Range Announces Third Quarter 2026 Results
RANGE RESOURCES CORP (RRC) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 NEWS RELEASE Range Announces Third Quarter 2026 Results FORT WORTH, Texas, October 27, 2026 … RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its third quarter 2026 financial results. Third Quarter 2026 Highlights – • Cash flow from operating activities of $3
How this was made
The 30-second read
Why it matters
The earnings beat and merger narrative provide a clear catalyst for short‑term price movement, while commodity price exposure remains a risk.
Market read
Strong earnings and merger news make the release highly relevant for traders in the energy sector.
What to watch
Potential exposure to commodity price volatility and the $8.4M basis hedge loss.
Range Announces Third Quarter 2026 Results
Third-quarter GAAP revenue, net income, production, operating cash flow and adjusted earnings increased year over year, while net debt declined 35% from December 31, 2025. Liquids production reached a company record, although natural-gas realized pricing including derivative settlements declined 7%.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues and other income, three months ended September 30GAAP | $842.8M | – | 13 % |
| Natural gas, NGLs and oil sales, three months ended September 30GAAP | $737.9M | – | 21 % |
| Derivative fair value income, three months ended September 30GAAP | $58.12M | – | – |
| Total costs and expenses, three months ended September 30GAAP | $618.8M | – | 9 % |
| Income before income taxes, three months ended September 30GAAP | $224.0M | – | 22 % |
| Net income, three months ended September 30GAAP | $175.3M | – | 21 % |
| Net income per common share, diluted, three months ended September 30GAAP | $0.75 | – | – |
| Net income per common share, basic, three months ended September 30GAAP | $0.75 | – | – |
| Net income excluding certain items, three months ended September 30non-GAAP | $190.8M | – | 41 % |
| Non-GAAP income per common share, diluted, three months ended September 30non-GAAP | $0.81 | – | 42 % |
| Cash flow from operations before changes in working capital, three months ended September 30non-GAAP | $347.2M | – | – |
| Net cash provided from operating activities, three months ended September 30GAAP | $307.6M | – | – |
| Capital spending, third quarter 2026other | $170M | – | – |
| Cash margin, three months ended September 30non-GAAP | $350.0M | – | – |
| Cash margin per mcfe, three months ended September 30non-GAAP | $1.52 | – | – |
| Average realized prices including derivative settlements before third-party transportation costs, gas equivalent, three months ended September 30non-GAAP | $3.43 | – | 4 % |
| Production of natural gas, NGLs and oil, gas equivalent average per day, three months ended September 30other | 2,499,104 | – | 12 % |
| Net debt, September 30, 2026non-GAAP | $794.0M | -35 % | – |
| Total revenues and other income, nine months ended September 30GAAP | $2.71B | – | 18 % |
| Net income, nine months ended September 30GAAP | $712.3M | – | 49 % |
| Net income per common share, diluted, nine months ended September 30GAAP | $3.02 | – | – |
| Cash flow from operations before changes in working capital, nine months ended September 30non-GAAP | $1.22B | – | – |
| Net cash provided from operating activities, nine months ended September 30GAAP | $1.16B | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Natural gas sales, three months ended September 30Natural gas production averaged 1,700,068 mcf per day and average prices excluding derivative settlements and before third-party transportation costs were $2.38 per mcf. | $371.8M | – | – |
| NGLs sales, three months ended September 30NGL production averaged 126,674 bbls per day, and pre-hedge NGL price during the quarter was $27.54 per barrel. | $321.0M | – | – |
| Oil sales, three months ended September 30Oil production averaged 6,499 bbls per day and average prices excluding derivative settlements and before third-party transportation costs were $75.57 per bbl. | $45.19M | – | – |
| Brokered natural gas and marketing, three months ended September 30Reported as brokered natural gas and marketing revenue. | $46.52M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Remaining 2026 outlook
- NoteLiquids Rich: 7 remaining 2026 planned wells TIL; 50 planned wells TIL in 2026.
- NoteDry Gas: 6 remaining 2026 planned wells TIL; 18 planned wells TIL in 2026.
- NoteTotal Appalachia: 13 remaining 2026 planned wells TIL; 68 planned wells TIL in 2026.
Capital returns
- During the quarter, Range did not repurchase shares.
- As of September 30, 2026, the Company had $1.4 billion of availability under the share repurchase program previously authorized by the Board of Directors.
What drove it
- Production averaged 2.50 Bcfe per day, approximately 68% natural gas.
- Record liquids production was 133,173 barrels per day.
- NGL production averaged 126,674 bbls per day, up 15 % from 110,420 bbls per day.
- Oil production averaged 6,499 bbls per day, up 25 % from 5,208 bbls per day.
- Natural gas production averaged 1,700,068 mcf per day, up 11 % from 1,534,065 mcf per day.
- Average NGL prices excluding derivative settlements and before third-party transportation costs were $27.54 per bbl, up 25 % from $22.09 per bbl.
- Average oil prices excluding derivative settlements and before third-party transportation costs were $75.57 per bbl, up 39 % from $54.25 per bbl.
- Third-quarter results included a $58 million mark-to-market derivative gain due to decreases in commodity prices.
Concerns
- Average natural gas prices including derivative settlements before third-party transportation costs were $2.74 per mcf, down 7 % from $2.96 per mcf.
- Transportation, gathering and compression expense per mcfe was $1.52, up 3 % from $1.47.
- Direct operating cost per mcfe was $0.13, up 18 % from $0.11.
- The combined fair value of natural gas basis hedges as of September 30, 2026, was a net loss of $8.4 million.
- Due to the pending merger with EQT, Range will not host a conference call or webcast to discuss its third quarter 2026 results.
What to watch
- Completion of the pending transaction with EQT Corporation.
- Execution of the remaining 13 planned Appalachia wells TIL in 2026.
- Liquids Rich activity, with 7 remaining planned wells TIL in 2026.
- Natural gas pricing and the impact of basis hedging and NYMEX hedges on realized prices.
- Capital spending, which represented approximately 25% of Range’s total capital budget in 2026 during the third quarter.
Balance sheet and cash flow
- Net debt, a non-GAAP measure, was $793,988 as of September 30, 2026, compared with $1,217,796 as of December 31, 2025.
- Total debt, net of deferred financing costs, as reported was $780,918 as of September 30, 2026, compared with $1,198,334 as of December 31, 2025.
- As of September 30, 2026, Range had net debt outstanding of approximately $794 million, consisting of $500 million of senior notes and $294 million on the credit facility.
- Net cash provided from operating activities was $307,601 for the three months ended September 30, 2026, compared with $247,545 in 2025.
- Cash flow from operations before changes in working capital was $347,193 for the three months ended September 30, 2026, compared with $279,254 in 2025.
- Third quarter 2026 drilling and completion expenditures were $160 million. Approximately $5 million was invested in acreage, and $5 million was invested in infrastructure, pneumatic upgrades, and other investments.
Analysis
Range reported a stronger third quarter, with GAAP total revenues and other income of $842,826, up 13 %, and natural gas, NGLs and oil sales of $737,919, up 21 %. GAAP net income rose 21 % to $175,323, while net income excluding certain items increased 41 % to $190,808. GAAP diluted EPS was $0.75 and non-GAAP diluted EPS was $0.81.
Production growth was led by liquids. Gas-equivalent production averaged 2,499,104 mcfe per day, up 12 %, with NGL production up 15 % to 126,674 bbls per day and oil production up 25 % to 6,499 bbls per day. The company highlighted record liquids production of 133,173 barrels per day. NGL and oil prices before derivative settlements and third-party transportation costs rose 25 % and 39 %, respectively, while the corresponding natural-gas price declined 7 % to $2.38 per mcf.
Cash generation improved alongside earnings. Net cash provided from operating activities was $307,601, compared with $247,545, and cash flow from operations before changes in working capital was $347,193, compared with $279,254. Cash margin was $349,968, or $1.52 per mcfe, versus $278,232, or $1.36 per mcfe. Capital spending was $170 million, including $160 million of drilling and completion expenditures.
Cost trends were mixed. Total cash unit costs were unchanged at $1.91 per mcfe, while total unit costs plus DD&A declined 1 % to $2.35 per mcfe. Direct operating costs rose 18 % to $0.13 per mcfe and transportation, gathering, processing and compression costs rose 3 % to $1.52 per mcfe. Interest expense per mcfe fell 45 % to $0.06, and DD&A per mcfe fell 4 % to $0.44.
The balance sheet strengthened, with net debt of $793,988 at September 30, 2026, down 35 % from $1,217,796 at December 31, 2025. Range did not repurchase shares during the quarter and retained $1.4 billion of repurchase-program availability. The release did not provide financial guidance, but it listed 13 remaining planned Appalachia wells TIL in 2026. Management’s near-term focus is the pending EQT transaction, and Range will not hold a quarterly results conference call or webcast because of the merger.
Management, verbatim
Our third quarter results showed consistent progress on our multi-year development plan, as key infrastructure was commissioned in Range’s liquids-rich area. As a result of strong well performance and expanded infrastructure, Range’s liquids production increased to a Company record of over 130,000 barrels per day.
Dennis Degner, Company’s CEO
We have considerable momentum across our business and will be exiting 2026 in the strongest position in Range’s history.
Dennis Degner, Company’s CEO
Not in the filing
stated, not guessed- Gross margin was not reported.
- Free cash flow was not reported.
- Prior-quarter comparisons for reported third-quarter metrics were not provided.
- Financial guidance for revenue, gross margin, operating expenses, tax rate, production, capital spending, or cash flow was not provided.
- Dividend information was not provided.
- No prior outlook section was provided for comparison.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Range Resources (NYSE:RRC) filed an 8‑K announcing its third‑quarter 2026 results, highlighting record liquids production and a pending merger with EQT Corporation.
Ticker impact
Range Resources reported Q3 2026 earnings with $175M net income, record liquids production and pending merger with EQT.
likely upside as investors price in robust cash flow and merger synergies
Revenue beat, cash flow strength, and a strategic acquisition create a bullish catalyst.
Market effects
U.S. natural gas and oil producers may see modest uplift from Range's strong liquids output.
Energy sector in the U.S. could benefit from higher production volumes.
Limited; primarily affects U.S. energy equities.
Counterpoint
If the EQT merger faces regulatory delays, the stock could face downside despite strong earnings.
Key entities
- CompanyRange Resources Corp.
U.S. energy producer reporting Q3 2026 results.
- CompanyEQT Corporation
Potential acquirer of Range Resources.
