Range Resources Corp., one of the largest natural gas producers in the Appalachian Basin, has no plans to increase drilling activity despite prices trading at their highest levels in years. 

“Our key strategic objectives continue to emphasize free cash flow generation, balance sheet strength and ultimately returning capital to shareholders — all of those are currently taking priority over growth,” said CEO Jeff Ventura during a call Wednesday to discuss third quarter earnings. 

Even as gas prices charged upward during the quarter with the outlook improving heading into the winter, Range spent below analyst estimates at $96 million during 3Q2021. Operational efficiency gains also have the company guiding for $415 million of capital spending this year, down $10 million from...