Here are 1-2 brief analogies for Range Resources (RRC):

• Think of RRC as an ExxonMobil for natural gas in the Appalachian region.

• Imagine RRC as a mining company, but for natural gas and oil instead of metals.

• Natural Gas: Range Resources extracts, produces, markets, and sells natural gas from its properties in the Appalachian region.
• Natural Gas Liquids (NGLs): The company produces, markets, and sells various natural gas liquids, which are separated components of natural gas.
• Oil & Condensate: Range Resources extracts, produces, markets, and sells crude oil and condensate, a light type of crude oil.

Range Resources (RRC) sells primarily to other companies. Based on the provided description, its major customers fall into the following categories:

• Utilities, Marketing, and Midstream Companies: These entities purchase natural gas and natural gas liquids (NGLs) for distribution, further marketing, or transportation.
• Industrial Users, Petrochemical End Users, and Natural Gas Processors: These companies utilize natural gas and NGLs as feedstocks or fuel for their various industrial and chemical operations.
• Crude Oil Processors, Transporters, Refining, and Marketing Companies: These customers purchase oil and condensate for processing, transportation, refining, and subsequent sale.

The provided background information does not list specific names of customer companies.

• MPLX LP (MPLX)
• Energy Transfer LP (ET)
• TC Energy Corporation (TRP)

Dennis L. Degner, Chief Executive Officer and President

Dennis L. Degner joined Range Resources in 2010 and was appointed Chief Executive Officer effective May 10, 2023, having previously served as the Company's Chief Operating Officer. He possesses over 20 years of experience in the oil and gas industry, working in various technical and managerial capacities across the United States. Before his tenure at Range, Mr. Degner held positions with EnCana, Sierra Engineering, and Halliburton. He is a member of the Society of Petroleum Engineers and holds a Bachelor of Science Degree in Agricultural Engineering from Texas A&M University.

Mark S. Scucchi, Executive Vice President – Chief Financial Officer

Mark S. Scucchi joined Range Resources in 2008 and was appointed Executive Vice President – Chief Financial Officer. Prior to this role, he served as Vice President – Finance & Treasurer. Before joining Range, Mr. Scucchi worked with JPMorgan Securities, where he provided commercial and investment banking services to small and mid-cap technology companies. He also spent several years in the audit practice at Ernst & Young LLP. Mr. Scucchi earned a Bachelor of Science in Business Administration from Georgetown University and a Master of Science in Accountancy from the University of Notre Dame. He is a CFA Charterholder and a CPA licensed in the state of Texas.

Erin W. McDowell, Senior Vice President – General Counsel & Corporate Secretary

Erin W. McDowell joined Range Resources in January 2015 as Division Counsel for the Appalachia Division. She was promoted to Vice President Deputy General Counsel & Assistant Corporate Secretary before being appointed to Senior Vice President – General Counsel and Corporate Secretary in March 2023. Ms. McDowell brings nearly 20 years of legal experience to her role.

Laith K. Sando, Senior Vice President – Corporate Strategy & Investor Relations

Laith K. Sando has been with Range Resources since 2002. Throughout his career at Range, he has held numerous accounting and finance positions before being promoted to Vice President – Investor Relations in 2016. As a member of the senior leadership team for several years, Mr. Sando has overseen Range's hedge committee since 2016 and assumed responsibility for corporate communications in 2023. He graduated magna cum laude from Texas Wesleyan University with a Bachelor of Business Administration and holds a Master of Business Administration in Finance from The University of Texas at Arlington. Mr. Sando is a Certified Public Accountant.

Alan W. Farquharson, Senior Vice President – Reservoir Engineering & Economics

Alan W. Farquharson joined Range Resources in 1998. He progressed through roles as manager and vice president of reservoir engineering before being promoted to Senior Vice President – Reservoir Engineering in February 2007, and then to his current position in January 2012, which included additional responsibilities for strategic capital allocation. Prior to Range, Mr. Farquharson held positions with Union Pacific Resources, including engineering manager business development – international, and also held various technical and managerial positions at Amoco and Hunt Oil. He holds a Bachelor of Science degree in Electrical Engineering from the Pennsylvania State University.

The key risks to Range Resources (RRC) are primarily tied to commodity price volatility, regulatory and environmental factors, and broader market dynamics including competition from alternative energy sources.

1. Commodity Price Volatility: Range Resources' financial performance is heavily dependent on the volatile prices of natural gas, natural gas liquids (NGLs), and oil. Approximately 70% of the company's revenues are tied to natural gas prices, which are subject to significant fluctuations due to market dynamics, weather patterns, regulatory shifts, and global energy transitions. A sustained period of low commodity prices, particularly natural gas prices below the company's estimated free cash flow breakeven, could materially impact its ability to generate free cash flow, reinvest in growth, or maintain shareholder returns.
2. Regulatory and Environmental Risks: As an independent natural gas, NGLs, and oil company, Range Resources operates within a highly regulated industry. Changes in environmental protection laws, climate change policies, and emissions regulations can lead to increased compliance costs and operational restrictions. Specifically in the Appalachian region, regulatory pressure on infrastructure and potential regional bottlenecks pose additional challenges, which can compress margins due to infrastructure constraints or unplanned regulatory actions.
3. Market Volatility and Competition from Alternative Energy Sources: Market volatility can impact Range Resources' ability to execute planned capital expenditures and affect investor sentiment, potentially leading to challenges in accessing capital markets. Furthermore, the growing global emphasis on renewable and alternative energy sources presents a long-term threat to the company's market position, as it operates as a pure-play fossil fuel producer. The ongoing global energy transition introduces fundamental constraints that could limit long-term growth prospects.

• Accelerated transition to renewable energy sources and electrification, which directly reduces long-term demand for natural gas, natural gas liquids, and oil across power generation, industrial use, and transportation due to declining costs and increasing adoption of alternatives like solar, wind, battery storage, and electric vehicles.
• Emergence and scaling of the hydrogen economy, particularly green hydrogen produced from renewable energy, which poses a long-term threat to natural gas demand in industrial processes, heating, and heavy-duty transportation as investments and pilot projects in this sector gain momentum.

Range Resources Corporation's main products are natural gas, natural gas liquids (NGLs), and oil. The addressable markets for these products in the United States are substantial.

Natural Gas

The U.S. natural gas market is projected to be valued at approximately US$473.4 billion in 2025, with an anticipated growth to US$601.8 billion by 2032, reflecting a compound annual growth rate (CAGR) of 3.5% during this period. In 2025, the U.S. achieved a record natural gas production of 118.5 billion cubic feet per day (Bcf/d). The Appalachian Basin, a primary operating region for Range Resources, was a dominant contributor, producing 36.6 Bcf/d in 2025, which accounted for 31% of the total national output, solidifying its position as the largest natural gas source in America.

Natural Gas Liquids (NGLs)

The addressable market for natural gas liquids in the U.S. was estimated at US$5.9 billion in 2024. This market is projected to expand from US$6.22 billion in 2025 to US$10.6 billion by 2035, growing at a CAGR of 5.4% during the forecast period. North America, with the United States as the leading contributor (92.8% market share in 2024), is expected to see its NGL market grow at a CAGR of 5.57% from 2024 to 2033. In 2023, North America's NGL production exceeded 10 million barrels per day (bpd), representing over 80% of global NGL production, with the U.S. leading in both production and consumption. U.S. NGL production is forecasted to increase from 6.85 million bpd in 2024 to 6.92 million bpd in 2025.

Oil

The broader U.S. oil and gas market, which includes oil, was valued at US$1.61 trillion in 2025 and is projected to reach approximately US$2.24 trillion by 2034, with a CAGR of 3.75% between 2025 and 2034. Another estimate places the U.S. oil and gas market size at US$474.5 billion in 2025, with a projection to reach US$717.39 billion by 2034, exhibiting a CAGR of 4.7% from 2026 to 2034. The United States achieved a historic milestone in 2023, becoming the largest crude oil producer globally. U.S. crude oil production reached a record 12.5 million barrels per day in May 2019, with expectations to reach 13.4 million barrels per day by the end of 2019. Within Range Resources' operational area, Appalachian oil production increased from about 10 thousand barrels per day (MBbl/d) in 2010 to 60 MBbl/d by 2023, with a forecast to reach around 90 MBbl/d between 2029 and 2030.

Range Resources (RRC) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Increased Production Volumes: Range Resources has a strategic growth plan to increase its overall production. The company targets a daily production level of 2.6 Bcfe (billion cubic feet equivalent) by 2027, representing an increase of approximately 20% compared to 2024 levels. This growth is supported by its extensive Marcellus inventory, which includes over 28 million lateral feet of undrilled inventory. For 2026, the company forecasts production of 2.35 to 2.4 Bcfe per day.
2. Strategic Market Diversification and Enhanced Export Capabilities: The company is focused on optimizing pricing for its natural gas and NGL production through diversified market access. This includes established transportation routes to multiple end markets such as the Midwest, Northeast, and Gulf Coast, as well as increasing U.S. export capacity for LNG, LPG, and other products. Range has also secured a long-term sales agreement to supply gas to a new power plant in the Midwest, set to commence in late 2027.
3. Favorable Commodity Price Outlooks: While natural gas prices have experienced volatility, a rebound in U.S. natural gas prices is anticipated to drive a recovery in revenues. The company's profitability is significantly influenced by natural gas and NGL prices.
4. Capital Efficiency and Cost Control: Range Resources is prioritizing operational efficiency and disciplined capital allocation. The company plans to maintain its drilling and completion pace while utilizing its low-cost, high-quality Marcellus assets, aiming for a reinvestment rate below 50% at certain natural gas price points. This focus on efficiency helps maximize margins and cash flow.

Share Repurchases

• Range Resources repurchased $231 million in shares in 2025.
• In 2024, the company invested $65 million in share repurchases.
• The Board of Directors increased the share repurchase authorization to $1.5 billion in February 2026.

Share Issuance

• No significant share issuances by Range Resources have been reported over the last 3-5 years; shares outstanding generally declined during this period, indicating net repurchases.

Inbound Investments

• No information is available for large inbound investments made in Range Resources by third-parties over the last 3-5 years.

Outbound Investments

• No information is available for instances where Range Resources made a strategic investment in another company over the last 3-5 years.

Capital Expenditures

• Capital expenditures totaled $674 million in 2025.
• The capital budget for 2026 is projected to be between $650 million and $700 million.
• The primary focus of capital expenditures includes drilling and completion, maintenance capital, investments in acreage and gathering facilities, and strategic initiatives for future growth and environmental upgrades such as pneumatic devices.