RRC

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

Delek US Holdings, Inc. DK reported second-quarter 2026 adjusted earnings of $5.48 per share, surpassing the Zacks Consensus Estimate of $2.21 by 148%. The bottom line also improved from the year-ago adjusted loss of 56 cents, supported by stronger year-over-year performance across both segments. Brentwood, TN-based oil and gas refining and marketing company’s net revenues increased 47.8% year over year to $4.1 billion, beating the Zacks Consensus Estimate of $3 billion by 34.8%. This was due to better-than-expected performance from the refining and logistics segments, which exceeded our consensus marks by 37.24% and 29.57%, respectively. Delek US Holdings, Inc. price-consensus-eps-surprise-chart | Delek US Holdings, Inc. Quote The strong quarterly performance was primarily supported by higher refining margins amid increased crack spreads. Total refining throughput averaged 315,555 barrels per day. Adjusted EBITDA increased to $638.7 million from $177.9 million a year earlier. Moreover, the reported figure beat our estimate of $72 million. Refining segment net revenues, excluding intercompany fees and revenues, increased to $3.9 billion from $2.6 billion in the prior-year quarter. The segment reported adjusted EBITDA of $566.2 million compared with $114.8 million a year ago. Moreover, the reported figure beat our estimate of $287.8 million. The significant year-over-year improvement was driven by stronger refining margins, supported by higher crack spreads. Delek US’ benchmark crack spreads increased an average of 136% from the prior-year level. Total refining production margin rose to $569.6 million from $231.1 million. Production margin per throughput barrel increased to $19.84 from $8.03 a year earlier. Adjusted refining margin totaled $569.1 million compared with $256.8 million in the year-ago quarter. Crude utilization was 100.2% compared with 100.9% a year ago. Management highlighted improved performance at the Big Spring refinery following the first-quarter turnaround. The company also has no planned refinery turnarounds for the remainder of 2026, positioning its refining system to capture the current margin environment. This unit represents Delek US’ majority interest in Delek Logistics Partners DKL, a publicly traded master limited partnership that owns, operates, develops and acquires pipelines and other midstream assets. The logistics segment generated net revenues, excluding intercompany fees and revenues, of $179.9 million compared with $132.3 million in the prior-year period. Adjusted EBITDA increased 12.6% year over year to a record $143.5 million. However, the reported figure missed our estimate of $149.4 million. This improvement reflected higher margins in the wholesale business and increased interest income related to sales-type leases. Delaware Gathering natural gas gathering and processing volumes rose to 80,715 Mcf per day from 60,940 Mcf, while crude gathering volumes increased to 157,156 barrels per day from 137,167 barrels. Total operating costs and expenses increased 35.3% year over year to $3.8 billion. Operating expenses, excluding depreciation and amortization, were $220.1 million compared with $209.8 million a year earlier. General and administrative expenses declined to $56.7 million from $76.6 million. Delek US recorded restructuring costs of $10.9 million during the quarter. Cash provided by operating activities was $262.9 million in the second quarter compared with $51.4 million a year ago. The quarter included $137.9 million of unfavorable working-capital changes. Investing activities used $176.2 million, while financing activities resulted in an $82.2 million outflow. As of June 30, 2026, the company had cash and cash equivalents of $628.6 million and consolidated long-term debt of $3.2 billion, with a debt-to-total capital of about 88.3%. Excluding Delek Logistics, Delek US had $614.9 million in cash and $817 million of long-term debt. During the quarter, DK repurchased $20 million of common stock and paid $15.6 million in dividends. For the third quarter of 2026, Delek US expects throughput of 72,000-77,000 barrels per day at Tyler, 78,000-83,000 barrels at El Dorado, 68,000-73,000 barrels at Big Spring and 78,000-83,000 barrels at Krotz Springs. The implied system throughput target is 296,000-316,000 barrels per day. On the cost side, this Zacks Rank #2 (Buy) company expects operating expenses of $220-$230 million, general and administrative expenses of $50-$55 million, depreciation and amortization of $110-$120 million and net interest expense of $75-$85 million for the third quarter. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Delek US’ Enterprise Optimization Plan continues to focus on improving free cash flow. The company expects the program to generate at least $220 million of annual free cash flow improvement, with the majority coming from margin enhancement across refining, logistics and wholesale operations. Management estimated that the program contributed approximately $60 million to second-quarter results. Delek Logistics also reaffirmed the 2026 adjusted EBITDA guidance of $520-$560 million as it continues advancing the midstream growth and economic separation initiatives. While we have discussed DK’s second-quarter results in detail, let us take a look at two 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. 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 Delek US Holdings, Inc. (DK) : Free Stock Analysis Report Halliburton Company (HAL) : Free Stock Analysis Report Range Resources Corporation (RRC) : Free Stock Analysis Report Delek Logistics Partners, L.P. (DKL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Imperial Oil Limited IMO reported second-quarter 2026 adjusted earnings per share of $3.27, which beat the Zacks Consensus Estimate of $2.99 and increased from the year-ago quarter’s $1.34, driven by higher price realizations. Revenues of $11.6 billion missed the Zacks Consensus Estimate of $11.8 billion. However, the top line increased significantly from the year-ago quarter’s level of $8.1 billion, backed by strong performance in both the Upstream and Downstream segments. Imperial Oil Limited price-consensus-eps-surprise-chart | Imperial Oil Limited Quote During the quarter, Imperial Oil returned C$421 million to its shareholders through dividend payments. On July 31, 2026, the Calgary-based integrated oil and gas company declared a quarterly dividend of 87 Canadian cents per share on its outstanding common shares, payable on Oct. 1 to its shareholders of record as of Sept. 4. Upstream: Revenues of C$5.5 billion increased from the prior-year level of C$3.8 billion. The segment reported a net income of C$1.3 billion compared with C$664 million in the year-ago quarter. The company recorded average upstream production of 414,000 gross oil-equivalent barrels per day (boe/d) in the second quarter, which decreased from the prior-year level of 427,000 boe/d. Moreover, the figure missed our expectation of 416,000 boe/d. IMO recorded total gross bitumen production at Kearl averaged 257,000 barrels per day (182,000 barrels Imperial Oil's share), down from 275,000 barrels per day (195,000 barrels Imperial Oil's share) in the second quarter of 2025. The company also posted gross bitumen production at Cold Lake, averaging 149,000 barrels per day (bpd), which was an increase from 145,000 bpd in the second quarter of 2025. IMO’s share of gross production from Syncrude averaged 73,000 bpd, down from 77,000 bpd in the second quarter of 2025. Lower volumes at Syncrude were caused by extreme rainfall. Bitumen price realizations totaled C$95.79 per barrel compared with C$65.82 in the year-ago period. IMO received an average realized price of C$141.10 per barrel for synthetic oil compared with the prior-year quarter’s C$87.85. For conventional crude oil, it received C$85.52 per barrel compared with C$39.31 in the corresponding period of 2025. Downstream: Revenues of C$17.8 billion increased from the prior-year level of C$12.4 billion. Net income totaled C$787 million compared with C$322 million in the year-ago period. The company recorded petroleum product sales of 446,000 bpd, compared to 480,000 bpd in the second quarter of 2025. The figure beat our expectation of 410,000 bpd. The refinery throughput in the second quarter averaged 331,000 bpd, down from the prior-year quarter’s level of 376,000 bpd. Moreover, the figure missed our estimate of 357,000 bpd. Imperial Oil recorded lower refinery throughput, primarily due to planned turnaround impacts. The capacity utilization of 76% was down from the year-ago level of 87%. The figure also missed our estimate. Chemical: Revenues of C$447 million increased from C$356 million in the second quarter of 2025. Net income totaled C$65 million compared with C$21 million in the year-ago period. Total expenses of C$13.2 billion increased from the year-ago quarter’s C$10 billion. In the quarter under review, this Zacks Rank #3 (Hold) company’s capital and exploration expenditures totaled C$531 million, up from the year-ago quarter’s C$473 million. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Cash flow from operating activities was C$2.7 billion compared with C$1.5 billion in the year-ago quarter. As of June 30, 2026, Imperial Oil had cash and cash equivalents of C$2.8 billion. Total debt of the company amounted to C$3.96 billion, with a debt-to-capitalization of 13.9%. Imperial Oil lowered its 2026 refinery guidance, reducing expected throughput from 395,000-405,000 barrels per day to 370,000-380,000 barrels per day and refinery utilization from 91%-93% to 85%-88%. The revised outlook reflects the impact of unplanned downtime and a temporary rail logistics issue at the Strathcona refinery, which the company expects to resolve by the end of the year. While we have discussed IMO’s second-quarter results in detail, let us take a look at three other key reports in this space. 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. Patterson-UTI Energy PTEN reported second-quarter 2026 adjusted earnings of break-even, outperforming the Zacks Consensus Estimate of a loss of 3 cents per share. The bottom line improved from the year-ago quarter's adjusted loss of 6 cents, primarily driven by stronger performance in its Completion Services segment and year-over-year improvement in the Drilling Products and Other operations. This Houston, TX-based oil and gas drilling company’s total revenues of $1.23 billion beat the Zacks Consensus Estimate of $1.15 billion by 7%. The top line also increased about 0.7% year over year, driven by improved activity and pricing in the Completion Services segment, along with higher revenues from Drilling Products and Other operations. As of June 30, 2026, PTEN had cash and cash equivalents of $203.2 million and long-term debt of $1.23 billion. Its debt-to-capitalization was 28.5%. 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 Imperial Oil Limited (IMO) : Free Stock Analysis Report Patterson-UTI Energy, Inc. (PTEN) : 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

TC Energy Corporation TRP reported second-quarter 2026 adjusted earnings of 68 cents per share, beating the Zacks Consensus Estimate of 61 cents by 11.48%. Adjusted earnings per share in Canadian cents rose 15.3% year over year, supported by higher contributions across all four operating segments. Canada-based oil and gas storage and transportation company’s quarterly revenues of $2.86 billion beat the Zacks Consensus Estimate of $2.75 billion by 4.12% and increased 5.6% year over year. TC Energy Corporation price-consensus-eps-surprise-chart | TC Energy Corporation Quote Comparable EBITDA advanced 12% to C$2.95 billion, aided by strong pipeline utilization and Bruce Power availability. TRP’s board of directors declared a quarterly dividend of 87.75 Canadian cents per common share for the quarter ending Sept. 30, 2026, equivalent to $3.51 on an annualized basis. The common share dividend is payable on Oct. 30 to its shareholders of record on Sept. 29, 2026. Canadian Natural Gas Pipelines generated comparable EBITDA of C$961 million, up 4.1% from C$923 million in the year-ago quarter. The improvement primarily reflected higher flow-through depreciation on the NGTL and Canadian Mainline systems, along with increased incentive earnings on NGTL. U.S. Natural Gas Pipelines’ comparable EBITDA increased 11.8% to C$1.22 billion. Mexico Natural Gas Pipelines delivered C$409 million, up 28.2%, driven by contributions from the Southeast Gateway pipeline and higher earnings from Sur de Texas. Power and Energy Solutions’ comparable EBITDA climbed 19.9% to C$361 million on stronger Bruce Power results. Canadian Natural Gas Pipelines’ deliveries averaged 24.2 billion cubic feet per day (Bcf/d), up 1% year over year. Canadian Mainline Western receipts averaged 4.6 Bcf/d, representing a 4% increase from the prior-year quarter. U.S. pipeline flows increased 5% to 27 Bcf/d, while deliveries to liquefied natural gas facilities rose 13% to 3.9 Bcf/d. Mexico pipeline flows declined 5% to 3.4 Bcf/d, primarily due to pipeline flow adjustments. Deliveries to Mexican power-generation facilities remained unchanged at 1.4 Bcf/d. Bruce Power achieved 98.5% availability during the quarter and recorded no forced outage days. Its Unit 3 reactor returned to service following a major component replacement project more than seven months ahead of the schedule committed to Ontario’s Independent Electricity System Operator. The Unit 3 refurbishment also cost 15% less than the Unit 6 program. Bruce Power expects to return approximately C$150 million to Ontario ratepayers because of the favorable project performance. Meanwhile, TC Energy’s cogeneration power plant fleet recorded availability of 89.6%, reflecting planned spring outages. TRP sanctioned C$700 million of projects during the second quarter, bringing total projects approved in 2026 to approximately C$3 billion. The company also increased its pending-approval portfolio to roughly C$7 billion and identified more than C$20 billion of additional projects in origination. New projects include the Central Virginia Capacity expansion, with an estimated cost of $300 million, and the $100-million Clark project. These U.S. developments are supported by 20-year take-or-pay contracts and have a weighted-average build multiple of approximately 5.8 times. TC Energy also approved C$100 million of expansion facilities on the NGTL system. The company placed approximately C$1.8 billion of projects into service during the first six months of 2026. These included the Bison XPress project, Bruce Power Unit 3 and capacity additions on the NGTL system. Capital spending totaled C$1.12 billion in the second quarter, down from C$1.38 billion a year earlier. Net cash provided by operations increased to C$2.22 billion from C$2.17 billion, while comparable funds generated from operations rose to C$2 billion from C$1.96 billion. The company had cash and cash equivalents worth C$277 million and long-term debt of C$14.71 billion, with a debt-to-capitalization of 62.7% as of the same date. Management now expects comparable EBITDA to reach the upper end of its C$11.6-C$11.8 billion guided range. Comparable earnings per share are still projected to exceed the 2025 level. Net capital expenditures are expected between C$5.5 billion and C$6 billion. TRP continues to target comparable EBITDA of C$12.6-C$13.1 billion in 2028. Management cited strong asset availability, rate-case outcomes, project execution, commercial optimization and technology initiatives as key drivers. The company remains committed to achieving its long-term debt-to-EBITDA target of 4.75 times. TC Energy raised its forecast for incremental North American natural gas demand through 2035 to be 51 Bcf/d, representing a 40% increase from 2025 levels. Power generation accounts for more than half of the latest forecast increase, reflecting growing electricity and data-center requirements. This Zacks Rank #3 (Hold) company is also advancing artificial intelligence initiatives designed to improve pipeline operations. Management expects these efforts to contribute C$100 million of incremental EBITDA in 2026 and indicated that it was roughly halfway toward that target after the first two quarters. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. While we have discussed TRP’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. Halliburton’s 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 TC Energy Corporation (TRP) : 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