RANGE RESOURCES CORP

For 2025, we expect our capital budget to be in the range of $650 million to $690 million for natural gas, NGLs, and oil related activities, excluding any potential acquisitions, for which we do not budget. This budget includes $570 million to $600 million for drilling costs and $80 million to $90 million for acreage and other expenditures and is expected to achieve modest growth of 2025 production relative to 2024 production volumes, while also supporting our longer-term operational plans. 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 2025 is for our capital expenditure program to be funded with operating cash flows. However, in the event our 2025 capital investments 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 investments. 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 2025 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;

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be good stewards of the environment;

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achieve competitive returns on investments;

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develop our world-class assets through disciplined capital investments;

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improve operational efficiencies and economic returns;

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return capital to stockholders while maintaining a strong balance sheet;

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continue to reduce emissions and achieve net-zero Scope 1 and Scope 2 GHG emissions;

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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.