Range Resources : Company Presentation – October 24, 2023

Company Presentation

October 2023

Forward-Looking Statements

All statements, except for statements of historical fact, made within regarding activities, events or developments the Company expects, believes or anticipates will or may occur in the future, such as those regarding future well costs, expected asset sales, well productivity, future liquidity and financial resilience, anticipated exports and related financial impact, NGL market supply and demand, future commodity fundamentals and pricing, future capital efficiencies, future shareholder value, emerging plays, capital spending, anticipated drilling and completion activity, acreage prospectivity, expected pipeline utilization and future guidance information, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management's assumptions and Range's future performance are subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward- looking statements. Further information on risks and uncertainties is available in Range's filings with the Securities and Exchange Commission (SEC), including its most recent Annual Report on Form 10-K. Unless required by law, Range undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date they are made.

The SEC permits oil and gas companies, in filings made with the SEC, to disclose proved reserves, which are estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions as well as the option to disclose probable and possible reserves. Range has elected not to disclose its probable and possible reserves in its filings with the SEC. Range uses certain broader terms such as "resource potential," "unrisked resource potential," "unproved resource potential" or "upside" or other descriptions of volumes of resources potentially recoverable through additional drilling or recovery techniques that may include probable and possible reserves as defined by the SEC's guidelines. Range has not attempted to distinguish probable and possible reserves from these broader classifications. The SEC's rules prohibit us from including in filings with the SEC these broader classifications of reserves. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of actually being realized. Unproved resource potential refers to Range's internal estimates of hydrocarbon quantities that may be potentially discovered through exploratory drilling or recovered with additional drilling or recovery techniques and have not been reviewed by independent engineers. Unproved resource potential does not constitute reserves within the meaning of the Society of Petroleum Engineer's Petroleum Resource Management System and does not include proved reserves. Area wide unproven resource potential has not been fully risked by Range's management. "EUR", or estimated ultimate recovery, refers to our management's estimates of hydrocarbon quantities that may be recovered from a well completed as a producer in the area. These quantities may not necessarily constitute or represent reserves within the meaning of the Society of Petroleum Engineer's Petroleum Resource Management System or the SEC's oil and natural gas disclosure rules. Actual quantities that may be recovered from Range's interests could differ substantially. Factors affecting ultimate recovery include the scope of Range's drilling program, which will be directly affected by the availability of capital, drilling and production costs, commodity prices, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals, field spacing rules, recoveries of gas in place, length of horizontal laterals, actual drilling results, including geological and mechanical factors affecting recovery rates and other factors. Estimates of resource potential may change significantly as development of our resource plays provides additional data.

In addition, our production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price declines or drilling cost increases. Investors are urged to consider closely the disclosure in our most recent Annual Report on Form 10-K, available from our website at www.rangeresources.comor by written request to 100 Throckmorton Street, Suite 1200, Fort Worth, Texas 76102. You can also obtain this Form 10-K on the SEC's website at www.sec.govor by calling the SEC at 1-800-SEC-0330.

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Range - Who We Are

Top 10 U.S. Producer of Natural Gas & NGLs

Pure Play Appalachian Producer with 30+ Years of Core Inventory

Most Capital Efficient Operator in Appalachia

Strong Balance Sheet to Deliver Durable Long-Term Capital Returns

Upstream Leader in Environmental Practices

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Range - Positioned to Deliver Value Through the Cycles

Unmatched Position in Southwest Appalachia

• 30+ Years of Core Marcellus Inventory

Peer-Leading Capital Efficiency

• Large Contiguous Acreage Position Supports Efficient Operations and Peer-Leading Well Costs

Diversified Market Outlets

• Diverse Access to Multiple End Markets Domestically and Internationally for Natural Gas and NGLs

Durable Free Cash Flow

• Sustainable Free Cash Flow in Low Price Scenarios Given Low Capital Intensity, Liquids Optionality, and Hedges

Resilient Balance Sheet

• Nearing Net Debt Target of Sub-$1.5 Billion, Leverage 1.1x Debt/EBITDAX at 3Q 2023

Natural Gas and NGL Long-Term Fundamentals Remain Strong

• Supportive Outlook as Natural Gas and NGLs Play a Key Role in Meeting Global Energy Demand Growth

4

Unmatched Core Marcellus Inventory

30+ Years of Core Marcellus Inventory

~70,000 Net Acres in

Northeast Pennsylvania

3,000+ Locations that Break Even Under $3.00 per MMbtu(a)

$/MMbtu Breakeven

$3.50

$3.00

~3000 locations

~98% total lateral feet

$2.50

~2500 locations

~86% total lateral feet

$2.00

~1900 locations

~68% total lateral feet

~450,000 Net Acres in

Southwest Pennsylvania

$1.50

$1.00

$0.50

$0.00

~700 locations

~26% total lateral feet

Utica/Point Pleasant and Upper Devonian horizons are held by

current Marcellus development and not included above

Notes: Highlighted areas represent townships where Range holds ~2,000 or more acres.

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1. PV10 breakeven price per well includes all-in well costs, gathering, processing, transport, pricing differentials, LOE and production taxes. WTI/NGL realization (% of WTI) used for the cases are $1.50: $40/48%, $2: $50/45%, $2.50: $60/42.5%, $3: $70/40%.

Peer-Leading Capital Efficiency

Peer-Leading Well Costs and Decline Rate Drive Lowest Capital Intensity and Required Reinvestment Rate, Mitigating Service Cost Inflation and Enhancing Ability to Provide Sustainable Long-Term Capital Returns

					2023 Reinvestment Rates(a)
180%											$1.60
160%							$3.00 NG			$2.00 NG	$1.40
140%											$1.20
120%											$1.00
100%											$0.80
80%
60%											$0.60
40%											$0.40
20%											$0.20
0%											$0.00
		RRC Peer 1 Peer 2 Peer 3	Peer 4 Peer 5 Peer 6 Peer 7 Peer 8

Capital Expenditures per Mcfe(b)

$1.51

RRC

Appalachia Peer Avg

Nat Gas Peer Avg

$1.36

$1.27

		$1.18
		$1.01
$0.93
$0.78	$0.81	$0.83
$0.87	$0.65
	$0.76
		$0.64
$0.50	$0.53

2019

2020

2021

2022

2023E

(a) Source: Enverus estimates assuming $70 WTI. Reinvestment rate represents estimated capital expenditures / cash flow from operations. Peers include AR, CHK, CNX, CRK, EQT,	6
GPOR, SBOW, SWN.

(b) Source: FactSet and company filings. Appalachia-only peers include AR, CNX, EQT. Natural gas peers include AR, CHK, CNX, CRK, EQT, SWN.

Diversified Market Outlets

Range's access to multiple end-markets for natural gas and NGLs provides price diversification

Natural Gas & NGL

NGL Export

LNG Export

~30% of Natural Gas to Midwest

~25% of Natural Gas to Gulf Coast

~25% of Natural

Gas to LNG

Natural Gas End-Markets

	Local &
LNG	Northeast

Gulf Coast	Midwest

Propane. & Butane Exports

Local &

Northeast

Exports

Ethane Price. Diversification

Mont

Belvieu Oil-Linked

Gas-Linked

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Durable Free Cash Flow

Sustainable Free Cash Flow and Capital Returns Supported by Low Capital Intensity, NGL Optionality, and Hedging

RRC Free Cash Flow

(SMM)

2021-2022 FCF Allocation

Debt Reduction(a)

Dividends

Share Repurchases

2023-2024 FCF Outlook(b)

$5.50 NG

$4.00 NG

$2.50 NG

$1,800

$1,600

$1,400

$1,200

$1,000

$800

$600

$400

$200

$0

2021

2022

2023E

2024E

(a)	Debt reduction also includes net payments to working capital.	8
(b)	FCF outlooks assume $2.50 NG/$70 WTI, $4.00 NG/$80 WTI, $5.50 NG/$100 WTI and NGL realizations at 35% of WTI.

Compelling Free Cash Flow and Valuation

Range Offers Durable Free Cash Flow and Attractive Relative Trading Multiple and Yield versus Other Sectors

ATAX PV-10(a) of ProvedReserves per Share, Net of Debt		FCF Yield(b)
			$95	25.0%
	Valuation of proved reserves only			RRC at $5.50 NG

includes 367 (~12%) of Range's ~3,000			20.0%									~20%
						RRC at $4.00 NG
undeveloped core Marcellus wells
$60
								RRC at $2.50 NG
				15.0%
	$42
$24				10.0%
						4.6%	4.7%	4.9%	5.0%	5.4%	5.8%	5.9%
				5.0%	4.1%
				2.7%
$3.00	$4.00	$5.00	Standardized Measure	0.0%
	NYMEX Natural Gas			Real Estate	Tech	Con.	Telecom	Con. Staples	Russell 3000	Industrials	Materials	Healthcare	RRC
					Discretionary

EV/EBITDA(b)

2023 Free Cash Flow Breakevens(c) ($/MMBtu)

18.0x

17.0x

$3.50

16.0x

15.5x

$3.00

14.0x

11.7x

11.9x

12.1x

12.4x

12.6x

$2.50

12.0x

9.3x

9.6x

$2.00

10.0x

8.0x

6.6x

$1.50

6.0x

$1.00

4.0x

$0.50

2.0x

0.0x

$0.00

RRC

Peer 1

Peer 2

Peer 3

Peer 4

Peer 5

RRC Materials

Telecom Russell 3000

Industrials

Con.

Healthcare

Con. Staples Tech Real Estate

Discretionary

1. ATAX PV-10 for $3/$4/$5 cases use $70/$80/$90 WTI, respectively. Assumes 21% tax rate in all cases, without accounting for expected NOL benefit. Year-end 2022 standardized measure value of $24.5 billion uses SEC-

	defined pricing of $6.36 natural gas/$94.13 WTI.	9
(b)	RRC FCF assumes $70 WTI and NGL realizations at 35% of WTI. Bloomberg sector estimates for 2024 as of 10/20/23.
(c)	Tudor Pickering Holt estimates assuming $80 WTI. Calculated as Henry Hub price required to generate positive free cash flow, including hedges and excluding returns of capital. Peers include AR, CHK, CRK, EQT, SWN.

Resilient Balance Sheet

Strong Balance Sheet Provides Flexibility Through the Cycles and Lower Debt Improves Cost Structure

RRC Net Debt(a)

$ billion

$5.00

$4.50

	$4.1
$4.00	$3.9
$3.50	$3.2	$3.1
$3.00		$2.7
$2.50
$2.00		$1.9
		$1.6 <$1.5
$1.50

$1.00

$0.50

$0.00

2017

2018

2019

2020

2021

2022

3Q23

Target

10.0x

9.8x

9.6x

9.4x

9.2x

9.0x

8.8x

8.6x

8.4x

RRC Net Interest Expense(b)

per mcfe

$0.28

$0.26

$0.22 $0.23

$0.20

$0.15

2018

2019

2020

2021

2022

2023E

(a)	Target net debt of $1.0-$1.5 billion.	10
(b)	Excludes amortization of deferred financing costs