Range Resources: 2Q26 Preview: A Typical, Super Solid Range Quarter in the Field, Albeit with EBITDAX Miss on Softer NatGas Realizations

研报英文原文证据摘录

Range Resources: 2Q26 Preview: A Typical, Super Solid Range Quarter in the Field, Albeit with EBITDAX Miss on Softer NatGas Realizations

Arun Jayaram AC North America Equity Research

(1-212) 622-8541 10 July 2026 J P M O R G A N

arun.jayaram@jpmchase.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

We believe an Underweight rating is justified on RRC shares,

largely reflecting relative valuation as well as our more cautious

stance on NGL fundamentals. RRC has noted that its premium

to Mont Belvieu pricing is likely to decrease next year as dock

capacity expands on the Gulf Coast. While this increased

capacity in the Gulf Coast is expected to support higher overall

benchmark prices, ultimately benefitting the company’s bottom

line, we think this removes a competitive edge that RRC held

over its peers given their positioning at Marcus Hook.

YTD 1m 3m 12m

Valuation Abs 4.2% -4.5% -14.4% -2.0%

Rel -16.4% -8.9% -28.0% -34.8% Our Dec 2026 price target is based on NYMEX strip pricing. Our

NAV methodology begins with a DCF of the company’s PDPCompany Data

reserves, adjusted for the company’s operating costs, our

Shares O/S (mn) 246

52-week range ($) 48.31-32.60 commodity price assumptions, and balance sheet items. Our

Market cap ($ mn) 9,041.74 undeveloped valuation is based on a future development

Exchange rate 1.00 schedule. Our Dec 2026 price target is based on 90% of our NAV

Free float (%) 98.7%

3M ADV (mn) 3.20 in order to account for our analysis of inventory quality and

3M ADV ($ mn) 128.5 depth across our E&P coverage group.

Volatility (90 Day) 30

Index RUSSELL 2000

BBG ANR (Buy | Hold | Sell) 8|17|1 Performance Drivers

Key Metrics (FYE Dec)

$ in millions FY25A FY26E FY27E

Financial Estimates

Revenue 3,112 3,461 3,433

Adj.