Effective tax rate is expected to be in the low single digits for 2025, rising gradually to mid- to high teens by 2028 due to updated tax rules.
Production averaged 2.2 Bcf equivalent per day in Q2, expected to remain flat in Q3 and increase to 2.3 Bcf equivalent per day in Q4, supporting growth plans for 2026 and beyond.
Q2 capital expenditure was $154 million, with year-to-date capital investment of approximately $300 million against a full-year budget of $650-690 million, leading to a lowered high-end capital guidance to $680 million.
Range expects free cash flow over the next three years to exceed $2 billion, roughly one-quarter of current market cap, supporting debt repayment and share repurchases.
Range repurchased $53 million in shares in Q2, totaling $120 million in the first half of 2025, and paid $21 million in dividends in Q2, totaling $43 million year-to-date.
Range Resources delivered consistent well performance and efficiency gains in Q2 2025, generating strong free cash flow and shareholder returns.
Senior notes totaling $606 million were repaid using cash on hand, contributing to a strong balance sheet with less than 1x leverage.
Consolidated net income for Q2 2025 was $108 million or $0.53 per diluted share, compared to $102 million or $0.51 per share in Q2 2024.
Electric company net income was $108 million or $0.53 per diluted share, slightly down from $109 million or $0.54 per share in Q2 2024 due to milder weather and higher interest and depreciation expenses.
Holding company reported a small loss of less than $1 million, flat compared to a $7 million loss in Q2 2024, primarily due to a one-time pretax benefit of $8.7 million from legacy midstream operations.
Industrial and oilfield load showed softness due to unplanned customer outages but future growth is expected.
Year-to-date weather-normalized load grew 6.5% compared to the same period in 2024, with residential and commercial customer growth at 1% and 25%, respectively.
Alliant Energy reported ongoing earnings of $0.68 per share for Q2 2025, up from $0.57 per share in Q2 2024.
Higher depreciation and financing expenses partially offset earnings growth.
Temperatures contributed a positive $0.02 per share impact on electric and gas margins in Q2 2025 compared to a negative $0.02 impact in Q2 2024.
The company is successfully executing its 2025 financing plan, including issuing $575 million in convertible senior notes and $600 million in senior debentures.
The increase was driven by successful execution of customer-focused capital investment programs and higher electric and gas sales due to temperature changes.
Corporate & Other was unfavorable by $56 million quarter-over-quarter due primarily to timing of taxes and higher interest expense, expected to reverse during the year.
DTE Electric earnings were $318 million, $39 million higher than Q2 2024, driven by rate implementation and tax timing, partially offset by higher O&M and rate base costs and warmer weather last year.
DTE Gas operating earnings were $6 million, $6 million lower than Q2 2024 due to higher O&M and rate base costs, partially offset by cooler weather.
DTE is positioned to achieve the high end of its 2025 operating EPS guidance range of $7.09 to $7.23.
DTE maintains a strong balance sheet and investment-grade credit rating with modest equity issuances of $0 to $100 million annually through 2027.
DTE Vantage operating earnings were $31 million, a $17 million increase from 2024, driven by RNG production tax credits and higher custom energy solutions earnings.
Energy Trading earned $24 million for the quarter, with strong margins in contracted and hedged physical power portfolio.
Operating earnings for Q2 2025 were $283 million, translating to $1.36 per share.
The 5-year capital investment plan totals $30 billion, supporting customer-focused reliability and cleaner generation investments.
Dafinchi