What happened Shares of Range Resources (NYSE: RRC) fell as much as 9.9% by 10:30 a.m. EDT on Tuesday. Weighing on the natural gas stock was its second-quarter results. So what Range Resources reported a surprise loss of $156 million, or $0.65 per share, missing the consensus estimate by $0.89 per share. The primary issue was a $250 million fair value loss on its oil and gas hedges due to rising commodity prices. In addition, the company incurred higher costs during the quarter thanks to increasing infrastructure, general and administrative, and interest expenses. Image source: Getty Images. The natural gas specialist produced 2.1 billion cubic feet of natural gas equivalent per day in the quarter, 31% of which was liquids. That included 8,539 barrels of oil per day. Range's oil output was up 7.9% year over year and ahead of the consensus estimate for 8,349 barrels per day. Range Resources generated $120 million of free cash flow during the quarter. That allowed it to reduce total debt outstanding by $66 million. The company also remained on track with its full-year forecast. Range expects to produce an average of 2.15 billion cubic feet of natural gas equivalent per day -- including 30% liquids -- while investing no more than $425 million on capital projects. Now what While Range Resources' second-quarter results fell short of analysts' expectations, the natural gas producer remains on track with its long-term plan. The company continues to generate free cash flow, which it plans to allocate toward improving its balance sheet. As long as energy prices cooperate, Range should be able to deliver on that strategy. 10 stocks we like better than Range ResourcesWhen our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Range Resources wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 7, 2021 Matthew DiLallo has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source