RANGE RESOURCES CORP

For 2024, we expect our capital budget to be in the range of $620 million to $670 million for natural gas, NGLs, crude oil and condensate related activities, excluding proved property acquisitions, for which we do not budget. This budget includes $575 million to $590 million for drilling costs and $45 million to $80 million for acreage and other expenditures and is expected to achieve 2024 production similar to 2023 production volumes. As has been our historical practice, we will periodically review our capital expenditures throughout the year and may adjust the budget based on commodity prices, drilling success and other factors. Throughout the year, we allocate capital on a project-by-project basis. Our expectation for 2024 is for our capital expenditure program to be funded with operating cash flows. However, in the event our 2024 capital requirements exceed our internally generated cash flow, we may reduce the capital budget, draw on our bank credit facility and/or debt or equity financing may be used to fund these requirements. The prices we receive for our natural gas, NGLs and oil production are largely based on current market prices, which are beyond our control. The price risk on a portion of our forecasted natural gas, NGLs and oil production for 2024 is mitigated using commodity derivative contracts and we intend to continue to enter into these transactions.

Our primary near-term focus includes the following:

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operate safely while being good stewards of the environment;

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achieve competitive returns on investments;

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manage liquidity and further improve financial strength;

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focus on organic opportunities through disciplined capital investments;

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improve operational efficiencies and economic returns;

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continue to reduce emissions and to achieve our announced target of net-zero Scope 1 and Scope 2 GHG emissions by year-end 2025;

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attract and retain quality employees; and

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align employee incentives with our stockholders’ interests and key business objectives.