Range Resources reported second-quarter 2026 cash flow from operating activities of $235 million, down from the stronger operating cash generation implied by its $333 million cash flow from operations before working capital changes. Net income came in at $195 million, or $0.83 per diluted share, while adjusted net income was $186 million, or $0.79 per diluted share.
Production averaged 2.30 bcfe per day, with natural gas accounting for about 67% of output. That was supported by 1.55 billion cubic feet per day of gas, 118,113 barrels per day of NGLs, and 6,475 barrels per day of oil. The company said realized pricing, including hedges, averaged $3.53 per mcfe.
On pricing, natural gas realized $2.42 per mcf before hedges, a $0.47 discount to NYMEX after basis hedging. NGLs fetched $29.10 per barrel before hedges, which Range said was $3.49 above the Mont Belvieu equivalent. Oil and condensate realized $83.96 per barrel before hedges, $9.62 below WTI.
Costs moved lower in several areas versus the prior-year quarter. Total cash unit costs were $1.92 per mcfe, down 3% from $1.97. Including DD&A, total unit costs were $2.37 per mcfe, down 2% from $2.43. Direct operating expense rose to $0.13 per mcfe from $0.11, G&A increased to $0.18 from $0.16, and transportation, gathering, processing and compression held flat at $1.52. Interest expense fell to $0.07 per mcfe from $0.13.
Capital spending in the quarter was $222 million, including $204 million for drilling and completion, $8 million for acreage, and $10 million for infrastructure and other investments. Range said that represented about 33% of its full-year 2026 capital budget.
The company repurchased 2.0 million shares during the quarter at an average price of about $39.18 each, spending $78 million, and paid $24 million in dividends. It ended June with about $881 million of net debt, including $500 million of senior notes and $381 million drawn on its credit facility.
Operationally, Range drilled about 190,000 lateral feet across 11 wells and turned to sales about 300,000 feet across 21 wells. It also highlighted record completion efficiency, with 1,900 stages completed by two crews, and a single-day drilling record of nearly two miles. Today the company's shares have moved 2.28% to a price of $38.61. If you want to know more, read the company's complete 8-K report here.
