Range Resources Hits Record 133,173 Barrels A Day Of Liquids, With Its EQT Sale Pending
Third-quarter net income rose to $175 million, and the company skipped its usual call because of the merger.
Range Resources, the Appalachian natural gas and NGL producer, pumped a company-record 133,173 barrels a day of liquids in the third quarter and earned $175 million, or $0.75 per diluted share, in results released Tuesday and furnished to the SEC in an 8-K on Wednesday. The numbers arrive with its all-stock sale to EQT still pending.
Profit up on higher liquids volumes
Net income compares with $144 million a year earlier, on revenues and other income of $843 million. Adjusted net income was $191 million, or $0.81 per diluted share. The standard-accounting figures include a $58 million gain on derivatives marked to market, which the company tied to lower commodity prices.
Production averaged 2.50 Bcfe per day, about 68% natural gas. Liquids sold at a pre-hedge $27.54 a barrel, $1.54 above the Mont Belvieu benchmark. Range's realized price including hedges was $3.43 per mcfe, a $0.48 premium to NYMEX natural gas, against $3.29 a year earlier.
CEO Dennis Degner said strong well performance and new infrastructure pushed liquids above 130,000 barrels a day, and that Range will exit 2026 "in the strongest position in Range's history."
Fort Worth gas producer, Marcellus focus
Range, based in Fort Worth, Texas, produces natural gas, NGLs and oil, mostly from the Marcellus Shale in Pennsylvania, and sells through firm pipeline contracts to domestic and international buyers.
Capital spending was $170 million, about 25% of the 2026 budget. Net debt was about $794 million as of September 30: $500 million of senior notes and $294 million on the credit facility. Range bought back no shares in the quarter and had $1.4 billion left on its repurchase authorization.
EQT deal hangs over the quarter
Range said it will not hold a conference call or webcast on the results because of the merger. According to S&P Global Ratings, EQT announced on Oct. 26 an all-stock deal for Range worth nearly $13.7 billion including assumed debt. Range holders would get 0.987 EQT shares per share, a premium of roughly 21% to the Oct. 23 close.
S&P placed Range's ratings on CreditWatch positive. The closing is targeted for the first quarter of 2027, pending shareholder votes at both companies and regulatory approvals.
Degner called the EQT deal "a natural next step" for Range.
Sources
- 8-K Filing — RANGE RESOURCES CORP (RRC) — SEC EDGAR
- Exhibit d174576dex991.htm — RANGE RESOURCES CORP 8-K exhibit — SEC EDGAR
- Range Resources Non-GAAP EPS of $0.81 beats by $0.06, revenue of $836.5M beats by $26.65M (RRC:NYSE) | Seeking Alpha — seekingalpha.com
- Range Resources Corp. Ratings Placed On CreditWat | S&P Global Ratings — spratings.spglobal.com
- Range Resources Is a Pure-Play Appalachian Natural Gas Producer With Decades of Inventory — morningstar.com
- Range Announces Third Quarter 2026 Results — globenewswire.com
