RRC · Range Resources Corporation

Range Resources delivered a materially strong first quarter 2026, with GAAP net income of $342 million ($1.44 per diluted share), surpassing analyst consensus of $1.28 by 13.3%. The outperformance was driven by exceptional pricing execution: natural gas realizations averaged $5.15 per mcf — a $0.18/mcf premium to NYMEX, the highest in over a decade — and pre-hedge NGL realizations hit $26.62 per barrel, $4.41 above Mont Belvieu equivalent, resulting in a record quarterly NGL premium. These pricing advantages, combined with disciplined cost control — total unit costs rose only 3% year-over-year to $2.07 per mcfe — supported $619 million in GAAP operating cash flow (including working capital changes) and $545 million before working capital changes. Management attributed this strength to Range’s strategic marketing portfolio and access to premium U.S. and international markets. Financially, the Company executed a major de-leveraging event, fully redeeming its $600 million 8.25% senior notes due 2029 in January 2026 using its credit facility, reducing net debt by $384 million to $834 million as of March 31, 2026 — described as the strongest balance sheet in company history. Concurrently, Range repurchased $27 million in shares and paid $24 million in dividends, funded entirely by free cash flow. Guidance was meaningfully upgraded for NGL pricing (+$1.25 to +$2.50 per barrel vs. prior $0.00 to +$1.00), with management estimating the increase adds ~$160 million in incremental cash flow net of price-linked processing costs. Production averaged 2.21 Bcfe/day (32% liquids), and capital spending of $139 million represented 21% of the $650–$700 million annual budget — consistent with disciplined execution against the multi-year growth plan. CEO Dennis Degner emphasized that these results validate Range’s low full-cycle cost structure and high-return, long-life asset base amid growing global demand for U.S. natural gas and NGLs.