Range Resources earnings for the third quarter of 2026 included $175 million in net income and record liquids production of 133,173 barrels per day. The natural gas producer reported the results on October 27 as its proposed merger with EQT remained pending.
Key Takeaways
- GAAP earnings were $0.75 per diluted share; adjusted earnings were $0.81 per diluted share.
- Production averaged 2.50 billion cubic feet equivalent per day, about 68% of it natural gas.
- Range planned to bring 13 more Appalachian wells into production during the rest of 2026.
Range Resources earnings and cash flow
Range reported $843 million in GAAP revenues and other income. Net income included a $58 million mark-to-market derivative gain associated with falling commodity prices.
Cash provided by operating activities was $308 million, including working capital changes. Cash flow from operations before working capital changes was $347 million, while adjusted net income was $191 million. Both adjusted figures are non-GAAP measures.
| Item | Details |
|---|---|
| Liquids-rich wells | 43 brought into production year to date; 7 planned for the rest of 2026 |
| Dry-gas wells | 12 brought into production year to date; 6 planned for the rest of 2026 |
| Total Appalachian wells | 55 brought into production year to date; 68 planned for the full year |
Production, pricing and spending
CEO Dennis Degner attributed the record liquids production to strong well performance and expanded infrastructure in Range’s liquids-rich area. The company’s average realized price across natural gas, natural gas liquids and oil was $3.43 per thousand cubic feet equivalent, including hedges.
Before hedges, natural gas liquids realized $27.54 per barrel, or $1.54 above the Mont Belvieu weighted equivalent. Capital spending was $170 million, about a quarter of the company’s 2026 budget.
Well plans and pending EQT merger
Range had brought 55 Appalachian wells into production by the end of the third quarter and planned another 13 for the remainder of 2026. Those plans comprised seven liquids-rich wells and six dry-gas wells.
As of September 30, Range reported approximately $794 million in net debt. It repurchased no shares during the quarter and had $1.4 billion available under its existing share repurchase authorization.
Range said it would not host a results conference call or webcast because of the pending EQT merger. The transaction remained subject to conditions, including shareholder and regulatory approvals.
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