RANGE RESOURCES CORP

Because our production is approximately 69% natural gas, natural gas prices are generally the primary variable in our financial results. Over the last few years, New York Mercantile Exchange ("NYMEX") natural gas prices have been volatile. Since the beginning of 2021, the monthly close for natural gas prices has been as low as $1.99 per Mmbtu and as high as $9.35 per Mmbtu. The prices we receive for all our products are largely based on current market prices which are beyond our control but are managed through diversity in our sales agreements combined with an active commodity price hedging program. Currently, our focus is on generating free cash flow through controlling costs and operational efficiencies, while strengthening our balance sheet and returning free cash flow to stockholders. During 2023, we:

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realized cash flow from operating activities of $977.9 million;

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realized an improvement in our debt metrics from year-end 2022;

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made quarterly dividend payments in each quarter for a total distribution of $77.2 million;

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repurchased approximately $19.0 million of our common stock;

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executed opportunistic debt reductions of $61.6 million while accumulating $212.0 million of cash on hand;

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reduced transportation, gathering, processing and compression per mcfe 11% from 2022;

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reduced our general and administrative expense per mcfe 5% from 2022;

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reduced our interest expense per mcfe 24% from 2022;

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reduced our depletion, depreciation and amortization rate per mcfe 2% from 2022;

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our estimates of proved reserves at December 31, 2023 totaled 18.1 Tcfe which includes 207.3 Bcfe of drilling additions;

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completed the MiQ certification process (an independent framework for assessing methane emissions) for our southwest Pennsylvania operations and earned an "A" grade;

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continued with our implementation of the use of compressed air pneumatic controllers to meaningfully reduce our methane and carbon emissions;

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continued utilizing an electric hydraulic fracturing fleet along with dual fuel drilling rigs;

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achieved a 28% reduction in number of workforce recordable injuries compared to 2022 with no employee recordable injuries in 2023; and

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achieved a 70% reduction in preventable vehicle incidents compared to 2022.