Randge Resources Corp. announced its first quarter 2023 financial results.

Commenting on the quarter, Jeff Ventura, the Company's CEO said: "Today, Range is in the best operational and financial shape in Company history and the future of the Marcellus is bright as we sit at the very low end of the global cost curve with one of the lowest emissions intensities of any play. Range's multi-decade inventory, efficient operations and access to diversified markets place our business in a desirable position to deliver significant long-term value and competitive returns to shareholders. The Range team remains focused on efficiently developing our Marcellus assets to bring that value to shareholders and I believe our first quarter results demonstrate continued success in achieving corporate objectives."

Except for generally accepted accounting principles ("GAAP") reported amounts, specific expense categories exclude non-cash impairments, unrealized mark-to-market adjustment on derivatives, non-cash stock compensation and other items shown separately on the attached tables. "Unit costs" as used in this release are composed of direct operating, transportation, gathering, processing and compression, taxes other than income, general and administrative, interest and depletion, depreciation and amortization costs divided by production. See "Non-GAAP Financial Measures" for a definition of each of the non-GAAP financial measures and the tables that reconcile each of the non-GAAP measures to their most directly comparable GAAP financial measure.

GAAP revenues for first quarter 2023 totaled $1.2 billion, GAAP net cash provided from operating activities (including changes in working capital) was $475 million, and GAAP net income was $481 million ($1.95 per diluted share). First quarter earnings results include a $368 million mark-to-market derivative gain due to decreases in commodity prices.

Non-GAAP revenues for first quarter 2023 totaled $853 million, and cash flow from operations before changes in working capital, a non-GAAP measure, was $400 million. Adjusted net income comparable to analysts' estimates, a non-GAAP measure, was $239 million ($0.99 per diluted share) in first quarter 2023.

The following table details Range's first quarter 2023 unit costs per mcfe^(a):

Expenses		1Q 2023 (per mcfe)			1Q 2022 (per mcfe)				Increase (Decrease)
Direct operating(a)		$	0.14		$	0.11			27	%
Transportation, gathering, processing and compression(a)			1.48			1.60			(8	%)
Taxes other than income			0.04			0.04			0	%
General and administrative(a)			0.17			0.17			0	%
Interest expense(a)			0.16			0.24			(33	%)
Total cash unit costs(b)			1.99			2.15			(7	%)
Depletion, depreciation and amortization (DD&A)			0.45			0.46			(2	%)
Total unit costs plus DD&A(b)		$	2.44		$	2.61			(7	%)

(a) Excludes stock-based compensation, one-time settlements, and amortization of deferred financing costs.
(b) Totals may not be exact due to rounding.

The following table details Range's average production and realized pricing for first quarter 2023^(a):

	1Q23 Production & Realized Pricing
		Natural Gas (Mcf)				Oil (Bbl)				NGLs (Bbl)			Natural Gas Equivalent (Mcfe)
Net production per day			1,484,956				6,367				103,219			2,142,475
Average NYMEX price		$	3.46			$	76.07			$	25.97
Differential, including basis hedging			(0.14	)			(9.30	)			1.63
Realized prices before NYMEX hedges			3.32				66.77				27.60			3.83
Settled NYMEX hedges			0.26				(3.81	)						0.17
Average realized prices after hedges		$	3.58			$	62.96			$	27.60		$	4.00

(a) Totals may not be exact due to rounding

First quarter 2023 natural gas, NGLs and oil price realizations (including the impact of cash-settled hedges and derivative settlements) averaged $4.00 per mcfe.

• The average natural gas price, including the impact of basis hedging, was $3.32 per mcf, or a ($0.14) per mcf differential to NYMEX. The Company continues to expect an average 2023 natural gas differential versus NYMEX to be within a range of ($0.35) to ($0.45) per mcf.
• Range's pre-hedge NGL price for 1Q was $27.60 per barrel, approximately $1.63 above the Mont Belvieu weighted equivalent.
• Crude oil and condensate price realizations, before realized hedges, averaged $66.77 per barrel, or $9.30 below WTI (West Texas Intermediate). Range continues to expect the 2023 condensate differential to average $9.00-$13.00 below WTI.

Share Buyback and Financial Position

During the first quarter, Range purchased 400,000 shares at an average price of approximately $24.16 per share. Range currently has approximately 241 million shares outstanding and $1.1 billion of availability on the share repurchase program.

As of March 31, 2023, Range had net debt outstanding of approximately $1.62 billion, consisting of $1.85 billion of senior notes and $228 million in cash.

Capital Expenditures and Operational Activity