RRC

The market expects Antero Resources (AR) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on October 28, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise. This oil and natural gas producer is expected to post quarterly earnings of $0.95 per share in its upcoming report, which represents a year-over-year change of +533.3%. Revenues are expected to be $1.59 billion, up 30.8% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 14.04% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core. The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For Antero Resources, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -2.87%. On the other hand, the stock currently carries a Zacks Rank of #2. So, this combination makes it difficult to conclusively predict that Antero Resources will beat the consensus EPS estimate. While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that Antero Resources would post earnings of $0.75 per share when it actually produced earnings of $0.76, delivering a surprise of +1.33%. Over the last four quarters, the company has beaten consensus EPS estimates just once. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Antero Resources doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Among the stocks in the Zacks Oil and Gas - Exploration and Production - United States industry, Range Resources (RRC), is soon expected to post earnings of $0.7 per share for the quarter ended September 2026. This estimate indicates a year-over-year change of +22.8%. This quarter's revenue is expected to be $795.99 million, up 10.9% from the year-ago quarter. Over the last 30 days, the consensus EPS estimate for Range Resources has been revised 8.1% up to the current level. Nevertheless, the company now has an Earnings ESP of -1.11%, reflecting a lower Most Accurate Estimate. When combined with a Zacks Rank of #3 (Hold), this Earnings ESP makes it difficult to conclusively predict that Range Resources will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Antero Resources Corporation (AR) : Free Stock Analysis Report Range Resources Corporation (RRC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Wall Street expects a year-over-year increase in earnings on higher revenues when Range Resources (RRC) reports results for the quarter ended September 2026. 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 October 27. On the other hand, if they miss, the stock may move lower. While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise. This independent oil and gas company is expected to post quarterly earnings of $0.70 per share in its upcoming report, which represents a year-over-year change of +22.8%. Revenues are expected to be $795.99 million, up 10.9% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 8.08% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core. The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For Range Resources, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -1.11%. On the other hand, the stock currently carries a Zacks Rank of #3. So, this combination makes it difficult to conclusively predict that Range Resources will beat the consensus EPS estimate. Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that Range Resources would post earnings of $0.56 per share when it actually produced earnings of $0.79, delivering a surprise of +41.07%. Over the last four quarters, the company has beaten consensus EPS estimates four times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Range Resources doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Range Resources Corporation (RRC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

It has been about a month since the last earnings report for Devon Energy (DVN). Shares have added about 16.5% in that time frame, outperforming the S&P 500. But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Devon Energy due for a pullback? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent catalysts for Devon Energy Corporation before we dive into how investors and analysts have reacted as of late. Devon Q2 Earnings Surpass Estimates on Strong Oil Output and PricingDevon Energy Corporation reported second-quarter 2026 adjusted earnings of $1.57 per share, beating the Zacks Consensus Estimate of $1.30 by 20.77%. GAAP earnings were $2.03 per share, up 44% from $1.41 a year ago. Revenues of $7.41 billion surpassed the consensus estimate of $6.29 billion by 17.81% and increased 73.1% year over year. Strong oil pricing and contributions from the Coterra Energy merger supported the results. Oil, gas and natural gas liquids sales totaled $5.11 billion compared with $2.71 billion in the year-ago quarter. Marketing and midstream revenues increased to $1.90 billion from $1.34 billion.Oil, gas and NGL derivatives generated revenues of $414 million compared with $236 million a year earlier. The latest figure included $530 million of positive derivative valuation changes, partly offset by $116 million of cash settlement losses. Total production averaged 1,359 thousand barrels of oil equivalent per day (MBoe/d), up 61.6% year over year from 841,000 Boe/d. Devon completed its merger with Coterra on May 7, meaning the quarterly figures included combined operations for part of the period. The production level was 1.6% higher than the midpoint of management’s guidance. Oil production rose 30% year over year to 503,000 barrels per day. NGL output climbed 41.4% to 314,000 barrels per day, while natural gas production increased to 3,252 million cubic feet per day from 1,388 million cubic feet. Better-than-expected well performance in the Delaware Basin supported oil and gas volumes. Realized oil prices, including cash settlements, were up 39.9% year over year to $88.09 per barrel from $62.97 in the prior-year quarter. Excluding hedges, oil realizations were $95.10 per barrel.Realized NGL prices increased to $22.70 per barrel from $17.82. However, realized natural gas prices, including cash settlements, declined to $1.05 per thousand cubic feet from $1.56. Regional Waha pricing was pressured by infrastructure constraints in the Delaware Basin. Capital expenditures were $1.27 billion, 2% below the midpoint of management’s guidance. The company placed 120 net operated wells online during the quarter, with an average lateral length of 10,800 feet.The Permian accounted for $731 million of capital spending, followed by $196 million in the Rockies. Eagle Ford, Anadarko and Marcellus expenditures were $97 million, $129 million and $70 million, respectively. Devon acquired 16,300 net Delaware Basin acres for $2.6 billion, adding approximately 400 top-tier locations. Net cash from operating activities was $3.67 billion compared with $1.55 billion a year ago. Adjusted operating cash flow was $2.9 billion, while adjusted free cash flow totaled roughly $1.7 billion, excluding after-tax restructuring costs.Devon returned $1.06 billion through dividends, share repurchases and debt retirement. It repurchased 4.3 million shares for $197 million and paid $366 million in dividends. The quarterly fixed dividend was raised 33% to 32 cents per share. For the third quarter of 2026, total production is expected between 1,660 MBoe/d and 1,690 MBoe/d. Oil production is projected in the range of 550,000-560,000 barrels per day. Third-quarter capital expenditures are anticipated between $1.4 billion and $1.5 billion. Devon maintained its full-year guidance, calling for total production of 1,364 MBoe/d to 1,398 MBoe/d and capital spending of $4.8-$5 billion. 2026 Oil production is expected to be in the range of 495,000-505,000 barrels per day. Natural gas production for 2026 is expected to be in the range of 3,300-3,400 million cubic feet per day.Management remains on track to achieve at least $1 billion in annual pre-tax merger synergies on a run-rate basis by the end of 2027. In the past month, investors have witnessed a upward trend in estimates revision. The consensus estimate has shifted 9.24% due to these changes. Currently, Devon Energy has a great Growth Score of A, a score with the same score on the momentum front. Charting a somewhat similar path, the stock has a score of B on the value side, putting it in the second quintile for this investment strategy. Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Devon Energy has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Devon Energy belongs to the Zacks Oil and Gas - Exploration and Production - United States industry. Another stock from the same industry, Range Resources (RRC), has gained 11.4% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026. Range Resources reported revenues of $795.3 million in the last reported quarter, representing a year-over-year change of +8.5%. EPS of $0.79 for the same period compares with $0.66 a year ago. Range Resources is expected to post earnings of $0.67 per share for the current quarter, representing a year-over-year change of +17.5%. Over the last 30 days, the Zacks Consensus Estimate has changed +5.6%. The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Range Resources. Also, the stock has a VGM Score of B. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Devon Energy Corporation (DVN) : Free Stock Analysis Report Range Resources Corporation (RRC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

A month has gone by since the last earnings report for Viper Energy Partners (VNOM). Shares have added about 7.2% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is Viper Energy due for a pullback? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent catalysts for Viper Energy Inc. before we dive into how investors and analysts have reacted as of late. Viper reported second-quarter 2026 adjusted earnings of 76 cents per share, beating the Zacks Consensus Estimate of 73 cents per share by 4.1%. The bottom line increased from 41 cents per share a year ago. Operating income of $677 million surpassed the consensus estimate of $639 million by 5.95%. The top line increased 128% from $297 million in the prior-year quarter. The strong quarterly earnings are driven by higher production and improved realized oil prices. Average daily production reached 134,363 barrels of oil equivalent per day (Boe/d), up 69.5% from the prior-year quarter. Total production was 12.23 million barrels of oil equivalent (MMBoe), up 69.5% from 7.22 MMBoe a year ago. Oil production increased 56.4% to 5.92 million barrels (MMBbl) from 3.79 MMBbl in the prior-year quarter. Natural gas output rose 87% to 18.95 billion cubic feet (Bcf) from 10.13 Bcf reported a year earlier. Natural gas liquids production increased 81% to 3.15 MMBbl from 1.74 MMBbl recorded in the prior-year quarter. Average daily oil volumes increased to 65,077 barrels per day (Bbl/d) from 41,615 Bbl/d. Development activity remained strong across the asset base. During the quarter, 691 gross horizontal wells, normalized to 10,000-foot laterals, were turned to production on Viper's Permian Basin acreage. These represented 19.8 net wells on a 100% royalty-interest basis. The average unhedged realized price was $53.82 per barrel of oil equivalent, 35.3% above the year-ago level of $39.78. The average realized oil price increased 54.4% to $98.28 per barrel from $63.62 recorded a year earlier. Natural gas liquids realized price was $23.83 per barrel, up 15.1% from the year-ago figure of $20.70 per barrel. The average natural gas price declined to 5 cents per thousand cubic feet from 99 cents per thousand cubic feet. The combined realized price including hedges was $55.12 per barrel of oil equivalent, higher than the $41.03 per barrel of oil equivalent recorded in the prior-year quarter. Hedged oil prices averaged $96.42 per barrel, while hedged natural gas prices were $1.48 per thousand cubic feet. The hedging benefit in natural gas more than offset the lower hedged oil realization compared with unhedged prices. Total costs and expenses were $249 million, up 53.7% from $162 million a year ago. Depreciation, depletion and amortization increased to $195 million from $124 million, while production and ad valorem taxes rose to $43 million from $21 million. Cash operating costs were $4.17 per barrel of oil equivalent compared with $3.60 a year ago. The increase reflected production and ad valorem taxes of $3.52 per barrel, partly offset by a lower cash general and administrative cost of 65 cents per barrel. Consolidated net income was $331 million, up from $84 million a year earlier. Net income attributable to Viper totaled $142 million compared with $37 million in the prior-year quarter. Net cash provided by operating activities was $487 million, up 183.1% from $172 million in the prior-year quarter. Consolidated adjusted earnings before income, taxes, depreciation and amortization (EBITDA) totaled $642 million, while cash available for distribution to Class A common stockholders was $262 million, or $1.37 per share. As of June 30, 2026, Viper’s cash was $77 million and total debt was $1.7 billion. Net debt totaled $1.6 billion. The company had roughly $2 billion of total liquidity, including about $1.9 billion available under its revolving credit facility. The debt balance included $500 million of senior notes due 2030, $1.1 billion of senior notes due 2035 and $95 million borrowed under the revolving credit facility. Viper declared a second-quarter base dividend of 38 cents per Class A share and a variable dividend of 29 cents. The combined payout of 67 cents per share is payable on Aug. 20, 2026, to stockholders of record on Aug. 13. The board approved a 32% increase in the annualized base dividend to $2 per Class A share, effective in the third quarter. Management expects the higher base payout to be protected down to roughly $30 per barrel WTI. During the second quarter, VNOM repurchased about 3 million Class A shares for roughly $132 million at an average price of $44.34 per share. Total second-quarter capital returns were $197 million, representing 75% of cash available for distribution. The company expects third-quarter 2026 production guidance to be between 133,500 Boe/d and 135,500 Boe/d. Oil production is expected in the range of 67,500-68,500 Bbl/d. For 2026, Viper raised its production outlook to 132,500-135,000 Boe/d, including oil volumes in the range of 66,000-67,250 Bbl/d. The guidance incorporates the Riverbend acquisition, which closed July 1, 2026. After giving effect to the acquisition, Viper had about 90,212 net royalty acres and 1,798 gross horizontal wells in active development as of July 1. The company identified 1,589 gross line-of-sight wells that may support future production growth. In the past month, investors have witnessed a upward trend in fresh estimates. The consensus estimate has shifted 10.03% due to these changes. Currently, Viper Energy has a strong Growth Score of A, a grade with the same score on the momentum front. However, the stock was allocated a score of F on the value side, putting it in the fifth quintile for value investors. Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Viper Energy has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Viper Energy belongs to the Zacks Oil and Gas - Exploration and Production - United States industry. Another stock from the same industry, Range Resources (RRC), has gained 6.8% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026. Range Resources reported revenues of $795.3 million in the last reported quarter, representing a year-over-year change of +8.5%. EPS of $0.79 for the same period compares with $0.66 a year ago. For the current quarter, Range Resources is expected to post earnings of $0.67 per share, indicating a change of +17.5% from the year-ago quarter. The Zacks Consensus Estimate has changed +5.6% over the last 30 days. Range Resources has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Viper Energy Inc. (VNOM) : Free Stock Analysis Report Range Resources Corporation (RRC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

A month has gone by since the last earnings report for Antero Resources (AR). Shares have added about 9.1% in that time frame, outperforming the S&P 500. But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Antero Resources due for a pullback? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for Antero Resources Corporation before we dive into how investors and analysts have reacted as of late. Antero Resources Corporation reported second-quarter 2026 adjusted earnings of 76 cents per share, beating the Zacks Consensus Estimate of 75 cents. Revenues of $1.6 billion beat the consensus estimate of $1.5 billion by 4.4% and increased from $1.3 billion in the year-ago quarter. The strong quarterly performance was supported by record production, lower cash costs and benefits from the HG Energy acquisition. Net production averaged 4.1 Bcfe/d, up 21% year over year, while adjusted EBITDAX rose 57% to $595 million. Antero Resources delivered record production in the second quarter, with average net output reaching 4.1 Bcfe/d, including 216 MBbl/d of liquids. The figure is in line with our estimate of 4.1 Bcfe/d. Natural gas production averaged 2,847 MMcf/d, while C3+ NGL production averaged 121,132 Bbl/d and C2 NGL production averaged 86,769 Bbl/d. The company placed 26 Marcellus wells to sales during the quarter with an average lateral length of 13,323 feet. The 21 wells that had been online for about 60 days averaged 25 MMcfe/d per well, including 975 Bbl/d of liquids per well assuming 25% ethane recovery. AR saw year-over-year revenue growth from stronger production volumes and contributions from the HG Energy assets.Total revenues increased to $1.6 billion from $1.3 billion in the prior-year quarter, helped by higher natural gas liquids sales, oil sales and commodity derivative gains. The company’s revenues included $688.5 million from natural gas sales, $587.7 million from natural gas liquids sales and $59.6 million from oil sales. The figures are slightly below our estimates of $705.6 million from natural gas sales, $653.4 million from natural gas liquids sales and $63.1 million, respectively. Commodity derivative fair value gains increased to $160.6 million from $53.4 million a year ago. Antero Resources reported total cash operating costs of $2.38 per Mcfe in the quarter, down $0.29 per Mcfe, or 11%, from the prior-year period. Cash production expenses were $2.22 per Mcfe compared with $2.48 per Mcfe in the second quarter of 2025. The figure is marginally above our estimate of $2.21 per Mcfe Operating expenses rose to $1.18 billion from $1.09 billion a year ago, reflecting higher gathering, compression, processing and transportation costs, as well as increased depletion, depreciation and amortization. The figure is also above our estimate of $1.14 billion. Operating income, however, improved to $375.5 million from $204.9 million. The metric also beat our estimate of $323.3 million. AR completed strategic acquisitions in July for approximately $315 million within its West Virginia development footprint. The properties add about 125 MMcfe/d of net production, 3,500 net undeveloped acres and 15 net undeveloped locations. The company also continued investing in its resource base during the quarter. Drilling and completion capital expenditure totaled $297 million, while land investment reached $29 million, adding approximately 5,000 net acres and 20 incremental net drilling locations. Antero Resources raised its 2026 production guidance to 4.15-4.2 Bcfe/d, citing strong year-to-date performance and the July acquisitions. Third-quarter production is expected to average 4.25-4.3 Bcfe/d, with fourth-quarter production forecast at 4.4-4.5 Bcfe/d. The company lowered cash production expense guidance to $2.20-$2.30 per Mcfe and adjusted its expected natural gas realized price premium to NYMEX Henry Hub to 5-15 cents per Mcf. C2 NGL realized price premium guidance was increased to $2.50-$3 per barrel. AR generated $438.8 million in net cash from operating activities during the second quarter. The adjusted free cash flow before changes in working capital was $219.8 million compared with $156.3 million in the year-ago period. The company also continued its capital return program, repurchasing 1.1 million shares for approximately $38 million during the quarter at an average weighted price of $34.25 per share. As of the earnings release, Antero Resources had approximately $880 million of remaining capacity under its share repurchase program. Antero Resources’ balance sheet reflected total debt of $2.6 billion as of June 30, 2026, including $1.1 billion outstanding under its term loan and $600 million of senior notes due 2030. In the past month, investors have witnessed a upward trend in fresh estimates. The consensus estimate has shifted 18.11% due to these changes. At this time, Antero Resources has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. Charting a somewhat similar path, the stock has a score of B on the value side, putting it in the top 40% for this investment strategy. Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Antero Resources has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Antero Resources is part of the Zacks Oil and Gas - Exploration and Production - United States industry. Over the past month, Range Resources (RRC), a stock from the same industry, has gained 5.3%. The company reported its results for the quarter ended June 2026 more than a month ago. Range Resources reported revenues of $795.3 million in the last reported quarter, representing a year-over-year change of +8.5%. EPS of $0.79 for the same period compares with $0.66 a year ago. Range Resources is expected to post earnings of $0.67 per share for the current quarter, representing a year-over-year change of +17.5%. Over the last 30 days, the Zacks Consensus Estimate has changed +5.6%. The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Range Resources. Also, the stock has a VGM Score of B. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Antero Resources Corporation (AR) : Free Stock Analysis Report Range Resources Corporation (RRC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Earnings results often indicate what direction a company will take in the months ahead. With Q2 behind us, let’s have a look at Range Resources (NYSE:RRC) and its peers. Natural gas-focused E&P companies explore, develop, and produce natural gas resources serving power generation, industrial, and export markets. Natural gas is often positioned as a transition fuel given lower carbon intensity versus coal and oil. Tailwinds include growing LNG (liquefied natural gas) export demand, power generation switching from coal, and industrial consumption growth. Headwinds include natural gas price volatility driven by weather, storage levels, and competing supply sources. Infrastructure constraints may limit market access, while long-term demand faces uncertainty from renewable energy expansion and electrification trends potentially reducing gas consumption. The 6 upstream natural gas e&p stocks we track reported a strong Q2. As a group, revenues beat analysts’ consensus estimates by 2.3%. Thankfully, share prices of the companies have been resilient as they are up 9.2% on average since the latest earnings results. Focused almost entirely on the Marcellus Shale beneath Pennsylvania's forests and farmland, Range Resources (NYSE:RRC) drills for and produces natural gas, natural gas liquids, and oil from shale formations. Range Resources reported revenues of $736.7 million, up 5.4% year on year. This print exceeded analysts’ expectations by 1.8%. Overall, it was an exceptional quarter for the company with a beat of analysts’ EPS estimates. Commenting on the results, Dennis Degner, the Company’s CEO said, “Range’s year-to-date results reflect continued progress on our multi-year growth plan, which was supported by record drilling and completion efficiencies in the most recent quarter. Range’s strategic access to international markets drove a record NGL premium for the quarter, bolstering margins. The resulting strong free cash flow funded shareholder returns through dividends and share repurchases while advancing our operational momentum." Interestingly, the stock is up 10.6% since reporting and currently trades at $41.74. Is now the time to buy Range Resources? Access our full analysis of the earnings results here, it’s free. Operating a "closed-loop" model linking gas production to carbon capture, BKV (NYSE:BKV) produces natural gas from shale formations in Texas and Pennsylvania, selling it to utilities, industrial users, and exporters. BKV reported revenues of $465.5 million, up 44.6% year on year, outperforming analysts’ expectations by 27.4%. The business had an incredible quarter with a beat of analysts’ EPS estimates. BKV delivered the biggest analyst estimate beat and fastest revenue growth of the whole group. The market seems happy with the results as the stock is up 5.4% since reporting. It currently trades at $24.24. Is now the time to buy BKV? Access our full analysis of the earnings results here, it’s free. Holding roughly 521,000 net acres across West Virginia, Ohio, and Pennsylvania, Antero Resources (NYSE:AR) drills and produces natural gas, natural gas liquids, and oil from underground rock formations in the Appalachian Basin. Antero Resources reported revenues of $1.48 billion, up 22.7% year on year, falling short of analysts’ expectations by 3%. It was a disappointing quarter as it posted a significant miss of analysts’ EPS estimates. Interestingly, the stock is up 9.3% since the results and currently trades at $38.40. Read our full analysis of Antero Resources’s results here. Operating in the Haynesville shale where a single well can produce millions of cubic feet of gas daily, Comstock Resources (NYSE:CRK) drills for and produces natural gas from underground shale rock formations in Louisiana and Texas. Comstock Resources reported revenues of $332 million, down 4.5% year on year. This result missed analysts’ expectations by 12.5%. More broadly, it was actually a satisfactory quarter as it recorded a beat of analysts’ EPS estimates. Comstock Resources had the weakest performance against analyst estimates and slowest revenue growth among its peers. The stock is up 15.6% since reporting and currently trades at $14.57. Read our full, actionable report on Comstock Resources here, it’s free. The largest natural gas producer in the United States by daily volume, EQT (NYSE:EQT) produces natural gas and natural gas liquids from wells drilled in the Appalachian Basin. EQT reported revenues of $1.81 billion, up 13.2% year on year. This number beat analysts’ expectations by 4%. It was a very strong quarter as it also put up a solid beat of analysts’ EBITDA estimates. The stock is up 10.5% since reporting and currently trades at $55.05. Read our full, actionable report on EQT here, it’s free. Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership. Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products. By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals. Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Growth Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.

It has been about a month since the last earnings report for Range Resources (RRC). Shares have added about 4.1% in that time frame, outperforming the S&P 500. But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Range Resources due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important catalysts. RRC Q2 Earnings Beat Estimates on Higher Output & Price Realizations Range Resources reported second-quarter 2026 adjusted earnings of 79 cents per share, up 19.7% from 66 cents a year ago. The figure topped the Zacks Consensus Estimate of 56 cents by 41.1%. Quarterly revenues of $795.3 million increased 8.5% from the $732.9 million reported a year ago. The figure topped the consensus estimate of $720 million by 10.5%. Strong quarterly results are driven by higher production and improved price realization. RRC's Production & Price Performance Production averaged 2,296.4 million cubic feet equivalent per day (MMcfe/d), up 4.5% from the prior-year quarter’s figure of 2,197.3 MMcfe/d. The figure came in lower than our projection of 2,385.9 MMcfe/d. Natural gas production increased 3%. Over the same time frame, oil production and NGL output increased 1% and 7%, respectively. With daily production of 1,548.9 million cubic feet, natural gas represented about 67% of total output, while NGLs and oil accounted for the rest. NGL production averaged 118,113 barrels per day (Bbl/d), while oil output was 6,475 Bbl/d. Range Resources turned 21 wells to sales during the quarter and completed roughly 300,000 lateral feet. The company drilled about 190,000 lateral feet across 11 wells. Range Resources’ Realizations Strengthen Quarterly Results The average realized price after derivative settlements before third-party transportation costs was $3.53 per Mcfe. Before NYMEX hedges, the realized price was $3.37 per Mcfe, while settled hedges added 16 cents per Mcfe. Total price realization (excluding derivative settlements and before third-party transportation costs) averaged $3.36 per Mcfe, up 1% year over year. Price realization came in lower than our estimate of $3.41 per Mcfe. Pre-hedge NGL realizations increased 29% to $29.10 per barrel, a $3.49 premium to the Mont Belvieu equivalent. Natural gas realized $2.42 per Mcf before NYMEX hedges, reflecting a 47-cent discount to the benchmark price. Oil realized price increased 59% to $83.96 per barrel before hedges. RRC's Costs Reflect Higher Operating Activity Total costs and expenses increased 5.5% year over year to $584.9 million from the $554.2 million reported a year ago. Transportation, gathering, processing and compression expense, the largest cost category, rose 4% to $316.8 million. Direct operating expense increased to $27.3 million from $22.6 million. Total cash unit costs declined 3% to $1.92 per Mcfe from the prior-year figure of $1.97, aided by lower interest expense, which fell 46% to 7 cents per Mcfe from the year-ago figure of 13 cents. Total unit costs, including depletion, depreciation and amortization, decreased 2% to $2.37 per Mcfe. Range Resources’ Efficiency Supports Development Momentum Range Resources completed a record 1,900 stages with two crews during the quarter. The company posted a single-day completion record of 22 pumping hours and drilled nearly two miles in one day. Second-quarter drilling and completion spending was $204 million. Range Resources invested another $8 million in acreage and $10 million in infrastructure, pneumatic upgrades and other projects. Total capital spending of $222 million represented about 33% of the annual budget RRC's Cash Flow Funds Capital Returns Cash flow from operating activities was $235 million. Cash flow from operations before changes in working capital totaled $332.5 million, up 10.7% from $300.5 million in the year-ago period. RRC repurchased $78 million of shares and paid $24 million in dividends during the quarter. The company bought back 2 million shares at an average price of about $39.18 and retained $1.4 billion under its authorization. Range Resources’ Balance Sheet Shows Lower Leverage Net debt was $880.8 million at June 30, 2026, down 28% from $1.22 billion at year-end 2025. RRC’s 2026 Outlook RRC maintained its 2026 production outlook of 2.35-2.40 Bcfe per day, with liquids expected to account for more than 30% of output. The company retained its capital budget in the range of $650-$700 million. The natural gas differential outlook improved to 35-40 cents below NYMEX from the prior range of 35-45 cents below NYMEX. NGL guidance was raised to a $2.00-$2.50 premium to the Mont Belvieu equivalent, while the oil and condensate differential improved to $10-$12 below WTI. Investors have witnessed a downward trend in estimates review over the past two months. At this time, Range Resources has a average Growth Score of C, a score with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a score of B on the value side, putting it in the top 40% for this investment strategy. Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in. Range Resources has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Range Resources Corporation (RRC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

California Resources Corporation CRC reported second-quarter 2026 adjusted earnings of 99 cents per share, down 10.0% from $1.10 a year ago and the figure also missed the Zacks Consensus Estimate of $1.31 by 24.43%, mainly due to temporary takeaway constraints, weaker oil differentials and higher transportation and operating costs. Long Beach, CA-based oil and gas exploration and production company’s oil, natural gas and natural gas liquids revenues of $1.06 billion rose 50.4% from $702 million and beat the Zacks Consensus Estimate of $979 million by 7.87%. California Resources Corporation price-consensus-eps-surprise-chart | California Resources Corporation Quote CRC’s board of directors declared a quarterly cash dividend of 40.5 cents per share of common stock, payable on Sept. 18, 2026, to its shareholders of record as of Sept. 4. During this quarter, CRC returned $36 million to its shareholders through dividends. California Resources' average net production was 149 thousand barrels of oil equivalent per day (MBoe/d), up from 137 MBoe/d in the year-ago quarter. Net oil production averaged 120 thousand barrels per day, while NGL production was 10 thousand barrels per day. Natural gas output averaged 115 million cubic feet per day. Oil represented 81% of total production. The realized oil price before derivative settlements was $91.55 per barrel, while NGL and natural gas realizations were $49.62 per barrel and $1.84 per Mcf, respectively. CRC built about 137 thousand barrels of oil inventory because of temporary takeaway constraints. The inventory build, weaker differentials and higher operating and transportation costs reduced adjusted EBITDAX and operating cash flow before working-capital changes by about $25 million. Total operating expenses were $786 million, up 10.5% from $711 million a year earlier.Operating costs were $347 million, up 17.6% from $295 million a year earlier. General and administrative expenses increased 22.8% to $97 million. Adjusted G&A expenses, however, declined to $89 million from $99 million in the first quarter, reflecting Berry-related efficiencies. The company implemented more than 100% of its 2026 Berry synergy target six months ahead of schedule, representing $103 million of annualized savings. California drilling efficiency improved about 25% and nearly 80% of wells drilled year to date outperformed the type curve, with average initial production more than 10% above expectations. CRC lowered its long-term drilling, completions and workover maintenance-capital estimate by about 5% to $450-$475 million with six rigs. Net cash provided by operating activities was $263 million, up 59.4% from $165 million in the prior-year quarter. Free cash flow totaled $114 million, while capital investments were $149 million, including $101 million for drilling, completions and workovers. CRC ended June with $1.32 billion of liquidity, consisting of $43 million of available cash and $1.28 billion of borrowing capacity, with a debt-to-capitalization of 27.4%. During the quarter, it issued $550 million of 7.25% senior notes due 2035 and redeemed its remaining 8.25% senior notes due 2029. CRC agreed to acquire Crimson Midstream Holdings for $63 million in cash. The transaction adds roughly 2,000 miles of California crude-oil pipelines and storage assets, expanding the company's access to higher-value markets and third-party throughput. The company also acquired the Line 100 system earlier in 2026. That network includes a 118-mile crude pipeline with 60 thousand barrels per day of capacity and more than 1 million barrels of storage. Management expects the Crimson deal to strengthen market access and commercial flexibility. Carbon TerraVault I began carbon dioxide (CO2) injection and generated first revenues during the quarter. Management said the project is capturing and injecting about 270 metric tons of CO2 per day and is targeting an annualized rate of roughly 100,000 tons. CRC also partnered with Beacon Data Centers on the proposed Golden Valley Technology Hub at Elk Hills. The planned campus would have 275 megawatts of capacity and use power from CRC's existing Elk Hills plant. The company has submitted a conditional-use permit and expects the environmental review process to advance later in 2026. For the third quarter, CRC expects net production of 151-154 MBoe/d, capital investments of $150-$170 million and adjusted EBITDAX of $285-$325 million. Oil is expected to represent 80% of output. For 2026, the company maintained capital-investment guidance of $520-$560 million and expects net production of 150-155 MBoe/d. Adjusted EBITDAX is projected at $1.2-$1.3 billion. CRC cut expected drilling, completions and workover capital by $10 million to $370-$390 million while continuing to target about 1% entry-to-exit gross production growth. CRC currently holds a Zacks Rank #5 (Strong Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. While we have discussed CRC’s second-quarter results in detail, let us take a look at three other key reports in the energy space. Houston, TX-based oil and gas equipment and services provider Halliburton HAL posted second-quarter 2026 adjusted net income per share of 55 cents, marginally beating the Zacks Consensus Estimate of 54 cents. The outperformance was backed by year-over-year revenue growth. However, the bottom line was flat compared with the prior-year level. As of June 30, 2026, Halliburton had approximately $2 billion in cash and cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization of 39%. Fort Worth, TX-based oil and gas exploration and production company Range Resources Corporation RRC reported second-quarter 2026 adjusted earnings of 79 cents per share, up 19.7% from 66 cents a year ago. Range Resources’ bottom line topped the Zacks Consensus Estimate of 56 cents by 41.1%. Strong quarterly results are driven by higher production and improved price realization. Range Resources’ net debt was $880.8 million at June 30, 2026, down 28% from $1.22 billion at year-end 2025. It repurchased $78 million of shares and paid $24 million in dividends during the quarter. Houston, TX-based oil and gas storage and transportation company Kinder Morgan, Inc. KMI reported second-quarter 2026 adjusted earnings of 37 cents per share, beating the Zacks Consensus Estimate of 31 cents by 19.35%. Earnings increased 32.1% from 28 cents per share in the year-ago quarter. Strong quarterly results benefited from broad-based segment growth, led by higher natural gas transportation and gathering volumes. Natural gas transport volumes rose 7%, while gathering volumes increased 26%. As of June 30, 2026, Kinder Morgan reported $89 million in cash and cash equivalents. Kinder Morgan’s net debt stood at $32.03 billion at quarter-end. The net debt-to-adjusted EBITDA ratio improved to 3.6X from 3.8X at the end of 2025. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report California Resources Corporation (CRC) : Free Stock Analysis Report Halliburton Company (HAL) : Free Stock Analysis Report Range Resources Corporation (RRC) : Free Stock Analysis Report Kinder Morgan, Inc. (KMI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Cheniere Energy, Inc. LNG reported second-quarter 2026 adjusted earnings of $3.02 per share, beating the Zacks Consensus Estimate of $2.89 by 4.5%. Higher liquefied natural gas ("LNG") volumes and stronger margins supported the quarter. However, adjusted earnings decreased 58.6% from the year-ago quarter, primarily reflecting the exclusion of significant non-cash derivative fair-value gains from the adjusted figure. TX-based LNG producer and exporter company’s total revenues of $5.73 billion beat the Zacks Consensus Estimate of $5.03 billion by 14% and rose 23.5% year over year, driven by a 9.7% increase in LNG revenues. Cheniere Energy, Inc. price-consensus-eps-surprise-chart | Cheniere Energy, Inc. Quote LNG volumes loaded reached 672 trillion British thermal units (TBtu), up 22.2% year over year, as new Corpus Christi Stage 3 capacity and improved operating reliability lifted production. Cheniere exported 184 cargoes in the quarter, up 19.5% from 154 a year earlier. The company also reported second-quarter production records at both the Corpus Christi and Sabine Pass facilities. Corpus Christi Stage 3 continued to ramp ahead of schedule. Midscale Train 6 achieved substantial completion in June, while commissioning of Train 7 began and first LNG was expected imminently at the time of the earnings release. Management also cited reduced downtime and improved maintenance execution as contributors to production outperformance. Consolidated adjusted EBITDA was $1.8 billion, up 27.4% from $1.42 billion a year ago. The increase reflected higher total margins on LNG delivered, driven by increased volumes recognized in income and higher margins per MMBtu. Distributable cash flow totaled $1.17 billion, compared with about $920 million in the prior-year quarter, an increase of 27.2%. The company recognized 660 TBtu of LNG volumes in the quarter, including commissioning volumes, with some cargo deliveries shifted into the third quarter because of rerouting from Europe to Asia. Total operating costs and expenses declined 31.7% year over year to $1.44 billion. Cost of sales fell 60.7% to $439 million, with the quarter including about $2.4 billion of gains from changes in the fair value of commodity derivatives before contractual delivery or termination. Operating and maintenance expense declined 4.7% to $533 million, while depreciation, amortization and accretion expense rose 15.5% to $380 million. The Corpus Christi Stage 3 project was 98.4% complete as of June 30, 2026. Train 7 is expected to reach substantial completion in the second half of 2026, completing the seven-train Stage 3 project. The Midscale Trains 8 and 9 project was 48.3% complete and remains targeted for substantial completion in the second half of 2028. Separately, Sabine Pass Expansion Phase 1 is fully commercialized and has an approximately $4.7 billion EPC contract with Bechtel. The project is designed to add more than 6 million tons per annum of production capacity, with an early-2027 final investment decision expected after regulatory approvals. Cheniere raised its 2026 consolidated adjusted EBITDA guidance to $7.90-$8.40 billion from $7.25-$7.75 billion. Distributable cash flow guidance increased to $5.30-$5.80 billion from $4.75-$5.25 billion. The company also tightened its 2026 production outlook to 53-54 million tons from 52-54 million tons. Management said the 0.5-million-ton increase in the production midpoint contributed about $300 million to the guidance increase. Higher margins on spot sales and optimization activities also supported the revised outlook, while less than 1 million tons of 2026 volumes remained unsold. This Zacks Rank #3 (Hold) company deployed approximately $884 million under its capital allocation plan during the quarter. It repurchased about 2.2 million shares for approximately $550 million and declared a quarterly dividend of 55.5 cents per share, payable on Aug. 18, 2026. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. The company invested about $1.1 billion in growth capital during the quarter, including $219 million funded with equity. As of June 30, 2026, Cheniere had $1.10 billion in cash and cash equivalents and total available liquidity of $7.48 billion, including $5.96 billion of available credit commitments. Its net long-term debt amounted to $22.63 billion, with a debt-to-capitalization of 66.3%. While we have discussed LNG’s second-quarter results in detail, let us take a look at three other key reports in this space. Houston, TX-based oil and gas equipment and services provider Halliburton HAL posted second-quarter 2026 adjusted net income per share of 55 cents, marginally beating the Zacks Consensus Estimate of 54 cents. The outperformance was backed by year-over-year revenue growth. However, the bottom line was flat compared with the prior-year level. As of June 30, 2026, Halliburton had approximately $2 billion in cash and cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization of 39%. Fort Worth, TX-based oil and gas exploration and production company Range Resources Corporation RRC reported second-quarter 2026 adjusted earnings of 79 cents per share, up 19.7% from 66 cents a year ago. Range Resources’ bottom line topped the Zacks Consensus Estimate of 56 cents by 41.1%. Strong quarterly results are driven by higher production and improved price realization. The company’s net debt was $880.8 million at June 30, 2026, down 28% from $1.22 billion at year-end 2025. Range Resources repurchased $78 million of shares and paid $24 million in dividends during the quarter. Houston, TX-based oil and gas storage and transportation company Kinder Morgan, Inc. KMI reported second-quarter 2026 adjusted earnings of 37 cents per share, beating the Zacks Consensus Estimate of 31 cents by 19.35%. Earnings increased 32.1% from 28 cents per share in the year-ago quarter. Strong quarterly results benefited from broad-based segment growth, led by higher natural gas transportation and gathering volumes. Natural gas transport volumes rose 7%, while gathering volumes increased 26%. As of June 30, 2026, Kinder Morgan reported $89 million in cash and cash equivalents. Kinder Morgan’s net debt stood at $32.03 billion at quarter-end. The net debt-to-adjusted EBITDA ratio improved to 3.6X from 3.8X at the end of 2025. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cheniere Energy, Inc. (LNG) : Free Stock Analysis Report Halliburton Company (HAL) : Free Stock Analysis Report Range Resources Corporation (RRC) : Free Stock Analysis Report Kinder Morgan, Inc. (KMI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Motor fuel retailer Murphy USA Inc. MUSA reported second-quarter 2026 earnings of $11.27 per share, up 53.1% from $7.36 a year ago and ahead of the Zacks Consensus Estimate of $9.40 by 19.89%. The El Dorado, AR-based company’s total operating revenues surged 36% year over year to $6.81 billion and beat the Zacks Consensus Estimate of $5.90 billion by 15.34%. Murphy USA Inc. price-consensus-eps-surprise-chart | Murphy USA Inc. Quote Results benefited from stronger fuel economics, higher total retail volumes and merchandise contribution growth. Same-store fuel volumes increased 0.5%, while total retail gallons advanced 3.9%. Total fuel contribution increased 32% year over year to $518.8 million. Moreover, the reported figure beat our estimate of $447.4 million. Retail fuel contribution climbed 25% to $448.9 million as retail fuel margins expanded to 35.1 cents per gallon from 29.2 cents in the prior-year quarter.  Both Retail fuel contribution and margins exceeded our estimates of $362 million and 29 cents per gallon, respectively. All-in fuel contribution reached 40.6 cents per gallon, up from 32 cents a year earlier. Fuel supply, including RINs, contributed 5.5 cents per gallon compared with 2.8 cents. Management noted that tighter supply conditions supported stronger spot-to-rack spreads, while higher RIN prices aided results, though that timing benefit is not expected to persist through the second half. Total merchandise contribution rose 4% to $227.4 million, supported by higher merchandise sales and improved unit margins. Merchandise sales increased to $1.13 billion from $1.09 billion, while unit margin edged up to 20.1% from 20%. Nicotine remained the main growth engine. Same-store nicotine sales and margins increased 2.4% and 4.6%, respectively. Cigarette sales and margins returned to growth, while nicotine-pouch unit volume more than doubled. Non-nicotine same-store sales declined 1.4%, although margins improved 0.2%. Store and other operating expenses increased to $308.7 million from $275.2 million. Higher payment fees accounted for roughly two-thirds of the quarterly increase as higher retail fuel prices raised transaction costs. Employee-related expenses and new-store operating costs also contributed to the increase. Still, store operating expenses excluding payment fees and rent rose only 1.1% on an average-per-store-month basis to $36,500. SG&A increased to $60.5 million from $50.9 million, primarily reflecting employee-related expenses and higher incentive accruals. MUSA added six new-to-industry stores during the quarter and ended June with 1,806 locations. At quarter-end, 36 stores were under construction, including 32 new-to-industry sites and four raze-and-rebuild projects. Management expects 2026 new-store additions to be closer to 45, the low end of its 45-55 range, absent tuck-in acquisitions. The company also reduced planned raze-and-rebuild activity to about 10 stores and is directing more resources toward new development, its land pipeline and stores scheduled to open in 2027. Operating cash flow totaled $235 million in the quarter. Murphy USA ended June with $175.4 million in cash and cash equivalents and roughly $2.17 billion of long-term debt, with a debt-to-total capital of about 73.6%. Its revolving credit facility was undrawn at quarter-end. This Zacks Rank #3 (Hold) company repurchased about 143,100 shares for $76.8 million at an average price of $536.60 and paid a quarterly dividend of 64 cents per share. Capital expenditures are now expected near the high end of the $475-$525 million range as spending shifts toward growth, land purchases and proactive maintenance. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Management expects merchandise contribution to finish near the low end of the $890-$900 million range. Store operating expenses excluding payment fees, rent and SG&A are also tracking toward the low ends of their respective guided ranges, while the tax rate is expected near the high end of 23-25%. First-half all-in fuel margins averaged 37.9 cents per gallon. Assuming a relatively conservative 35-cent margin in the second half, management expects full-year net income of about $636 million and adjusted EBITDA of approximately $1.25 billion. Management also indicated that sustained fuel-price declines could create upside to both volumes and margins by improving MUSA's ability to differentiate on price. While we have discussed MUSA’s second-quarter results in detail, let us take a look at three other key reports in the energy space. Houston, TX-based oil and gas equipment and services provider Halliburton HAL posted second-quarter 2026 adjusted net income per share of 55 cents, marginally beating the Zacks Consensus Estimate of 54 cents. The outperformance was backed by year-over-year revenue growth. However, the bottom line was flat compared with the prior-year level. As of June 30, 2026, Halliburton had approximately $2 billion in cash and cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization of 39%. Fort Worth, TX-based oil and gas exploration and production company Range Resources Corporation RRC reported second-quarter 2026 adjusted earnings of 79 cents per share, up 19.7% from 66 cents a year ago. Range Resources’ bottom line topped the Zacks Consensus Estimate of 56 cents by 41.1%. Strong quarterly results are driven by higher production and improved price realization. Range Resources’ net debt was $880.8 million at June 30, 2026, down 28% from $1.22 billion at year-end 2025. It repurchased $78 million of shares and paid $24 million in dividends during the quarter. Houston, TX-based oil and gas storage and transportation company Kinder Morgan, Inc. KMI reported second-quarter 2026 adjusted earnings of 37 cents per share, beating the Zacks Consensus Estimate of 31 cents by 19.35%. Earnings increased 32.1% from 28 cents per share in the year-ago quarter. Strong quarterly results benefited from broad-based segment growth, led by higher natural gas transportation and gathering volumes. Natural gas transport volumes rose 7%, while gathering volumes increased 26%. As of June 30, 2026, Kinder Morgan reported $89 million in cash and cash equivalents. Kinder Morgan’s net debt stood at $32.03 billion at quarter-end. The net debt-to-adjusted EBITDA ratio improved to 3.6X from 3.8X at the end of 2025. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Murphy USA Inc. (MUSA) : Free Stock Analysis Report Halliburton Company (HAL) : Free Stock Analysis Report Range Resources Corporation (RRC) : Free Stock Analysis Report Kinder Morgan, Inc. (KMI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research