$RRC

Global Oil Prices Retreat as US-Iran Ceasefire Eases Supply Fears, TPH Says

Global oil prices pulled back from a spike late last week, as easing geopolitical tensions following a pause in direct US-Iran strikes outweighed fresh friction in the Bab el-Mandeb Strait and ongoing disruptions to key Middle Eastern trade routes, according to TPH Energy Research in a Monday note.Matt Portillo, analyst at TPH Energy, said Brent crude futures hovered at about $88.20 per barrel, retreating from a peak of $96.80/bbl hit on Friday.The pullback follows optimism surrounding potential peace talks and indications that further immediate escalation has been averted.However, energy markets remain on edge. TPH analysts said that while US and Iranian officials have paused hostilities, Saudi-Houthi tensions escalated last week.The Houthis implemented a naval blockade in the Bab el-Mandeb Strait, targeted two Saudi oil tankers, and launched strikes at Saudi oil infrastructure, which were successfully defended, following a retaliatory strike by Riyadh.Flows through key regional arteries remain complicated. Transits through the Strait of Hormuz are significantly depressed, and about 4 to 4.5 million barrels per day of Yanbu oil exports must be rerouted.TPH said two Chinese tankers laden with Saudi crude recently managed to transit the Strait, market participants are grappling with logistical bottlenecks, as fully laden Very Large Crude Carriers are unable to pass through the Suez Canal, forcing alternative routes that more than double transit times.Portillo said as the corporate earnings season kicks into gear, energy executives and investors are parsing industry results for deeper insights into the macroeconomic landscape across upstream and oilfield services sectors.On the oilfield services front, recent commentary from Halliburton (HAL) and Liberty Energy (LBRT) indicates that analyst expectations for pressure pumping price gains were overly optimistic, pointing instead to more modest growth.Meanwhile, upbeat commentary on deepwater markets from Halliburton and SLB (SLB) continues to reinforce a broader industry preference for international exposure over North American onshore Lower 48 plays.On the upstream gas front, early results from EQT (EQT), Range Resources (RRC), and Ovintiv (OVV) highlighted a growing focus on longer-term supply and demand dynamics through the coming decade.Though near-term market fundamentals face lingering headwinds looking toward 2027, long-only investor interest has begun to pick up.TPH analysts highlighted that both EQT and RRC have maintained a prudent stance on supply growth as new demand sources develop. A primary catalyst for outperformance last week was EQT's announcement of a 10-year supply agreement to power generation facilities, linked to PJM power market pricing rather than local in-basin benchmarks.Price: $32.58, Change: $-0.78, Percent Change: -2.35%

Range Resources Q2 Output Meets Expectations as Buybacks Beat Forecasts, TPH Energy Says

Range Resources (RRC) reported Wednesday Q2 production of 2,296 million cubic feet equivalent per day, matching expectations, while stronger cash flow and share repurchases highlighted the quarter, TPH Energy said in a Wednesday note.Quarterly production reached 2,296 MMcfe/d, broadly matching TPH Energy's 2,300 MMcfe/d estimate and topping the Street's 2,283 MMcfe/d forecast, the research firm said.The company spent about $220 million on capital projects during the quarter, compared with TPH Energy's $219 million estimate and the Street's $189 million forecast. TPH Energy attributed the higher spending to an additional hydraulic fracturing crew entering operations.Range Resources realized $2.42 per million British thermal units during the quarter, matching TPH Energy's estimate. Cash costs declined to $1.68 per thousand cubic feet equivalent from TPH Energy's $1.77 estimate, largely because of lower gathering, processing and transportation costs.Lower operating costs lifted cash from operations before working capital changes to $333 million, exceeding TPH Energy's $306 million estimate and the Street's $287 million forecast.The company repurchased $78 million of shares during the quarter, well above TPH Energy's $32 million projection, providing another positive surprise in the results, the research firm added.Range Resources maintained full-year production guidance of 2.35 Bcfe/d to 2.40 Bcfe/d and kept capital spending guidance at about $675 million at the midpoint.TPH Energy forecasts 2.39 Bcfe/d and $689 million of capital, while the Street expects 2.37 Bcfe/d and $686 million.TPH Energy expects investors to focus on the pace of production growth during the second half as new infrastructure enters service.The research firm projects an exit production rate of 2.56 Bcfe/d, compared with the Street's 2.53 Bcfe/d.Range Resources also delivered another strong quarter for natural gas liquids pricing, with a premium of $3.49 per barrel over Mont Belvieu compared with TPH Energy's $2.25/bbl estimate.The company raised its full-year pricing outlook to a premium of $2/bbl to $2.50/bbl.The updated investor presentation also increased the company's high-case outlook for Northeast power demand through the end of the decade, according to TPH Energy.Price: $38.41, Change: $+0.66, Percent Change: +1.75%

Range Resources Posts Slight Production Growth in Q2

Range Resources (RRC) reported on Tuesday a total average production of 2.30 billion cubic feet of gas equivalent per day in Q1, compared with 2.20 Bcfe a year ago.The total production comprised 118,113 barrels of natural gas liquids, 6,475 bbls of oil and 1.55 billion cubic feet of natural gas.That compares with 110,209 bbls of NGLs, 6,382 bbls of oil and 1.50 Bcf of natural gas in the same period last year.During the quarter, Range drilled about 190,000 lateral feet across 11 wells and turned over about 300,000 feet across 21 wells, the natural gas exploration and production firm said.The Texas-based company reaffirmed its 2026 annual production guidance of 2.35 to 2.40 Bcfe per day, with liquids expected to remain above 30% of the total production mix.

Range Resources Q2 Earnings, Revenue Fall

Range Resources (RRC) reported Q2 earnings late Tuesday of $0.83 per diluted share, down from $0.99 a year earlier.Analysts polled by FactSet expected $0.64.Revenue in the three months ended June 30 fell to $833.6 million from $856.3 million a year earlier.

UBS Adjusts Price Target on Range Resources to $44 From $49, Maintains Neutral Rating

Range Resources (RRC) has an average rating of hold and mean price target of $46.14, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $35.67, Change: $-1.06, Percent Change: -2.89%

US Gas Market Seen Tightening into 2027, Potential Oversupply in 2028, TPH Says

US natural gas markets are projected to remain a key focus for investors assessing tightening near-term fundamentals before a shift toward oversupply later in the decade, according to TPH Energy Research in a Tuesday note.Matt Portillo, analyst at TPH, said that end-of-summer 2027 gas balances will reach 4.1 trillion cubic feet, with investors increasingly focused on when to position for longer-dated holdings beyond 2028.TPH said the outlook reflects a market still supported by regional constraints and rising demand before new supply and infrastructure changes alter the trajectory.Regional pricing dynamics remain in focus, including Permian-driven growth, Waha basis spreads in 2027, and medium-term balance trends at Agua Dulce. Portillo also noted emerging structural concerns at Gillis beyond 2028 as demand-supply imbalances deepen.TPH said global gas markets could tip into oversupply by 2028, with implications for global pricing trends over the next decade. The bank sees European benchmark TTF prices potentially easing toward $6-7 per million British thermal units over time.Simultaneously, Gulf Coast supply constraints are expected to support Henry Hub prices, potentially narrowing the arbitrage between US and global gas markets by 2029.On the upstream side, investor interest centered on Antero Resources (AR), EQT Corporation (EQT), Expand Energy (EXE), Range Resources (RRC), BKV Corporation (BKV) and Comstock Resources (CRK).Midstream companies, including DT Midstream (DTM), TC Energy, Williams Companies (WMB, Energy Transfer (ET), Kinder Morgan (KMI), Cheniere Energy (LNG), and Venture Global (VG), were also widely discussed.TPH said this underscores expectations that LNG export growth and pipeline bottlenecks will remain central to market direction over the next several years.Price: $34.72, Change: $-0.80, Percent Change: -2.25%

Range Resources Keeps Quarterly Dividend of $0.10 a Share; Payable June 26 to Holders of Record as of June 12

Henry Hub Gas Prices May Rise Toward $4.5/MMBtu by 2029, TPH Energy Says

Stronger Permian gas supply growth could pressure US natural gas prices toward $3 per million British thermal units from its current $3.5/MMBtu outlook, TPH Energy said Thursday.European investors focused heavily on natural gas markets during TPH Energy meetings in London, with discussions centered on near-term supply growth and long-term demand expectations.Investors closely tracked Haynesville production trends, with TPH Energy expecting private operators to drive supply growth in the second half of 2026.Clients also focused on Permian Basin gas production ahead of the Hugh Brinson and Blackcomb pipeline startups planned for the Q4 of 2026, TPH Energy said.TPH Energy estimates that about 1 billion cubic feet per day of gas could remain behind pipe before new projects begin operations, although investor expectations ranged between 1.5 Bcf/d and 2 Bcf/d.The firm said stronger-than-expected Permian supply growth could push its 2027 end-of-season storage estimate above 4.1 trillion cubic feet and lower gas prices toward $3/MMBtu to $3.25/MMBtu.TPH Energy also highlighted growing interest in Northeast gas markets, where regional power demand and long-haul pipeline expansions could increase capacity demand to 10 Bcf/d by 2030.TPH currently models about 3 Bcf/d of Northeast power demand and expects stronger regional demand to improve pricing conditions for producers, including Antero Resources (AR), EQT (EQT), Expand Energy (EXE), and Range Resources (RRC).By 2030, Gulf Coast supply-demand balances could leave the market undersupplied even if Permian output fully utilizes pipeline capacity and Haynesville production continues growing at maximum rates, TPH Energy said.TPH Energy expects Henry Hub gas prices to rise toward $4.5/MMBtu by 2029 to narrow the gap with international prices, while Western Haynesville wells may require $4.25-$4.5/MMBtu returns to support development.Price: $37.77, Change: $-0.21, Percent Change: -0.55%

Morgan Stanley Lifts Price Target on Range Resources to $49 From $48, Keeps Equalweight Rating

Range Resources (RRC) has an average rating of hold and mean price target of $47, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

Range Resources Posts Slight Production Growth in Q1

Range Resources (RRC) reported on Tuesday total average production of 2.21 billion cubic feet equivalent per day in Q1, compared with 2.20 Bcfe a year ago.Total liquids production averaged 116,432 barrels per day, consisting of 108,193 bbl/d of natural gas liquids and 8,239 bbl/d of oil and condensate.Liquids accounted for approximately 32% of total quarterly production.The company reaffirmed its 2026 annual production guidance of 2.35 to 2.40 Bcfe per day, with liquids expected to remain above 30% of the total production mix.Range Resources generated sales at a rate of $4.85 per mcf for gas and $26.62 per barrel for liquids, with oil sales bringing in $58.41 per barrel.The company said it is "well-positioned" to serve local and global demand for US natural gas products, given its "low full-cycle cost structure, and high-return, long-life asset base."

Range Resources Q1 Adjusted EPS, Revenue Rise

Range Resources (RRC) reported Q1 adjusted earnings Tuesday of $1.52 per diluted share, up from $0.96 a year earlier.Analysts polled by FactSet expected $1.30.Revenue in the three months ended March 31 rose to $1.03 billion from $690.6 million a year earlier.Analysts surveyed by FactSet expected $925.2 million.Range Resources shares rose 1.3% in after-hours trading.