EQT Corporation press release

Range Announces Third Quarter 2026 Results

2026-10-27

NYSE - New York Stock Exchange · Natural Gas · Natural Gas Liquids · Oil · United States · Corporate Finance

FORT WORTH, Texas, Oct. 27, 2026 (GLOBE NEWSWIRE) -- RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its third quarter 2026 financial results.

Third Quarter 2026 Highlights –

Cash flow from operating activities of $308 million Cash flow from operations, before working capital changes, of $347 million Capital spending was $170 million, approximately 25% of the annual 2026 budget Realized price, including hedges, was $3.43 per mcfe – a $0.48 premium versus NYMEX natural gas Pre-hedge NGL realizations of $27.54 per barrel, a premium of $1.54 over the Mont Belvieu equivalent Production averaged 2.50 Bcfe per day, approximately 68% natural gas Record liquids production of 133,173 barrels per day

Dennis Degner, the Company’s CEO said, “Our third quarter results showed consistent progress on our multi-year development plan, as key infrastructure was commissioned in Range’s liquids-rich area. 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. Increased liquids production, paired with strategic access to international markets, drove strong cash margins and free cash flow during the quarter, further bolstering Range’s financial position.

“We have considerable momentum across our business and will be exiting 2026 in the strongest position in Range’s history. We believe our pending transaction with EQT Corporation is a natural next step in our journey that will allow us to scale our business, expand our reach to meet demand and accelerate our mission. With EQT, we will have improved market access, best-in-class inventory, enhanced cash flow generation, and fortified resiliency to drive profitable growth and shareholder value creation through commodity cycles. We look forward to completing the transaction and unlocking its compelling benefits for our team, customers, partners and shareholders.”

Financial Discussion

Except for generally accepted accounting principles (“GAAP”) reported amounts, specific expense categories exclude non-cash impairments, unrealized mark-to-market adjustment on derivatives, non-cash stock compensation and other items shown separately on the attached tables. “Unit costs” as used in this release are composed of direct operating, transportation, gathering, processing and compression, taxes other than income, general and administrative, interest and depletion, depreciation and amortization costs divided by production. See “Non-GAAP Financial Measures” for a definition of non-GAAP financial measures and the accompanying tables that reconcile each non-GAAP measure to its most directly comparable GAAP financial measure.

Third Quarter 2026 Results

GAAP revenues and other income for third quarter 2026 totaled $843 million, GAAP net cash provided from operating activities (including changes in working capital) was $308 million, and GAAP net income was $175 million ($0.75 per diluted share). Third quarter earnings results include a $58 million mark-to-market derivative gain due to decreases in commodity prices.

Cash flow from operations before changes in working capital, a non-GAAP measure, was $347 million. Adjusted net income comparable to analysts’ estimates, a non-GAAP measure, was $191 million ($0.81 per diluted share) in third quarter 2026.

The following table details Range’s third quarter 2026 unit costs per mcfe(a):

| Expenses | | 3Q 2026 (per mcfe) | | | 3Q 2025 (per mcfe) | | | Increase (Decrease) | | | | | | | | | | | | | | | | | | Direct operating(a) | | $ | 0.13 | | | $ | 0.11 | | | 18 | % | | Transportation, gathering, processing and compression(a) | | | 1.52 | | | | 1.47 | | | 3 | % | | Taxes other than income | | | 0.03 | | | | 0.04 | | | (25 | )% | | General and administrative(a) | | | 0.16 | | | | 0.17 | | | (6 | )% | | Interest expense(a) | | | 0.06 | | | | 0.11 | | | (45 | )% | | Total cash unit costs(b) | | | 1.91 | | | | 1.91 | | | 0 | % | | Depletion, depreciation and amortization (DD&A) | | | 0.44 | | | | 0.46 | | | (4 | )% | | Total unit costs plus DD&A(b) | | $ | 2.35 | | | $ | 2.37 | | | (1 | )% |

(a) Excludes stock-based compensation, one-time settlements, and amortization of debt issuance costs. (b) Totals may not add due to rounding.

The following table details Range’s average production and realized pricing for third quarter 2026(a):

| | | 3Q26 Production & Realized Pricing | | | | | | | | | | | Natural Gas (mcf) | | Oil (bbl) | | NGLs (bbl) | | Natural Gas Equivalent (mcfe) | | | | | | | | | | | | | | Net production per day | | 1,700,068 | | 6,499 | | 126,674 | | 2,499,104 | | | | | | | | | | | | | | Average NYMEX price | | $ 2.95 | | $ 85.60 | | $ 26.00 | | | | | Differential, including basis hedging | | (0.55) | | (10.03) | | 1.54 | | | | | Realized prices before NYMEX hedges | | 2.40 | | 75.57 | | 27.54 | | 3.23 | | | Settled NYMEX hedges | | 0.34 | | (6.24) | | (0.07) | | 0.21 | | | Average realized prices after hedges | | $2.74 | | $69.33 | | $27.47 | | $3.43 | |

(a) Totals may not add due to rounding.

Third quarter 2026 natural gas, NGLs and oil price realizations (including the impact of cash-settled hedges and derivative settlements) averaged $3.43 per mcfe.

The average natural gas price, including the impact of basis hedging, was $2.40 per mcf, or a ($0.55) per mcf differential to NYMEX. Range’s pre-hedge NGL price during the quarter was $27.54 per barrel, approximately $1.54 above the Mont Belvieu weighted equivalent. Crude oil and condensate price realizations, before realized hedges, averaged $75.57 per barrel, or $10.03 below WTI (West Texas Intermediate).

Financial Position and Repurchase Activity

As of September 30, 2026, Range had net debt outstanding of approximately $794 million, consisting of $500 million of senior notes and $294 million on the credit facility.

During the quarter, Range did not repurchase shares. As of September 30, 2026, the Company had $1.4 billion of availability under the share repurchase program previously authorized by the Board of Directors.

Capital Expenditures and Operational Activity

Third quarter 2026 drilling and completion expenditures were $160 million. In addition, during the quarter, approximately $5 million was invested in acreage, and $5 million was invested in infrastructure, pneumatic upgrades, and other investments. Third quarter capital spending represented approximately 25% of Range’s total capital budget in 2026.

During the quarter, Range drilled ~178,000 lateral feet across 10 wells, while turning to sales ~240,000 feet across 17 wells. The table below summarizes expected 2026 activity plans regarding the number of wells to sales in each area.

| | | 2026 YTD Wells TIL | | Remaining 2026 | | Planned Wells TIL in 2026 | | | Liquids Rich | | 43 | | 7 | | 50 | | | Dry Gas | | 12 | | 6 | | 18 | | | Total Appalachia | | 55 | | 13 | | 68 | |

Hedging Status

Range hedges portions of its expected future production volumes to increase the predictability of cash flow and maintain a strong, flexible financial position. Please see the detailed hedging schedule posted on the Range website under Investor Relations - Financial Information.

Range has also hedged basis across the Company’s numerous natural gas sales points to limit volatility between benchmark and regional prices. The combined fair value of natural gas basis hedges as of September 30, 2026, was a net loss of $8.4 million.

Conference Call Information

Due to the pending merger with EQT, Range will not host a conference call or webcast to discuss its third quarter 2026 results.

Non-GAAP Financial Measures

To supplement the presentation of its financial results prepared in accordance with generally accepted accounting principles (GAAP), the Company’s earnings press release contains certain financial measures that are not presented in accordance with GAAP. Management believes certain non-GAAP measures may provide financial statement users with meaningful supplemental information for comparisons within the industry. These non-GAAP financial measures may include, but are not limited to Net Income, excluding certain items, Cash flow from operations before changes in working capital, realized prices, Net debt and Cash margin.

Adjusted net income comparable to analysts’ estimates as set forth in this release represents income or loss from operations before income taxes adjusted for certain non-cash items (detailed in the accompanying table) less income taxes. We believe adjusted net income comparable to analysts’ estimates is calculated on the same basis as analysts’ estimates and that many investors use this published research in making investment decisions and evaluating operational trends of the Company and its performance relative to other oil and gas producing companies. Diluted earnings per share (adjusted) as set forth in this release represents adjusted net income comparable to analysts’ estimates on a diluted per share basis. A table is included which reconciles income or loss from operations to adjusted net income comparable to analysts’ estimates and diluted earnings per share (adjusted). On its website, the Company provides additional comparative information on prior periods.

Cash flow from operations before changes in working capital represents net cash provided by operations before changes in working capital and exploration expense adjusted for certain non-cash compensation items. Cash flow from operations before changes in working capital (sometimes referred to as “adjusted cash flow”) is widely accepted by the investment community as a financial indicator of an oil and gas company’s ability to generate cash to internally fund exploration and development activities and to service debt. Cash flow from operations before changes in working capital is also useful because it is widely used by professional research analysts in valuing, comparing, rating and providing investment recommendations of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Cash flow from operations before changes in working capital is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operations, investing, or financing activities as an indicator of cash flows, or as a measure of liquidity. A table is included which reconciles net cash provided by operations to cash flow from operations before changes in working capital as used in this release. On its website, the Company provides additional comparative information on prior periods for cash flow, cash margins and non-GAAP earnings as used in this release.

The cash prices realized for oil and natural gas production, including the amounts realized on cash-settled derivatives and net of transportation, gathering, processing and compression expense, is a critical component in the Company’s performance tracked by investors and professional research analysts in valuing, comparing, rating and providing investment recommendations and forecasts of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Due to the GAAP disclosures of various derivative transactions and third-party transportation, gathering, processing and compression expense, such information is now reported in various lines of the income statement. The Company believes that it is important to furnish a table reflecting the details of the various components of each income statement line to better inform the reader of the details of each amount and provide a summary of the realized cash-settled amounts and third-party transportation, gathering, processing and compression expense, which were historically reported as natural gas, NGLs and oil sales. This information is intended to bridge the gap between various readers’ understanding and fully disclose the information needed.

Net debt is calculated as total debt less cash and cash equivalents. The Company believes this measure is helpful to investors and industry analysts who utilize Net debt for comparative purposes across the industry.

The Company discloses in this release the detailed components of many of the single line items shown in the GAAP financial statements included in the Company’s Annual or Quarterly Reports on Form 10-K or 10-Q. The Company believes that it is important to furnish this detail of the various components comprising each line of the Statements of Operations to better inform the reader of the details of each amount, the changes between periods and the effect on its financial results.

We believe that the presentation of PV10 value of our proved reserves is a relevant and useful metric for our investors as supplemental disclosure to the standardized measure, or after-tax amount, because it presents the discounted future net cash flows attributable to our proved reserves before taking into account future corporate income taxes and our current tax structure. While the standardized measure is dependent on the unique tax situation of each company, PV10 is based on prices and discount factors that are consistent for all companies. Because of this, PV10can be used within the industry and by credit and security analysts to evaluate estimated net cash flows from proved reserves on a more comparable basis.

RANGE RESOURCES CORPORATION (NYSE: RRC)is a leading U.S. independent natural gas and NGL producer with operations focused in the Appalachian Basin. The Company is headquartered in Fort Worth, Texas. More information about Range can be found atwww.rangeresources.com.

This releasecontains “forward-looking statements” within the meaning of the federal securities laws. Statements that do not relate strictly to historical or current facts are forward-looking and are usually identified by the use of words such as “anticipates,” “believes,” “cause,” “continue,” “could,” “depend,” “develop,” “estimates,” “expects,” “forecasts,” “goal,” “guidance,” “have,” “impact,” “implement,” “increase,” “intends,” “lead,” “maintain,” “may,” “might,” “plans,” “potential,” “possible,” “projected,” “reduce,” “remain,” “result,” “scheduled,” “seek,” “should,” “will,” “would” and other similar words or expressions. The absence of such words or expressions does not necessarily mean the statements are not forward-looking. Without limiting the generality of the foregoing, forward-looking statements in this release may include statements regarding the proposed transaction (the “proposed transaction”) between EQT Corporation (“EQT”) and Range Resources Corporation (“Range”), the expected closing of the proposed transaction and the timing thereof and the pro forma combined company and its operations, strategies and plans, integration, debt levels and leverage ratio, capital expenditures, cash flows and anticipated uses thereof, synergies, opportunities and anticipated future performance, expected accretion to earnings and free cash flow and anticipated dividends. Information adjusted for the proposed transaction should not be considered a forecast of future results.

Forward-looking statements contained herein reflect the current views of EQT and Range about future events. Although Range believes its forward-looking statements are based on reasonable expectations and assumptions, statements made regarding future results are not guarantees of future performance and are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond EQT’s and Range’s control. Actual outcomes and results may be materially different from the results stated or implied in the forward-looking statements included in this release due to a number of factors, including, but not limited to: the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement related to the proposed transaction (the “Merger Agreement”); the possibility that shareholders of EQT may not approve the issuance of EQT shares required in the proposed transaction; the possibility that the shareholders of Range may not adopt the Merger Agreement; the risk that EQT or Range may be unable to obtain governmental and regulatory approvals required for the proposed transaction, or required governmental and regulatory approvals may delay the proposed transaction or result in the imposition of conditions that could cause the parties to abandon the proposed transaction; the risk that the parties may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all; risks related to disruption of management’s time from ongoing business operations due to the proposed transaction; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of EQT’s or Range’s common stock; the risk of any unexpected costs or expenses resulting from the proposed transaction; the risk of any litigation relating to the proposed transaction; the risk that the proposed transaction and its announcement could have an adverse effect on the ability of EQT and Range to retain and hire key personnel, on the ability of EQT or Range to attract third-party customers and maintain their relationships with derivatives and joint venture counterparties and on EQT’s and Range’s operating results and businesses generally; the risk that problems may arise in successfully integrating the businesses of EQT and Range, which may result in the combined company not operating as effectively and efficiently as expected; the risk that the combined company may be unable to achieve synergies or other anticipated benefits of the proposed transaction or it may take longer than expected to achieve those synergies or benefits and other important factors that could cause actual results to differ materially from those projected; the volatility in commodity prices for crude oil and natural gas; the effect of future regulatory or legislative actions on EQT and Range or the industry in which they operate, including the risk of new restrictions with respect to oil and natural gas development activities; the risk that the credit ratings of the combined business may be different from what EQT and Range expect; the ability of management to execute its plans to meet its goals and other risks inherent in EQT’s and Range’s businesses; public health crises and any related government policies and actions; the potential disruption or interruption of EQT’s or Range’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond EQT’s or Range’s control; the combined company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and other factors detailed in EQT’s and Range’s Annual Reports on Form 10-K for the year ended December 31, 2025 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

All such factors are difficult to predict and are beyond EQT’s and Range’s control. Additional risks or uncertainties that are not currently known to EQT or Range, that EQT or Range currently deem to be immaterial, or that could apply to any company could also cause actual outcomes and results to differ materially from those included in the forward-looking statements in this release.

Any forward-looking statement speaks only as of the date on which such statement is made. EQT and Range undertake no obligation to publicly correct or update the forward-looking statements in this release, in other documents or on their respective websites to reflect new information, future events or otherwise, except as required by applicable law. All such statements are expressly qualified by this cautionary statement. Readers are cautioned not to place undue reliance on these forward-looking statements as a prediction of actual results.