North American Oil & Gas: The Gas Digest – Gas E&Ps Ramp Buybacks

Research evidence excerpt

North American Oil & Gas: The Gas Digest – Gas E&Ps Ramp Buybacks

Global Research

29 July 2026ab

North American Oil & Gas Equities

AmericasThe Gas Digest – Gas E&Ps Ramp Buybacks

Energy

Josh Silverstein

EXE, RRC Emphasize Share Repurchase Analyst

Both EXE and RRC reported ramped share buybacks in 2Q26, underscoring a growing josh.silverstein@ubs.com

commitment to return capital and take advantage of perceived market dislocations. +1-212-713 3513

YTD, EXE has bought $850 million of stock, repurchasing roughly 4%, with Peyton Dorne

management taking advantage of weakening natural gas prices and a de-rating vs. Analyst

peers. On the 2Q call, EXE announced a new $1 billion buyback program, which we see peyton.dorne@ubs.com

them delivering on alongside debt reduction to support the Twin Eagle acquisition. RRC +1-212-713 4359

repurchased $105 million of stock during the first half of the year and partially used the William Barber

balance sheet to fund the 2Q buyback. With no need for incremental debt reduction, we Associate Analyst

see RRC ramping its buyback more aggressively in 2H26-2027. While EQT didn't buy william.barber@ubs.com

back stock, they're now building cash to be in position to opportunistically repurchase +1-212-713 5553

shares should the stock continue to trade near 52-week lows. This is a big shift for the Nayoung Kim

Nat Gas E&Ps, who had previously been much more focused on balance sheet Analyst

improvement. nayoung.kim@ubs.com

+44-20-7568 4010

Additional Nat Gas News Phoebe Knag

On the 2Q call, KMI highlighted their proposed Permian Link project’s connection Associate Analyst

to storage and its routing along a rapidly growing Texas power and data center phoebe.knag@ubs.com

+1-212-713 5000

corridor.