Strong beat but production slightly below annual guidance midpoint and no material upward revision to output or capital — watch for how the market prices the beat against the historical tendency for RRC to drift lower post-earnings (T+20 avg -2.05% over last 10 reports). The improved NGL differential guidance and net debt reduction are credit positives, but the stock's low beta to natural gas prices and the 36% buy-side analyst ratio suggest limited upside momentum.
Price Chart
Executive Summary
Range Resources Q2 2026 GAAP EPS of $0.83 crushed consensus $0.65 (+27.7%) on revenue of $834M vs $749.2M (+11.3%), driven by strong NGL realizations (pre-hedge $29.10/bbl, +23% YoY) and record drilling/completion efficiencies. The company maintained 2026 production and capital guidance while modestly improving full-year price differential outlook. Net debt fell 28% YoY to $881M, and $78M in share repurchases were executed.
Key Financial Metrics
Key Facts
- GAAP diluted EPS $0.83 vs consensus $0.65 (beat by 27.7%)
- GAAP revenues $834M vs consensus $749.2M (beat by 11.3%)
- Adjusted EPS (non-GAAP) $0.79 vs consensus $0.65 (beat by 21.5%)
- Cash flow from operations before working capital $333M, up 11% YoY
- Net debt reduced to $881M, down 28% from $1.218B at year-end 2025
- Repurchased 2M shares at ~$39.18 avg during quarter
- Production averaged 2.30 Bcfe/d (67% natural gas), slightly below annual guidance midpoint
- NGL pre-hedge realizations $29.10/bbl, a $3.49 premium to Mont Belvieu
- Full-year 2026 NGL differential guidance improved to +$2.00-$2.50/bbl (from +$1.25-$2.50)
- Capital spending $222M in Q2, ~33% of annual $650-700M budget
Financial Impact
Earnings beat by $0.18/sh (27.7%) on consensus $0.65; revenue beat by $84.8M (11.3%)
Risk Factors
- Natural gas prices remain volatile; Q2 realized NG price $2.42/mcf (before hedges) is still below sustainable reinvestment levels for many operators
- Production of 2.30 Bcfe/d is below the annual guidance range of 2.35-2.40 Bcfe/d, raising questions about full-year delivery
- Historical performance of RRC earnings reports shows poor T+20 returns (avg -2.05%, 11% win rate), suggesting the market may not reward this beat as expected
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3330982 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 22, 2026 10w ago | 8-K | $38.75 $40.32 | ▼ −4.05% | ▼ −1.15% | $38.04 (+1.83%) |
Jul 21, 2026 10w ago | Press Release | $38.75 $40.32 | ▲ +4.05% | ▲ +1.15% | $38.04 (−1.83%) |
Jul 10, 2026 12w ago | 8-K | $35.49 $38.28 | ▲ +7.86% | ▲ +5.44% | $38.04 (+7.19%) |
May 29, 2026 18w ago | Press Release | $38.94 $37.57 | ▼ −3.51% | ▲ +0.12% | $38.04 (−2.30%) |
Apr 22, 2026 23w ago | 8-K | $43.24 $43.12 | ▼ −0.27% | ▼ −3.43% | $38.04 (−12.02%) |
Apr 21, 2026 23w ago | Press Release | $43.24 $43.12 | ▼ −0.27% | ▼ −3.43% | $38.04 (−12.02%) |
Apr 14, 2026 24w ago | 8-K | $41.16 $40.90 | ▲ +0.62% | ▲ +6.67% | $38.04 (+7.57%) |
Mar 2, 2026 30w ago | Insider Cluster | $41.89 $46.19 | ▲ +10.27% | ▲ +18.20% | $38.04 (−9.18%) |
Mar 2, 2026 30w ago | Insider Cluster | $41.89 $46.19 | ▼ −10.27% | ▼ −18.20% | $38.04 (+9.18%) |
Feb 25, 2026 31w ago | 8-K | $39.00 $46.45 | ▲ +19.11% | ▲ +24.34% | $38.04 (−2.45%) |
US Market Status
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