RANGE RESOURCES CORP

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Proved reserves – Total proved reserves were 18.1 Tcfe, a slight increase from the prior year. This achievement is the result of existing quality production and efficient development. We believe our high quality, substantial inventory of Marcellus Shale drilling locations provides the basis for future proved reserves to be efficiently developed by our skilled technical teams.

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Production – In 2023, our production averaged 2.14 Bcfe per day compared to 2.12 Bcfe per day in 2022. Our capital program is designed to allocate investments based on projects that maximize returns while minimizing controllable costs associated with production activities. We intend to continue a disciplined investment strategy in the Marcellus Shale.

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Focus on financial flexibility – As of December 31, 2023, we maintained a $4.0 billion bank credit facility, with a borrowing base of $3.0 billion and committed borrowing capacity of $1.5 billion. We endeavor to maintain a strong liquidity position. In 2023, we reduced our aggregate principal amount of debt by $80.6 million. We ended 2023 with strong liquidity with $1.3 billion available under the credit facility and cash on hand of $212.0 million. Actual capital budget spending was within our announced spending range. As we have done historically, we may adjust our capital program or use derivatives to protect a portion of our future cash flow from commodity price volatility to reduce the risk of returns on investment and maintain ample liquidity.

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Successful drilling program – In 2023, we drilled 50 gross natural gas wells and our overall drilling success rate was 100%. We continue to maintain and optimize a sufficient inventory of drilled lateral footage which is critical to our ability to consistently sustain production each year on a cost effective and efficient basis. Controlling the costs to find, develop and produce natural gas, NGLs and oil is critical in creating long-term stockholder value. Our focus areas are characterized by a large, contiguous acreage position and multiple stacked geologic horizons.

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Focus on safe, responsible and sustainable operations – We believe we are on track to achieve our goal of net zero GHG emissions by year-end 2025, which includes Scope 1 and Scope 2 emissions. We continued to recycle approximately 100% of our produced water. Electric and dual fuel drilling and completion equipment is used to reduce emissions. We had no serious injuries for employees or contractors during the year.