Range Resources : 2Q20 Supplemental Tables

RANGE RESOURCES CORPORATION

TABLE 1

CALCULATION OF CASH FLOW EXCLUDING CERTAIN ITEMS

A NON-GAAP MEASURE

(Dollar amounts in thousands, except per share)

Quarter Ended June 30,

Six Months Ended June 30,

2020

2019

2020

2019

Per

Per

Per

Per

Amount

Share

Amount

Share

Amount

Share

Amount

Share

Net loss as reported	$	(146,569)	$
Less certain items not included by analysts -
(Gains) losses on sales of assets		426
Total change in fair value of related to derivatives prior to settlement (gains) losses 1		125,803
Abandonment and impairment of unproved properties		5,524
Loss on ARO settlement		12
Gain on early extinguishment of debt		(8,991)
Lawsuit settlements		776
Rig release penalty
Exit and termination costs		10,297
Impairment of proved properties and other assets		-
Non-cash stock compensation (income) 2		12,587
Other stock-based compensation adjustments 5		10,153
Deferred tax (benefit) on special items		(34,962)
Discrete tax items		-
Total certain items		121,625
Net income excluding certain items, non-GAAP measure	$	(24,944)	$
Add back:
DD&A		104,626
Deferred income taxes (benefit), excluding special items		(8,315)
Exploration expense		7,655
Allowance for bad debt expense		-
Amortization of debt issuance costs and discount 3		2,135
Discretionary cash flow, a non-GAAP measure	$	81,157
Dilutive average shares outstanding, a non-GAAP measure 4
	243,749

(0.61)	$	115,185	$	0.46		$	(1,594)	$	(0.01)	$	116,604	$	0.46
0.00		(5,867)			(0.02)			(121,673)			(0.49)			(5,678)			(0.02)
0.52		(161,738)			(0.65)			(7,443)			(0.03)			(75,173)			(0.30)
0.02		12,770			0.05			10,937			0.04			25,429			0.10
0.00		-			-			12			0.00			-			-
(0.04)		-			-			(21,914)			(0.09)			-			-
0.00		1,190			0.00			1,591			0.01			1,896			0.01
		1,436			0.01						-			1,436			0.01
0.04		2,180			0.01			11,892			0.05			2,180			0.01
-		-			-			77,000			0.31			-			-
0.05		(11,142)			(0.04)			4,050			0.02			(7,561)			(0.03)
0.04		11,016			0.04			19,375			0.08			22,181			0.09
(0.14)		37,539			0.15			10,728			0.04			8,823			0.04
-		1,278			0.01			1,783			0.01			5,172			0.02
0.50		(111,338)			(0.45)			(13,662)			(0.06)			(21,295)			(0.09)
(0.10)	$	3,847	$	0.02	-748%	$	(15,256)	$	(0.06)	$	95,309	$	0.38	-116%
		141,505						207,612						280,223
		1,282						(5,207)						31,792
		7,721						14,402						15,444
		-						400						-
		1,805						4,196						3,593
	$	156,160				-48%	$	206,147				$	426,361				-52%
		248,436				-2%		245,911						249,042				-1%

Cash flow per share, a non-GAAP measure comparable to analysts	$	0.33	$	0.63	-48%	$	0.84	$	1.71	-51%

1. Included in Derivative fair value on Range's statement of operations.
2. Mark-to-marketof the Company's common stock and marketable securities held in the deferred comp plan.
3. Included in Interest expense on Range's statement of operations.
4. Dilutive shares outstanding excludes treasury shares contained in deferred comp plan and includes dilutive effect of restricted stock equity awards and performance shares, if any.
5. Included in direct operating, brokered natural gas and marketing, exploration and general and administrative expenses on Range's statement of operations.

RANGE RESOURCES CORPORATION									TABLE 2
CALCULATION OF EBITDAX EXCLUDING CERTAIN ITEMS
A NON-GAAP MEASURE
(Dollar amounts in thousands, except per share)
	Quarter Ended June 30,		Six Months Ended June 30,
	2020		2019			2020		2019

Total revenues, as reported	$
Less certain items not included by analysts	-
Loss on ARO settlement
Total change in fair value related to derivatives prior to settlement
Total revenues excluding certain items	$

Less expenses:

Direct operating

Less direct operating stock-based compensation

Transportation, gathering compression

Production and ad valorem taxes

Brokered natural gas and marketing

Less brokered natural gas and marketing stock-based compensation

General and administrative as reported

Less G&A stock-based compensation

Less lawsuit settlements

EBITDAX excluding certain items, a non-GAAP measure	$
EBITDAX per share excluding certain items, a non-GAAP measure	$
EBITDAX / Interest coverage ratio (times coverage),
a non-GAAP measure

376,546	$	851,429	-56%	$	1,070,466	$	1,599,566	-33%
12		-			12			-
125,803		(161,738)			(7,443)			(75,173)
502,361	$	689,691	-27%	$	1,063,035	$	1,524,393	-30%
24,394		33,981			56,429			67,208
(434)		(549)			(884)			(1,140)
278,875		301,219			563,640			603,874
5,557		9,889			14,576			21,199
38,161		101,117			70,785			233,422
(168)		(553)			(581)			(1,001)
38,288		50,631			80,542			97,269
(9,179)		(9,500)			(17,208)			(19,138)
(776)		(1,190)			(1,591)			(1,896)
374,718		485,045	-23%		765,708			999,797	-23%
127,643	$	204,646	-38%	$	297,327	$	524,596	-43%
0.52	$	0.82	-36%	$	1.21	$	2.11	-43%
2.6		4.0	-34%		3.1			5.1	-39%

RANGE RESOURCES CORPORATION																										TABLE 3
CALCULATION OF CASH MARGINS, A NON-GAAP MEASURE
(Dollar amounts in thousands, except per mcfe)
						Quarter Ended June 30,									Six Months Ended June 30,
		2020					2019						2020					2019
						Per							Per							Per						Per
		Amount		Mcfe			Amount		Mcfe				Amount		Mcfe			Amount		Mcfe
Revenues
Natural Gas, NGL and Oil Sales	$	349,258			$	1.63	$	563,579			$	2.71		$	781,354		$	1.85	$	1,235,233		$	3.00
Cash settlements on derivative financial instruments		119,500				0.56			33,507				0.16				219,429			0.52			58,341			0.14
Brokered natural gas and marketing 1		33,309				0.16			91,940				0.44				61,698			0.15			230,083			0.56
Cash revenues applicable to production		502,067				2.35			689,026				3.31	-29%			1,062,481			2.51			1,523,657			3.71	-32%
Expenses
Direct operating		24,394				0.11			33,981				0.16				56,429			0.13			67,208			0.16
Less direct operating stock-based compensation		(434)				(0.00)			(549)				(0.00)				(884)			(0.00)			(1,140)			(0.00)
Transportation, gathering and compression		278,875				1.30			301,219				1.45				563,640			1.33			603,874			1.47
Production and ad valorem 2		5,557				0.03			9,889				0.05				14,576			0.03			21,199			0.05
Brokered natural gas and marketing		38,161				0.18			101,117				0.49				70,785			0.17			233,422			0.57
Less brokered natural gas and marketing stock-based compensation		(168)				(0.00)			(553)				(0.00)				(581)			(0.00)			(1,001)			(0.00)
General and administrative as reported		38,288				0.18			50,631				0.24				80,542			0.19			97,269			0.24
Less G&A stock-based compensation		(9,179)				(0.04)			(9,500)				(0.05)				(17,208)			(0.04)			(19,138)			(0.05)
Less lawsuit settlements		(776)				(0.00)			(1,190)				(0.01)				(1,591)			(0.00)			(1,896)			(0.00)
Less rig release penalty		-				-			(1,436)				(0.01)				-			-			(1,436)			(0.00)
Interest expense as reported		48,624				0.23			51,727				0.25				96,142			0.23			103,264			0.25
Less amortization of deferred financing costs		(2,135)				(0.01)			(1,805)				(0.01)				(4,196)			(0.01)			(3,593)			(0.01)
Cash expenses		421,207				1.97			533,531				2.56	-23%			857,654			2.03			1,098,032			2.67	-24%
Cash margins, a non-GAAP measure	$	80,860			$	0.38	$	155,495			$	0.75	-49%	$	204,827		$	0.48	$	425,625		$	1.04	-53%
Mmcfe produced during period		213,746							208,141					3%			422,514						411,171				3%

1. Includes revenue from brokered gas and gas marketing
2. Includes production taxes which are payable on the market value of commodities, not hedged amounts.

RANGE RESOURCES CORPORATION																						TABLE 4
PER MCFE TRENDS CALCULATED ON GAAP REPORTED NET INCOME
(Dollar amounts in thousands, except per mcfe)
		4th Qtr 2019			Year 2019				1st Qtr 2020			2nd Qtr 2020
		Amount		/mcfe			Amount		/mcfe			Amount		/mcfe			Amount	/mcfe
Revenues and other income:
Natural Gas, NGL and Oil sales	$	545,438		$	2.53	$	2,255,425		$	2.71	$	432,096		$	2.07	$	349,258		$	1.63
Cash settlements on derivative financial instruments		50,035		$	0.23			188,384		$	0.23			99,929		$	0.48			119,500		$	0.56
Brokered natural gas and marketing		41,524		$	0.19			344,372		$	0.41			28,389		$	0.14			33,309		$	0.16
Total change in fair value related to derivatives prior to settlement		(31,544)		$	(0.15)			38,297		$	0.05			133,246		$	0.64			(125,803)		$	(0.59)
(Gain) loss on ARO settlement		(2)		$	-			(13)		$	-			-		$	-			(12)		$	-
Other		153		$	-			1,150		$	-			260		$	-			294		$	-
Total revenues and other income		605,604		$	2.81			2,827,615		$	3.39			693,920		$	3.32			376,546		$	1.76
Costs and expenses:
Direct operating		25,258		$	0.12			110,085		$	0.13			27,156		$	0.13			19,531		$	0.09
Direct operating workovers		8,065		$	0.04			24,263		$	0.03			4,429		$	0.02			4,429		$	0.02
Direct operating stock-based compensation		469		$	-			1,928		$	-			450		$	-			434		$	-
Transportation, gathering and compression		299,511		$	1.39			1,199,297		$	1.44			284,765		$	1.36			278,875		$	1.30
Production and ad valorem taxes		8,963		$	0.04			37,967		$	0.05			9,019		$	0.04			5,557		$	0.03
Brokered natural gas and marketing		46,199		$	0.21			358,036		$	0.43			32,211		$	0.15			37,993		$	0.18
Brokered natural gas and marketing stock based-compensation		333		$	-			1,856		$	-			413		$	-			168		$	-
Exploration		9,156		$	0.04			35,117		$	0.04			6,747		$	0.03			7,655		$	0.04
Exploration stock-based compensation		194		$	-			1,566		$	-			330		$	-			372		$	-
Abandonment and impairment of unproved properties		1,193,711		$	5.53			1,235,342		$	1.48			5,413		$	0.03			5,524		$	0.03
General and administrative		30,269		$	0.14			137,694		$	0.17			33,010		$	0.16			28,333		$	0.13
General and administrative stock-based compensation		7,500		$	0.03			35,061		$	0.04			8,029		$	0.04			9,179		$	0.04
General and administrative - legal settlements		542		$	-			2,577		$	-			815		$	-			776		$	-
General and administrataive - rig release penalty		-		$	-			1,436		$	-			-		$	-			-		$	-
General and administrative - bad debt expense		4,482		$	0.02			4,341		$	0.01			400		$	-			-		$	-
Exit and termination costs		4,535		$	0.02			7,535		$	0.01			1,595		$	0.01			10,297		$	0.05
Exit and termination costs-stock based compensation		1,946		$	0.01			1,971		$	-			-		$	-			-		$	-
Non-cash stock compensation		960		$	-			(15,472)		$	(0.02)			(8,537)		$	(0.04)			12,587		$	0.06
Interest		42,043		$	0.19			186,916		$	0.22			45,457		$	0.22			46,489		$	0.22
Interest - amortization of deferred financing costs		1,981		$	0.01			7,369		$	0.01			2,061		$	0.01			2,135		$	0.01
Gain on early extinguishment of debt		(2,430)		$	(0.01)			(5,415)		$	(0.01)			(12,923)		$	-			(8,991)		$	-
Depletion, depreciation and amortization		130,869		$	0.61			548,843		$	0.66			102,986		$	0.49			104,626		$	0.49
Impairment of proved properties and other assets		1,095,634		$	5.08			1,095,634		$	1.31			77,000		$	0.37			-		$	-
Loss (gain) on sale of assets		(407)		$	-			30,256		$	0.04			(122,099)		$	(0.58)			426		$	-
Total costs and expenses		2,909,783		$	13.49			5,044,203		$	6.05			498,727		$	2.39			566,395		$	2.65
Income (loss) before income taxes		(2,304,179)		$	(10.68)			(2,216,588)		$	(2.66)			195,193		$	0.93			(189,849)		$	(0.89)
Income tax expense (benefit)
Current		2,068		$	0.01			6,147		$	0.01			(363)		$	-			(3)		$	-
Deferred		(500,927)		$	(2.32)			(506,438)		$	(0.61)			50,581		$	0.24			(43,277)		$	(0.20)
		(498,859)		$	(2.31)			(500,291)		$	(0.60)			50,218		$	0.24			(43,280)		$	(0.20)
Net income (loss)		(1,805,320)		$	(8.37)			(1,716,297)		$	(2.06)			144,975		$	0.69			(146,569)		$	(0.69)
Production during the period (Mmcfe)		215,757						833,354						208,769						213,746
Net income (loss) per common share
Basic	$	(7.27)				$	(6.92)				$	0.58				$	(0.61)
Diluted	$	(7.27)				$	(6.92)				$	0.58				$	(0.61)
Weighted average common shares outstanding
Basic		248,277						247,970						246,218						239,472
Diluted		248,277						247,970						247,684						239,472

RANGE RESOURCES CORPORATION										TABLE 5
PER MCFE TRENDS CALCULATED EXCLUDING CERTAIN ITEMS, A NON-GAAP MEASURE
RECONCILATION BETWEEN GAAP AND NON-GAAP PROVIDED IN EACH EARNINGS RELEASE AND ON TABLE 1 FOR CURRENT PERIOD
(Table 4 presented on GAAP basis and Table 5 presented on Non-GAAP basis, as typically presented by analysts)
(Dollar amounts in thousands, except per mcfe)
	4th Qtr 2019			Total Year 2019		1st Qtr 2020			2nd Qtr 2020
	Amount	/mcfe	Amount	/mcfe		Amount	/mcfe		Amount	/mcfe

Revenues
Natural Gas, NGL and Oil sales	$	545,438	$
Cash settlements on derivative financial instruments		50,035	$
Brokered natural gas and marketing		41,524	$
Total change in fair value related to derivatives prior to settlement		-	$
Loss on ARO settlement		-	$
Other		153	$
		637,150	$
Expenses
Direct operating		25,258	$
Direct operating workovers		8,065	$
Direct operating stock-based compensation		-	$
Transportation, gathering and compression		299,511	$
Production and ad valorem taxes		8,963	$
Brokered natural gas and marketing		46,199	$
Brokered natural gas and marketing stock based compensation		-	$
Exploration		9,156	$
Exploration stock-based compensation		-	$
Abandonment and impairment of unproved properties		-	$
General and administrative		30,269	$
General and administrative stock-based compensation		-	$
General and administrative - legal settlements		-	$
General and administrative - rig release penalty		-	$
General and administrative - bad debt expense		4,482	$
Memorial merger expenses		-	$
Exit and termination costs		-	$
Interest		42,043	$
Interest - amortization of deferred financing costs		1,981	$
Depletion, depreciation and amortization		130,869	$
Impairment of proved properties and other assets		-	$
Loss (gain) on the sale of assets		-	$
		606,796	$
Income before income taxes		30,354	$
Income tax expense (benefit)
Current		168	$
Deferred		7,589	$
		7,757	$
Net income		22,597	$
Production during the period (Mmcfe)		215,757
Net income per common share:
Basic	$	0.09
Diluted	$	0.09
Weighted average common shares outstanding
Basic		248,277
Diluted		248,889

2.53	$	2,255,425	$	2.71	$	432,096	$	2.07	$	349,258	$	1.63
0.23		188,384	$	0.23			99,929	$	0.48			119,500	$	0.56
0.19		344,372	$	0.41			28,389	$	0.14			33,309	$	0.16
-		-	$	-			-	$	-			-	$	-
-		-	$	-			-	$	-			-	$	-
-		1,150		$	-			260		$	-			294		$	-
2.95		2,789,331		$	3.35			560,674		$	2.69			502,361		$	2.35
0.12		110,085	$	0.13			27,156	$	0.13			19,531	$	0.09
0.04		24,263	$	0.03			4,429	$	0.02			4,429	$	0.02
-		-	$	-			-	$	-			-	$	-
1.39		1,199,297	$	1.44			284,765	$	1.36			278,875	$	1.30
0.04		37,967	$	0.05			9,019	$	0.04			5,557	$	0.03
0.21		358,036	$	0.43			32,211	$	0.15			37,993	$	0.18
-		-	$	-			-	$	-			-	$	-
0.04		35,117	$	0.04			6,747	$	0.03			7,655	$	0.04
-		-	$	-			-	$	-			-	$	-
-		-	$	-			-	$	-			-	$	-
0.14		137,694	$	0.17			33,010	$	0.16			28,333	$	0.13
-		-	$	-			-	$	-			-	$	-
-		-	$	-			-	$	-			-	$	-
-		-	$	-			-	$	-			-	$	-
0.02		4,341	$	0.01			400	$	-			-	$	-
-		-	$	-			-	$	-			-	$	-
-		-	$	-			-	$	-			-	$	-
0.19		186,916	$	0.22			45,457	$	0.22			46,489	$	0.22
0.01		7,369	$	0.01			2,061	$	0.01			2,135	$	0.01
0.61		548,843	$	0.66			102,986	$	0.49			104,626	$	0.49
-		-	$	-			-	$	-			-	$	-
-		-		$	-			-		$	-			-		$	-
2.81		2,649,928		$	3.18			548,241		$	2.63			535,623		$	2.51
0.14		139,403	$	0.17			12,433	$	0.06			(33,262)	$	(0.16)
-		4,247	$	0.01			(363)	$	-			(3)	$	-
0.04		34,867		$	0.04			3,108		$	0.01			(8,316)		$	(0.04)
0.04		39,114		$	0.05			2,745		$	0.01			(8,319)		$	(0.04)
0.10		100,289	$	0.12			9,688	$	0.05			(24,944)	$	(0.12)
		833,354						208,769						213,746
	$	0.40				$	0.04				$	(0.10)
	$	0.40				$	0.04				$	(0.10)
		247,970						246,218						239,472
		249,054						247,684						239,472

RECONCILATION OF REVENUES PRESENTED WITH AND WITHOUT																							Table 6
TRANSPORTATION, GATHERING AND COMPRESSION FEES
			2018											2019														2020
			FY18				QE1			QE2			QE3			QE4			FY19				QE1			QE2			YTD
Revenues
Oil, Gas & NGLs Gross Revenues
Oil	$	255,884,753			$	39,120,963	$	52,928,545	$	46,579,359	$	46,824,604	$	185,453,471			$	35,608,152	$	10,667,572	$	46,275,724
Gas			1,663,832,302					434,719,746			343,623,410			284,979,526			325,514,832			1,388,837,514					253,249,427			214,207,292			467,456,719
NGLs			931,359,489					197,813,275			167,027,222			143,194,517			173,098,775			681,133,789					143,238,859			124,382,710			267,621,569
Total			2,851,076,544					671,653,984			563,579,177			474,753,402			545,438,211			2,255,424,774					432,096,438			349,257,574			781,354,012
Cash Settled Hedges:
Oil	$	(37,708,957)			$	842,342	$	(2,807,153)	$	146,045	$	(118,450)	$	(1,937,216)			$	9,713,480	$	21,757,596	$	31,471,076
Gas (NYMEX)			(15,608,667)					(13,353,169)			19,917,762			74,505,441			42,026,767			123,096,801					66,204,540			92,290,260			158,494,800
Gas (Basis)			(13,682,246)					12,481,376			477,566			(1,695,695)			4,893,417			16,156,664					13,967,314			(1,452,668)			12,514,646
NGLs			(64,522,723)					24,863,820			15,918,433			7,052,576			3,232,786			51,067,615					10,043,360			6,905,263			16,948,623
Total			(131,522,593)					24,834,369			33,506,608			80,008,367			50,034,520			188,383,864					99,928,694			119,500,451			219,429,145
Gross Revenue with Hedges
Oil	$	218,175,796			$	39,963,305	$	50,121,392	$	46,725,404	$	46,706,154	$	183,516,255			$	45,321,632	$	32,425,168	$	77,746,800
Gas			1,634,541,389					433,847,953			364,018,738			357,789,272			372,435,016			1,528,090,979					333,421,281			305,044,884			638,466,165
NGLs			866,836,766					222,677,095			182,945,655			150,247,093			176,331,561			732,201,404					153,282,219			131,287,973			284,570,192
Total			2,719,553,951					696,488,353			597,085,785			554,761,769			595,472,731			2,443,808,638					532,025,132			468,758,025			1,000,783,157
Transport, gathering & compression
Oil	$	-			$	-	$	-	$	-	$	-	$	-			$	-	$	789,621	$	789,621
Gas			678,489,069					189,082,161			185,353,294			180,353,335			185,272,452			740,061,242					169,841,168			167,366,652			337,207,820
NGLs			439,326,858					113,573,038			115,865,481			115,558,733			114,238,905			459,236,157					114,923,872			110,718,277			225,642,149
Total			1,117,815,927					302,655,199			301,218,775			295,912,068			299,511,357			1,199,297,399					284,765,040			278,874,550			563,639,590
Net Revenues after Hedges and Transport
Oil	$	218,175,796			$	39,963,305	$	50,121,392	$	46,725,404	$	46,706,154	$	183,516,255			$	45,321,632	$	31,635,547	$	76,957,179
Gas			956,052,320					244,765,792			178,665,444			177,435,937			187,162,564			788,029,737					163,580,113			137,678,232			301,258,345
NGLs			427,509,908					109,104,057			67,080,174			34,688,360			62,092,656			272,965,247					38,358,347			20,569,696			58,928,043
Total			1,601,738,024					393,833,154			295,867,010			258,849,701			295,961,374			1,244,511,239					247,260,092			189,883,475			437,143,567
Volumes
Oil (Bbls)			4,228,439					805,550			982,324			939,541			962,390			3,689,805					868,297			720,125			1,588,422
Gas (Mcf)			548,085,437					140,521,663			143,163,003			143,721,265			150,708,420			578,114,351					145,760,592			151,127,582			296,888,174
NGLs (Bbls)			38,325,251					9,612,547			9,847,268			9,511,234			9,879,081			38,850,130					9,633,035			9,716,261			19,349,296
Mcfe's			803,407,577					203,030,245			208,140,555			206,425,915			215,757,246			833,353,961					208,768,584			213,745,898			422,514,482
Mcfe's per day			2,201,117					2,255,892			2,287,259			2,243,760			2,345,187			2,283,162					2,294,160			2,348,856			2,321,508

RECONCILATION OF PRICING PRESENTED WITH AND WITHOUT																							Table 7
TRANSPORTATION, GATHERING AND COMPRESSION FEES
			2018											2019														2020
			FY18				QE1			QE2			QE3			QE4			FY19				QE1			QE2			YTD
Gas (Basis)			(13,682,246)					12,481,376			477,566			(1,695,695)			4,893,417			16,156,664					13,967,314			(1,452,668)			12,514,646
Volumes
Oil (Bbls)			4,228,439					805,550			982,324			939,541			962,390			3,689,805					868,297			720,125			1,588,422
Gas (Mcf)			548,085,437					140,521,663			143,163,003			143,721,265			150,708,420			578,114,351					145,760,592			151,127,582			296,888,174
NGLs (Bbls)			38,325,251					9,612,547			9,847,268			9,511,234			9,879,081			38,850,130					9,633,035			9,716,261			19,349,296
Mcfe's			803,407,577					203,030,245			208,140,555			206,425,915			215,757,246			833,353,961					208,768,584			213,745,898			422,514,482
Mcfe's per day			2,201,117					2,255,892			2,287,259			2,243,760			2,345,187			2,283,162					2,294,160			2,348,856			2,321,508
Per Unit Prices
Oil (per bbl):
NYMEX - WTI	$	65.49			$	54.86	$	60.25	$	56.42	$	56.86	$	57.21			$	47.11	$	27.09	$	38.03
Differential			(4.97)					(6.30)			(6.37)			(6.84)			(8.21)			(6.95)					(6.10)			(12.28)			(8.90)
Average price before NYMEX hedges	$	60.52			$	48.56	$	53.88	$	49.58	$	48.65	$	50.26			$	41.01	$	14.81	$	29.13
NYMEX Hedging			(8.92)					1.05			(2.86)			0.16			(0.12)			(0.53)					11.19			30.21			19.81
Average price including hedges	$	51.60			$	49.61	$	51.02	$	49.73	$	48.53	$	49.74			$	52.20	$	45.03	$	48.95
Transport, Gathering & Compression			-					-			-			-			-			-					-			1.10			0.50
Net Revenue price		$	51.60				$	49.61	$	51.02	$	49.73	$	48.53	$	49.74				$	52.20	$	43.93	$	48.45
Gas (per mcf):
NYMEX - HH	$	3.07			$	3.14	$	2.64	$	2.23	$	2.50	$	2.62			$	1.95	$	1.72	$	1.83
Differential			(0.03)					(0.05)			(0.24)			(0.25)			(0.34)			(0.22)					(0.21)			(0.30)			(0.26)
Settled basis hedging			(0.02)					0.09			0.00			(0.01)			0.03			0.03					0.10			(0.01)			0.04
Differential including basis hedging			(0.06)					0.04			(0.24)			(0.26)			(0.31)			(0.19)					(0.12)			(0.31)			(0.21)
Average price before NYMEX hedges	$	3.01			$	3.18	$	2.40	$	1.97	$	2.19	$	2.43			$	1.83	$	1.41	$	1.62
NYMEX Hedging			(0.03)					(0.10)			0.14			0.52			0.28			0.21					0.45			0.61			0.53
Average price including all hedges	$	2.98			$	3.09	$	2.54	$	2.49	$	2.47	$	2.64			$	2.29	$	2.02	$	2.15
Transport, Gathering & Compression			(1.24)					(1.35)			(1.29)			(1.25)			(1.23)			(1.28)					(1.17)			(1.11)			(1.14)
Net Revenue price		$	1.74				$	1.74	$	1.25	$	1.23	$	1.24	$	1.36				$	1.12	$	0.91	$	1.01
NGLs (per bbl):
Average price before NYMEX hedges	$	24.30			$	20.58	$	16.96	$	15.06	$	17.52	$	17.53			$	14.87	$	12.80	$	13.83
Hedging			(1.68)					2.59			1.62			0.74			0.33			1.31					1.04			0.71			0.88
Average price including hedges	$	22.62			$	23.17	$	18.58	$	15.80	$	17.85	$	18.85			$	15.91	$	13.51	$	14.71
Transport, Gathering & Compression			(11.46)					(11.82)			(11.77)			(12.15)			(11.56)			(11.82)					(11.93)			(11.40)			(11.66)
Net Revenue price		$	11.15				$	11.35	$	6.81	$	3.65	$	6.29	$	7.03				$	3.98	$	2.12	$	3.05
% of WTI - Gross
		37.1%					37.5%			28.2%			26.7%			30.8%			30.6%					31.6%			47.3%			36.4%
Per Mcfe Prices
Price/mcfe with 3rd party transport	$	1.99			$	1.94	$	1.42	$	1.25	$	1.37	$	1.49			$	1.18	$	0.89	$	1.03
Price/mcfe w/o 3rd party transport	$	3.39			$	3.43	$	2.87	$	2.69	$	2.76	$	2.93			$	2.55	$	2.19	$	2.37

INDEX DIFFERENITALS COMPARED TO CORPORATE DIFFERENTIALS																							Table 8
INSIDE FERC BID-WEEK PRICES
						2019													2020
			QE1		QE2			QE3			QE4				QE1		APR			MAY			JUN		QE2
Per Unit Prices
FERC Settlement Prices (As compared to NYMEX)
Dawn		$	0.10		$	(0.15)		$	(0.17)		$	(0.10)			$	(0.08)	$	(0.14)	$	0.02	$	(0.09)		$	(0.07)
MichCon		$	(0.10)		$	(0.17)		$	(0.20)		$	(0.24)			$	(0.15)	$	(0.15)	$	(0.01)	$	(0.12)		$	(0.10)
Columbia (TCO)		$	(0.22)		$	(0.27)		$	(0.31)		$	(0.48)			$	(0.32)	$	(0.29)	$	(0.20)	$	(0.25)		$	(0.25)
Dominion South (DTI)		$	(0.27)		$	(0.40)		$	(0.45)		$	(0.69)			$	(0.40)	$	(0.44)	$	(0.34)	$	(0.45)		$	(0.41)
TETCO M2		$	(0.29)		$	(0.42)		$	(0.48)		$	(0.74)			$	(0.40)	$	(0.46)	$	(0.37)	$	(0.48)		$	(0.44)
TETCO M3		$	1.63		$	(0.32)		$	(0.36)		$	0.04			$	0.43	$	(0.38)	$	(0.29)	$	(0.42)		$	(0.37)
Transco Zone 6 Non-NY		$	1.67		$	(0.31)		$	(0.35)		$	(0.11)			$	0.41	$	(0.37)	$	(0.30)	$	(0.44)		$	(0.37)
Leidy		$	(0.22)		$	(0.43)		$	(0.48)		$	(0.70)			$	(0.39)	$	(0.45)	$	(0.38)	$	(0.52)		$	(0.45)
Columbia Gulf (CGT)		$	(0.16)		$	(0.20)		$	(0.23)		$	(0.26)			$	(0.16)	$	(0.21)	$	(0.14)	$	(0.17)		$	(0.18)
TGP 500L		$	(0.06)		$	(0.07)		$	(0.08)		$	(0.06)			$	(0.08)	$	(0.06)	$	(0.06)	$	(0.07)		$	(0.07)
NYMEX - Henry Hub		$	3.14		$	2.64	$	2.23	$	2.50		$	1.95	$	1.63	$	1.79	$	1.72		$	1.72
Weighted Average Corporate Differential to NYMEX		$	(0.05)		$	(0.24)	$	(0.25)	$	(0.34)		$	(0.21)										$	(0.30)
Basis Hedging Impact (Settlement/MTM)		$	0.09		$	-		$	(0.01)		$	0.03			$	0.10										$	(0.01)
Differential including basis hedging		$	0.04		$	(0.24)		$	(0.26)		$	(0.31)			$	(0.12)										$	(0.31)
Average price before NYMEX hedges		$	3.18		$	2.40	$	1.97	$	2.19		$	1.83										$	1.41
NYMEX hedges		$	(0.09)		$	0.14		$	0.51		$	0.28			$	0.45										$	0.61
Average price after NYMEX hedges		$	3.09		$	2.54	$	2.49	$	2.47		$	2.29										$	2.02

* Price amounts may not add due to rounding

NGL REALIZATIONS COMPARED TO AN EQUIVALENT															Table 9
MONT BELVIEU WEIGHTED AVERAGE BARREL
						2019								2020
Per Unit Prices
			QE1		QE2		QE3		QE4					QE1		QE2
Mont Belvieu Settlement Prices (gal): Non-TET
Ethane		$	0.30	$	0.21	$	0.17	$	0.19			$	0.14	$	0.19
Propane		$	0.66	$	0.54	$	0.44	$	0.50			$	0.37	$	0.41
Normal Butane		$	0.81	$	0.62	$	0.51	$	0.67			$	0.57	$	0.43
Iso Butane		$	0.84	$	0.64	$	0.66	$	0.81			$	0.63	$	0.44
Natural Gasoline		$	1.15	$	1.20	$	1.06	$	1.19			$	0.94	$	0.41
NYMEX - WTI		$	54.86	$	60.25	$	56.42	$	56.96			$	47.11	$	28.00
Weighted Mont Belvieu Barrel (1)		$	22.23	$	18.24	$	15.35	$	17.66			$	13.57	$	12.43
RRC Corporate NGL barrel price before hedges		$	20.58	$	16.96	$	15.06	$	17.52			$	14.87	$	12.80
Weighted MB Differential		$	(1.65)	$	(1.28)	$	(0.29)	$	(0.14)			$	1.30	$	0.37
% of WTI (NGL Pre-hedge / Oil NYMEX)			38%		28%		27%		31%					32%		46%
NGL Hedges			$	2.59	$	1.62	$	0.74	$	0.33				$	1.04	$	0.71
Avg. Corporate NGL barrel price including hedges		$	23.17	$	18.58	$	15.80	$	17.85			$	15.91	$	13.51

1. Weighting based on 53% ethane, 27% propane, 7% Normal Butane, 4% Iso Butane, and 9% Natural Gasoline