Transcript: Range Resources Q2 2026 Earnings Conference Call

Range Resources (NYSE: RRC ) held its second-quarter earnings conference call on Wednesday. Below is the complete transcript from the call. This transcript is brought to you APIs. For real-time access to our entire catalog, please visit for a consultation.

5 Bcf by year-end. The company repurchased $78 million in shares in Q2, totaling $105 million for the first half of the year, and reduced debt by $337 million. 50 per barrel over Mont Belvieu index. Operational efficiencies resulted in record completions and drilling performance, with plans to continue optimizing well costs and production growth.

The company is on track with its multi-year growth plan and anticipates maintaining production growth beyond 2027, considering future demand and strategic investments. Full Transcript OPERATOR Hello, welcome to the Range Resources second quarter 2026 earnings conference call. All lines have been placed on mute to prevent any background noise. Statements made during this conference call that are not historical facts are forward-looking statements.

Such statements are subject to risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements. After the speakers' remarks, there will be a question and answer period. At this time I would like to turn the call over to Mr. Laith Sando, Senior Vice President of Investor Relations at Range Resources.

Sir, please go ahead. Laith Sando, Senior Vice President of Investor Relations Thank you, operator. Good morning everyone, and thank you for joining Range's second quarter 2026 earnings call. The speakers on today's call are Dennis Degner, Chief Executive Officer, and Mark Skooke, Chief Financial Officer.

Hopefully you've had a chance to review the press release and updated investor presentation that we've posted on our website. We may reference certain slides on the call this morning. You will also find our 10-Q on Range's website under the Investors tab, or you can access it using the SEC's EDGAR system. Please note we'll be referencing certain non-GAAP measures on today's call.

Our press release provides reconciliations of these to the most comparable GAAP figures. We've also posted supplemental tables on our website that include hedging details by month, realized pricing by product, along with calculations of EBITDAX, cash margins, and other non-GAAP measures. With that, let me turn the call over to Dennis. Dennis Degner, President and Chief Executive Officer Thanks, Laith, and thanks to all of you for joining the call today.

Today marks a unique milestone as we reach the midpoint of our multi-year growth plan that was announced early last year. Range's results today continue to showcase the durability of the business with a leading full-cycle cost structure. Consistent well performance and a differentiated marketing portfolio are delivering significant free cash flow while growing the business. At the same time, we are seeing operational efficiencies accruing to Range as a result of our large, blocky acreage position and talented technical team.

This quarter's record operational results support Range's peer-leading drilling and completion costs that will benefit Range shareholders for decades to come. 3 Bcf equivalent per day. Consistent with our previous calls, Range expects production to continue to ratably increase across the remainder of the year, underpinned by gas processing and related infrastructure that is in the early phases of commissioning. 5 Bcf equivalent per day by year end and is consistent with our previous guidance and setting us up well for 2027 and strengthening natural gas fundamentals.

Capital for the quarter came in at $222 million as we added a second completion crew to begin working through a portion of the drilled uncompleted inventory we had built up over the previous 24 months. The second quarter also included a spot horizontal rig that was added for a single pad development that will turn to sales later this year. We expect to return to a single horizontal rig and single frac crew operation for the fourth quarter, putting our capital plans right on track with prior guidance.

With the activity mentioned earlier, we drilled approximately 190,000 lateral feet during the second quarter, continuing the operational momentum reported during the prior quarter. The team had 19 days where they drilled over a mile in the horizontal, with one of those 24-hour periods exceeding 10,500 ft. This level of operational efficiency advancement continues to reflect the team's ongoing hard work and drive to deliver on peer-leading drilling and completion costs per foot after over two decades of activity. Moving to completions, the team achieved the best quarterly performance in Range history utilizing the two frac crews I mentioned previously.

Combined, the two crews completed nearly 1,900 frac stages, including downtime for moving between pad sites. This equates to completing over 10 stages per day per crew, or an annualized rate of over 750,000 lateral feet for a single crew. And when looking at our base contracted electric frac fleet, efficiencies were nearly 14 stages per day. Additional completion records by the team for the second quarter included the most frac stages performed in one day for a single crew at 20, and the highest pumping hours in one day at 22 hours.

To achieve these records, the logistics management team kept pace,