Q1 2026 Range Resources Corp Earnings Call Transcript
Key Points
- Range Resources Corp (RRC) reported strong free cash flow of approximately $400 million for the first quarter, supporting increased dividends and share repurchases.
- The company achieved a record natural gas differential of $0.18 premium to Henry Hub, the best in over a decade.
- RRC's strategic access to international markets resulted in a significant uplift in NGL pricing, with a premium of $4.41 per barrel above the Mont Belvieu index, the largest in company history.
- Operational efficiency advancements were highlighted by the drilling of over 143,000 lateral feet with a single rig and setting a program record with their electric fracturing fleet.
- The company maintained a strong balance sheet with net debt of $834 million, or half a turn of leverage, comparable to its strongest peers.
- Completion spending is expected to increase in the second and third quarters, potentially impacting cash flow.
- There are concerns about elevated fuel pricing due to higher diesel prices, although RRC expects no changes to its capital plans.
- The company faces geopolitical risks affecting steel market prices, although it is mostly insulated due to pre-purchases.
- RRC's production increase is contingent on the timely commissioning of gas processing and related infrastructure by mid-year.
- The company anticipates high capital expenditure in the second and third quarters, which could affect short-term financial flexibility.
Hello. Welcome to the Range Resources first quarter 2026 earnings conference call. (Operator Instructions)
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. (Operator Instructions)
At this time, I would like to turn the call over to Mr. Laith Sando, Senior Vice President, Investor Relations at Range Resources. Sir, please go ahead.
Thank you, operator. Good morning, everyone, and thank you for joining Range's first quarter 2026 earnings call. The speakers on today's call are Dennis Degner, Chief Executive Officer; and Mark Scucchi, Chief Financial Officer.
Hopefully, you've had a chance to review the press release and updated investor presentation that we posted on our website. We may reference certain slides on the call this morning. You will also find
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