In almost all cases, the maximum range is reduced.
This is because the in-operative engine causes substantial drag. In addition, it causes an asymmetric flight condition that requires deflection of control surfaces and flying at an unusual attitude -- all which cause more drag than nominal cruise flight.
It is not entirely an apples-to-apples comparison because the damaged aircraft will likely also reduce its flight speed. Drag will be reduced, but flight time will also be increased. Most commercial aircraft strive to fly at slightly faster than the best range speed. Fuel efficiency (pounds per mile) is very important, but we'll take a small penalty because we also value our time (get there fast). A common rule is to fly beyond the best range speed at a speed where your fuel efficiency is 99% of the best efficiency.
So, this means that an aircraft in an emergency could get a very small efficiency improvement by slowing down slightly. Not enough to overcome the added drag.
There were some propeller aircraft that could increase their range by shutting down one or more engines. They could feather their propeller to minimize the drag of the non-operating engine (jet engines don't have this option). And then they could slow down as well.
There are also some three-engine helicopters (think Coast Guard Rescue) that shut down one engine in cruise and then start it back up when they get to the rescue site.
In cruise, with three engines operating, they operate at a relatively low throttle setting -- where they aren't as efficient as they could be. So, by shutting one down, the other two can operate at a more efficient point. This is particularly true when they're flying at a best endurance point vs. a best range point (this is slower and lower throttle).
In cruise, if one engine were to fail, you have time, power, and margin to get the third engine fired up. As you get to the rescue site (or when you find the rescue site), you start up the third engine to maximize redundancy during the rescue hover -- where you have no time or altitude for a failure.