Range Resources (NYSE:RRC) Q4 2025 Earnings call February 25, 2026 09:00 AM ET Speaker9Thank you for standing by. Welcome to the Range Resources Fourth Quarter 2025 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 sta ...

Wall Street expects a year-over-year increase in earnings on higher revenues when BKV (BKV) reports results for the quarter ended December 2025. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on February 25. On the ...

Core Insights - Expand Energy emphasized operational gains in its core gas assets and a focus on marketing and commercial execution during its fiscal 2025 fourth-quarter and full-year earnings call [5] Group 1: Natural Gas Price Volatility and Management - The company highlighted natural gas price volatility and reiterated its commitment to hedging, which generated $200 million in gains in 2025 [1] - Expand owns 5 Bcf of storage capacity, with 3.5 Bcf added recently, and has already profited from using this storage [1] - The company is utilizing hedging and storage transactions to manage performance during low-price environments [8] Group 2: Operational Efficiency and Production - Expand's inventory depth and quality in Haynesville are described as unmatched, with performance gains attributed to improved drilling efficiency and evolving completion designs [2] - Maintenance capital efficiency has improved, with estimates for delivering 7.5 Bcf/d being $225 million lower than a year earlier, indicating stronger underlying economics [3] - The company expects sustainable first-year cumulative production improvements in 2026 [2] Group 3: Marketing Strategy and Revenue Uplift - The company is targeting a $0.20 per Mcf uplift in realizations, which could translate to approximately $500 million in EBITDA, with a goal to achieve this in three to five years [7] - Expand is shifting its commercial focus to premium markets, aiming for 50% exposure, which is expected to be a catalyst for improved realizations [8] Group 4: Leadership and Strategic Direction - Recent changes in senior leadership were confirmed, with a search for a new CEO who has a broader view of energy and customer engagement [10] - The operational leadership will remain in Oklahoma City, while the commercial focus is shifting to Houston [11] Group 5: Capital Allocation and Debt Management - The company is committed to debt reduction while also returning capital to shareholders, emphasizing a strong balance sheet as a priority [12] - Expand is actively reviewing M&A opportunities but remains disciplined, passing on transactions that do not align with its balance sheet protection goals [13] Group 6: Future Outlook - CEO Mike Wichterich described 2025 as a "phenomenal execution year," with a 15% reduction in Haynesville breakevens, which is significant for reinvestment rates and inventory quality [4] - Management expressed urgency in commercial execution, believing that the natural gas sector is poised for substantial opportunities [15]

Group 1: Company Overview - Expand Energy Corporation (NASDAQ:EXE) was formed in 2024 through the merger of Chesapeake Energy Corporation and Southwestern Energy Company, operating as an independent natural gas production company in the United States [2] - The company announced a significant leadership change on February 9, with Nick Dell'Osso stepping down as President, CEO, and director, replaced by chairman Michael Wichterich as interim CEO [3] Group 2: Leadership and Corporate Changes - The company is currently searching for a permanent CEO following Dell'Osso's departure and plans to relocate its corporate headquarters from Oklahoma City to Houston [3] Group 3: Market Performance and Industry Context - The share price of Expand Energy fell by 5.80% between February 3 and February 10, 2026, making it one of the energy stocks that lost the most during that week [1] - The company has faced pressure from declining natural gas prices due to increased production and forecasts of warmer weather, which reduces demand for heating and energy production [4] - Expand Energy was included in a list of the 10 Best American Oil and Gas Stocks to Buy, with 77 hedge fund investors reported at the end of Q3 2025 [4]

Core Insights - Antero Resources reported Q4 2025 adjusted earnings of 42 cents per share, missing the Zacks Consensus Estimate of 52 cents, and down from 58 cents in the same quarter last year [1][2][9] - Total revenues for the quarter were $1,412 million, exceeding the Zacks Consensus Estimate of $1,309 million, and up from $1,169 million year-over-year [1][3] Production Overview - Total production in Q4 was 323 billion cubic feet equivalent (Bcfe), an increase from 316 Bcfe a year ago, and above the estimate of 319 Bcfe [3] - Natural gas production accounted for 64% of total production, reaching 208 Bcf, a 6% increase from 196 Bcf year-over-year, slightly below the estimate of 210 Bcf [3] - Oil production decreased to 756 thousand barrels (MBbls), down 11% from 850 MBbls in the previous year, and below the estimate of 841 MBbls [4] - C2 Ethane production was 7,668 MBbls, a 10% decrease from 8,518 MBbls year-over-year, while C3+ NGLs production increased by 1% to 10,678 MBbls [4] Price Realizations - Weighted natural-gas-equivalent price realization was $3.97 per thousand cubic feet equivalent (Mcfe), up from $3.64 year-over-year [5] - Realized prices for natural gas rose 34% to $3.71 per Mcf from $2.77 a year ago [5] - Oil price realization was $45.99 per barrel (Bbl), down from $57.80 year-over-year [5] - Realized price for C3+ NGLs decreased to $35.41 per Bbl from $44.29, while C2 Ethane's realized price increased to $12.54 per Bbl from $10.31 [6] Operating Expenses - Total operating expenses rose to $1,122 million from $1,111 million in the previous year [7] - Average lease operating costs remained flat at 10 cents per Mcfe, while gathering and compression costs increased by 6% to 75 cents per Mcfe [7] - Transportation expenses rose 12% year-over-year to 67 cents per Mcfe, and processing costs increased by 6% to 90 cents per Mcfe [7] Capital Expenditures and Financials - Antero Resources spent $159 million on drilling and completion operations in Q4 [10] - As of December 31, 2025, the company had a long-term debt of $1.4 billion [10] Future Outlook - The company expects Q1 2026 production to average 3.8 Bcfe/d and net production for 2026 to be 4.1 Bcfe/d [11] - Drilling and completion capital for 2026 is projected to be $1 billion [11]

Core Insights - Comstock Resources reported strong financial results for Q4 and the full year 2025, driven by higher natural gas prices and successful drilling operations [4][7][9]. Financial Results for Q4 2025 - Comstock realized $3.27 per Mcf for natural gas production of 111 Bcf, leading to total natural gas and oil sales of $364 million, including hedging losses of $2.6 million [4]. - Operating cash flow for Q4 2025 was $222.3 million, with a net income of $286.8 million or $0.97 per diluted share, which included a pre-tax gain of $292.3 million from the sale of Shelby Trough properties [4][9]. - Adjusted net income for Q4 2025 was $46.1 million or $0.16 per diluted share, excluding certain one-time items [4][9]. Financial Results for the Year Ended December 31, 2025 - For the full year, Comstock realized $3.21 per Mcf from natural gas production of 450 Bcf, resulting in total sales of $1.4 billion, including hedging gains of $20.1 million [7]. - Operating cash flow for the year was $861.3 million, with a net income of $420.2 million or $1.43 per diluted share [7]. - Adjusted net income for the year was $159.9 million or $0.54 per diluted share, after excluding specific items [7]. Production Costs and Margins - Production cost per Mcfe in Q4 2025 averaged $0.77, with unhedged and hedged operating margins at 77% [5]. - For the year, average production cost per Mcfe was $0.79, with operating margins at 75% [8]. Drilling and Production Highlights - In Q4 2025, Comstock turned four successful wells to sales in the Western Haynesville, with an average initial production rate of 29 MMcf per day [9]. - A total of 12 wells were turned to sales in the Western Haynesville during 2025, with an average initial production rate of 33 MMcf per day [9]. - Comstock drilled 52 operated horizontal Haynesville/Bossier shale wells in 2025, achieving an average lateral length of 11,187 feet [11]. Proved Reserves - As of December 31, 2025, proved natural gas and oil reserves were estimated at 7.0 trillion cubic feet equivalent (Tcfe), significantly up from 3.8 Tcfe in 2024 [14]. - The present value of future net cash flows from these proved reserves was approximately $4.5 billion, based on average prices of $3.07 per Mcf for natural gas and $61.98 per barrel for oil [14]. 2026 Budget and Plans - In response to improved natural gas prices, Comstock plans to increase its drilling rigs from eight to nine in 2026, with a budget of approximately $1.4 billion to $1.5 billion for development and exploration projects [18].

Core Insights - Expand Energy Corporation (EXE) is expected to report fourth-quarter 2025 earnings on February 17, 2026, with a consensus estimate of $1.88 per share and revenues of $2.25 billion [1][9] Group 1: Q3 Performance and Earnings History - In Q3, EXE reported adjusted earnings of 97 cents per share, surpassing the Zacks Consensus Estimate of 88 cents, attributed to strong production and higher natural gas prices, although revenues of $1.8 billion fell short of the $2 billion estimate [2] - EXE has beaten earnings estimates in three of the last four quarters, with an average surprise of 4.9% [2] Group 2: Estimate Revisions and Year-over-Year Growth - The Zacks Consensus Estimate for Q4 earnings has been revised upward by 16.8% in the past 30 days, indicating a 241.8% year-over-year increase, while the revenue estimate suggests a 40.9% rise compared to the previous year [4] Group 3: Factors Supporting Future Performance - EXE is positioned to benefit from rising natural gas demand due to LNG exports, AI/data centers, EV expansion, and electrification trends, with significant assets in the Haynesville and Marcellus basins [5] - The company has improved operational efficiency, reducing the number of rigs needed for production by nearly half compared to 2023, and has seen well costs in the Haynesville decrease by over 25% [5] - Enhanced marketing and optimization efforts have contributed tens of millions of dollars to revenue realizations, with expectations for further growth as commercial initiatives expand [6] Group 4: Earnings Prediction and Model Insights - The Zacks model indicates a likelihood of an earnings beat for EXE, supported by a positive Earnings ESP of +2.62% and a Zacks Rank of 3 (Hold) [10][11]

Group 1 - Expand Energy Corporation (NASDAQ:EXE) is recognized as one of the 10 Best American Oil and Gas Stocks to Buy [1] - Expand Energy was formed in 2024 through the merger of Chesapeake Energy Corporation and Southwestern Energy Company, and operates as an independent natural gas production company in the United States [2] - Piper Sandler lowered its price target for Expand Energy from $138 to $137 while maintaining an 'Overweight' rating, anticipating strong performance from gas equities in Q4 and growth in LNG demand as we approach FY 2026 [3] Group 2 - Barclays reduced its price target for Expand Energy from $136 to $126 but kept an 'Overweight' rating, citing adjustments in the exploration and production sector and noting the resilience of the upstream sector's cash return model amid macroeconomic volatility [4]

Core Insights - CNX Resources Corporation (CNX) reported fourth-quarter 2025 operating earnings of 68 cents per share, exceeding the Zacks Consensus Estimate of 40 cents by 70.0% and increasing 19.3% from 57 cents in the year-ago quarter [1] CNX's Revenues - The company reported revenues of $419 million, surpassing the Zacks Consensus Estimate of $373 million by 12.3% and rising 8.6% from $386 million in the prior-year quarter [2] - Total revenues for 2025 reached $1.73 billion, compared to $1.47 billion in 2024, reflecting a year-over-year increase of 18.13% [2] Highlights of CNX's Q4 Release - The average selling price in the quarter was $2.75 per thousand cubic feet equivalent (Mcfe), up 1.1% from the year-ago figure of $2.72 [3] - Total production cost was $1.72 per Mcfe, down 0.58% year over year [3] - Total production volumes were 152.3 billion cubic feet equivalent (Bcfe), up 7.3% year over year [3] - Interest expenses totaled $42 million, an increase of 13.5% year over year [3] Share Repurchase and Debt Management - During the fourth quarter, CNX repurchased 2.9 million shares at an average price of $34.05 per share for a total cost of $100 million [4] - Over the past 21 quarters, CNX has repurchased nearly 98.2 million shares at an average price of $19.27 per share, incurring a total cost of $1.9 billion [4] - CNX reduced its debt by $122 million during the fourth quarter by exchanging a portion of convertible notes for common stock [4] Financial Update - As of December 31, 2025, CNX had cash and cash equivalents of $0.8 million, down from $17.2 million as of December 31, 2024 [5] - Long-term debt as of December 31, 2025, was $2.21 billion, compared to $1.84 billion as of December 31, 2024 [5] - Cash from operating activities for 2025 totaled $1.03 billion, compared to $816 million in the previous year [5] - Free cash flow amounted to $646 million [5] Capital Expenditure and Guidance - Capital expenditure for the year totaled $495 million, down from $540.3 million in the year-ago period [6] - CNX expects total capital expenditure between $556 million and $586 million in 2026 [7] - The company anticipates 2026 production volume in the range of 605-620 Bcfe [7] - Total free cash flow is now expected to be $550 million [7] - CNX projects 2026 adjusted EBITDAX in the range of $1.31-$1.36 billion [9]

Core Viewpoint - EQT Corporation is a leading U.S. natural gas production company with a market cap of $34.9 billion, primarily operating in the Appalachian Basin, focusing on the Marcellus and Utica Shales [1] Performance Summary - EQT has underperformed the broader market over the past year, with stock prices increasing by 11.3% compared to the S&P 500 Index's 16.3% gains [2] - Over the past six months, EQT's stock surged 6.1%, while the S&P 500 Index rallied by 9.4% [2] - EQT also lagged behind the Energy Select Sector SPDR Fund's (XLE) gains of 12.6% over the past 52 weeks and 13.6% over the past six months [3] Recent Developments - On January 21, EQT shares rose more than 6% due to a rally in U.S. natural gas stocks, driven by a 24% surge in natural gas prices to a six-week high [4] - For FY2025, analysts expect EQT to deliver an adjusted EPS of $2.90, reflecting an 80.1% year-over-year increase [4] - EQT has a strong track record of earnings surprises, surpassing bottom-line estimates in each of the past four quarters [4] Analyst Ratings - Among 27 analysts covering EQT, the consensus rating is a "Strong Buy," consisting of 20 "Strong Buys," one "Moderate Buy," five "Holds," and one "Strong Sell" [5] - Stephens & Co. lowered its price target on EQT to $68 from $69 but maintained an "Overweight" rating [6] - The mean price target for EQT is $64.32, indicating a 14.2% upside potential, while the highest target of $76 represents a 34.9% premium to current price levels [6]