Key Highlights

  • ONEOK (NYSE:OKE) reports after the close on Tuesday, October 27, 2026, with an 11:00 a.m. ET call on Wednesday, against consensus earnings of USD 1.50 per share, below USD 1.53 in the second quarter, after raising 2026 guidance in August.
  • EQT (NYSE:EQT) reports the same evening against adjusted earnings of USD 0.36 per share, with third-quarter volume guidance of 570 to 620 Bcfe and a second-quarter realised price of USD 2.65 per Mcfe.
  • Expand Energy (NASDAQ:EXE) reports against USD 1.32 per share, close to USD 1.33 in the second quarter, with reaffirmed output guidance of 7.4 to 7.6 Bcfe a day.
  • Range Resources (NYSE:RRC) reports against USD 0.76 per share, below USD 0.79 adjusted in the second quarter, with a full-year production range of 2.35 to 2.40 billion cubic feet equivalent per day.

ONEOK (NYSE:OKE): fee-based volumes after a raised outlook

ONEOK (NYSE:OKE), a pipeline operator that gathers, processes and transports natural gas, natural gas liquids and refined products, reports third-quarter 2026 results after the close on Tuesday, October 27, 2026, with the call at 11:00 a.m. ET on Wednesday, October 28. Consensus earnings are USD 1.50 per share, USD 0.03 below the USD 1.53 of the second quarter. In its release of Monday, August 3, 2026, the company reported net income of USD 967 million and adjusted EBITDA of USD 2.12 billion, and it raised 2026 guidance to net income of USD 3.41 billion to USD 3.79 billion and adjusted EBITDA of USD 8.2 billion to USD 8.5 billion. Capital spending guidance of USD 2.7 billion to USD 3.2 billion was unchanged.

Midstream earnings come largely from fees on volumes moved, so throughput matters more than commodity prices. Natural gas liquids raw feed throughput rose 7% to a record and refined products shipped rose 8%. The Brazos Midstream acquisition for USD 4.425 billion closed on Tuesday, October 6, 2026, following a USD 9 billion Apollo minority investment. The bull case is earnings at or above USD 1.50, volumes near the record and a lifted EBITDA range. The bear case is a miss on volumes or a higher capital plan, since the shares fell about 3% after the August report despite the raise.

EQT (NYSE:EQT): realised price and the differential

EQT (NYSE:EQT) is a large natural gas producer in the Appalachian Basin, and it reports after the close on Tuesday, October 27, 2026. Consensus adjusted earnings are USD 0.36 per share, below the USD 0.39 earned in the second quarter, which was reported on Tuesday, July 21, 2026. Sales volume in that quarter was 634 Bcfe, above the high end of guidance, while capital expenditure of USD 666 million was 9% below the low end. Adjusted EBITDA was USD 1,203 million and free cash flow was USD 454 million. Net debt fell to USD 5.5 billion from USD 7.7 billion at the end of 2025.

Earnings track the realised price, which was USD 2.65 per Mcfe after an average differential of USD 0.67 below the benchmark. New demand contracts include a five-year liquefied natural gas offtake for 0.5 million tonnes a year from 2028, expected to add about USD 45 million to free cash flow, and the MVP Southgate pipeline has all key approvals. The bull case is volumes at the top of 570 to 620 Bcfe and costs near the low end. The bear case is a wider differential or a weak quarterly gas price that leaves earnings below USD 0.36.

Expand Energy (NASDAQ:EXE): hedges and buybacks

Expand Energy (NASDAQ:EXE) is a large US natural gas producer, and it reports after the close on Tuesday, October 27, 2026, against consensus adjusted earnings of USD 1.32 per share. In the second quarter, reported on Tuesday, July 28, 2026, adjusted net income was USD 317 million, or USD 1.33 per share, against USD 1.10 a year earlier. Production averaged about 7.48 Bcfe a day, and realised prices including derivatives were USD 3.12 per thousand cubic feet equivalent against a NYMEX average of USD 2.90 per million British thermal units. Reaffirmed guidance calls for capital expenditure of USD 2.75 billion to USD 2.95 billion and 11 to 12 rigs.

Small price changes move earnings sharply, and hedging softens the effect: the second quarter included USD 449 million of derivative gains while revenue fell to USD 2,960 million. Free cash flow was USD 343 million, and the company repurchased about USD 530 million of stock and gained about USD 1 billion of extra authorisation. The bull case is adjusted earnings near USD 1.32 with capital spending at the low end and continued buybacks. The bear case is weaker realised prices as hedge gains roll off or a slower repurchase pace.

Range Resources (NYSE:RRC): a volume path to the guided range

Range Resources (NYSE:RRC), an Appalachian producer of natural gas, natural gas liquids and oil, reports after the close on Tuesday, October 27, 2026, so trading reacts on Wednesday, October 28. Consensus earnings are USD 0.76 per share. In the second quarter the company reported net income of USD 195.3 million, or USD 0.83 per diluted share, and adjusted net income of USD 186 million, or USD 0.79 per share. Production was 2.30 billion cubic feet equivalent per day and the realised price including hedges was USD 3.53 per thousand cubic feet equivalent, a premium of USD 0.64 to NYMEX gas.

To reach the full-year range of 2.35 to 2.40 billion, third-quarter output needs to rise from the second-quarter level. The company narrowed its gas differential to NYMEX minus USD 0.35 to USD 0.40, and it repurchased 2.0 million shares for USD 78 million, with about USD 1.4 billion remaining. The bull case is earnings at or above USD 0.76 with output moving toward 2.35 billion. The bear case is lower realised prices or output short of the path, which would raise doubts about free cash flow. Net debt was USD 881 million, including USD 381 million drawn on the credit facility.

Where Things Stand

The answer is that the four can hold output and cash returns if gas prices and demand hold, but the mechanism differs by business model. ONEOK (NYSE:OKE) earns fees on volumes, so throughput and the 2027 capital outlook decide its reaction against a bar below its last result. EQT (NYSE:EQT), Expand Energy (NASDAQ:EXE) and Range Resources (NYSE:RRC) earn on realised prices, so differentials, hedges and the volume path matter, with LNG offtake and power contracts broadening demand. Weather and storage data move gas prices week to week, and buybacks depend on cash flow.

The next catalysts are the four releases on Tuesday, October 27, 2026 and the Federal Reserve decision on Wednesday, October 28, 2026, after the rate rise of Wednesday, September 16, 2026. Consensus figures and guidance are estimates, not guarantees, commodity prices can move sharply, and this is not investment advice.