Company Presentation February 2026 Forward-Looking Statements All statements, except for statements of historical fact, made within regarding activities, events or developments the Company expects, believes or anticipates will or may occur in the future, such as those regarding future well costs, expected asset sales, well productivity, future liquidity and financial resilience, anticipated exports and related financial impact, NGL market supply and demand, future commodity fundamentals and pricing, future ...

Core Insights - The company has developed over 500,000 lateral feet of growth-focused inventory, allowing for flexibility in reinvestment aligned with market fundamentals [1] - A new long-term sales agreement with a Midwest power plant starting in 2027 highlights the company's ability to secure margin-enhancing contracts with high-quality counterparties [1] Strategic Marketing and Pricing - Strategic marketing efforts led to a realized price premium of $0.17 over NYMEX Henry Hub, with 90% of revenue generated from outside Appalachia [2] - The company effectively managed winter storm volatility by coordinating production and sales plans, resulting in strong free cash flow by selling nearly all natural gas during high-priced bid weeks [2] Operational Efficiency and Future Plans - The ability to drill longer laterals is attributed to a large contiguous acreage position, which minimizes the development footprint and consolidates infrastructure [3] - Performance in 2025 was marked by record drilling and completion efficiencies, achieving a new benchmark of 9.7 frac stages per day and average lateral lengths of 14,800 feet [3] - The 2026 capital budget is set at $650 million to $700 million, aiming to increase production to 2.35-2.4 Bcfe per day, with significant growth expected in the second half of the year due to mid-year processing expansions [3] - Management's strategy for 2027-2028 includes options to either reduce capital to maintain production at 2.6 Bcfe per day or sustain current spending levels for continued growth, depending on market demand [3] - Guidance for 2026 anticipates flat to slightly lower service pricing for drilling and completions compared to 2025, supported by long-term agreements and electric fracturing fleets [3] - The company plans to complete its pneumatic retrofit project by the end of 2026, investing $15 million to $25 million in software and facility upgrades to further reduce emissions [3] - Future growth beyond 2027 is expected to be supported by debottlenecking existing infrastructure and potentially utilizing under-capacity processing plants from other basin operators [3]

Production and Reserves - As of December 31, 2025, Range Resources Corporation had 1,579 gross (1,499 net) operating producing wells with an average daily production of 2.24 Bcfe per day[44] - Estimated net proved reserves were 18.1 Tcfe, with 71% classified as proved developed, consisting of 65% gas, 34% NGLs, and 1% oil[44] - The total proved reserves as of December 31, 2025, include 11,715,912 Mmcf of natural gas, 1,038,163 Mbbls of NGLs, and 32,828 Mbbls of oil[60] - Natural gas production volumes are expected to reach 560,891,967 mcf in 2025, up from 545,415,974 mcf in 2024 and 538,084,671 mcf in 2023[64] - Oil production is projected to decline to 1,975,937 bbls in 2025 from 2,180,528 bbls in 2024 and 2,475,306 bbls in 2023[64] - The company maintains a multi-year drilling inventory of approximately 27 million lateral feet in the Marcellus Shale, both proved and unproved[50] - The company holds approximately 879,000 gross (769,000 net) acres under lease in the Marcellus Shale, with an average working interest of 95%[58] - The total acreage owned is 906,885 acres, with 686,139 acres developed and 110,284 acres undeveloped as of December 31, 2025[68] Financial Performance and Projections - The capital budget for 2026 is projected to be between $650 million and $700 million, including $620 million to $640 million for drilling costs[55] - The company expects modest growth in 2026 production relative to 2025 production volumes, supported by its capital expenditure program funded by operating cash flows[55] - Future net cash flows from proved reserves are projected to be $29.295 billion in 2025, $15.261 billion in 2024, and $21.748 billion in 2023[63] - The present value of future net cash flows before income tax is estimated at $11.566 billion for 2025, $5.454 billion for 2024, and $7.926 billion for 2023[63] - The average sales price for natural gas is expected to increase to $3.08 per mcf in 2025 from $1.93 per mcf in 2024[64] Operational Strategy and Efficiency - The company aims to achieve competitive returns on investments while maintaining a strong balance sheet and reducing absolute emissions[62] - Range Resources Corporation's strategy includes focusing on cost efficiency and operational flexibility to adapt to changing commodity prices[49][53] - The company operates almost all of its total net production, which allows for better operational efficiencies and cost control[49] - The company plans to continue using commodity derivative contracts to mitigate price risks associated with its forecasted production for 2026[55] - The company utilizes derivative transactions to achieve predictable cash flows and reduce exposure to price fluctuations in natural gas, NGLs, and oil[78] Workforce and Safety - The company had 564 full-time employees as of January 1, 2026, with a voluntary turnover rate averaging less than 2% over the past five years[83][85] - The company reviews employee compensation annually to remain competitive and attract a skilled workforce, offering benefits such as an annual bonus plan and healthcare[84] - The company emphasizes a strong safety culture, which is reflected in its comprehensive environmental, health, and safety management system[86] - The company takes a conservative approach to headcount, evaluating the necessity of new hires to minimize layoffs during downturns[87] Regulatory Compliance and Environmental Impact - The company is committed to compliance with federal, state, and local regulations affecting its operations, believing it is in substantial compliance with applicable laws[95] - Environmental regulations may impose substantial liabilities for pollution, which could adversely affect the company's operations and financial position[106] - The company is subject to the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), which imposes liability for hazardous substance releases[109] - The company may incur liability under the Resource Conservation and Recovery Act (RCRA) for the handling and disposal of non-hazardous and hazardous wastes[110] - The Federal Water Pollution Control Act imposes strict controls on the discharge of pollutants, requiring permits for wastewater discharges[112] - Hydraulic fracturing operations are regulated by state and federal agencies, with potential new regulations being considered that could increase compliance costs[116] - The company believes its hydraulic fracturing activities comply with industry practices and legal requirements, and existing insurance policies cover potential liabilities[117] - The company is subject to compliance with the Clean Air Act and related regulations, which may require capital expenditures for air pollution control equipment[122] - The company believes it is in substantial compliance with applicable environmental laws and regulations, with no material adverse effects anticipated from compliance in 2026[129] Market and Competitive Landscape - The company has a competitive advantage through its sizable acreage position and experienced personnel, despite facing substantial competition in the oil and gas industry[73][74] - The company markets its production based on price, credit quality, and service reliability, with alternative purchasers readily available[75] - The company has entered into several ethane agreements to sell or transport ethane from its Marcellus Shale area, balancing sales, storage, and transportation positions[79] - The company believes it can lease additional acres needed for future development plans, despite allowing some acreage to expire[71] Executive Leadership - Erin W. McDowell was appointed as general counsel and corporate secretary in March 2023, bringing over 20 years of legal experience to the company[92] - Ashley S. Kavanaugh became the controller and principal accounting officer in March 2024, having previously held various positions at Ernst & Young LLP since 2004[93] Regulatory Changes and Future Considerations - The FERC allowed oil pipelines to increase their rates by over 13% on July 1, 2023, marking the largest index rate increase since the methodology was initiated[105] - The proposed index for the 2026–2031 period is PPI-FG minus 1.42%, which could affect tariffs charged by pipelines transporting NGLs and indirectly impact realized prices and cash flows[105] - The company monitors developments in regulatory changes that could affect tariffs charged by pipelines transporting NGLs associated with its production[105] - The company is actively appealing local ordinances that may restrict its operational capabilities[132] - There is uncertainty regarding the impact of climate change and increasing GHG concentrations on financial conditions and operational results[128]

Core Insights - Range Resources Corporation reported strong financial results for the fourth quarter of 2025, highlighting free cash flow generation, capital returns to shareholders, and net debt reduction while maintaining strategic investments for future growth [4][7][13]. Full-Year 2025 Highlights - Total revenues and other income for 2025 increased by 29% to $3.12 billion compared to $2.42 billion in 2024 [50]. - Net income for 2025 was $658 million, a 147% increase from $266 million in 2024 [50]. - Cash flow from operating activities reached $1.17 billion, reflecting a robust operational performance [58]. Return of Capital Highlights and 2026 Guidance - The company plans to allocate $650 to $700 million for its 2026 capital budget, with production guidance set at 2.35 to 2.40 Bcfe per day [6][27]. - Range has increased its share repurchase authorization to $1.5 billion and plans an 11.1% increase in the quarterly cash dividend to $0.10 per share [20][22]. Production and Operational Efficiency - Average production in Q4 2025 was 2.32 Bcfe per day, with a significant portion (approximately 69%) being natural gas [7][15]. - The company has accumulated over 500,000 lateral feet of drilled but uncompleted (DUC) inventory, with plans to convert 400,000 feet into production over 2026 and 2027 [6][9]. Financial Position and Debt Management - As of December 31, 2025, net debt stood at approximately $1.22 billion, down from $1.40 billion in 2024, indicating effective debt management [20][56]. - The debt to EBITDAX ratio was reported at 0.8x, showcasing a strong financial position [7]. Proved Reserves and Future Outlook - Total proved reserves remained stable at 18.1 Tcfe, with proved developed reserves increasing by 7.3% to 12.8 Tcfe [23][24]. - The company anticipates continued demand growth for natural gas both domestically and internationally, supported by its multi-decade Marcellus inventory and diverse market access [5][27].

Core Viewpoint - Range Resources (RRC) is anticipated to report flat earnings of $0.68 per share for the quarter ended December 2025, with revenues expected to reach $762 million, reflecting a 1.6% increase from the previous year [3][12]. Earnings Report Expectations - The earnings report is scheduled for release on February 24, and better-than-expected results could lead to a stock price increase, while disappointing results may cause a decline [2]. - Management's discussion during the earnings call will be crucial in determining the sustainability of any immediate price changes and future earnings expectations [2]. Estimate Revisions Trend - The consensus EPS estimate has been revised 1.15% higher in the last 30 days, indicating a collective reassessment by analysts [4]. - However, an aggregate change may not reflect the direction of revisions by individual analysts [4]. Earnings ESP Insights - The Zacks Earnings ESP model compares the Most Accurate Estimate to the Zacks Consensus Estimate, with the Most Accurate Estimate being more recent and potentially more accurate [8]. - A positive Earnings ESP reading is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [10]. Current Earnings Outlook for Range Resources - For Range Resources, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -1.83% and a Zacks Rank of 5, indicating a bearish outlook [12]. - This combination suggests a challenging environment for predicting an earnings beat [12]. Historical Performance - In the last reported quarter, Range Resources exceeded the expected earnings of $0.50 per share by delivering $0.57, resulting in a surprise of +14.00% [13]. - The company has beaten consensus EPS estimates in all of the last four quarters [14]. Conclusion - While Range Resources does not appear to be a compelling earnings-beat candidate, investors should consider other factors when making decisions regarding the stock ahead of the earnings release [17].

Core Viewpoint - Range Resources Corporation will release its fourth quarter 2025 financial results on February 24, 2026, after the market closes [1] Group 1: Financial Results Announcement - The financial results news release will be issued on February 24, 2026 [1] - A conference call to review the financial results is scheduled for February 25, 2026, at 9:00 a.m. ET [2] - The conference call will be accessible via a webcast, which will be archived for replay until March 26, 2026 [2] Group 2: Company Overview - Range Resources Corporation is a leading independent natural gas and NGL producer in the U.S., primarily operating in the Appalachian Basin [3] - The company is headquartered in Fort Worth, Texas [3] - Additional information about Range Resources can be found on their official website [3]

Core Viewpoint - Range Resources Corporation (RRC) is positioned as a leading independent natural gas, NGLs, and oil company, primarily operating in the prolific Appalachian Basin, focusing on exploration, development, and acquisition of natural gas and oil properties [1] Performance Summary - RRC has experienced a slight decline in stock performance, with a 0.29% drop over the past month and a 0.84% decrease over the last 10 days, indicating potential undervaluation and a strategic entry point for investors [2][6] Growth Potential - The company has a significant growth potential, with a projected stock price increase of 22.06%, and a target price set at $42, suggesting considerable upside from current levels [3] Financial Health - RRC's financial health is robust, evidenced by a Piotroski score of 8, indicating strong financial fundamentals and positioning for future growth [4][6] Investment Opportunity - Overall, RRC presents a compelling investment opportunity due to its recent stock price dip, strong growth potential, and solid financial health [5]

Core Insights - The article promotes a free two-week trial for the investment group Distressed Value Investing, which provides exclusive research on various companies and investment opportunities [1] Group 1 - Aaron Chow, known as Elephant Analytics, has over 15 years of analytical experience and is a highly rated analyst on TipRanks [2] - Chow co-founded a mobile gaming company, Absolute Games, which was acquired by PENN Entertainment, showcasing his experience in the gaming sector [2] - The investment group Distressed Value Investing focuses on value opportunities and distressed plays, particularly in the energy sector [2]

Group 1 - Range Resources Corporation (NYSE:RRC) is identified as one of the 10 cheapest oil and gas stocks to invest in [1] - Barclays maintains a Hold rating on RRC with a price target of $44, indicating a 31.3% upside from current levels, which is higher than the median Wall Street analysts' upside of 25.71% [1] - Roth MKM also reiterates a Hold rating with a lower price target of $36, which is the lowest among Wall Street ratings [1] Group 2 - On December 31, 2025, Range Resources announced plans to redeem the entire $600 million outstanding balance of its 8.25% senior notes due 2029, scheduled for January 15, 2026 [2] - The redemption will be financed through the existing revolving credit facility, allowing the company to retire higher-cost debt and reshape its capital structure [2] Group 3 - Range Resources is an independent company involved in the development, acquisition, and exploration of natural gas and oil properties, primarily in the Appalachian region [3]

Group 1 - Wells Fargo upgraded ConocoPhillips (COP.US) from "Neutral" to "Outperform," raising the target price from $100 to $132 per share, indicating potential for leading industry dividend compound annual growth rate in the coming years [1] - The Willow oil field project is expected to start production in 2029, which will be a key turning point for the company's free cash flow, projected to generate approximately $4 billion in net cash flow in its first year at a Brent crude price of $65 per barrel [1] - Several factors will drive the company's organic free cash flow growth and enhance dividend payment capacity before the project starts, including the winding down of Qatar LNG project expenditures and the launch of multiple growth projects [1] Group 2 - The analyst estimates that ConocoPhillips' cumulative dividend payment capacity will increase by over $6 per share from 2026 to 2029, with an 8% dividend increase following the Q3 2025 earnings report, reaching $3.36 per share in 2026, demonstrating strong defensiveness in a declining oil price environment [2] - The rating for Range Resources (RRC.US) was downgraded from "Outperform" to "Neutral," with the target price reduced from $46 to $43 due to its free cash flow yield being at a premium compared to peers, particularly against Antero Resources (AR.US) [2] - Despite Range Resources' strong balance sheet and cost control, the current valuation premium is considered high, limiting further upside potential for the stock amid rising natural gas market risks [2]