Range Resources : EnerCom Dallas

EnerCom - Dallas

April 2021

Forward Looking Statements

All statements, except for statements of historical fact, made in this presentation regarding activities, events or developments the Company expects, believes or anticipates will or may occur in the future 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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Natural Gas Plays Critical Role in Energy Transition

Emissions Reductions Driven by Natural Gas

• Between 2005 and 2019, total U.S. electricity generation increased ~2%, while related CO2 emissions decreased ~33%
• EIA attributes ~61% of U.S. power generation emissions reductions to natural gas displacing coal

Natural Gas to Reduce Global Emissions

• China and India are increasing natural gas use in efforts to reduce emissions growth
• Electrification of domestic and global economies will boost power demand, much of which will be supplied by natural gas

Electric Vehicle Growth Increases Power Demand

U.S. Electricity Consumption (TWh)

U.S. Emissions Reductions Driven by Power Gen.

	U.S. CO2 Emissions (MMT)
	6,200		4,000
	6,000		3,500	Power
	5,800		3,000
EnergyTotal		GenOtherAll.&
5,600		2,500
	5,400		2,000
	5,200		1,500	Sector
	5,000		1,000
	4,800		500
	Total Energy Emissions	Power Gen. Emissions	All Other Sector Emissions

Significant Coal Displacement Potential Remains

	100%
Mix	90%
80%
Generation	50%						4%		23%
	70%					3%
	60%
		19%
Power
40%			38%		65%	71%
30%
2019	20%		49%
								36%
	10%			23%
	0%
		U.S.	U.S.		China	India	World Average
			(2005)	(2019)		(2019)	(2019)		(2019)
	Coal	Natural Gas	Nuclear	Hydro	Renewables	Other

Source: EIA, NREL, IEA, BP Statistical Review of World Energy	3

Range - Who We Are

Pennsylvania

• Top 10 U.S. Natural Gas Producer
• Top 5 U.S. NGL Producer & Leader in NGL Exports
• Pioneered Marcellus Shale in 2004
• Lowest Breakeven Price Among Southwest Appalachia E&Ps
• Multi-DecadeInventory of Core Marcellus Locations
• Upstream Leader in Environmental Practices

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Range - At a Glance

Focus on Free Cash Flow

• Peer-leadingwell costs and base decline rate drive low sustaining capital requirements
• Cost structure improvements and marketing strategies have reduced breakeven price
• Low sustaining capital requirements and breakeven support significant and durable free cash flow generation at strip pricing

Unmatched Appalachian Inventory

• Approximately one-half million net acres provide decades of low-risk drilling inventory
• Contiguous position allows for efficient operations and long-lateral development
• Proved Reserves of 17.2 Tcfe at YE2020 - PV-10 of over $22 per share, net of debt(a)

Upstream Leader on Environmental Practices and Safety

• Targeting net zero emissions by 2025
• Reduced environmental impact and enhanced profitability through:
• • Water recycling and logistics
  • Long-lateraldevelopment
  • Electric-poweredfracturing fleet
  • Innovative facility designs
  • Robust Leak Detection and Remediation (LDAR) program

Management Incentives Aligned to Support Free Cash Flow, Corporate Returns,

Balance Sheet Strength & Environmental Leadership

(a) Assumes natural gas price of $2.75/mmbtu and oil price of $50/bbl	5