RANGE RESOURCES CORP

(1)BASIS OF FINANCIAL STATEMENT PRESENTATION

Range Resources Corporation ("Range" or "the Company") is an independent natural gas, natural gas liquids ("NGLs") and oil (predominantly condensate referred to herein as "oil") company engaged in the exploration, development and acquisition of natural gas and liquids properties in the Appalachian region of the United States.

During interim periods, the Company follows the same accounting policies disclosed in its Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 24, 2026 (the "Form 10-K"). The balance sheet as of September 30, 2026 and the related consolidated statements of income, comprehensive income, cash flows and stockholders' equity for the periods ended September 30, 2026 and 2025 are unaudited and should be read in conjunction with the Notes to the Consolidated Financial Statements and information presented in the Form 10-K. In management's opinion, the accompanying consolidated financial statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All adjustments are of a normal recurring nature unless otherwise disclosed. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year.

(2) REVENUES FROM CONTRACTS WITH CUSTOMERS

Disaggregation of Revenue

All of the Company's revenues from contracts with customers have title transfer in the United States ("U.S.") and are recognized at the point in time when control is transferred to the customer and collectability is reasonably assured. Accounts receivable attributable to our revenue contracts with customerswas $297.5 million as of September 30, 2026 and $354.9 million as of December 31, 2025. Revenue attributable to each of our identified revenue streams is disaggregated below (in thousands):

(3)INCOME TAXES

We evaluate and update our annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. For the three and nine months ended September 30, 2026, our overall effective tax rate was not materially different than the federal statutory rate. For the three and nine months ended September 30, 2025, our overall effective tax rate was lower than the federal statutory rate due primarily to tax credits, state income taxes and equity compensation. Our current income taxes reflect estimated state and federal income taxes due for 2026 which are based on our estimated earnings, taking into account all applicable tax rates and laws.

(4)NET INCOME PER COMMON SHARE

The following sets forth a reconciliation of net income to basic net income attributable to common shareholders to diluted net income attributable to common shareholders (in thousands, except per share amounts):

(a)

Restricted Stock Liability Awards (discussed in Note 9) that are held in the deferred compensation plan represent participating securities because they participate in non-forfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses.

The following details weighted average common shares outstanding and diluted weighted average common shares outstanding (in thousands):

Weighted average common shares outstanding–basic for third quarter 2026 excludes 199,000 shares of restricted stock held in our deferred compensation plan compared to 265,000 shares in third quarter 2025 (although all awards are issued and outstanding upon grant). Weighted average common shares outstanding–basic for first nine months 2026 excludes 237,000 shares of restricted stock held in our deferred compensation plan compared to 540,000 shares in first nine months 2025. For the three and nine months ended September 30, 2026, equity grants of 13,000 and 45,000 shares, respectively were outstanding but not included in the computation of diluted net income because the grant prices were greater than the average market price of the common shares and would be anti-dilutive to the computation. There wereno anti-dilutive shares for the three or nine months ended September 30, 2025.

(5) INDEBTEDNESS

We had the following debt outstanding as of the dates shown below (in thousands):

No interest was capitalized during thenine months ended September 30, 2026 or the year ended December 31, 2025. We were in compliance with applicable covenants under the bank credit facility and our senior notes as of September 30, 2026.

Bank Debt

In October 2025, we entered into an amended and restated revolving bank facility (which we refer to as our bank debt or our bank credit facility) which is secured by substantially all of our assets and has a maturity date of October 2, 2030. The bank credit facility provides for a maximum facility amount of$4.0 billion and an initial borrowing base of$3.0 billion and bank commitments totaling $2.0 billion. The bank credit facility is subject to annual re-determinations and event-driven unscheduled re-determinations. As of September 30, 2026, our bank group was composed ofseventeen financial institutions. The borrowing base may be increased or decreased based on our request and sufficient proved reserves, as determined by the bank group. The commitment amount may be increased to the borrowing base, subject to payment of a mutually acceptable commitment fee to those banks agreeing to participate in the facility increase. Borrowings under the bank credit facility can either be at the alternate base rate (ABR, as defined in the bank credit facility agreement) plus a spread ranging from 0.75% to 1.75% or at the secured overnight financing rate (SOFR, as defined in the bank credit facility agreement) plus a spread ranging from 1.75% to 2.75%. The applicable spread is dependent upon borrowings relative to the borrowing base. We may elect, from time to time, to convert all or any part of our SOFR loans to base rate loans or to convert all or any part of the base rate loans to SOFR loans. A commitment fee is paid on the undrawn balance based on an annual rate of 0.375% to 0.50%. As of September 30, 2026, the commitment fee was 0.375% and the interest rate margin was 0.75% on our ABR loans and 1.75% on our SOFR loans. The weighted average interest rate was 5.5% for the three and nine months ended September 30, 2026 compared to 6.4% for the three and nine months ended September 30, 2025.

As part of our re-determination completed in March 2026, our borrowing base was reaffirmed at$3.0 billion and our bank commitment was also reaffirmed at$2.0 billion. On September 30, 2026, bank commitments totaled$2.0 billion and we had$294.0 million outstanding on our bank credit facility. Additionally, on September 30, 2026, we had$165.1 million of undrawn letters of credit, leaving approximately$1.5 billion of committed borrowing capacity available under the facility.

Senior Notes

In January 2026, we fully redeemed the principal balance of our 8.25% senior notes due 2029 at 101.375% of par by borrowing on our bank credit facility. We recognized a loss on early extinguishment of debt of $12.3 million including the expense of the remaining unamortized debt issuance costs on the 8.25% senior notes due 2029.

If we experience a change of control, noteholders may require us to repurchase all or a portion of our senior notes at 101% of the aggregate principal amount plus accrued and unpaid interest, if any.

Guarantees

Range is a holding company that owns no operating assets and has no significant operations independent of its subsidiaries. The guarantees by our subsidiaries, which are directly or indirectly owned by Range, of our senior notes and our bank credit facility are full and unconditional and joint and several, subject to certain customary release provisions. The assets, liabilities and results of operations of Range and our guarantor subsidiaries are not materially different than our consolidated financial statements. A subsidiary guarantor may be released from its obligations under the guarantee:

•

in the event of a sale or other disposition of all or substantially all of the assets of the subsidiary guarantor or a sale or other disposition of all the capital stock of the subsidiary guarantor, to any corporation or other person (including an unrestricted subsidiary of Range) by way of merger, consolidation, or otherwise; or

•

if Range designates any restricted subsidiary that is a guarantor to be an unrestricted subsidiary in accordance with the terms of the indenture.

(6)ASSET RETIREMENT OBLIGATIONS

Activity related to our liability for plugging and abandonment costs for thenine months ended September 30, 2026 and the year ended December 31, 2025 is as follows (in thousands):

(7)DERIVATIVE ACTIVITIES

The following table sets forth our commodity-based derivative volumes, weighted average hedge prices and fair market values by year and instrument type as of September 30, 2026, excluding our basis swaps which are discussed separately below. Weighted average hedge prices are shown on a per Mmbtu basis for natural gas instruments and per barrel basis for oil and NGLs instruments. All fair values presented in the table below utilize Level 2 inputs except for C3 (propane) collars, which utilize Level 3 inputs. All fair market values ("FMV") are presented in thousands:

(a)

We also sold natural gas call swaptions of 150,000 Mmbtu/day for 2028 at a weighted average price of $4.00/Mmbtu that expire in December 2026. The fair value of these contracts as of September 30, 2026, which utilizes Level 3 inputs, was a derivative liability of $1.1 million.

Basis Swap Contracts

In addition to the commodity derivatives described above, as of September 30, 2026, we had natural gas basis swap contracts which lock in the differential between NYMEX Henry Hub and certain of our physical pricing indices. These contracts settle through December 2030 and include a total volume of 165,327,500 Mmbtu. The fair value of these contracts was aliability of$8.4 million as of September 30, 2026.

Derivative Assets and Liabilities

The combined fair value of derivatives included in the accompanying consolidated balance sheets as of September 30, 2026 and December 31, 2025 is summarized below. The assets and liabilities are netted where derivatives with both gain and loss positions are held by a single counterparty and we have master netting arrangements. The tables below provide additional information relating to our master netting arrangements with our derivative counterparties (in thousands):

Derivative Fair Value Income (Loss)

The effects of our derivatives on our consolidated statements of income are summarized below (in thousands):

(8)FAIR VALUE MEASUREMENTS

The Company follows the authoritative guidance for measuring fair value of assets and liabilities in its financial statements. For further information on the fair value hierarchy, refer to Note 2 of the Notes to the Consolidated Financial Statements in the Form 10-K. As of September 30, 2026, a portion of our natural gas derivative instruments contain swaptions where the counterparty has the right, but not the obligation, to enter into a fixed price swap on a pre-determined date. If exercised, the swaption contract becomes a swap treated consistently with our fixed price swaps. As of September 30, 2026, we used a weighted average implied volatility of 14% for natural gas swaptions. As of September 30, 2026, we also utilized collars for propane that include unobservable inputs due to a lack of published volatility data and used a weighted average implied volat ility of 41% for these collars. The following is a reconciliation of the beginning and ending balances for derivative instruments classified as Level 3 in the fair value hierarchy (in thousands):

The following presents the carrying amounts and the fair values and hierarchy of our financial instruments as of September 30, 2026 and December 31, 2025 (in thousands):

(a)

Fair values for commodity derivatives utilize Level 2 inputs with the exception of swaptions and propane collars, which utilize Level 3 inputs. The fair value of swaption contracts as of September 30, 2026 was a derivative liability of $1.1 million and the fair value of propane collarsas of September 30, 2026 was a derivative liability of $2.0 million.

(b)

Marketable securities, which are held in our deferred compensation plans, are actively traded on major exchanges, which is a Level 1 input.

(c)

The book value of our bank debt approximates fair value because of its floating rate structure. The fair value of our senior notes is based on end of period market quotes which are Level 2 inputs. Debt is presented on the balance sheet at carrying value.

(d)

The fair value of our deferred compensation plan is updated to the closing price of the marketable securities held in the plan on the balance sheet date, which is a Level 1 input.

Our current assets and liabilities include financial instruments, the most significant of which are trade accounts receivable and payable. We believe the carrying values of our current assets and liabilities approximate fair value. Our fair value assessment incorporates a variety of considerations, including (1) the short-term duration of the instruments and (2) our historical and expected incurrence of bad debt expense. Our allowance for uncollectible receivables was$248,000 as of September 30, 2026 and$248,000 as of December 31, 2025. Non-financial liabilities initially measured at fair value include asset retirement obligations, operating lease liabilities and the divestiture contract obligation that we incurred in conjunction with the sale of our North Louisiana assets.

Certain assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. Our proved natural gas and oil properties are reviewed for impairment periodically as events or changes in circumstances indicate the carrying amount may not be recoverable. There wereno proved property impairment charges forfirst nine months 2026 or 2025.

Concentrations of Credit Risk

As of September 30, 2026, our primary concentrations of credit risk are the risk of not collecting accounts receivable and the risk of a counterparty’s failure to perform under derivative obligations. To manage counterparty risk associated with our derivatives, we select and monitor our counterparties based on our assessment of their financial strength and/or credit ratings. Counterparty credit risk is considered when determining the fair value of our derivative contracts. While our counterparties are primarily major investment grade financial institutions, the fair value of our derivative contracts has been adjusted to account for the risk of non-performance by certain of our counterparties, which was immaterial. As of September 30, 2026, our derivative count erparties included seventeen financial institutions, of which twelve were secured lenders in our bank credit facility. As of September 30, 2026, our net derivative position includes an aggregate net payable of $2.5 million totwo counterparties not included in our bank credit facility and an aggregate net receivable of $5.0 million from three counterparties not included in our bank credit facility.