Range Who We Are Top 10 U.S. Producer of Natural Gas & NGLs Pure Play Appalachian Producer with 30+ Years of Core Marcellus Inventory Durable Free Cash Flow Paired with Efficient Growth Access to Growing Demand in Domestic and…
Range Positioned to Deliver Value Through the Cycles Unmatched Position in Southwest Appalachia 30+ Years of High-Quality Marcellus Inventory to Meet Long-Term Demand Growth Durable Free Cash Flow with Efficient Growth History of…
Unmatched Core Marcellus Inventory 30+ Years of High-Quality Marcellus Inventory 28 Million Lateral Feet of Undrilled Marcellus at YE 2024 /MMbtu Breakeven(a) 70,000 Net Acres in Northeast…
Global Sales Portfolio Concentrated Marcellus Assets Access Multiple End-Markets for Natural Gas and NGL Price Diversification Natural Gas End-Markets Local & LNG Northeast 20% of Natural Midwest 30% of Natural Gas to Local &…
History of Durable Free Cash Flow Sustainable Free Cash Flow and Capital Returns Supported by Low Capital Intensity, NGL Uplift, and Hedging Demonstrated Durability of Free Cash Flow Through 1,800 Commodity Cycles 1,600 1,580…
Three-Year Outlook Efficient Growth into Increasing Demand Three-Year Outlook 650 - 700 million annual capex 2025-2027 2,000…
Increasing Capital Returns Low Reinvestment Rate While Growing Provides Significant Shareholder Return Potential…
2025 Capital Investments Enhance Three-Year Growth Capacity Operational Plan Supports Efficient Wedge of Production Growth through 2027 30 650 - 680 20 - 30 80 - 100 520 30 Million Land Million Maintenance D&C Pneumatic…
Compelling Free Cash Flow and Valuation Range Offers Durable Free Cash Flow and Attractive Relative Trading Multiple and Yield versus Other Sectors 2025 FCF Yield(a) ATAX PV-10(b) of Proved Reserves per Share, Net of Debt 14.0% RRC at…
Why Invest in Range Large Contiguous Acreage Position Provides 30+ Years of Low-Breakeven, High-Return Marcellus Inventory Resilient Free Cash Flow Given Peer-Leading Well Costs and Decline Rate, Low Capital Intensity, and Liquids…
Natural Gas & NGL Macro 13
Natural Gas Plays Key Role in Reducing Emissions U.S. CO2 Emissions Reductions Driven by Coal Coal Consumption & CO2 Emissions from Energy Displacement (MMT)(a) (2005-2024 Change)(b) 6,500 4,000 8,000 70 26% 7,000 60 3,500 6,000…
Natural Gas Benefiting from Coal Displacement and Electrification Growing Market Share in U.S. Power Generation U.S. Power Generation by Source(a) Gas power demand grew by 16 Bcf/d from 2010-2024, while coal declined 40 48% 22 Bcf/d(c)…
U.S. LNG Plays a Vital Role in Global Energy Security Global LNG Exports (Bcf/d)(a) European Gas Supply by Source (Bcf/d)(b) 16 64 45 60 40 2.2 2.9 14 56 7.0 12 35 12.0 52 12.9 30 5.7 7.6 6.0 10 48 2.1 2.8 44 25 8 40 20 6 36…
Future Natural Gas Fundamentals Are Strong Natural Gas Plays Key Role in Energy Transition, with a Supportive Demand Outlook 130 128 126 124 U.S. Demand (Bcf/d) 122 120 118 116 20 114 112 Bcf/d 110 108 106 104 102…
Significant Natural Gas Demand Growth Through 2030 2025-2030 Demand Outlook U.S. LNG Export Demand Outlook Total demand growth of +27 Bcf/d through 2030 from LNG and pipeline Next-wave U.S. LNG projects of 13 Bcf/d currently under…
Growing Power Demand Highlights Critical Role of Natural Gas Northeast Gas Demand Growth Prospects Increasing PJM Projections of Future Load Growth (MW) Revised Higher(b) PJM raised its summer load demand forecast to 50 GW of growth by…
Appalachia Demand Fundamentals Improving 5-8 Bcf/d of Local Demand Growth and Additional Takeaway Capacity Through 2030 46 Data Centers 42-45 Bcf/d Northeast data center projects underway 45 (pre/post-FID) 3 Bcf/d by 2030(a) 44…
Lower 48 Dry Gas Production Future U.S. Supply Growth Expected to be Limited by Infrastructure Constraints and Productivity Declines 130 Projected 2030 Demand 126 122 118 U.S. L48 Pipeline Flows (Bcf/d) 114 110 106 102 98…
Lower 48 Storage - Days of Supply U.S. Natural Gas Days of Supply Are Below Average 80 Lack of additional storage built in the U.S. over the last decade 75 likely results in increased volatility for natural gas, ultimately 70…
NGL Macro Strengthens with International Demand Growth Increasing Global Demand Being Supplied by U.S. LPG 12,800 12,600 12,400 Global LPG Demand (MBD) 12,200 12,000 11,800 11,600 870 11,400 MBD 11,200 11,000 10,800…
NGL Macro: U.S. Market Share Rising with Export Capacity Additions NGL Demand Drivers Growing Global NGL Demand from Petrochemicals 1H25 ethane exports increased 10% y/y; removed licensing restrictions and Cumulative Capacity…
ESG 25
Leading in Environmental Practices Lowest Methane Intensity Compared to Peers(a) Industry-Leading Emissions Targets 0.60% Methane (CH 4) Emissions Intensity as % of Achieved Net Zero for 2024 Scope 1 and 2 GHG emissions…
Governance & Social Responsibility Range Is Committed to Strong Governance and Social Responsibility. Range Views These Objectives as Core to Delivering Long-Term Value for Shareholders. Board Governance Social Responsibility Average…
Executive Compensation Aligned with Shareholders Changes to Incentive Plans Have Been Informed by the Boards Direct Outreach to Stakeholders, Annual Outreach Targets Greater than 65% of Shares Outstanding Long-Term Equity Incentive…
Appendix 29
Appalachia Stacked Pay Gas in Place Analysis Shows the Greatest Potential is in Southwest Pennsylvania 1.5 million net effective acres(a) in PA leads to decades of drilling inventory Activity led by Core Marcellus development in…
Multi-Decade Inventory of Capital Efficient Wells = Existing Pad Southwest Pennsylvania Range Has Delineated Its Entire Acreage Position Since pioneering the Marcellus in 2004, Range has drilled across its Appalachian position 1,500…
Northeast Pennsylvania = Existing Pad Northeast Pennsylvania Approximately 70,000 net acres prospective for Marcellus development 2024 Northeast PA production averaged over 100 Mmcf per day Utilizing existing infrastructure to…
Northwest Pennsylvania Utica/Point Pleasant Northwest Pennsylvania Range has approximately 220,000 net acres with Utica/Point Pleasant potential 190,000 net acres have similar thermal maturity and liquids potential as EOGs new…
Southwest Appalachia Marcellus Modeling Data Super-Rich Area Wet Area Dry Area 100,000 Net Acres 240,000 Net Acres 100,000 Net Acres EUR / 1,000 ft. = 2.70 Bcfe EUR / 1,000 ft. = 3.26 Bcfe EUR / 1,000 ft. = 2.32 Bcfe 2025 D&C Cost /…
NGL Price Calculation Example % of RRC Barrel Mont Belvieu (/gal) Avg. 2023 Avg. 2024 1Q 2025 2Q 2025 3Q 2025E 4Q 2025E Avg. 2025E Additional Considerations 53% Ethane 0.25 0.19 0.27 0.24 0.25 0.27 0.26 Range NGL differential can be…
Range 2025 Guidance Updated 2025 Prior 2025 Guidance Guidance - April Production per Day 2.225 Bcfe 2.2 Bcfe Capital Expenditures 650-680 Million 650-690 Million Maintenance Drilling, Completion, Land, and Facilities 520 Million 530…
Hedge Summary Ranges Hedging Strategy, Marketing Contracts, and Diversified Production Mix Support Consistent Operational Plans and Shareholder Returns Through the Cycles. 2H 2025 Hedging 2026 Hedging 2027 Hedging 50% 50% 50% 45%…
Resilient Balance Sheet Strong Balance Sheet Provides Flexibility Through the Cycles and Lower Debt Improves Cost Structure RRC Net Debt(a) RRC Maturity Profile(b) billion million 5.00 10.0x 2,000 4.50 4.1 9.8x 4.00 3.9 9.6x…
Contact Information Range Resources Corporation 100 Throckmorton Street, Suite 1200 Fort Worth, Texas 76102 Laith Sando, CPA (817) 869-4267 lsandorangeresources.com Matt Schmid (817) 869-1538 mschmidrangeresources.com…
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