Range Posts Record Third-Quarter Liquids as EQT Deal Remains Pending

The Tip Desk · November 2, 2026 · 3 min read

Production averaged 2.50 Bcfe a day and GAAP net income was $175 million, or $0.75 a share, as the company skipped a results call because of the merger.

Range Resources Corporation (RRC) reported third-quarter 2026 net income of $175 million, or $0.75 a share, including a $58 million mark-to-market derivative gain as commodity prices fell. Adjusted net income comparable to analysts’ estimates was $191 million, or $0.81 a share.

The Appalachian natural gas and NGL producer said production averaged 2.50 billion cubic feet equivalent a day, about 68% natural gas, after 2.30 Bcfe a day in the second quarter. Liquids reached a company record of 133,173 barrels a day, combining 126,674 barrels of NGLs and 6,499 barrels of oil. Chief executive Dennis Degner said key infrastructure was commissioned in Range’s liquids-rich area and that strong well performance and expanded infrastructure lifted liquids to more than 130,000 barrels a day.

GAAP revenues and other income were $843 million. Cash flow from operating activities was $308 million, and cash flow from operations before working capital changes was $347 million. Degner said increased liquids production and access to international markets drove strong cash margins and free cash flow.

Realized prices including hedges averaged $3.43 per mcfe, a $0.48 premium versus NYMEX natural gas, down from $3.53 per mcfe and a $0.64 premium in the second quarter. Pre-hedge NGL realizations were $27.54 a barrel, a $1.54 premium over the Mont Belvieu equivalent, versus $29.10 a barrel and a $3.49 premium a quarter earlier. Average natural gas including basis hedging was $2.40 a mcf, a $0.55 differential to NYMEX. Crude oil and condensate before hedges averaged $75.57 a barrel.

Total cash unit costs were $1.91 per mcfe, and total unit costs plus DD&A were $2.35 per mcfe. Interest expense was $0.06 per mcfe.

Capital spending was $170 million, about 25% of the 2026 budget, after $222 million, or about 33% of the budget, in the second quarter. Drilling and completion expenditures were $160 million, with about $5 million each on acreage and on infrastructure, pneumatic upgrades and other investments. Range drilled about 178,000 lateral feet across 10 wells and turned to sales about 240,000 feet across 17 wells. The company did not repurchase shares in the quarter; availability under the board-authorized program was $1.4 billion as of September 30, 2026.

Net debt was about $794 million at quarter-end, consisting of $500 million of senior notes and $294 million on the credit facility. The combined fair value of natural gas basis hedges was a net loss of $8.4 million.

Range said it has a pending transaction with EQT Corporation and that, because of the merger, it would not host a conference call or webcast on third-quarter results. Degner said the company will be exiting 2026 in the strongest position in Range’s history and that the pending EQT deal is a natural next step that would allow it to scale, expand market access and accelerate its mission.