Slide 1: Company Presentation
Company Presentation February 2026
Slide 2: Forward-Looking Statements
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 productivi
Slide 3: Range – Who We Are
Range – Who We Are 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 International Markets Strong Balance Sheet to Deliver Durable Long-Term Capital Returns Upstream Leader in Environ
Slide 4: Range – Positioned to Deliver Value Through the Cycles
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 Generating Free Cash Flow through Commodity Cycles; ~$3.9 Billio
Slide 5: Unmatched Core Marcellus Inventory
Unmatched Core Marcellus Inventory 30+30+ Years Years of High-Quality of High-Quality Marcellus Marcellus Inventory Inventory 27 Million Lateral Feet of Undrilled Marcellus at YE 2025 ~70,000 Net Acres in $/MMbtu Breakeven(a) Northeast Pennsylvania <$2.50 >30 Years(b) of Undrilled Marcellus <$2.00 I
Slide 6: Global Sales Portfolio
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 & Gulf Coast Gas to Midwest Northeast Propane . & Butane Exports Local & N
Slide 7: Durable Free Cash Flow Through the Cycles
Durable Free Cash Flow Through the Cycles History of Sustainable Free Cash Flow and Capital Returns $1,800 2026E-2027E FCF Sensitivity(b) $1,600 $1,580 $4.50 NG $3.75 NG $3.00 NG $1,400 RRC Free Cash Flow ($ MM)(a) $1,200 $1,000 $800 $656 $656 $600 $513 $453 $400 $200 $- 2021 2022 2023 2024 2025 202
Slide 8: Range Multiyear Outlook
Range Multiyear Outlook Efficient Growth into Increasing Demand $2,000 2,800 Outlook Through 2027 $1,800 2,700 ▪ Cumulative 2026-2027 FCF of >$1.7 billion(a) at $3.75 NYMEX natural gas $1,600 ▪ $650 - $700 million annual capex EBITDAX and Free Cash Flow ($ MM)(a) 2,600 $1,400 ▪ Adds ~400 Mmcfe to da
Slide 9: Positioned for Capital-Efficient Growth
Positioned for Capital-Efficient Growth Differentiated Investments in Inventory Drive Capital-Efficient Growth RRC Lateral Feet Drilled and TIL 1,200,000 Differentiated Inventory Position Lateral Feet Drilled Lateral Feet TIL ▪ Countercyclical investments built productive 1,000,000 Draw capacity whi
Slide 10: 2026 Capital Investments
2026 Capital Investments Operational Plan Supports Efficient Wedge of Production Growth through 2027 $15 - $25 $650 - $700 $5 - $15 $120 - $140 $10 - $20 $500 $ Million Pneumatic Maintain Existing Devices, Growth Future Inventory Leases Facilities, and Software (a) (b) 2026 Maintenance D&C 2026 Main
Slide 11: Compelling Free Cash Flow and Valuation
Compelling Free Cash Flow and Valuation Range Offers Durable Free Cash Flow Yield and Attractive Trading Multiple and Yield versus Other Sectors 2026 FCF Yield(a) Reinvestment Rate (% of Cash Flow)(b) 14.0% 100% RRC at $4.50 NG ~12% 90% Low reinvestment rate while growing production 12.0% RRC at $3.
Slide 12: Why Invest In Range?
Why Invest In Range? • Large Contiguous Acreage Position Provides 30+ Years of Low-Breakeven, High-Return Marcellus Inventory • History of Resilient Free Cash Flow Driven by Peer-Leading Well Costs and Decline Rate, Low Capital Intensity, and Liquids Pricing Uplift • Low Required Reinvestment Suppor
Slide 13: Natural Gas & NGL Macro
Natural Gas & NGL Macro 13
Slide 14: Natural Gas Plays Key Role in Reducing Emissions
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 6,000 50 85% CO2 Emissions from Energy (MMT) Power Gen. & All Other Sec
Slide 15: Natural Gas Benefiting from Coal Displacement and Electrification
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) and renewables grew 11 Bcf/d(c) 45% 43% 43% 35 44% 42% ▪ Natur
Slide 16: U.S. LNG Plays A Vital Role in Global Energy Security
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) 20 68 45 18 64 2.2 40 2.9 60 16 7.0 56 35 12.0 14 12.9 52 7.6 5.7 30 5.7 9.1 12 48 2.1 2.8 10 44 25 1.0 8 40 20 36 6 32 15 4 28 10 2 24 0 20 5 0 2020 2021 2022 2023 2024 2025
Slide 17: Future Natural Gas Fundamentals Are Strong
Future Natural Gas Fundamentals Are Strong Natural Gas Plays Key Role in Meeting Growing Global Energy Demand 134 130 U.S. Demand (Bcf/d) 126 122 ~19 118 Bcf/d 114 110 106 102 2025 ResCom Industrial Electric Mexico LNG Exports 2030 Associated Other Call on Demand & Other Power Exports Demand Gas Gro
Slide 18: Significant Natural Gas Demand Growth Through 2030
Significant Natural Gas Demand Growth Through 2030 2026-2030 Demand Outlook U.S. LNG Export Demand Outlook ▪ Total demand growth of +24 Bcf/d through 2030 from LNG and pipeline ▪ Range forecasts U.S. LNG feedgas capacity to reach >30 Bcf/d by 2030, exports to Mexico, industrial and electric power de
Slide 19: Growing Power Demand Highlights Critical Role of Natural Gas
Growing Power Demand Highlights Critical Role of Natural Gas PJM Projections of Future Load Growth (MW)(b) Strong Northeast Gas Demand Growth Potential ▪ PJM forecasts a ~25 GW increase in summer load demand for 2026- 2030, and raised its 2026-2035 growth forecast to ~57 GW ▪ Assuming natural gas ta
Slide 20: Appalachia Demand Fundamentals Improving
Appalachia Demand Fundamentals Improving ~5-8 Bcf/d of 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 ▪ Homer City and Shippingport ~1.5 Bcf/d High Case Appalachia Demand and
Slide 21: Lower Dry Gas Production
Lower 48 Dry Gas Production Future U.S. Supply Growth Expected to be Limited by Infrastructure Constraints and Productivity Declines 134 Projected 2030 Demand 130 126 U.S. L48 Pipeline Flows (Bcf/d) 122 118 114 110 106 102 98 94 90 1-Jan 1-Feb 1-Mar 1-Apr 1-May 1-Jun 1-Jul 1-Aug 1-Sep 1-Oct 1-Nov 1-
Slide 22: Lower Storage – Days of Supply
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 benefiting the lowest cost producers through cycles U.S. L48 Gas Storage D
Slide 23: NGL Macro Strengthens with International Demand Growth
NGL Macro Strengthens with International Demand Growth Increasing Global Demand Being Supplied by U.S. LPG 13,250 13,000 Global LPG Demand (MBD) 12,750 12,500 ~605 12,250 MBD 12,000 11,750 11,500 2025 Demand ResCom + Industry + PDH Ethylene 2030 Demand Non-U.S. Supply Call on U.S. Supply Autogas + O
Slide 24: U.S. LPG Exports Efficiently Meet Global LPG Demand
U.S. Exports Efficiently Meet Global LPG Demand Global LPG Supply and Demand Markets Shift U.S. LPG Supply Shifts to Markets Outside of China ▪ U.S. share of global LPG exports has doubled to 47% since 2014 2,500 U.S. LPG Export Destinations (MBD) ▪ U.S. LPG exports increased 60 MBD, or 3%, in 2025
Slide 25: Global Naphtha Cracking Rationalization Supports U.S. NGL Demand
Global Naphtha Cracking Rationalization Supports U.S. NGL Demand Global Ethylene Production Announced Naphtha-Fed Ethylene Production Closures ▪ Although ethylene demand has grown by 8.5% since 2021, the global 800 overbuild of ethylene production capacity has suppressed operating rates Nameplate Na
Slide 26: Global Ethylene Demand Growth Drives U.S. Ethane Exports
Global Ethylene Demand Growth Drives U.S. Ethane Exports Global Ethane Demand U.S. Export Growth Needed to Meet Global Demand Growth ▪ Demand growth for packaging, automobiles, and electronics requires ▪ Currently planned U.S. ethane export terminal expansion projects will additional ethylene produc
Slide 27: ESG
RANGE RESOURCES eT aan oo es 8
Slide 28: Leading in Environmental Practices
Leading in Environmental Practices Lowest Methane Intensity Compared to Peers(a) Industry-Leading Emissions Targets 0.60% Methane (CH4) Emissions Intensity as % of ▪ Expect to Maintain Net Zero for Scope 1 and 2 GHG emissions 0.50% total gas production from wells ▪ Achieved “A” grade through MiQ cer
Slide 29: Governance & Social Responsibility
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 Director tenure of five years Safety Leadership ❖ Chris Kendall
Slide 30: Executive Compensation Aligned with Shareholders
Executive Compensation Aligned with Shareholders Changes to Incentive Plans Have Been Informed by the Board’s Direct Outreach to Stakeholders, Annual Outreach Targets Greater than 65% of Shares Outstanding Long-Term Equity Incentive Plan Annual Incentive Targets Long-term incentives focused on absol
Slide 31: Appendix
Appendix 31
Slide 32: Appalachia – Stacked Pay
Appalachia – Stacked Pay Gas in Place Analysis Shows the Greatest Potential is in Southwest Pennsylvania ▪ ~1.5 million net effective acres(a) in PA provides decades of drilling inventory ▪ Activity led by Core Marcellus development in Southwest PA ▪ ~1,600 producing Marcellus wells demonstrate Uppe
Slide 33: Multi-Decade Inventory of Capital Efficient Wells
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 ▪ ~1,600 producing wells in PA provide control data for new development
Slide 34: Northeast Pennsylvania
Northeast Pennsylvania = Existing Pad Northeast Pennsylvania ▪ Approximately 70,000 net acres prospective for Marcellus development ▪ 2025 Northeast PA production averaged over 100 Mmcf per day ▪ Utilizing existing infrastructure to bolster efficiencies and returns Range’s Northeast Marcellus Assets
Slide 35: Northwest Pennsylvania – Utica/Point Pleasant
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 EOG’s liquids play in Ohio ▪ The play on Range’s acreage is at a similar de
Slide 36: Marcellus Modeling Data
Marcellus Modeling Data Previous Wet and Super-Rich Area type curves combined into a single Liquids Rich Area as an increasing number of long laterals are extending across both areas. Dry Gas Areas type curve expanded to include Northeast Pennsylvania. Liquids Rich Area Dry Gas Areas ▪ ~350,000 Net
Slide 37: NGL Price Calculation Example
NGL Price Calculation Example % of RRC Barrel Mont Belvieu ($/gal) Avg. 2024 Avg. 2025 1Q 2026E 2Q 2026E 3Q 2026E 4Q 2026E Avg. 2026E Additional Considerations 53% Ethane $0.19 $0.25 $0.23 $0.23 $0.24 $0.26 $0.24 • Range NGL differential can be influenced by factors including: 27% Propane $0.78 $0.7
Slide 38: Range 2026 Guidance
Range 2026 Guidance 2026 Guidance Production per Day 2.35 - 2.40 Bcfe Capital Expenditures $650-$700 Million Maintenance Drilling & Completion $500 Million Growth Drilling & Completion $120 - $140 Million Maintenance Land $10 - $20 Million Targeted Acreage to Increase Future Inventory $5 - $15 Milli
Slide 39: Hedge Summary
Hedge Summary Range’s Hedging Strategy, Marketing Contracts, and Diversified Production Mix Support Consistent Operational Plans and Shareholder Returns Through the Cycles. 2026 Hedging 2027 Hedging 50% 50% 45% 45% 40% 40% 35% 35% 30% 30% % of Revenue % of Revenue 25% 25% 20% 20% 15% 15% 10% 10% 5%
Slide 40: Resilient Balance Sheet
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 $2,500 $4.50 $4.1 Ability to Maintain <1x Debt/EBITDAX 9.8x In January 2026, Range fully redeemed the $3
Slide 41: Contact Information
Contact Information Range Resources Corporation 100 Throckmorton Street, Suite 1200 Fort Worth, Texas 76102 Laith Sando, CPA (817) 869-4267 lsando@rangeresources.com Matt Schmid (817) 869-1538 mschmid@rangeresources.com www.rangeresources.com 41