Range Resources : Company Presentation – April 24, 2023

Company Presentation

April 2023

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

2

Range - Positioned to Deliver Value Through the Cycles

Unmatched Position in Southwest Appalachia

• 30+ Years of Core Marcellus Inventory

Diversified Market Outlets

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

Durable Free Cash Flow

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

Peer-Leading Capital Efficiency

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

Resilient Balance Sheet

• Leverage <1.0x Debt/EBITDAX at 1Q 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

3

Unmatched Core Marcellus Inventory

30+ Years of Core Marcellus Inventory

~70,000 Net Acres in

Northeast Pennsylvania

~450,000 Net Acres in

Southwest Pennsylvania

Marcellus Inventory ($/MMbtu Breakevens)(a)

<$3.00

<$1.50

	~3,000
	Undeveloped
<$2.50	Core Locations

<$2.00

Notes: Highlighted areas represent townships where Range holds ~2,000 or more acres.	4
a) PV10 breakeven price per well includes all-in well costs, gathering, processing, transport, pricing differentials, LOE and production taxes.

Inventory and Reserves Support Sustainable Development Plans

2022 Proved Reserves

Proved

Proved Undeveloped

Developed 7.1 Tcfe

10.9 Tcfe

PUD reserves onlyaccount for 367 (~12%) of Range's ~3,000 undeveloped core Marcellus wells

Unmatched Marcellus Inventory(b)

$/MMbtu Breakeven

$3.50

		~3000 locations
$3.00		~98% total lateral feet
	~2500 locations
$2.50		~86% total lateral feet
	~1900 locations
$2.00		~68% total lateral feet
~700 locations
$1.50	~26% total lateral feet
$1.00
$0.50

ATAX PV-10(a) of ProvedReserves per Share, Net of Debt

$95

$60

$42

$24

$3.00	$4.00	$5.00	Standardized
	NYMEX Natural Gas	Measure

$0.00

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

Sources of Additional Upside Potential

• Continued technical advancements as Range develops existing footprint
• Incremental bolt-on acreage and high-grading
• Utica/Point Pleasant and Upper Devonian horizons are held by current Marcellus development and not included above

(a) 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.	5

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%.