Range Resources Corporation’s RRC shares have gained almost 4% since it reported strong second-quarter earnings on Jul 25.The company posted second-quarter 2022 adjusted earnings of $1.27 per share, beating the Zacks Consensus Estimate of $1.21 per share. The bottom line significantly improved from the prior-year quarter’s earnings of 24 cents per share.Total quarterly revenues of $1,225.1 million surpassed the Zacks Consensus Estimate of $981 million. The top line also improved from the prior-year quarter’s $434.7 million.The strong quarterly results were driven by higher realizations of commodity prices.Range Resources Corporation Price, Consensus and EPS Surprise Range Resources Corporation price-consensus-eps-surprise-chart | Range Resources Corporation QuoteOperational PerformanceFor second-quarter 2022, the company’s production averaged 2,073.9 million cubic feet equivalent per day, down 1% from the prior-year period. Natural gas contributed 69.8% to total production, while NGLs and oil accounted for the rest.Oil production declined 8% from the year-ago period, while NGL output declined 4%. Natural gas production remained flat year over year.Its total price realization (excluding derivative settlements and before third-party transportation costs) averaged $7.19 per thousand cubic feet equivalent (Mcfe), up 121% year over year. Natural gas prices rose 183% on a year-over-year basis to $6.91 per Mcf. NGL and oil prices increased 53% and 76%, respectively.Costs & ExpensesTotal costs and expenses rose to $669 million from $592.5 million in the year-ago quarter. Total transportation, gathering, processing and compression costs, as well as exploration costs, increased in the reported quarter.Direct operating costs of 10 cents per Mcfe in the June-end quarter of 2022 remained flat from the year-ago quarter. Transportation, gathering, processing and compression expenses were recorded at $1.70 per Mcfe, higher than $1.48 in the prior-year quarter.Capital Expenditure & Balance SheetIn second-quarter 2022, the company’s drilling and completion expenditure was $119 million. An amount of $7.5 million was used in acreage and gathering facilities.At the second-quarter end, it had total debt of $1,830.5 million, with a debt-to-capitalization of 48.1%.OutlookFor 2022, Range Resources reiterated its total production guidance of 2.12-2.16 billion cubic feet equivalent per day (Bcfe/d), with 30% attributed to liquids production.RRC anticipates capital spending of $460-$480 million for the year. Direct operating expenses are projected to be 9-11 cents per Mcfe, while exploration expenses are estimated to be $22-$28 million.The upstream energy firm expects the free cash flow to exceed $1.5 billion this year. Also, it expects to initiate a dividend of $0.32 per share (at an annualized rate) in the third quarter.Zacks RankRange Resources currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Earnings Snapshot of Other Energy PlayersChevron Corporation CVX reported adjusted second-quarter earnings per share of $5.82, beating the Zacks Consensus Estimate of $5.02. The outperformance was driven by robust commodity prices and product margins, which propelled both CVX segments to record better-than-expected bottom-line results.As of Jun 30, Chevron had $12 billion in cash and cash equivalents, and total debt of $26.2 billion, with a debt-to-total capitalization of 14.6%. Further, Chevron paid out $2.8 billion in dividends and bought back $2.5 billion worth of its shares in the second quarter.TotalEnergies SE TTE reported second-quarter 2022 operating earnings of $3.75 per share, meeting the Zacks Consensus Estimate. The improvement was due to an increase in commodity prices.In second-quarter 2022, TotalEnergies acquired $2,464 million worth of assets and sold assets valued at $388 million. TTE bought back shares worth $2 billion in the second quarter. TotalEnergies expects to invest $16 billion in 2022, out of which 25% will be allocated to further strengthen renewable operation and electricity.Shell plc SHEL reported second-quarter earnings per ADS (on a current cost of supplies basis, excluding items — the market’s preferred measure) of $3.06. The bottom line beat the Zacks Consensus Estimate of $2.91 due to stronger commodity prices and refining margins.Shell has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company currently has a Zacks Style Score of A for Value, Growth and Momentum. Shell is expected to see earnings growth of 128.3% in 2022. 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