Results
FORT WORTH, TEXAS, July 21, 2026…RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its second quarter 2026 financial results.
Second Quarter 2026 Highlights –
Cash flow from operating activities of $235 million
Cash flow from operations, before working capital changes, of $333 million
Capital return
Repurchased $78 million of shares and paid $24 million in dividends
Results
Realized price, including hedges, was $3.53 per mcfe – a $0.64 premium versus NYMEX natural gas
Pre-hedge NGL realizations of $29.10 per barrel, a premium of $3.49 over the Mont Belvieu equivalent
Natural gas differential, including basis hedging, of ($0.47) per mcf to NYMEX
Production averaged 2.30 Bcfe per day, approximately 67% natural gas
Record completion efficiency with 1,900 stages completed by two crews and single-day record of 22 hours pumping
Record drilling efficiency of nearly two miles drilled in a single day
Capital spending was $222 million, approximately 33% of the annual 2026 budget
Management commentary
Commenting on the results, Dennis Degner, the Company’s CEO said, “Range’s year-to-date results reflect continued progress on our multi-year growth plan, which was supported by record drilling and completion efficiencies in the most recent quarter.
Range’s strategic access to international markets drove a record NGL premium for the quarter, bolstering margins.
The resulting strong free cash flow funded shareholder returns through dividends and share repurchases while advancing our operational momentum.
Looking beyond our announced development plans through 2027, we expect steadily increasing demand for natural gas will require additional supply from Appalachia, as the lowest-cost, longest duration natural gas basin in the United States.
Range’s strong financial position and operational momentum provide us with the flexibility to shape our capital reinvestment plans to meet this demand as it materializes, while prioritizing returns of capital to shareholders.
We believe Range’s extensive Marcellus inventory, diverse marketing access and advantaged full-cycle cost structure provide the necessary foundation for supplying both domestic and international energy demand growth while consistently delivering returns to shareholders for decades to come.”
Financial Discussion
Results
Second Quarter 2026 Results
GAAP revenues and other income for second quarter 2026 totaled $834 million, GAAP net cash provided from operating activities (including changes in working capital) was $235 million, and GAAP net income was $195 million ($0.83 per diluted share).
3Second quarter earnings results include a $74 million mark-to-market derivative gain due to decreases in commodity prices.
Cash flow from operations before changes in working capital, a non-GAAP measure, was $333 million.
Adjusted net income comparable to analysts’ estimates, a non-GAAP measure, was $186 million ($0.79 per diluted share) in second quarter 2026.
The following table details Range’s second quarter 2026 unit costs per mcfe (a) :
The following table details Range’s average production and realized pricing for second quarter 2026 (a) :
Second quarter 2026 natural gas, NGLs and oil price realizations (including the impact of cash-settled hedges and derivative settlements) averaged $3.53 per mcfe.
Outlook
The average natural gas price, including the impact of basis hedging, was $2.42 per mcf, or a ($0.47) per mcf differential to NYMEX.
4Range is improving its 2026 natural gas differential to average ($0.35) to ($0.40) relative to NYMEX.
Range’s pre-hedge NGL price during the quarter was $29.10 per barrel, approximately $3.49 above the Mont Belvieu weighted equivalent.
1Range is improving its full-year NGL price guidance to a range of +$2.00 to +$2.50 relative to a Mont Belvieu equivalent barrel.Guidance raised
Results
5Crude oil and condensate price realizations, before realized hedges, averaged $83.96 per barrel, or $9.62 below WTI (West Texas Intermediate).
2Range is improving its 2026 condensate differential to average ($10.00) to ($12.00) relative to WTI.
Capital return
Financial Position and Repurchase Activity
Results
As of June 30, 2026, Range had net debt outstanding of approximately $881 million, consisting of $500 million of senior notes and $381 million on the credit facility.
Capital return
During the quarter, Range repurchased 2,000,000 shares at an average price of approximately $39.18 per share.
As of June 30, 2026, the Company had $1.4 billion of availability under the share repurchase program.
Capital Expenditures and Operational Activity
Results
Second quarter 2026 drilling and completion expenditures were $204 million.
In addition, during the quarter, approximately $8 million was invested in acreage, and $10 million was invested in infrastructure, pneumatic upgrades, and other investments.
Second quarter capital spending represented approximately 33% of Range’s total capital budget in 2026.
During the quarter, Range drilled ~190,000 lateral feet across 11 wells, while turning to sales ~300,000 feet across 21 wells.
The table below summarizes expected 2026 activity plans regarding the number of wells to sales in each area.
Outlook
Wells TIL 1H 2026Remaining 2026Planned Wells TIL in 2026
Results
Liquids Rich311950
Dry Gas71118
Total Appalachia383068
Outlook
Guidance – 2026
Capital & Production Guidance
Range’s 2026 all-in capital budget is $650 million - $700 million.
Annual production is expected to be approximately 2.35 - 2.40 Bcfe per day in 2026.
Liquids are expected to be over 30% of production.
Full Year 2026 Expense Guidance
Direct operating expense:$0.12 - $0.13 per mcfe
Transportation, gathering, processing and compression expense (GP&T):$1.55 - $1.60 per mcfe
Taxes other than income:$0.03 - $0.04 per mcfe
Exploration expense:$22 - $28 million
G&A expense:$0.17 - $0.18 per mcfe
Net Interest expense:$0.07 - $0.09 per mcfe
DD&A expense:$0.45 - $0.46 per mcfe
Net brokered gas marketing expense:$8 - $12 million
Updated Full Year 2026 Price Guidance
Based on recent market indications, Range expects to average the following price differentials for its production in 2026.
Updated GuidancePrior Guidance
FY 2026 Natural Gas: (1)NYMEX minus $0.35 to $0.40NYMEX minus $0.35 to $0.45
7FY 2026 Natural Gas Liquids: (2)MB plus $2.00 to $2.50 per barrelMB plus $1.25 to $2.50 per barrelGuidance lowered
8FY 2026 Oil/Condensate:WTI minus $10.00 to $12.00WTI minus $10.00 to $14.00Guidance raised
(1) Includes basis hedging
Management commentary
Range hedges portions of its expected future production volumes to increase the predictability of cash flow and maintain a strong, flexible financial position.
Please see the detailed hedging schedule posted on the Range website under Investor Relations - Financial Information.
Range has also hedged basis across the Company’s numerous natural gas sales points to limit volatility between benchmark and regional prices.
6The combined fair value of natural gas basis hedges as of June 30, 2026, was a net loss of $10.6 million.
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