arising from contingencies, requires the capitalization of in-process research and development at fair value, and requires the expensing of acquisition-related costs as incurred. The statement will apply prospectively to business combinations occurring in our fiscal year beginning January 1, 2009. The adoption of SFAS No. 141(R) did not have an effect on our reported financial position or earnings.

In April 2009, two related FASB Staff Positions were issued:

	•		FASB Staff Position (“FSP”) No. FAS 107-1 and APB 28-1, “Interim Disclosures about Fair Value of Financial Instruments,” (“FSP FAS 107-1”)

	•		FSP No. FAS 157-4, “Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly,” (“FSP FAS 157-4”)

FSP FAS 107-1 amends SFAS No. 107 and Accounting Principles Board (“APB”) Opinion No. 28 to require disclosures about fair value of financial instruments in interim reporting periods for publicly traded companies. FSP FAS 157-4 provides additional guidance for estimating fair value in accordance with SFAS No. 157 when the volume and level of activity for the asset or liability has significantly decreased. It also includes guidance on identifying circumstances that indicate a transaction is not orderly. Additional disclosures are also required. We adopted the provisions of the FSP’s for the period ending June 30, 2009. The adoption of these FSP’s did not have an impact on our financial position or results of operations.

In May 2009, the FASB issued SFAS No. 165, “Subsequent Events.” SFAS No. 165 establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. We adopted SFAS No. 165 for the period ending June 30, 2009, which did not have an impact on our financial position or results of operations.

Indebtedness

6 Months Ended

Jun. 30, 2009

Indebtedness [Abstract]

INDEBTEDNESS

(8) INDEBTEDNESS

We had the following debt outstanding as of the dates shown below (in thousands) (bank debt interest rate at June 30, 2009 is shown parenthetically). No interest expense was capitalized during the three months or the six months ended June 30, 2009 and 2008.


	June 30,		December 31,
	2009		2008
Bank debt (2.1%)	$	403,000	$	693,000

Subordinated debt:
7.375% Senior Subordinated Notes due 2013, net of discount		198,161		197,968
6.375% Senior Subordinated Notes due 2015		150,000		150,000
7.5% Senior Subordinated Notes due 2016, net of discount		249,616		249,595
7.5% Senior Subordinated Notes due 2017		250,000		250,000
7.25% Senior Subordinated Notes due 2018		250,000		250,000
8.0% Senior Subordinated Notes due 2019, net of discount		285,357		—
Other		—		105

Total debt	$	1,786,134	$	1,790,668


Estimated fair value⁽¹⁾	$	1,725,259	$	1,621,793


⁽¹⁾		The book value of our bank debt approximates fair value because of its floating rate structure. The fair value of our senior subordinated debt is based on quoted end of period market prices.

Bank Debt

In October 2006, 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 June 30, 2009, the borrowing base was $1.5 billion and our facility amount was $1.25 billion. The bank credit facility provides for a borrowing base subject to redeterminations semi-annually each April and October and for event-driven unscheduled redeterminations. Our current bank group is comprised of twenty-six commercial banks each holding between 2.4% and 5.0% of the total facility. Of those twenty-six banks, thirteen are domestic banks and thirteen are foreign banks or wholly owned subsidiaries of foreign banks. The facility amount may be increased up to the borrowing base amount with twenty days notice, subject to payment of a mutually acceptable commitment fee to those banks agreeing to participate in the facility amount increase. At June 30, 2009, the outstanding balance under the bank credit facility was $403.0 million and there was $847.0 million of borrowing capacity available under the facility amount. The loan matures October 25, 2012. Borrowing under the bank credit facility can either be the Alternate Base Rate (as defined) plus a spread ranging from 0.875% to 1.625% or LIBOR borrowings at the adjusted LIBO Rate (as defined) plus a spread ranging from 1.75% 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 part of the base rate loans to LIBOR loans. The weighted average interest rate on the bank credit facility was 2.5% for the three months ended June 30, 2009 compared to 4.8% for the three months ended June 30, 2008. The weighted average interest rate on the bank credit facility was 2.6% for the six months ended June 30, 2009 compared to 4.9% in the same period of the prior year. A commitment fee is paid on the undrawn balance based on an annual rate of between 0.375% and 0.50%. At June 30, 2009, the commitment fee was 0.375% and the interest rate margin was 1.75% on our LIBOR loans. At July 20, 2009, the interest rate (including applicable margin) was 2.3%.

Senior Subordinated Notes

In May 2009, we issued $300.0 million aggregate principal amount of 8.0% senior subordinated notes due 2019 (“8.0% Notes”). The 8.0% Notes were issued at a discount, which is being amortized over the life of the 8.0% Notes due 2019. Interest on the 8.0% Notes is payable semi-annually, in May and November, and is guaranteed by certain of our subsidiaries. We may redeem the 8.0% Notes, in whole or in part, at any time on or after May 15, 2014, at redemption prices of 104.0% of the principal amount as of May 15, 2014 and declining to 100.0% on May 15, 2017 and thereafter.

Before May 15, 2012, we may redeem up to 35% of the original aggregate principal amount of the 8.0% Notes at a redemption price equal to 108.0% of the principal amount thereof, plus accrued and unpaid interest, if any, with the proceeds of certain equity offerings, provided that at least 65% of the original aggregate principal amount of the 8.0% Notes remain outstanding immediately after the occurrence of such redemption and also provided such redemption shall occur within 60 days of the date of the closing of the equity offering.

Debt Covenants

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 4.0 to 1.0 and a current ratio (as defined in the credit agreement) of no less than 1.0 to 1.0. We were in compliance with our covenants under the bank credit facility at June 30, 2009.

The indentures governing our senior subordinated notes contain various restrictive covenants that are substantially identical 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 June 30, 2009, we were in compliance with these covenants.

Derivative Activities

6 Months Ended

Jun. 30, 2009

Derivative Activities [Abstract]

DERIVATIVE ACTIVITIES

(11) DERIVATIVE ACTIVITIES

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. These contracts consist of collars and fixed price swaps. We do not utilize complex derivatives such as swaptions, knockouts or extendable swaps. At June 30, 2009, we had open swap contracts covering 17.0 Bcf of gas at prices averaging $7.40 per mcf. We also had collars covering 61.3 Bcf of gas at weighted average floor and cap prices of $6.64 to $7.85 per mcf and 1.5 million barrels of oil at weighted average floor and cap prices of $64.01 to $76.00 per barrel. Their fair value, represented by the estimated amount that would be realized upon termination, based on a comparison of the contract prices and a reference price, generally New York Mercantile Exchange (“NYMEX”), on June 30, 2009, was a net unrealized pre-tax gain of $169.4 million. These contracts expire monthly through December 2010.

The following table sets forth our derivative volumes and average hedge prices as of June 30, 2009:


			Average
Period	Contract Type	Volume Hedged	Hedge Price
Natural Gas
2009	Swaps	92,351 Mmbtu/day	$	7.40
2009	Collars	194,918 Mmbtu/day	$	7.46-$8.15
2010	Collars	69,671 Mmbtu/day	$	5.50-$7.43

Crude Oil
2009	Collars	8,000 bbl/day	$	64.01-$76.00

Under SFAS No. 133, every derivative instrument is required to be recorded on the balance sheet as either an asset or a liability measured at its fair value. Fair value is generally determined based on the difference between the fixed contract price and the underlying estimated market price at the determination date. Changes in the fair value of effective cash flow hedges are recorded as a component of “Accumulated other comprehensive income (loss),” (“AOCI”) which is later transferred to earnings when the underlying physical transaction occurs. Our AOCI at June 30, 2009 and December 31, 2008 relate solely to our derivative activities. If the derivative does not qualify as a hedge or is not designated as a hedge, the change in fair value of the derivative is recognized in earnings. As of June 30, 2009, an unrealized pre-tax derivative gain of $87.1 million was recorded in AOCI. This gain is expected to be reclassified into earnings in 2009 ($84.5 million) and 2010 ($2.6 million). The actual reclassification to earnings will be based on market prices at the contract settlement date.

For those derivative instruments that qualify for hedge accounting, settled transaction gains and losses are determined monthly, and are included as increases or decreases to oil and gas sales in the period the hedged production is sold. Oil and gas sales includes $53.2 million of gains in the three months ended June 30, 2009 compared to losses of $50.0 million in the three months ended June 30, 2008 related to settled hedging transactions. For the six months ended June 30, 2009, oil and gas sales include $104.5 million of gains compared to losses of $44.8 million in the same period of the prior period related to settled hedging transactions. Any ineffectiveness associated with these hedges is reflected in the statement of operations caption called “Derivative fair value income (loss).” The ineffective portion is calculated as the difference between the change in fair value of the derivative and the estimated change in future cash flows from the item hedged. The three months ended June 30, 2009 includes ineffective unrealized gains of $356,000 compared to unrealized gains of $558,000 in the same period of 2008. The six months ended June 30, 2009 includes ineffective unrealized losses of $97,000 compared to unrealized losses of $2.7 million in the same period of 2008.

To designate a derivative as a cash flow hedge, we document at the hedge’s inception our assessment that the derivative will be highly effective in offsetting expected changes in cash flows from the item hedged. This assessment, which is updated at least quarterly, is generally based on the most recent relevant historical correlation between the derivative and the item hedged. The ineffective portion of the hedge is calculated as the difference between the change in fair value of the derivative and the estimated change in cash flows from the item hedged. If, during the derivative’s term, we determine the hedge is no longer highly effective, hedge accounting is prospectively discontinued and any remaining unrealized gains or losses, based on the effective portion of the derivative at that date, are reclassified to earnings as oil or gas sales when the underlying transaction occurs. If it is determined that the designated hedge transaction is not probable to occur, any unrealized gains or losses are recognized immediately in the statement of operations as a “Derivative fair value income or loss.” During the first six months of 2009, there were gains of $5.4 million reclassified into earnings as a result of the discontinuance of hedge accounting treatment for our derivatives. In July 2009, we liquidated four oil commodity contracts and received proceeds of $119,000.

Some of our derivatives do not qualify for hedge accounting but are, to a degree, an economic offset to our commodity price exposure. These contracts are accounted for using the mark-to-market accounting method. We recognize all unrealized and realized gains and losses related to these contracts in the income statement caption called “Derivative fair value income (loss)” (see table below).

In addition to the swaps and collars discussed above, we have entered into basis swap agreements, which do not qualify for hedge accounting and are marked to market. 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 a portion of our basis adjustments. The fair value of the basis swaps was a net unrealized pre-tax loss of $4.5 million at June 30, 2009 and these swaps expire through 2011.

Derivative Fair Value Income (Loss)

The following table presents information about the components of derivative fair value income (loss) in the three months and the six months ended June 30, 2009 and 2008 (in thousands):


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2009			2008			2009			2008
				(Restated)						(Restated)
Hedge ineffectiveness — realized	$	1,081		$	(490	)	$	1,578		$	215
— unrealized		356			558			(97	)		(2,691	)
Change in fair value of derivatives that do not qualify for hedge accounting^(a)		(61,595	)		(162,280	)		(30,070	)		(297,501	)
Realized gain (loss) on settlements — gas^{(a) (b)}		48,370			(28,256	)		86,742			(11,672	)
Realized gain (loss) on settlements — oil^{(a) (b)}		1,932			(6,216	)		7,538			(8,802	)

Derivative fair value (loss) income	$	(9,856	)	$	(196,684	)	$	65,691		$	(320,451	)


^(a)		Derivatives that do not qualify for hedge accounting.

^(b)		These amounts represent the realized gains and losses on settled derivatives that do not qualify for hedge accounting, which before settlement are included in the category above called change in fair value of derivatives that do not qualify for hedge accounting.

The combined fair value of derivatives included in our consolidated balance sheets as of June 30, 2009 and December 31, 2008 is summarized below (in thousands). We conduct derivative activities with thirteen financial institutions, eleven of which are secured lenders in our bank credit facility. We believe all of these institutions are acceptable credit risks. At times, such risks may be concentrated with certain counterparties. The credit worthiness of our counterparties is subject to periodic review. The assets and liabilities are netted where derivatives with both gain and loss positions are held by a single counterparty.


	June 30,			December 31,
	2009			2008
Derivative assets:
Natural gas — swaps	$	53,455		$	57,280
— collars		118,584			121,781
— basis swaps		71			12,434
Crude oil — collars		(2,254	)		35,166

	$	169,856		$	226,661


Derivative liabilities:
Natural gas — swaps	$	—		$	—
— collars		(99	)		—
— basis swaps		(4,592	)		(10	)
Crude oil — collars		(255	)		—

	$	(4,946	)	$	(10	)

We adopted SFAS No. 161 at the beginning of 2009 and the expanded disclosures required by SFAS No. 161 are presented below. The table below provides data about the carrying values of derivatives that qualify for hedge accounting and derivatives that do not qualify for hedge accounting (in thousands):


	June 30, 2009								December 31, 2008
	Assets		(Liabilities)						Assets		(Liabilities)
						Net								Net
	Carrying		Carrying			Carrying			Carrying		Carrying			Carrying
	Value		Value			Value			Value		Value			Value
Derivatives that qualify for cash flow hedge accounting:
Collars⁽¹⁾	$	93,198	$	(676	)	$	92,522		$	124,193	$	—		$	124,193

	$	93,198	$	(676	)	$	92,522		$	124,193	$	—		$	124,193


Derivatives that do not qualify for hedge accounting:
Swaps⁽¹⁾	$	53,455	$	—		$	53,455		$	57,280	$	—		$	57,280
Collars⁽¹⁾		24,853		(1,399	)		23,454			32,754		—			32,754
Basis swaps⁽¹⁾		2,663		(7,184	)		(4,521	)		12,481		(57	)		12,424

	$	80,971	$	(8,583	)	$	72,388		$	102,515	$	(57	)	$	102,458


⁽¹⁾		Included in unrealized derivative gain/(loss) on our balance sheet.

The table below provides data about the amount of gains and losses related to cash flow derivatives that qualify for hedge accounting included in the balance sheet caption “Accumulated other comprehensive income” (AOCI) and in our statement of operations (in thousands):


	Amount of Gain/(Loss)						Amount of Gain (Loss)
	Recognized in OCI						Reclassified from AOCI in						Amount of Gain (Loss) in
	(Effective Portion)						Income (Effective Portion)⁽¹⁾						Income (Ineffective Portion)⁽²⁾
							Six Months Ended						Six Months Ended
	As of June 30,						June 30,						June 30,
	2009			2008			2009			2008			2009		2008
				(Restated)
Swap	$	—		$	(65,674	)	$	—		$	3,128		$	—	$	(1,457	)
Collar		69,320			(390,378	)		104,479			(47,905	)		1,481		(1,019	)
Income taxes		(26,137	)		173,326			(38,657	)		17,015			—		—

Total	$	43,183		$	(282,726	)	$	65,822		$	(27,762	)	$	1,481	$	(2,476	)


⁽¹⁾		Swap and collar amounts are included in oil and gas sales in our statement of operations.

⁽²⁾		Included in derivative fair value income (loss) in our statement of operations.

Fair Value Measurements

6 Months Ended

Jun. 30, 2009

Fair Value Measurements [Abstract]

FAIR VALUE MEASUREMENTS

(12) FAIR VALUE MEASUREMENTS

We use a market approach for our fair value measurements and endeavor to use the best information available. Accordingly, valuation techniques that maximize the use of observable impacts are favored. The following table presents the fair value hierarchy table for assets and liabilities measured at fair value, on a recurring basis (in thousands):


	Fair Value Measurements at June 30, 2009 Using:
	Quoted
	Prices in
	Active		Significant					Total
	Markets for		Other			Significant		Carrying
	Identical		Observable			Unobservable		Value as of
	Assets		Inputs			Inputs		June 30,
	(Level 1)		(Level 2)			(Level 3)		2009
Trading securities held in the deferred compensation plans	$	37,320	$	—		$	—	$	37,320

Derivatives — swaps		—		53,455			—		53,455
— collars		—		115,976			—		115,976
— basis swaps		—		(4,521	)		—		(4,521	)

These items 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. Our trading securities in Level 1 are exchange-traded and measured at fair value with a market approach using June 30, 2009 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.

Our trading securities held in the deferred compensation plan are accounted for using the mark-to-market accounting method and are included in the balance sheet category called “other assets.” We adopted SFAS No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities” on January 1, 2008 which resulted in a reclassification of a $2.0 million pre-tax loss ($1.3 million after tax) related to our trading securities held in our deferred compensation plan from accumulated other comprehensive loss to retained earnings. 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/losses are included in the statement of operations category called “Deferred compensation plan expense.” For the three months ended June 30, 2009, interest and dividends were $50,000 and mark-to-market was a gain of $4.9 million. For the three months ended June 30, 2008, interest and dividends were $79,000 and the mark-to-market was a loss of $666,000. For the six months ended June 30, 2009, interest and dividends were $93,000 and mark-to-market was a gain of $3.4 million. For the six months ended June 30, 2008, interest and dividends were $266,000 and the mark-to-market was a loss of $5.3 million.

Concentration of Credit Risk

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 necessary to limit risk of loss. Our allowance for uncollectible receivables was $753,000 at June 30, 2009 and $954,000 at December 31, 2008. Commodity-based contracts expose us to the credit risk of nonperformance by the counterparty to the contracts. These contracts consist of collars and fixed price swaps. This exposure is diversified among major investment grade financial institutions and we have master netting agreements with the counterparties that provide for offsetting payables against receivables from separate derivative contracts. Our derivative counterparties include thirteen financial institutions, eleven of which are secured lenders in our bank credit facility. Mitsui & Co. and J. Aron & Company are the two counterparties not in our bank group. At June 30, 2009, our net derivative asset includes a payable to J. Aron & Company of $33,000 and a receivable from Mitsui & Co. for $9.9 million. None of our derivative contracts have margin requirements or collateral provisions that would require funding prior to the scheduled cash settlement date.

Employee Benefit and Equity Plans

6 Months Ended

Jun. 30, 2009

Employee Benefit and Equity Plans [Abstract]

EMPLOYEE BENEFIT AND EQUITY PLANS

(13) EMPLOYEE BENEFIT AND EQUITY PLANS

We have six equity-based stock plans, of which two are active. Under the active plans, incentive and nonqualified options, SARs and annual cash incentive awards may be issued to directors and employees pursuant to decisions of the Compensation Committee, which is made up of non-employee, independent directors from the Board of Directors. All awards granted have been issued at prevailing market prices at the time of the grant. Since the middle of 2005, only SARs have been granted under the plans to limit the dilutive impact of our equity plans. Information with respect to stock option and SARs activities is summarized below:


				Weighted
				Average
				Exercise
	Shares			Price
Outstanding on December 31, 2008		7,248,666		$	26.15
Granted		1,693,405			36.76
Exercised		(941,562	)		11.48
Expired/forfeited		(38,449	)		37.72

Outstanding on June 30, 2009		7,962,060		$	30.08

The following table shows information with respect to outstanding stock options and SARs at June 30, 2009:


	Outstanding						Exercisable
			Weighted-		Weighted-				Weighted-
			Average		Average				Average
			Remaining		Exercise				Exercise
Range of Exercise Prices	Shares		Contractual Life		Price		Shares		Price
$1.29–$9.99		944,761		2.43	$	3.39		944,761	$	3.39
10.00–19.99		1,603,543		0.86		16.46		1,603,543		16.46
20.00–29.99		1,225,216		1.75		24.38		1,200,916		24.33
30.00–39.99		2,481,212		3.58		34.10		802,646		34.27
40.00–49.99		618,287		4.83		41.68		53,957		41.70
50.00–59.99		713,876		3.62		58.57		216,122		58.57
60.00–69.99		28,427		3.88		65.33		8,529		65.33
70.00–75.00		346,738		3.89		75.00		122,563		75.00

Total		7,962,060		2.73	$	30.08		4,953,037	$	22.41

The weighted average fair value of an option/SAR to purchase one share of common stock granted during 2009 was $15.39. The fair value of each stock option/SAR granted during 2009 was estimated as of the date of grant using the Black-Scholes-Merton option-pricing model based on the following average assumptions: risk-free interest rate of 1.5%; dividend yield of 0.4%; expected volatility of 59%; and an expected life of 3.5 years.

As of June 30, 2009, the aggregate intrinsic value (the difference in value between exercise and market price) of the awards outstanding was $115.0 million. The aggregate intrinsic value and weighted average remaining contractual life of stock option awards currently exercisable was $102.2 million and 1.9 years. As of June 30, 2009, the number of fully vested awards and awards expected to vest was 7.8 million. The weighted average exercise price and weighted average remaining contractual life of these awards was $29.80 and 2.7 years and the aggregate intrinsic value was $114.3 million. As of June 30, 2009, unrecognized compensation cost related to the awards was $37.1 million, which is expected to be recognized over a weighted average period of 1.4 years. Of the 8.0 million stock option/SARs outstanding at June 30, 2009, 1.8 million are stock options and 6.2 million are SARs.

Restricted Stock Grants

During the first six months of 2009, 532,900 shares of restricted stock (or non-vested shares) were issued to employees at an average price of $37.70 with a three-year vesting period and 22,700 shares were granted to our directors at an average price of $41.60 with immediate vesting. In the first six months of 2008, we issued 312,500 shares of restricted stock as compensation to employees at an average price of $65.84 with a three-year vesting period and 10,800 shares were granted to our directors at a price of $75.00 with immediate vesting. We recorded compensation expense related to restricted stock grants which is based upon the market value of the shares on the date of grant of $8.8 million in the first six months of 2009 compared to $7.4 million in the six-month period ended June 30, 2008. As of June 30, 2009, unrecognized compensation cost related to restricted stock awards was $30.0 million, which is expected to be recognized over the weighted average period of 1.5 years (excluding mark-to-market that would also be recognized over that same time period). All of our restricted stock grants are held in our deferred compensation plans (see discussion below). All awards granted have been issued at prevailing market prices at the time of the grant and the vesting of these shares is based upon an employee’s continued employment with us.

A summary of the status of our non-vested restricted stock outstanding at June 30, 2009 is presented below:


				Weighted
				Average Grant
	Shares			Date Fair Value
Non-vested shares outstanding at December 31, 2008		473,547		$	48.50
Granted		555,581			37.86
Vested		(248,096	)		39.87
Forfeited		(1,976	)		33.91

Non-vested shares outstanding at June 30, 2009		779,056		$	43.70

Deferred Compensation Plan

In December 2004, we adopted the Range Resources Corporation Deferred Compensation Plan (“2005 Deferred Compensation Plan”). The 2005 Deferred Compensation Plan gives directors, officers and key employees the ability to defer all or a portion of their salaries and bonuses and invest such amounts in Range common stock or make other investments at the individual’s discretion. The assets of the plan are held in a grantor trust, which we refer to as the Rabbi Trust, and are therefore available to satisfy the claims of our creditors in the event of bankruptcy or insolvency. Our stock granted and 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 associated with the vested portion of the stock held in the Rabbi Trust is adjusted to fair value each reporting period by a charge or credit to deferred compensation plan expense on our consolidated statement of operations. The assets of the Rabbi Trust, other than Range common stock, are invested in marketable securities and reported at market value in other assets on our consolidated balance sheet. Changes in the market value of the securities are charged or credited to deferred compensation plan expense each quarter. The deferred compensation liability on our balance sheet reflects the vested market value of the marketable securities and stock held in the Rabbi Trust. We recorded non-cash, mark-to-market expense related to our deferred compensation plan of $13.2 million in the first six months of 2009 compared to mark-to-market expense of $28.1 million in the same period of 2008.

Restatement Of Prior Periods

6 Months Ended

Jun. 30, 2009

Restatement Of Prior Periods [Abstract]

RESTATEMENT OF PRIOR PERIODS

(18) RESTATEMENT OF PRIOR PERIODS

As further explained in Footnote 2, we plan to adjust previously reported results for 2006, 2007 and 2008 for immaterial errors as required by SAB 108. Additionally, we have restated the second quarter and the six months ended June 30, 2008 to reflect the impact of such errors. The following presents these adjustments in detail:


	1^st Quarter 2008									2^nd Quarter 2008									Six Months 2008
	Previously									Previously									Previously
	Reported			Adjustments			Adjusted			Reported			Adjustments			Adjusted			Reported			Adjustments			Adjusted
Oil and gas sales	$	307,384		$	—		$	307,384		$	347,622		$	—		$	347,622		$	655,006		$	—		$	655,006
Transportation and gathering		1,129						1,129			1,224						1,224			2,353			—			2,353
Derivative fair value income		(123,767	)					(123,767	)		(198,410	)		1,726			(196,684	)		(322,177	)		1,726			(320,451	)
Other		20,592						20,592			(359	)					(359	)		20,233			—			20,233

Total revenues		205,338			—			205,338			150,077			1,726			151,803			355,415			1,726			357,141

Direct operating costs		32,950						32,950			37,228						37,228			70,178			—			70,178
Production and ad valorem taxes		13,840						13,840			16,056						16,056			29,896			—			29,896
Exploration		16,593						16,593			19,462						19,462			36,055			—			36,055
Abandonment & impairment of unproved properties		1,437			687			2,124			5,348			(1,874	)		3,474			6,785			(1,187	)		5,598
General and administrative expense		17,412			—			17,412			23,938			—			23,938			41,350			—			41,350
Deferred compensation plan		20,611						20,611			7,539						7,539			28,150			—			28,150
Interest expense		23,146						23,146			23,842						23,842			46,988			—			46,988
Depletion, depreciation and amortization		70,133						70,133			72,115						72,115			142,248			—			142,248

Total costs		196,122			687			196,809			205,528			(1,874	)		203,654			401,650			(1,187	)		400,463

Income (loss) from operations		9,216			(687	)		8,529			(55,451	)		3,600			(51,851	)		(46,235	)		2,913			(43,322	)

Income tax expense (benefit)
Current		886						886			949						949			1,835			—			1,835
Deferred		6,590			(3,796	)		2,794			(21,818	)		1,373			(20,445	)		(15,228	)		(2,423	)		(17,651	)

Total		7,476			(3,796	)		3,680			(20,869	)		1,373			(19,496	)		(13,393	)		(2,423	)		(15,816	)

Net income (loss)	$	1,740		$	3,109		$	4,849		$	(34,582	)	$	2,227		$	(32,355	)	$	(32,842	)	$	5,336		$	(27,506	)


Earnings (loss) per share:
Basic	$	0.01		$	0.02		$	0.03		$	(0.23	)	$	0.01		$	(0.22	)	$	(0.22	)	$	0.04		$	(0.18	)

Diluted	$	0.01		$	0.02		$	0.03		$	(0.23	)	$	0.01		$	(0.22	)	$	(0.22	)	$	0.04		$	(0.18	)


	Year Ended December 31, 2008									Year Ended December 31, 2007									Year Ended December 31, 2006
	Previously									Previously									Previously
	Reported			Adjustments			Adjusted			Reported			Adjustments			Adjusted			Reported			Adjustments			Adjusted
Oil and gas sales	$	1,226,560		$	—		$	1,226,560		$	862,537		$	—		$	862,537		$	599,139		$	—		$	599,139
Transportation and gathering		4,577			—			4,577			2,290			—			2,290			2,422						2,422
Derivative fair value income		70,135			1,726			71,861			(7,767	)		(1,726	)		(9,493	)		142,395						142,395
Other		21,675			—			21,675			5,031			—			5,031			856						856

Total revenues		1,322,947			1,726			1,324,673			862,091			(1,726	)		860,365			744,812			—			744,812

Direct operating costs		142,387			—			142,387			107,499			—			107,499			81,261						81,261
Production and ad valorem taxes		55,172			—			55,172			42,443			—			42,443			36,415						36,415
Exploration		67,690			—			67,690			43,345			2,437			45,782			44,088						44,088
Abandonment & impairment of unproved properties		47,906			(551	)		47,355			6,750			4,486			11,236			257			4,292			4,549
General and administration expense		92,308			—			92,308			69,670			—			69,670			49,886						49,886
Deferred compensation plan		(24,689	)		—			(24,689	)		28,332			7,106			35,438			6,873			(7,106	)		(233	)
Interest expense		99,748			—			99,748			77,737			—			77,737			55,849						55,849
Depletion, depreciation and amortization		299,831			—			299,831			220,578			—			220,578			154,482						154,482

Total costs		780,353			(551	)		779,802			596,354			14,029			610,383			429,111			(2,814	)		426,297

Income from continuing operations before tax		542,594			2,277			544,871			265,737			(15,755	)		249,982			315,701			2,814			318,515
Income tax expense
Current		4,268			—			4,268			320			—			320			1,912						1,912
Deferred		192,168			(2,605	)		189,563			98,441			(2,454	)		95,987			119,840			886			120,726

Total		196,436			(2,605	)		193,831			98,761			(2,454	)		96,307			121,752			886			122,638

Net income from continuing operations		346,158			4,882			351,040			166,976			(13,301	)		153,675			193,949			1,928			195,877

Discontinued operations		—			—			—			63,593			—			63,593			(35,247	)		—			(35,247	)


Net income	$	346,158		$	4,882		$	351,040		$	230,569		$	(13,301	)	$	217,268		$	158,702		$	1,928		$	160,630


Earnings per common share:
Basic — income from continuing operations	$	2.29		$	0.03		$	2.32		$	1.16		$	(0.09	)	$	1.07		$	1.45		$	0.01		$	1.46
— discontinued operations		—			—			—			0.44			—			0.44			(0.26	)		—			(0.26	)

— net income	$	2.29		$	0.03		$	2.32		$	1.60		$	(0.09	)	$	1.51		$	1.19		$	0.01		$	1.20


Earnings per common share:
Diluted — income from continuing operations	$	2.22		$	0.03		$	2.25		$	1.11		$	(0.09	)	$	1.02		$	1.39		$	0.01		$	1.40
— discontinued operations		—			—			—			0.43			—			0.43			(0.25	)		—			(0.25	)

— net income	$	2.22		$	0.03		$	2.25		$	1.54		$	(0.09	)	$	1.45		$	1.14		$	0.01		$	1.15

- Accounting Standards Not Yet Adopted	6 Months Ended
- Accounting Standards Not Yet Adopted	Jun. 30, 2009
Accounting Standards Not Yet Adopted [Abstract]
ACCOUNTING STANDARDS NOT YET ADOPTED	<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" - --> <html> <head></head> <body> <!-- Begin Block Tagged Note 19 - us-gaap:DescriptionOfNewAccountingPronouncementsNotYetAdopted--> <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>(19) ACCOUNTING STANDARDS NOT YET ADOPTED</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"> In December 2008, the SEC announced that it had approved revisions to its oil and gas reporting disclosures. The new disclosure requirements include provisions that: </div> <div style="margin-top: 6pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="2%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td>Introduce a new definition of oil and gas producing activities. This new definition allows companies to include in their reserve base volumes from unconventional resources. Such unconventional resources include bitumen extracted from oil sands and oil and gas extracted from coal beds and shale formations.</td> </tr> <tr> <td style="font-size: 6pt"> </td> </tr> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="2%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td>Report oil and gas reserves using an unweighted average price using the prior 12-month period, based on the closing prices on the first day of each month, rather than year-end prices. The SEC indicated that they will continue to communicate with the FASB staff to align their accounting standards with these rules. The FASB currently requires a single-day, year-end price for accounting purposes.</td> </tr> <tr> <td style="font-size: 6pt"> </td> </tr> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="2%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td>Permit companies to disclose their probable and possible reserves on a voluntary basis. In the past, proved reserves were the only reserves allowed in the disclosures.</td> </tr> <tr> <td style="font-size: 6pt"> </td> </tr> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="2%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td>Requires companies to provide additional disclosure regarding the aging of proved undeveloped reserves.</td> </tr> <tr> <td style="font-size: 6pt"> </td> </tr> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="2%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td>Permit the use of reliable technologies to determine proved reserves if those technologies have been demonstrated empirically to lead to reliable conclusions about reserves volumes.</td> </tr> <tr> <td style="font-size: 6pt"> </td> </tr> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="2%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td>Replace the existing “certainty” test for areas beyond one offsetting drilling unit from a productive well with a “reasonable certainty” test.</td> </tr> <tr> <td style="font-size: 6pt"> </td> </tr> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="2%" style="background: transparent"> </td> <td width="3%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td>Require additional disclosures regarding the qualifications of the chief technical person who oversees the company’s overall reserve estimation process. Additionally, disclosures regarding internal controls over reserve estimation, as well as a report addressing the independence and qualifications of its reserves preparer or auditor will be mandatory.</td> </tr> </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"> We will begin complying with the disclosure requirements in our annual report on Form 10-K for the year ending December 31, 2009. The new rules may not be applied to disclosures in quarterly reports prior to the first annual report in which the revised disclosures are required. We are currently in the process of evaluating the new requirements. </div> <!-- Folio - --> <!-- /Folio --> </div> </body> </html>

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2009	Jun. 30, 2008	Jun. 30, 2009	Jun. 30, 2008
Statement [Line Items]
Net loss	$ (39,883)	$ (32,355)	$ (7,275)	$ (27,506)
Other comprehensive (loss) income:
Realized loss (gain) on hedge derivative contract settlements reclassified into earnings from other comprehensive (loss) income	(33,488)	30,975	(65,822)	27,762
Change in unrealized deferred hedging gains (losses)	(3,000)	(200,957)	43,183	(282,726)
Total comprehensive loss	$ (76,371)	$ (202,337)	$ (29,914)	$ (282,470)

Organization and Nature of Business	6 Months Ended
Organization and Nature of Business	Jun. 30, 2009
Organization and Nature of Business [Abstract]
ORGANIZATION AND NATURE OF BUSINESS	(1) ORGANIZATION AND NATURE OF BUSINESS We are engaged in the exploration, development and acquisition of oil and gas properties primarily in the Southwestern, Appalachian and Gulf Coast regions of the United States. We seek to increase our reserves and production primarily through drilling and complementary acquisitions. Range Resources Corporation is a Delaware corporation with our common stock listed and traded on the New York Stock Exchange under the symbol “RRC.”

Dispositions	6 Months Ended
Dispositions	Jun. 30, 2009
Dispositions [Abstract]
DISPOSITIONS	(4) DISPOSITIONS In second quarter 2009, we sold certain oil properties in West Texas for proceeds of $182.0 million. The proceeds from the sale of these oil properties were credited to oil and gas properties, with no gain or loss recognized, as the disposition did not materially impact the depletion rate of the remaining properties in the amortization base. In first quarter 2008, we sold East Texas properties for proceeds of $64.4 million and recorded a gain of $20.2 million.