Slide 1: Company Presentation July 2025
Company Presentation July 2025
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 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 International End Markets Strong Balance Sheet to Deliver Durable Long-
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 Durable Free Cash Flow through Commodity Cycles • Expect to Grow
Slide 5: Unmatched Core Marcellus Inventory
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 Pennsylvania <$2.50 >30 Years(b) of Undrilled Marcellus ~440,000 Net Acres in <$2.00 Inventory Breaks <$3.00
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: History of Durable Free Cash Flow
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 $1,400 2025E FCF Sensitivity(b) $4.50 NG $3.75 NG $3.00 NG RRC Free Cas
Slide 8: Three-Year Outlook
Three-Year Outlook Efficient Growth into Increasing Demand Three-Year Outlook ▪ $650 - $700 million annual capex 2025-2027 $2,000 2,700 ▪ <50% reinvestment rate at $3.75 while growing $1,800 production 2,600 ▪ Adds ~400 Mmcfe to daily production $1,600 ▪ Cumulative 2025-2027 FCF of ~$2.5 billion(a)
Slide 9: Increasing Capital Returns
Increasing Capital Returns Low Reinvestment Rate While Growing Provides Significant Shareholder Return Potential $1,800 <50% Reinvestment Rate(a) at $3.75 NYMEX Natural Gas Supports 65% Potential Shareholder Return Increases While Growing Production Cash Flow From Operations Before Working Capital (
Slide 10: 2025 Capital Investments Enhance Three-Year Growth Capacity
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 Devices and Additional In-Process Adds up to 500k lateral Capital I
Slide 11: Compelling Free Cash Flow and Valuation
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 $4.50 NG ~13% Valuation of proved reserves only includes $68 12.0
Slide 12: Why Invest in Range?
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 Pricing Uplift • Low Required Reinvestment Supports Significant
Slide 13: Natural Gas & NGL Macro
Natural Gas & NGL Macro. ae Ce Zz ae — = RY RANGE RESOURCES:
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) 35 44% 45% 43% 43% 42% 40% ▪ N
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) 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 15 4 32 10 28 2 5 24 0 20 0 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-2
Slide 17: Future Natural Gas Fundamentals Are Strong
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 110 108 106 104 102 100 98 2024 ResComm Industrial Electric Power Mexico LNG Exports 2030 Associated Othe
Slide 18: Significant Natural Gas Demand Growth Through 2030
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 construction 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 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 Check for updates 2030 in its 2025 Load Forecast Report, up f
Slide 20: Appalachia Demand Fundamentals Improving
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 ▪ Homer City and Shippingport ~1.5 Bcf/d High Case Appalachia Deman
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 130 Projected 2030 Demand 126 122 118 U.S. L48 Pipeline Flows (Bcf/d) 114 110 106 102 98 94 90 86 82 78 74 70 1-Jan 1-Feb 1-Mar 1-Apr 1-May 1-Jun 1-Jul 1-Aug 1-Sep 1-O
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 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 10,600 10,400 10,200 10,000 2024 Demand Rescomm + Industry + PDH Ethylene 2030 Dema
Slide 24: NGL Macro: U.S. Market Share Rising with Export Capacity Additions
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 Growth (MBD) 3,000 terminal capacity additions support further growth in
Slide 25: ESG
ESG 25
Slide 26: Leading in Environmental Practices
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 0.50% total gas production from wells ▪ Achieved “A” grade through MiQ certifi
Slide 27: 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 28: 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 29: Appendix
Appendix 29
Slide 30: 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 leads to decades of drilling inventory ▪ Activity led by Core Marcellus development in Southwest PA Upper ▪ ~1,500 producing Marcellus wells demonstrat
Slide 31: 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 ▪ ~1,500 producing wells in PA provide control data for new development
Slide 32: Northeast Pennsylvania
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 bolster efficiencies and returns Range’s Northeast Marcellus Assets
Slide 33: 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 new liquids play in Ohio ▪ The play on Range’s acreage is at a simila
Slide 34: Southwest Appalachia Marcellus Modeling Data
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 / ft. = $910 ▪ 2025 D&C Cost / ft. = $840 ▪ 2025 D&C
Slide 35: NGL Price Calculation Example
NGL Price Calculation Example % of RRC Barrel Mont Belvieu ($/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 influenced by factors including: 27% Propane $0.71 $0.78
Slide 36: Range 2025 Guidance
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 Million Added In-Process Well Inventory and Growth $80 - $1
Slide 37: Hedge Summary
Hedge Summary Range’s 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% 45% 45% 40% 40% 40% 35% 35% 35% 30% 30% 30% % of Revenue % of Revenue
Slide 38: 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 $2,000 $4.50 $4.1 9.8x $4.00 $3.9 9.6x $1,500 $3.50 $3.2 $3.1 9.4x $3.00 $2.7 $2.50 9.2x $1,000 $2.00 $1
Slide 39: 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 39