GlobeNewswire Inc | Jul 26, 2021 04:45PM EDT

July 26, 2021

FORT WORTH, Texas, July 26, 2021 (GLOBE NEWSWIRE) -- RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its second quarter 2021 financial results.

Highlights

-- Realizations before index hedges of $3.25 per mcfe, or approximately $0.41 above NYMEX natural gas -- Pre-hedge NGL realization of $27.92 per barrel, highest since 2014 -- NGL differential of $2.24 per barrel above Mont Belvieu -- Natural gas differentials, including basis hedging, averaged $0.39 per mcf below NYMEX -- All-in second quarter capital spending was$120 million, approximately28% of the annual budget -- Production averaged 2.10 Bcfe per day, approximately 31% liquids -- Redeemed $63.3 million of senior notes and senior subordinated notes due between 2021 and 2023 -- Reduced total debt outstanding by approximately $66 million -- Range committed to a pilot project with Project Canary to certify the production of responsibly sourced natural gas (RSG)

Commenting on the quarter, Jeff Ventura, the Companys CEO said, Range continues to make progress on key objectives: improving margins with a focus on cost structure, generating free cash flow, and operating safely while maintaining peer-leading capital efficiency. Range generated solid free cash flow for the quarter, investing $120 million in second quarter with corresponding cash flow from operations before changes in working capital of $177 million. Range remains committed to disciplined capital spending and generating sustainable free cash flow and at current strip pricing, we expect Range to rapidly approach our long-term balance sheet targets. We believe Range is differentiated as a result of our low sustaining capital, competitive cost structure, marketing strategies, environmental leadership and importantly, our multi-decade core inventory life, which is an increasingly important competitive advantage.

Financial Discussion

Except for generally accepted accounting principles (GAAP) reported amounts, specific expense categories exclude non-cash impairments, unrealized mark-to-market adjustment on derivatives, stock-based compensation and other items shown separately on the attached tables. Unit costs as used in this release are composed of direct operating, transportation, gathering, processing and compression, production and ad valorem taxes, general and administrative, interest and depletion, depreciation and amortization costs divided by production. See Non-GAAP Financial Measures for a definition of each of the non-GAAP financial measures and the tables that reconcile each of the non-GAAP measures to their most directly comparable GAAP financial measure.

Second Quarter 2021

GAAP revenues for second quarter 2021 totaled$435 million, GAAP net cash provided from operating activities (including changes in working capital) was$174 million, and GAAP net earnings was a loss of $156 million ($0.65per diluted share). Second quarter earnings results include a $250 millionderivative fair value loss due to increases in commodity prices.

Non-GAAP revenues for second quarter 2021 totaled$644 million, and cash flow from operations before changes in working capital, a non-GAAP measure, was$177 million. Adjusted net income comparable to analysts estimates, a non-GAAP measure, was $59 million($0.24per diluted share) in second quarter 2021.

The following table details Ranges average production and realized pricing for second quarter 2021(a):

2Q21 Production & Realized Pricing Natural Natural Gas Oil NGLs Gas (Mcf) (Bbl) (Bbl) Equivalent (Mcfe) Net Production per day 1,449,307 8,539 100,587 2,104,064 Average index price^(b) $2.84 $65.96 $25.68 Differential (0.40) (8.36) 2.24 Basis hedging 0.01 - - Realized prices before index $2.45 $57.60 $27.92 $3.25 hedgesSettled index hedges (0.07) (15.39) (2.28) (0.21) Average realized prices after $2.38 $42.21 $ 25.64 $ 3.04 hedges

(a)May not add due to rounding(b)Indexes include NYMEX-Henry Hub, NYMEX-WTI and OPIS-Mont Belvieu for natural gas, oil and NGLs, respectively

Total production for second quarter 2021 averaged approximately 2.10 net Bcfe per day. By area, southwest Marcellus production averaged 2.0 Bcfe per day while the northeast Marcellus assets averaged 77 net Mmcf per day during the quarter.

Second quarter 2021 natural gas, natural gas liquids (NGL) and oil price realizations (including the impact of cash-settled hedges and derivative settlements which correspond to analysts estimates) averaged $3.04 per mcfe.

-- The average natural gas price, including the impact of basis hedging, was $2.45 per mcf, or a ($0.39) per mcf differential to NYMEX. The Companys average 2021 natural gas differential to NYMEX remains within an expected range of ($0.30) to ($0.40) per mcf. -- Pre-hedge NGL realizations were $27.92 per barrel, an improvement of $1.56 per barrel versus the first quarter of 2021 and a $2.24 premium to the Mont Belvieu equivalent barrel. The Companys average 2021 premium differential to the Mont Belvieu equivalent barrel remains within an expected range of $0.50 - $2.00 per barrel for 2021. -- Crude oil and condensate price realizations, before realized hedges, averaged $57.60 per barrel, or $8.36 below WTI (West Texas Intermediate). Ranges estimated condensate differential to WTI during 2021 remains within an expected range of $7-$9 below NYMEX.

The following table details Ranges unit costs per mcfe(a):

2Q 2QExpenses 2021 2020 Increase ($/ ($/ (Decrease) Mcfe) Mcfe) Direct operating^(a) $ 0.10 $ 0.11 (9%) Transportation, gathering, processing 1.48 1.30 14% and compressionProduction and ad valorem taxes 0.04 0.03 33% General and administrative^(a) 0.16 0.13 23% Interest expense^(a) 0.29 0.22 32% Total cash unit costs^(b) 2.07 1.79 15% Depletion, depreciation and 0.47 0.49 (4%) amortization (DD&A)Total unit costs plus DD&A^(b) $ 2.54 $ 2.28 11%

(a)Excludes stock-based compensation, legal settlements and amortization of deferred financing costs.(b)May not add due to rounding.

Capital Expenditures

Second quarter 2021 drilling and completion expenditures were $115.7 million. In addition, during the quarter, $4.5 million was invested on acreage leasehold, gathering systems and other. Total capital expenditures year to date were $226 million at the end of the second quarter. Range remains on track to spend at or below the total capital budget of $425 million in 2021.

Financial Position

In April 2021, Range redeemed outstanding principal amounts of senior notes due in 2021 and 2022 totaling approximately $26.0 million and senior subordinated notes due in 2021, 2022 and 2023 totaling approximately $37.3 million.

As ofJune 30, 2021, Range had total debt outstanding of$3.1 billion, consisting of$121 millionin bank debt and $2.95 billionin senior notes. The Company has approximately $750 million in senior notes that mature through 2023, which are expected to be retired with projected free cash flow at current strip pricing. Range had over $1.9 billion of borrowing capacity under the bank credit facility commitment amount at the end of the second quarter.

Operational Activity

The table below summarizes estimated activity for 2021 regarding the number of wells to sales for each area.

Wells TIL Calendar 2021 Remaining 2Q 2021 Planned TIL 2021SW PA Super-Rich 3 17 8 SW PA Wet 12 18 3 SW PA Dry 10 24 7 Total Wells 25 59 18

NGL Marketing and Transportation

In second quarter, Range began utilizing an additional 5,000 barrels per day of Mariner East capacity to transport NGLs to export markets. Ranges second quarter NGL differential benefitted from a diversified marketing strategy with flexibility in product placement and sales timing. Ranges unhedged realized NGL price for the second quarter was $27.92 per barrel, a $2.24 premium to Mont Belvieu. This represents the highest premium to Mont Belvieu in Company history and, in absolute terms, the highest quarterly NGL price since 2014. As a result of export timing, the second quarter NGL barrel included a higher percentage of propane and heavier products, thereby improving the quarterly differential. During second half 2021 the Company expects strong fundamentals to result in higher absolute prices for domestic propane and butane, compressing arbitrage premiums of U.S. exports. Coupled with a lighter barrel from export timing and seasonality in domestic NGL sales, Range expects lower premiums to Mont Belvieu but improving overall NGL price realizations in a globally competitive price environment. Ranges 2021 premium NGL differential is expected to be within a $0.50 to $2.00 per barrel range for the full year, showing the benefit of a diversified NGL portfolio and access to international markets.

For reference, Ranges forecasted 2021 pre-hedge NGL realization has increased by approximately $7 per barrel since February, resulting in an increase of approximately $250 million in forecasted revenue. As a result of higher NGL prices and the effect of Ranges price-linked processing contracts, Range is increasing guidance for 2021 GP&T expense to $1.43 to $1.47 per mcfe. Net of projected processing costs, Ranges forecasted pre-hedge cash flow from NGL sales in 2021 has increased by approximately $200 million since February. As previously disclosed, Range expects GP&T expense to decline annually in 2022 and beyond based on existing gathering contracts. The reduction in annual gathering expenses relative to 2021 totals approximately $70 million by 2025 and greater than $100 million by 2030.

Guidance 2021

Capital & Production Guidance

Ranges 2021 all-in capital budget is $425 million. Production for full-year 2021 is expected to average approximately 2.15 Bcfe per day, with ~30% attributed to liquids production.

Full Year 2021 Expense Guidance

Direct operating expense: $0.09 - $0.11 per mcfeTransportation, gathering, processing and compression $1.43 - $1.47 per expense: mcfeProduction tax expense: $0.02 - $0.04 per mcfeExploration expense: $20.0 - $25.0 millionG&A expense: $0.15 - $0.16 per mcfeInterest expense: $0.26 - $0.28 per mcfeDD&A expense: $0.47 - $0.50 per mcfeNet brokered gas marketing net expense: $2.0 - $10.0 million

Full Year 2021 Price Guidance

Based on current market indications, Range expects to average the following price differentials for its production in 2021.

Natural Gas:^(1) NYMEX minus $0.30 to $0.40 Natural Gas Liquids (including Mont Belvieu plus $0.50 to $2.00 per ethane):^(^2) barrelOil/Condensate: WTI minus $7.00 to $9.00

(1) Including basis hedging(2) Weighting based on 53% ethane, 27% propane, 7% normal butane, 4% iso-butane and 9% natural gasoline.

Hedging Status

Range hedges portions of its expected future production volumes to increase the predictability of cash flow and to help maintain a strong, flexible financial position. As of July 16, 2021, Range had more than 75% of its expected second half 2021 natural gas and condensate production hedged. Range also had over 35% of its projected second half 2021 net NGL revenue hedged as of July 16th. For details, please see the detailed hedging schedule posted on the Range website under Investor Relations - Financial Information.

Range has also hedged basis for natural gas and NGL volumes to limit volatility between published pricing benchmarks and regional sales prices. The combined fair value of the natural gas basis, NGL freight and spread hedges as of June 30, 2021 was a net gain of $26 million.

Conference Call Information

A conference call to review the financial results is scheduled on Tuesday, July 27 at 9:00 a.m. ET. To participate in the call, please dial (877) 928-8777 and provide conference code 1553208 about 10 minutes prior to the scheduled start time.

A simultaneous webcast of the call may be accessed at www.rangeresources.com. The webcast will be archived for replay on the Company's website until August 27.

Non-GAAP Financial Measures

Adjusted net income comparable to analysts estimates as set forth in this release represents income or loss from operations before income taxes adjusted for certain non-cash items (detailed in the accompanying table) less income taxes. We believe adjusted net income comparable to analysts estimates is calculated on the same basis as analysts estimates and that many investors use this published research in making investment decisions and evaluating operational trends of the Company and its performance relative to other oil and gas producing companies. Diluted earnings per share (adjusted) as set forth in this release represents adjusted net income comparable to analysts estimates on a diluted per share basis. A table is included which reconciles income or loss from operations to adjusted net income comparable to analysts estimates and diluted earnings per share (adjusted). The Company provides additional comparative information on prior periods along with non-GAAP revenue disclosures on its website.

Cash flow from operations before changes in working capital (sometimes referred to as adjusted cash flow) as defined in this release represents net cash provided by operations before changes in working capital and exploration expense adjusted for certain non-cash compensation items. Cash flow from operations before changes in working capital is widely accepted by the investment community as a financial indicator of an oil and gas companys ability to generate cash to internally fund exploration and development activities and to service debt. Cash flow from operations before changes in working capital is also useful because it is widely used by professional research analysts in valuing, comparing, rating and providing investment recommendations of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Cash flow from operations before changes in working capital is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operations, investing, or financing activities as an indicator of cash flows, or as a measure of liquidity. A table is included which reconciles net cash provided by operations to cash flow from operations before changes in working capital as used in this release. On its website, the Company provides additional comparative information on prior periods for cash flow, cash margins and non-GAAP earnings as used in this release.

The cash prices realized for oil and natural gas production, including the amounts realized on cash-settled derivatives and net of transportation, gathering, processing and compression expense, is a critical component in the Companys performance tracked by investors and professional research analysts in valuing, comparing, rating and providing investment recommendations and forecasts of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Due to the GAAP disclosures of various derivative transactions and third-party transportation, gathering, processing and compression expense, such information is now reported in various lines of the income statement. The Company believes that it is important to furnish a table reflecting the details of the various components of each line in the statement of operations to better inform the reader of the details of each amount and provide a summary of the realized cash-settled amounts and third-party transportation, gathering, processing and compression expense which were historically reported as natural gas, NGLs and oil sales. This information is intended to bridge the gap between various readers understanding and fully disclose the information needed.

The Company discloses in this release the detailed components of many of the single line items shown in the GAAP financial statements included in the Companys quarterly report on Form 10-Q. The Company believes that it is important to furnish this detail of the various components comprising each line of the Statements of Operations to better inform the reader of the details of each amount, the changes between periods and the effect on its financial results. RANGE RESOURCES CORPORATION (NYSE: RRC) is a leadingU.S.independent natural gas and NGL producer with operations focused on stacked-pay projects in theAppalachian Basin. The Company is headquartered inFort Worth, Texas. More information about Range can be found atwww.rangeresources.com.

Included within this release are certain forward-looking statements within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, that are not limited to historical facts, but reflect Ranges current beliefs, expectations or intentions regarding future events. Words such as may, will, could, should, expect, plan, project, intend, anticipate, believe, outlook, estimate, predict, potential, pursue, target, continue, and similar expressions are intended to identify such 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, improving commodity fundamentals and pricing, future capital efficiencies, future shareholder value, emerging plays, capital spending, anticipated drilling and completion activity, acreage prospectivity, expected pipeline utilization and future guidance information, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management's assumptions and Range's future performance are subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements. Further information on risks and uncertainties is available in Range's filings with the Securities and Exchange Commission (SEC), including its most recent Annual Report on Form 10-K. Unless required by law, Range undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date they are made.

The SEC permits oil and gas companies, in filings made with the SEC, to disclose proved reserves, which are estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions as well as the option to disclose probable and possible reserves. Range has elected not to disclose its probable and possible reserves in its filings with the SEC. Range uses certain broader terms such as "resource potential, unrisked resource potential, "unproved resource potential" or "upside" or other descriptions of volumes of resources potentially recoverable through additional drilling or recovery techniques that may include probable and possible reserves as defined by the SEC's guidelines. Range has not attempted to distinguish probable and possible reserves from these broader classifications. The SECs rules prohibit us from including in filings with the SEC these broader classifications of reserves. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of actually being realized. Unproved resource potential refers to Range's internal estimates of hydrocarbon quantities that may be potentially discovered through exploratory drilling or recovered with additional drilling or recovery techniques and have not been reviewed by independent engineers. Unproved resource potential does not constitute reserves within the meaning of the Society of Petroleum Engineer's Petroleum Resource Management System and does not include proved reserves. Area wide unproven resource potential has not been fully risked by Range's management. EUR, or estimated ultimate recovery, refers to our managements estimates of hydrocarbon quantities that may be recovered from a well completed as a producer in the area. These quantities may not necessarily constitute or represent reserves within the meaning of the Society of Petroleum Engineers Petroleum Resource Management System or the SECs oil and natural gas disclosure rules. Actual quantities that may be recovered from Range's interests could differ substantially. Factors affecting ultimate recovery include the scope of Range's drilling program, which will be directly affected by the availability of capital, drilling and production costs, commodity prices, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals, field spacing rules, recoveries of gas in place, length of horizontal laterals, actual drilling results, including geological and mechanical factors affecting recovery rates and other factors. Estimates of resource potential may change significantly as development of our resource plays provides additional data.

In addition, our production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price declines or drilling cost increases. Investors are urged to consider closely the disclosure in our most recent Annual Report on Form 10-K, available from our website at www.rangeresources.com or by written request to 100 Throckmorton Street, Suite 1200, Fort Worth, Texas 76102. You can also obtain this Form 10-K on the SECs website at www.sec.gov or by calling the SEC at 1-800-SEC-0330.

SOURCE: Range Resources Corporation

Range Investor Contacts:

Laith Sando, Vice President Investor Relations817-869-4267lsando@rangeresources.com

Range Media Contacts:

Mark Windle, Director of Corporate Communications724-873-3223mwindle@rangeresources.com

RANGE RESOURCES CORPORATION

STATEMENTS OF OPERATIONS Based on GAAPreported earnings withadditionaldetails ofitems included in each line inForm 10-Q(Unaudited, inthousands, except pershare data) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 % 2021 2020 % Revenues and other income:Natural gas,NGLs and oil $ 621,855 $ 349,258 $ 1,225,202 $ 781,354 sales (a)Derivative fairvalue (loss) (249,683 ) (6,303 ) (307,562 ) 226,872 incomeBrokerednatural gas, 61,523 33,309 142,025 61,698 marketing andother (b)ARO settlement (1 ) (12 ) ? (12 ) (b)Other (b) 1,028 294 1,089 554 Total revenuesand other 434,722 376,546 15 % 1,060,754 1,070,466 -1 %income Costs and expenses:Direct 19,418 23,960 36,741 55,545 operatingDirectoperating ?non-cash 340 434 667 884 stock-basedcompensation(c)Transportation,gathering, 282,844 278,875 557,174 563,640 processing andcompressionProduction andad valorem 8,414 5,557 13,039 14,576 taxesBrokerednatural gas and 68,561 37,993 140,446 70,204 marketingBrokerednatural gas andmarketing ?non-cash 443 168 893 581 stock-basedcompensation(c)Exploration 4,666 7,655 9,818 14,402 Exploration ?non-cashstock-based 362 372 748 702 compensation(c)Abandonment andimpairment of 2,177 5,524 5,206 10,937 unprovedpropertiesGeneral and 30,742 28,333 58,902 61,343 administrativeGeneral andadministrative? non-cash 9,382 9,179 18,787 17,208 stock-basedcompensation(c)General andadministrative 118 776 557 1,591 ? lawsuitsettlementsGeneral andadministrative ? ? ? 400 ? bad debtexpenseExit andtermination (15,946 ) 10,297 (2,232 ) 11,892 costsDeferredcompensation 35,462 12,587 55,273 4,050 plan (d)Interest 54,965 46,489 109,556 91,946 expenseInterestexpense ?amortization of 2,322 2,135 4,609 4,196 deferredfinancing costs(e)Loss (gain) onearly 63 (8,991 ) 98 (21,914 ) extinguishmentof debtDepletion,depreciation 90,629 104,626 179,012 207,612 andamortizationImpairment ofproved ? ? ? 77,000 properties(Gain) loss on (2,506 ) 426 (646 ) (121,673 ) sale of assetsTotal costs and 592,456 566,395 5 % 1,188,648 1,065,122 12 %expenses (Loss) incomebefore income (157,734 ) (189,849 ) -17 % (127,894 ) 5,344 nm %taxes Income taxexpense (benefit):Current 2,569 (3 ) 2,737 (366 ) Deferred (3,831 ) (22,263 ) (1,310 ) 7,098 (1,262 ) (22,266 ) 1,427 6,732 Net loss $ (156,472 ) $ (167,583 ) -7 % $ (129,321 ) $ (1,388 ) nm % Net Loss IncomePer Common Share:Basic $ (0.65 ) $ (0.70 ) $ (0.53 ) $ (0.01 ) Diluted $ (0.65 ) $ (0.70 ) $ (0.53 ) $ (0.01 ) Weightedaverage commonshares outstanding, asreported:Basic 242,592 239,472 1 % 242,377 242,717 0 %Diluted 242,592 239,472 1 % 242,377 242,717 0 %

(a) See separate natural gas, NGLs and oil sales information table.(b) Included in Brokered natural gas, marketing and other revenues in the 10-Q.(c) Costs associated with stock compensation and restricted stock amortization, which have been reflected in the categories associated with the direct personnel costs, which are combined with the cash costs in the 10-Q.(d) Reflects the change in market value of the vested Company stock held in the deferred compensation plan.(e) Included in interest expense in the 10-Q.

RANGE RESOURCES CORPORATION

BALANCE SHEETS (In thousands) June 30, December 31, 2021 2020 (Unaudited) (Audited) Assets Current assets $ 313,847 $ 266,508 Derivative assets 47,348 40,012 Natural gas and oil properties, successful 5,733,399 5,686,809 efforts methodTransportation and field assets 3,826 4,161 Operating lease right-of-use assets 52,291 63,581 Other 78,722 75,865 $ 6,229,433 $ 6,136,936 Liabilities and Stockholders? Equity Current liabilities $ 669,953 $ 673,445 Asset retirement obligations 6,689 6,689 Derivative liabilities 249,277 26,707 Bank debt 114,025 693,123 Senior notes 2,922,632 2,329,745 Senior subordinated notes ? 17,384 Total debt 3,036,657 3,040,252 Deferred tax liability 134,000 135,267 Derivative liabilities 22,367 9,746 Deferred compensation liability 121,010 81,481 Operating lease liabilities 32,770 43,155 Asset retirement obligations and other 87,336 91,157 liabilitiesDivestiture contract obligation 346,113 391,502 Common stock and retained earnings 1,553,684 1,668,146 Other comprehensive loss (338 ) (479 )Common stock held in treasury stock (30,085 ) (30,132 )Total stockholders? equity 1,523,261 1,637,535 $ 6,229,433 $ 6,136,936

RECONCILIATION OF TOTAL REVENUES AND OTHER INCOME TO TOTAL REVENUE EXCLUDING CERTAIN ITEMS, a non-GAAP measure(Unaudited,in thousands) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 % 2021 2020 % Totalrevenuesand other $ 434,722 $ 376,546 15 % $ 1,060,754 $ 1,070,466 -1 %income, asreportedAdjustmentfor certain specialitems:Totalchange infair valuerelated to 209,370 125,803 227,854 (7,443 ) derivativesprior tosettlementloss (gain)AROsettlement 1 12 ? 12 lossTotalrevenues,as $ 644,093 $ 502,361 28 % $ 1,288,608 $ 1,063,035 21 %adjusted,non-GAAP

RANGE RESOURCES CORPORATION

CASH FLOWS FROM OPERATING ACTIVITIES(Unaudited in thousands) Three Months Ended June Six Months Ended June 30, 30, 2021 2020 2021 2020 Net loss $ (156,472 ) $ (167,583 ) $ (129,321 ) $ (1,388 )Adjustments toreconcile net cashprovided from continuingoperations:Deferred income tax (3,831 ) (22,263 ) (1,310 ) 7,098 (benefit) expenseDepletion,depreciation, 90,629 104,626 179,012 284,612 amortization andimpairmentAbandonment andimpairment of 2,178 5,524 5,206 10,937 unproved propertiesDerivative fair value 249,683 6,303 307,562 (226,872 )loss (income)Cash settlements onderivative financial (40,313 ) 119,500 (79,708 ) 219,429 instrumentsDivestiture contract (16,130 ) ? (3,135 ) ? obligationAllowance for bad ? ? ? 400 debtsAmortization ofdeferred issuance 2,177 1,741 4,259 3,398 costs and otherDeferred andstock-based 45,059 22,637 75,113 23,113 compensation(Gain) loss on sale (2,506 ) 426 (646 ) (121,673 )of assets and otherLoss (gain) on earlyextinguishment of 63 (8,991 ) 98 (21,914 )debt Changes in working capital:Accounts receivable (15,992 ) 19,045 (49,138 ) 103,390 Inventory and other (1,001 ) 376 (879 ) (4,056 )Accounts payable (13,178 ) (46,013 ) 21,240 (27,353 )Accrued liabilities 33,817 43,434 (44,918 ) (45,853 )and otherNet changes in 3,646 16,842 (73,695 ) 26,128 working capitalNet cash providedfrom operating $ 174,183 $ 78,762 $ 283,435 $ 203,268 activities RECONCILIATION OF NETCASH PROVIDED FROMOPERATING ACTIVITIES,AS REPORTED, TO CASH FLOW FROM OPERATIONSBEFORE CHANGES INWORKING CAPITAL, anon-GAAP measure(Unaudited, in thousands) Three Months Ended June Six Months Ended June 30, 30, 2021 2020 2021 2020 Net cash providedfrom operating $ 174,183 $ 78,762 $ 283,435 $ 203,268 activities, asreportedNet changes in (3,646 ) (16,842 ) 73,695 (26,128 )working capitalExploration expense 4,666 7,655 9,818 14,402 Lawsuit settlements 118 776 557 1,591 Exit and termination 184 10,297 394 11,892 costsNon-cash compensation 1,075 509 2,114 1,122 adjustmentCash flow fromoperations beforechanges in working $ 176,580 $ 81,157 $ 370,013 $ 206,147 capital ? non-GAAPmeasure ADJUSTED WEIGHTEDAVERAGE SHARES OUTSTANDING(Unaudited, in thousands) Three Months Ended June Six Months Ended June 30, 30, 2021 2020 2021 2020 Basic: Weighted average 249,694 245,879 249,008 247,516 shares outstandingStock held bydeferred compensation (7,102 ) (6,407 ) (6,631 ) (4,799 )planAdjusted basic 242,592 239,472 242,377 242,717 Dilutive: Weighted average 249,694 245,879 249,008 247,516 shares outstandingDilutive stockoptions under (7,102 ) (6,407 ) (6,631 ) (4,799 )treasury methodAdjusted dilutive 242,592 239,472 242,377 242,717

RANGE RESOURCES CORPORATION

RECONCILIATION OF NATURAL GAS, NGLs AND OIL SALES AND DERIVATIVE FAIR VALUEINCOME (LOSS) TO CALCULATED CASH REALIZED NATURAL GAS, NGLs AND OIL PRICES WITH AND WITHOUT THIRD PARTY TRANSPORTATION, GATHERING AND COMPRESSION FEES, anon-GAAP measure(Unaudited, inthousands, except per unitdata) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 % 2021 2020 % Natural gas,NGL and oil salescomponents:Natural gas $ 321,565 $ 214,207 $ 657,366 $ 467,456 salesNGL sales 255,533 124,383 485,941 267,622 Oil sales 44,757 10,668 81,895 46,276 Total oil andgas sales, as $ 621,855 $ 349,258 78 % $ 1,225,202 $ 781,354 57 %reported Derivative fairvalue (loss) $ (249,683 ) $ (6,303 ) $ (307,562 ) $ 226,872 income, asreported:Cashsettlements onderivative financialinstruments ?loss (gain):Natural gas 7,514 (90,837 ) 8,862 (171,009 ) NGLs 20,838 (6,905 ) 51,757 (16,948 ) Crude Oil 11,961 (21,758 ) 19,089 (31,472 ) Total change infair valuerelated toderivatives $ (209,370 ) $ (125,803 ) $ (227,854 ) $ 7,443 prior tosettlement, anon-GAAPmeasure Transportation,gathering,processing and compressioncomponents:Natural gas $ 158,637 $ 167,367 $ 320,297 $ 337,208 NGLs 123,758 110,718 236,428 225,642 Oil 449 790 449 790 Totaltransportation,gathering, $ 282,844 $ 278,875 $ 557,174 $ 563,640 processing andcompression, asreported Natural gas,NGL and oilsales,including cash-settledderivatives:(c)Natural gas $ 314,051 $ 305,044 $ 648,504 $ 638,465 salesNGL sales 234,695 131,288 434,184 284,570 Oil sales 32,796 32,426 62,806 77,748 Total $ 581,542 $ 468,758 24 % 1,145,494 1,000,783 14 % Production ofoil and gas during theperiods (a):Natural gas 131,886,931 151,127,582 -13 % 262,215,672 296,888,174 -12 %(mcf)NGL (bbl) 9,153,411 9,716,261 -6 % 17,896,355 19,349,296 -8 %Oil (bbl) 777,067 720,125 8 % 1,535,058 1,588,422 -3 %Gas equivalent 191,469,799 213,745,898 -10 % 378,804,150 422,514,482 -10 %(mcfe) (b) Production ofoil and gas ? average per day(a):Natural gas 1,449,307 1,660,743 -13 % 1,448,705 1,631,254 -11 %(mcf)NGL (bbl) 100,587 106,772 -6 % 98,875 106,315 -7 %Oil (bbl) 8,539 7,913 8 % 8,481 8,728 -3 %Gas equivalent 2,104,064 2,348,856 -10 % 2,092,841 2,321,508 -10 %(mcfe) (b) Average prices,excludingderivativesettlements and before thirdpartytransportationcosts:Natural gas $ 2.44 $ 1.42 72 % $ 2.51 $ 1.57 59 %(mcf)NGL (bbl) $ 27.92 $ 12.80 118 % $ 27.15 $ 13.83 96 %Oil (bbl) $ 57.60 $ 14.81 289 % $ 53.35 $ 29.13 83 %Gas equivalent $ 3.25 $ 1.63 99 % $ 3.23 $ 1.85 75 %(mcfe) (b) Average prices,includingderivativesettlements before thirdpartytransportationcosts: (c)Natural gas $ 2.38 $ 2.02 18 % $ 2.47 $ 2.15 15 %(mcf)NGL (bbl) $ 25.64 $ 13.51 90 % $ 24.26 $ 14.71 65 %Oil (bbl) $ 42.20 $ 45.03 -6 % $ 40.91 $ 48.95 -16 %Gas equivalent $ 3.04 $ 2.19 38 % $ 3.02 $ 2.37 28 %(mcfe) (b) Average prices,includingderivativesettlements and after thirdpartytransportationcosts: (d)Natural gas $ 1.18 $ 0.91 29 % $ 1.25 $ 1.01 23 %(mcf)NGL (bbl) $ 12.12 $ 2.12 472 % $ 11.05 $ 3.05 263 %Oil (bbl) $ 41.63 $ 43.93 -5 % $ 40.62 $ 48.45 -16 %Gas equivalent $ 1.56 $ 0.89 76 % $ 1.55 $ 1.03 50 %(mcfe) (b) Transportation,gathering andcompression $ 1.48 $ 1.30 13 % $ 1.47 $ 1.33 10 %expense permcfe

(a) Represents volumes sold regardless of when produced.(b) Oil and NGLs are converted at the rate of one barrel equals six mcfe based upon the approximate relative energy content of oil to natural gas, which is not necessarily indicative of the relationship of oil and natural gas prices.(c) Excluding third party transportation, gathering and compression costs.(d) Net of transportation, gathering and compression costs.

RANGE RESOURCES CORPORATION

RECONCILIATION OF INCOME BEFORE INCOME TAXESAS REPORTED TO INCOME BEFORE INCOME TAXES EXCLUDING CERTAIN ITEMS, a non-GAAP measure(Unaudited, in thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 (Loss) income fromoperations before income $ (157,734 ) $ (189,849 ) $ (127,894 ) $ 5,344 taxes, as reportedAdjustment for certain special items:(Gain) loss on sale of (2,506 ) 426 (646 ) (121,673 ) assetsLoss (gain) on ARO 1 12 ? 12 settlementsChange in fair valuerelated to derivatives 209,370 125,803 227,854 (7,443 ) prior to settlementAbandonment andimpairment of unproved 2,177 5,524 5,206 10,937 propertiesLoss (gain) on early 63 (8,991 ) 98 (21,914 ) extinguishment of debtImpairment of provedproperty and other ? ? ? 77,000 assetsLawsuit settlements 118 776 557 1,591 Exit and termination (15,946 ) 10,297 (2,232 ) 11,892 costsBrokered natural gas andmarketing ? non-cash 443 168 893 581 stock-basedcompensationDirect operating ?non-cash stock-based 340 434 667 884 compensationExploration expenses ?non-cash stock-based 362 372 748 702 compensationGeneral & administrative? non-cash stock-based 9,382 9,179 18,787 17,208 compensationDeferred compensationplan ? non-cash 35,462 12,587 55,273 4,050 adjustment Income (loss) beforeincome taxes, as 81,532 (33,262 ) 179,311 (20,829 ) adjusted Income tax expense (benefit), as adjustedCurrent 2,569 (3 ) 2,737 (366 ) Deferred (a) 20,383 (8,315 ) 44,828 (5,207 ) Net income (loss)excluding certain items, $ 58,580 $ (24,944 ) $ 131,746 $ (15,256 ) a non-GAAP measure Non-GAAP income (loss) per common shareBasic $ 0.24 $ (0.10 ) $ 0.54 $ (0.06 ) Diluted $ 0.24 $ (0.10 ) $ 0.54 $ (0.06 ) Non-GAAP diluted shares 247,926 239,472 247,806 242,717 outstanding, if dilutive

(a) Deferred taxes are estimated to be approximately 25% for 2021 and 2020.

RANGE RESOURCES CORPORATION

RECONCILIATION OFNET INCOME(LOSS), EXCLUDINGCERTAIN ITEMS AND ADJUSTMENTEARNINGS PERSHARE, non-GAAPmeasures(In thousands,except per share data) Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net loss, as $ (156,472 ) $ (167,583 ) $ (129,321 ) $ (1,388 ) reportedAdjustment forcertain special items:(Gain) loss on (2,506 ) 426 (646 ) (121,673 ) sale of assetsLoss (gain) on 1 12 ? 12 ARO settlementsLoss (gain) onearly 63 (8,991 ) 98 (21,914 ) extinguishment ofdebtChange in fairvalue related to 209,370 125,803 227,854 (7,443 ) derivatives priorto settlementImpairment of ? ? ? 77,000 proved propertyAbandonment andimpairment of 2,177 5,524 5,206 10,937 unprovedpropertiesLawsuit 118 776 557 1,591 settlementsExit and (15,946 ) 10,297 (2,232 ) 11,892 termination costsNon-cashstock-based 10,527 10,153 21,095 19,375 compensationDeferred 35,462 12,587 55,273 4,050 compensation planTax impact (24,214 ) (13,948 ) (46,138 ) 12,305 Net income (loss)excluding certain $ 58,580 $ (24,944 ) $ 131,746 $ (15,256 ) items, a non-GAAPmeasure Net loss perdiluted share, as $ (0.65 ) $ (0.70 ) $ (0.53 ) $ (0.01 ) reportedAdjustment forcertain special items per dilutedshare:(Gain) loss on (0.01 ) 0.00 (0.00 ) (0.50 ) sale of assetsLoss (gain) on 0.00 0.00 ? 0.00 ARO settlementsLoss (gain) onearly 0.00 (0.04 ) 0.00 (0.09 ) extinguishment ofdebtChange in fairvalue related to 0.86 0.53 0.94 (0.03 ) derivatives priorto settlementImpairment ofproved property ? ? ? 0.32 and other assetsAbandonment andimpairment of 0.01 0.02 0.02 0.05 unprovedpropertiesLawsuit 0.00 0.00 0.00 0.01 settlementsExit and (0.07 ) 0.04 (0.01 ) 0.05 termination costsNon-cashstock-based 0.04 0.04 0.09 0.08 compensationDeferred 0.15 0.05 0.23 0.02 compensation planAdjustment forrounding 0.01 0.02 (0.01 ) (0.01 ) differencesTax impact (0.10 ) (0.06 ) (0.19 ) 0.05 Net income (loss)per dilutedshare, excluding $ 0.24 $ (0.10 ) $ 0.54 $ (0.06 ) certain items, anon-GAAP measure Adjusted earningsper share, a non-GAAP measure:Basic $ 0.24 $ (0.10 ) $ 0.54 $ (0.06 ) Diluted $ 0.24 $ (0.10 ) $ 0.54 $ (0.06 )

RANGE RESOURCES CORPORATION

RECONCILIATIONOF CASH MARGINPER MCFE, a non-GAAPmeasure(Unaudited, inthousands, except per unitdata) Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Revenues Natural gas,NGL and oil $ 621,855 $ 349,258 $ 1,225,202 $ 781,354 sales, asreportedDerivative fairvalue (loss) (249,683 ) (6,303 ) (307,562 ) 226,872 income, asreportedLess non-cashfair value loss 209,370 125,803 227,854 (7,443 ) (gain)Brokerednatural gas andmarketing and 62,550 33,591 143,114 62,240 other, asreportedLess AROsettlement and (1,027 ) (282 ) (1,089 ) (542 ) other (gains)lossesCash revenueapplicable to 643,065 502,067 1,287,519 1,062,481 production Expenses Directoperating, as 19,758 24,394 37,408 56,429 reportedLess directoperating (340 ) (434 ) (667 ) (884 ) stock-basedcompensationTransportation,gathering and 282,844 278,875 557,174 563,640 compression, asreportedProduction andad valorem 8,414 5,557 13,039 14,576 taxes, asreportedBrokerednatural gas and 69,004 38,161 141,339 70,785 marketing, asreportedLess brokerednatural gas andmarketing (443 ) (168 ) (893 ) (581 ) stock-basedcompensationGeneral andadministrative, 40,242 38,288 78,246 80,542 as reportedLess G&Astock-based (9,382 ) (9,179 ) (18,787 ) (17,208 ) compensationLess lawsuit (118 ) (776 ) (557 ) (1,591 ) settlementsInterestexpense, as 57,287 48,624 114,165 96,142 reportedLessamortization of (2,322 ) (2,135 ) (4,609 ) (4,196 ) deferredfinancing costsCash expenses 464,944 421,207 915,858 857,654 Cash margin, anon-GAAP $ 178,121 $ 80,860 $ 371,661 $ 204,827 measure Mmcfe produced 191,470 213,746 378,804 422,514 during period Cash margin per $ 0.93 $ 0.38 $ 0.98 $ 0.48 mcfe RECONCILIATIONOF (LOSS)INCOME BEFORE INCOME TAXES TOCASH MARGIN(Unaudited, inthousands, except per unitdata) Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 (Loss) incomebefore income $ (157,734 ) $ (189,849 ) $ (127,894 ) $ 5,344 taxes, asreportedAdjustments toreconcile(loss) income before incometaxes to cash margin:ARO settlements (1,027 ) (282 ) (1,089 ) (542 ) and other gainsDerivative fairvalue loss 249,683 6,303 307,562 (226,872 ) (income)Net cashreceipts on (40,313 ) 119,500 (79,708 ) 219,429 derivativesettlementsExploration 4,666 7,655 9,818 14,402 expenseLawsuit 118 776 557 1,591 settlementsExit andtermination (15,946 ) 10,297 (2,232 ) 11,892 costsDeferredcompensation 35,462 12,587 55,273 4,050 planStock-basedcompensation(directoperating,brokerednatural gas and 10,527 10,153 21,095 19,375 marketing,general andadministrativeand terminationcosts)Interest ?amortization of 2,322 2,135 4,609 4,196 deferredfinancing costsDepletion,depreciation 90,629 104,626 179,012 207,612 andamortization(Gain) loss on (2,506 ) 426 (646 ) (121,673 ) sale of assetsLoss (gain) onearly 63 (8,991 ) 98 (21,914 ) extinguishmentof debtImpairment ofproved property ? ? ? 77,000 and otherassetsAbandonment andimpairment of 2,177 5,524 5,206 10,937 unprovedpropertiesCash margin, anon-GAAP $ 178,121 $ 80,860 $ 371,661 $ 204,827 measure