Range Resources (RRC) Q2 2026 earnings summary

Executive summary

• Achieved record operational efficiency and production of 2.3 Bcfe per day in Q2 2026, with plans to reach 2.5 Bcfe per day by year-end and 2.6 Bcfe per day in 2027, supported by over 30 years of Marcellus inventory and a strong balance sheet.

• Pure-play Appalachian producer with consistent free cash flow generation, totaling ~$4.4 billion since 2021, and net zero Scope 1 and 2 GHG emissions since 2024.

• Revenue from natural gas, NGLs, and oil sales increased 5% year-over-year in Q2 2026, with net income of $195.3 million ($0.83 per diluted share) and strong cash flow from operations.

• Operational efficiencies, including drilling and completion cost leadership, enabled the company to optimize capital allocation and pull forward DUC inventory.

• Access to diversified domestic and international markets for natural gas and NGLs, with robust ESG leadership and disciplined capital allocation.

Financial highlights

• Q2 2026 revenue was $833.6 million, net income $195.3 million, and diluted EPS $0.83; six months ended June 30, 2026, revenue $1.87 billion, net income $537.0 million, and diluted EPS $2.27.

• Repurchased $78 million in shares in Q2, totaling $105 million for the first half of 2026; paid $24 million in dividends in Q2, totaling $47 million YTD.

• Reduced debt by $337 million YTD, with net debt at $881 million as of June 30, 2026, down 28% from year-end 2025.

• Capital expenditures for Q2 were $222 million, with full-year CapEx expected at $650–$700 million.

• Free cash flow for 2021 was $1,580M, $656M in 2022 and 2023, and $513M projected for 2024; cumulative 2026–2027 FCF expected to exceed $1.7B at $3.75 NYMEX natural gas and $24 NGL realizations.

Outlook and guidance

• Production guidance for 2026 is 2.35–2.40 Bcfe/d, expected to increase to 2.5 Bcfe/d by year-end and 2.6 Bcfe/d in 2027.

• 2026 capital expenditures guided at $650–$700 million, with $500 million for maintenance D&C and $120–$140 million for growth D&C.

• Improved full-year NGL guidance to $2.50 per barrel over Mont Belvieu and natural gas guidance to $0.35–$0.40 per Mcf over Henry Hub.

• Oil/condensate differential to WTI: ($10.00)–($12.00).

• Over 25% of projected natural gas production for the remainder of 2026 is hedged.