RANGE RESOURCES CORP

Range Resources Corporation, a Delaware corporation, is a Fort Worth, Texas-based independent natural gas, NGLs and crude oil and condensate company, engaged in the exploration, development and acquisition of natural gas and oil properties in the Appalachian region of the United States. Our principal area of operations is the Marcellus Shale in Pennsylvania. Our corporate offices are located at 100 Throckmorton Street, Suite 1200, Fort Worth, Texas 76102 (telephone (817) 870-2601). We also maintain field offices in our area of operations. Our common stock is listed and traded on the New York Stock Exchange (the "NYSE") under the ticker symbol "RRC." Range Resources Corporation was incorporated in 1980. At December 31, 2023, we had 241.0 million shares outstanding. At year-end 2023, our proved reserves had the following characteristics:

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18.1 Tcfe of proved reserves;

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64% natural gas, 34% NGLs and 2% crude oil and condensate;

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64% proved developed;

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nearly 100% operated;

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a reserve life index of approximately 22 years (based on fourth quarter 2023 production);

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a pretax present value of $7.9 billion of future net cash flows, discounted at 10% per annum ("PV-10"(a)); and

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a standardized after-tax measure of discounted future net cash flows of $6.8 billion.

(a)

PV-10 is considered a non-GAAP financial measure as defined by the U.S. Securities and Exchange Commission (the "SEC"). We believe that the presentation of PV-10 is relevant and useful to our investors as supplemental disclosure to the standardized measure, or after-tax amount, because it presents the discounted future net cash flows attributable to our proved reserves before taking into account future corporate income taxes and our current tax structure. While the standardized measure is dependent on the unique tax situation of each company, PV-10 is based on prices and discount factors that are consistent for all companies. Because of this, PV-10 can be used within the industry and by creditors and security analysts to evaluate estimated net cash flows from proved reserves on a more comparable basis. The difference between the standardized measure and the PV-10 amount is the discounted estimated future income tax of $1.1 billion at December 31, 2023. PV-10 for December 31, 2023 was determined using NYMEX benchmark prices of $2.62 per mcf for natural gas and $78.10 per bbl for oil.

Our estimated proved reserves increased slightly when compared to the prior year. Reserve additions were the result of a successful development program and completion optimizations that resulted in improved well performance. The 2023 reserve additions from drilling, a positive revision of 280.2 Bcfe for previously proved undeveloped properties added back to our five-year development plan and a positive performance revision of 701.4 Bcfe due to improved well performance and longer laterals were partially offset by lower prices, 2023 production volumes of 780.6 Bcfe and 370.6 Bcfe of reserves reclassified to unproved because these wells are no longer expected to be drilled within the original five-year development horizon. We believe these unproved reserves are likely to be included in our future proved reserves when these locations are added back into our five-year development plan.

Highlights of our 2023 production were:

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total production of 538.1 Bcf of natural gas, 37.9 Mmbbls of NGLs and 2.5 Mmbbls of crude oil and condensate; and

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average daily production of 2.14 Bcfe per day compared to 2.12 Bcfe per day in 2022.