Company Overview - Range Resources is a top 10 U S producer of natural gas and NGLs, focused on the Appalachian Basin with over 30 years of core Marcellus inventory[6, 7] - The company expects to grow production by approximately 20% through 2027 with a reinvestment rate of less than 50%[12] - Range Resources has approximately 440,000 net acres in Southwest Pennsylvania and approximately 70,000 net acres in Northeast Pennsylvania[14] Financial Performance and Outlook - The company has demonstrated a history of durable free cash flow through commodity cycles[19] - Cumulative free cash flow from 2025 to 2027 is projected to be approximately $2 5 billion[28] - 2025 capital expenditures are guided at $650-$680 million[28, 33] Market Access and Diversification - Approximately 30% of Range's natural gas is directed to the Midwest, approximately 25% to the Gulf Coast, and approximately 25% to LNG and premium Gulf markets[17] - The company has secured 250 Mmcf/d of incremental natural gas takeaway accessing growing demand in Midwest and Gulf Coast markets in 2026[28] - Range Resources has 20 MBD of NGL takeaway and export capacity utilizing a new East Coast terminal in 2026[28] Natural Gas and NGL Fundamentals - U S LNG exports have grown from approximately 0 Bcf/d in 2015 to approximately 15 Bcf/d in early 2025[64] - Total U S demand growth of +27 Bcf/d is expected through 2030 from LNG and pipeline exports to Mexico, industrial and electric power demand growth[72] - The call on incremental U S supply for global LPG demand is approximately 870 MBD from 2025-2030[92] ESG Initiatives - The company achieved Net Zero for 2024 Scope 1 and 2 GHG emissions[105] - Range Resources has achieved an 83% reduction in methane emissions intensity since 2019[105] - In 2024, 56% of total water used for operations was reuse water[105]

Company Overview - Berry is a Western U S independent upstream energy company focused on onshore, low geologic risk, low decline, long-lived conventional reserves[9, 10] - The company's enterprise value is $601 million[11] - First quarter of 2025 production averaged 247 thousand barrels of oil equivalent per day (MBoe/d), with 93% being oil[11] - The company's proved PV-10 is $23 billion[11] - Last twelve months (LTM) adjusted EBITDA was $292 million[11] - LTM free cash flow was $115 million, or $148 per share[11] - The company's reinvestment rate is 50%[11] - As of March 31, 2025, the leverage ratio was 137x[11] California Assets - California assets include approximately 20000 net acres and approximately 2500 gross producing wells[26] - California production averaged 210 MBoe/d in 2024[26] - Proved PV-10 for California assets is $21 billion[26] - The annual decline rate for California assets is 11%-14%[26]