Range Resources Adjusted Profit Rises 42% on Record Liquids Output Ahead of EQT Merger

Range Resources pumped out a record amount of natural gas liquids in the third quarter, helping lift adjusted earnings 42% from a year earlier as the Appalachian producer works toward its pending merger with EQT.

The Fort Worth, Texas-based company reported adjusted net income of $191 million, or 81 cents per diluted share, up from 57 cents a year earlier, according to its earnings release filed with an 8-K on Wednesday. GAAP net income rose 21% to $175 million, or 75 cents per diluted share, from 60 cents.

Liquids hit a record

Production averaged 2.50 Bcfe per day, about 68% natural gas, while liquids production reached a record 133,173 barrels per day. Total revenues and other income rose 13% to $843 million.

"As a result of strong well performance and expanded infrastructure, Range's liquids production increased to a Company record of over 130,000 barrels per day," CEO Dennis Degner said. He said key infrastructure was commissioned in the company's liquids-rich area during the quarter.

GAAP results included a $58 million mark-to-market derivative gain tied to decreases in commodity prices, the company said.

Pricing and costs

Range's realized price, including hedges, averaged $3.43 per mcfe, which the company said was a 48-cent premium to NYMEX natural gas. Its pre-hedge NGL price was $27.54 per barrel, about $1.54 above the Mont Belvieu weighted equivalent.

Natural gas, including basis hedging, realized $2.40 per mcf, a 55-cent discount to NYMEX. Total cash unit costs were flat with a year earlier at $1.91 per mcfe.

Cash flow and spending

Operating cash flow was $308 million, or $347 million before working capital changes. Capital spending was $170 million, about 25% of the company's 2026 budget, including $160 million for drilling and completions.

During the quarter, Range drilled about 178,000 lateral feet across 10 wells and turned to sales about 240,000 feet across 17 wells.

Range did not repurchase shares in the quarter and had $1.4 billion remaining under its buyback authorization at Sept. 30. Net debt stood at approximately $794 million, made up of $500 million of senior notes and $294 million on its credit facility.

The EQT deal

Degner said the company will exit 2026 "in the strongest position in Range's history" and called the pending EQT transaction "a natural next step in our journey." Because of the pending merger, Range said it will not host a conference call or webcast to discuss the results.

By the numbers

• Adjusted EPS: 81 cents, up 42% from 57 cents
• GAAP EPS: 75 cents, up from 60 cents
• Production: 2.50 Bcfe per day
• Liquids: record 133,173 barrels per day
• Realized price with hedges: $3.43 per mcfe
• Net debt: about $794 million

Sources

1. Range Resources Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 28, 2026 (accession 0001193125-26-435073)

This article is for informational and educational purposes only and is not investment advice. It is not a recommendation to buy or sell any security.

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