• An independent oil and gas producer, similar to a more natural gas-focused **ConocoPhillips** or **EOG Resources**, operating primarily in the Appalachian Basin.
• Like **Pioneer Natural Resources**, but specialized in natural gas and liquids in the Marcellus Shale.

• Natural Gas: A clean-burning fossil fuel extracted from underground reservoirs, primarily used for power generation, heating, and industrial processes.
• Natural Gas Liquids (NGLs): A group of hydrocarbons, including ethane, propane, and butane, that are separated from natural gas and used as feedstocks for petrochemicals, heating, and transportation fuel.
• Crude Oil/Condensate: Light liquid hydrocarbons produced alongside natural gas, which are refined into various petroleum products like gasoline and diesel.

Range Resources (symbol: RRC) primarily sells its natural gas and natural gas liquids (NGLs) to other companies, rather than directly to individuals.

Based on their SEC filings, Range Resources' major customers fall into the following categories:

• Natural Gas Gatherers and Marketers: These companies purchase natural gas directly from Range Resources' wells, primarily within the Appalachian Basin, for further processing, transportation, and eventual sale to utilities, industrial users, or other end-users.
• Integrated Major Oil and Gas Companies: These large energy companies purchase NGLs (such as ethane, propane, and butane) for use in their downstream refining and petrochemical operations or for resale.
• Chemical Companies: These companies utilize NGLs as feedstocks for their manufacturing processes to produce plastics, chemicals, and other products.
• NGL Marketers: Specialized companies that buy NGLs from producers and sell them into various domestic and international markets.

It's important to note that Range Resources' 2023 Annual Report on Form 10-K indicates a concentration of sales to a limited number of customers, with approximately 13% of total revenue attributable to one customer and approximately 10% to a second customer. However, the specific names of these major customers are not publicly disclosed in their SEC filings due to competitive and confidentiality reasons, and therefore cannot be provided with their symbols.

Major Suppliers of Range Resources (RRC):

• Energy Transfer (ET)
• Williams Companies (WMB)
• TC Energy (TRP)
• EnLink Midstream (ENLC)

Dennis L. Degner, Chief Executive Officer and President

Mr. Degner joined Range in 2010 and was named Chief Executive Officer effective May 10, 2023. He previously served as the company's Chief Operating Officer and has over 20 years of oil and gas experience, having worked in various technical and managerial positions across the United States. Prior to joining Range, Mr. Degner held positions with EnCana, Sierra Engineering, and Halliburton. He holds a Bachelor of Science Degree in Agricultural Engineering from Texas A&M University. Mr. Degner was instrumental in the discovery and development of the Marcellus Shale in Appalachia.

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

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

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

Mr. Sando joined Range in 2002. He held numerous accounting and finance positions before being promoted to Vice President – Investor Relations in 2016. Since 2016, Mr. Sando has overseen Range's hedge committee and assumed responsibility for corporate communications in 2023. He holds a Bachelor of Business Administration from Texas Wesleyan University and a Master of Business Administration in Finance from The University of Texas at Arlington.

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

Ms. McDowell joined Range in January 2015 as Division Counsel for the Appalachia Division. She was promoted to Vice President Deputy General Counsel & Assistant Corporate Secretary before her appointment as General Counsel and Corporate Secretary in March 2023. Ms. McDowell has nearly 20 years of experience.

Ashley S. Kavanaugh, Vice President – Controller & Principal Accounting Officer

Ms. Kavanaugh joined Range in 2012. She held the positions of Financial Reporting Manager and Director before being promoted to Vice President – Accounting in 2021. Prior to Range, Ms. Kavanaugh served in various roles of increasing responsibility within the oil and gas practice at Ernst & Young LLP, beginning in 2004, including Assurance Manager. She graduated magna cum laude from Baylor University with a Bachelor of Business Administration and a Master of Accountancy and is a certified public accountant.

The key risks to Range Resources (RRC) business are primarily centered on commodity price volatility, regulatory and environmental factors, and operational demands.

1. Natural Gas Price Volatility: Range Resources is heavily reliant on natural gas prices, with approximately 70% of its revenues tied to this commodity. Natural gas prices are subject to significant fluctuations due to market dynamics, weather patterns, and global energy transitions. A sustained period of low natural gas prices, especially below the company's estimated free cash flow breakeven of $2/MMBtu, can materially impact its ability to generate free cash flow, reinvest in growth, or maintain shareholder returns.
2. Regulatory and Environmental Risks: The company operates in a sector subject to stringent environmental regulations and policies. Compliance with these regulations incurs capital, operating, and remediation expenditures. Additionally, decarbonization trends and advances in renewable energy sources threaten long-term natural gas demand and earnings, putting pressure on traditional energy producers like Range Resources. Local government ordinances, such as increased setback distances for drilling operations, can also limit future operational opportunities.
3. Operational Challenges and Capital Expenditure Requirements: Range Resources' operations are capital-intensive, requiring significant investment in exploration, development, and production activities to maintain production levels and replace reserves. Operational challenges, such as drilling delays or cost overruns, can impact capital expenditure requirements and strain financial resources, posing a threat to the company's growth and profitability.

Natural Gas

• The market size of natural gas distribution in the U.S. was valued at approximately USD 174.7 billion in 2024 and is projected to reach USD 222.5 billion in 2025.
• U.S. natural gas consumption, including exports, is forecasted to rise from a record 111.5 billion cubic feet per day (bcfd) in 2024 to 115.7 bcfd in 2025 and 117.7 bcfd in 2026.

Natural Gas Liquids (NGLs)

• The U.S. Natural Gas Liquids market size was estimated at USD 4.65 billion in 2023 and is expected to grow from USD 5 billion in 2024 to USD 9.5 billion by 2035.
• The North American Natural Gas Liquids (NGL) market is estimated to grow from USD 7.08 billion in 2024 to USD 11.53 billion in 2033.
• Globally, the Natural Gas Liquids market size was estimated at USD 17.54 billion in 2024 and is projected to grow to USD 23.07 billion by 2032.

Petroleum (Oil)

While Range Resources has a small percentage of its reserves in petroleum (1%), it contributes to the broader U.S. oil and gas market.

• The U.S. oil and gas market was valued at USD 453.2 billion in 2024, is expected to reach USD 474.5 billion in 2025, and is projected to be worth USD 665.5 billion by 2033.
• Another estimate values the U.S. oil & gas market size at USD 1.55 trillion in 2024, growing to USD 1.61 trillion in 2025, and projected to reach around USD 2.24 trillion by 2034.

Share Repurchases

• Range Resources had approximately $1.1 billion of availability under its share repurchase program as of year-end 2023, with about $1.0 billion remaining as of Q3 2024.
• The company repurchased $19 million in shares during 2023.
• In 2024, Range invested $65 million in share repurchases, and year-to-date through Q2 2025, total repurchases amounted to $120 million, with an additional $56.25 million (1,580,711 shares) repurchased in Q3 2025.

Share Issuance

No information available for significant share issuances by the company over the last 3-5 years. Shares outstanding generally declined, indicating net repurchases.

Inbound Investments

No information available for large inbound investments made in the company by third-parties over the last 3-5 years. Institutional investors have adjusted their holdings, but this represents market activity rather than direct company investment.

Outbound Investments

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

Capital Expenditures

• Total capital budget expenditures were $492 million in 2022, $614 million in 2023, and $654 million in 2024.
• Expected capital expenditures for 2025 are between $650 million and $690 million.
• The primary focus of capital expenditures includes drilling and completion, maintenance capital, investment in acreage and gathering facilities, and strategic investments for future growth and environmental initiatives like pneumatic device upgrades.