Range Resources (RRC) Q2 2026 earnings summary

Executive summary

• Revenue from natural gas, NGLs, and oil sales increased 5% year-over-year in Q2 2026, driven by a 1% rise in average realized prices and a 5% increase in production volumes.

• Net income for Q2 2026 was $195.3 million ($0.83 per diluted share), including a $74 million mark-to-market derivative gain, down from $237.6 million ($0.99 per share) in Q2 2025, primarily due to lower derivative fair value income.

• Cash from operating activities in Q2 2026 was $235.0 million, with cash flow from operations before working capital changes at $333 million.

• Production averaged 2.30 Bcfe per day, with approximately 67% natural gas.

• Record operational efficiencies in drilling and completions supported multi-year growth plans.

Financial highlights

• Q2 2026 revenue: $833.6 million; net income: $195.3 million; diluted EPS: $0.83.

• Six months ended June 30, 2026: revenue $1.87 billion, net income $537.0 million, diluted EPS $2.27.

• Adjusted net income (non-GAAP) was $186 million ($0.79 per diluted share), up 18% year-over-year.

• Operating cash flow for the first six months: $854.2 million, up $187.9 million year-over-year.

• Cash margin per mcfe was $1.61, up from $1.53 in Q2 2025.

Outlook and guidance

• Management expects commodity prices to remain volatile but anticipates sustainable long-term success due to disciplined capital investment, cost control, and hedging strategies.

• 2026 capital program expected to be funded by operating cash flows; capital budget set at $650–$700 million.

• Annual production expected at 2.35–2.40 Bcfe per day, with liquids over 30% of total.

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

• Updated 2026 price guidance: natural gas differential to NYMEX of ($0.35)–($0.40), NGLs at $2.00–$2.50 above Mont Belvieu, oil/condensate at ($10.00)–($12.00) below WTI.