Range Resources Corporation

LYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview of Our Business

We are an independent natural gas, natural gas liquids and oil company engaged in the exploration, development and acquisition of natural gas, NGLs and oil properties in the Appalachian region of the United States. We operate in one segment and have a single company-wide management team that administers all properties as a whole rather than by discrete operating segments. We measure financial performance as a single enterprise and not on a geographical or an area-by-area basis.

Our overarching business objective is to build stockholder value through returns-focused development of properties. Our strategy to achieve our business objective is to generate consistent cash flows from reserves and production through internally generated drilling projects occasionally coupled with complementary acquisitions and divestitures. Currently, our investment portfolio is focused on high-quality natural gas and NGLs assets in the Commonwealth of Pennsylvania. Our revenues, profitability and future growth depend substantially on prevailing prices for natural gas, NGLs and oil and on our ability to economically find, develop, acquire, produce and sell these reserves.

Commodity prices have been and are expected to remain volatile. We believe we are well-positioned to manage challenges that could occur during price variations and that we can endure the continued fluctuations in current and future commodity prices by:

Prices for natural gas, NGLs and oil fluctuate widely and affect:

We prepare our financial statements in conformity with U.S. GAAP, which requires us to make estimates and assumptions that affect our reported results of operations and the amount of our reported assets, liabilities and proved reserves. We use the successful efforts method of accounting for our natural gas, NGLs and oil activities. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the preceding consolidated financial statements and notes in Item 1.

Merger with EQT

On October 25, 2026, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with EQT Corporation (“EQT”) to combine via an all-stock merger transaction (the “Merger”). For additional information about the Merger, see Note 16 to our consolidated financial statements in Item 1 of Part I and Risk Factors in Item 1A of Part II.

Market Conditions

We believe we are positioned for sustainable long-term success. We continue to monitor the impact of the actions of OPEC and other large hydrocarbon producing nations; the Russia-Ukraine war; military action in, and flows of energy from, the Middle East; global inventories of natural gas, NGLs and oil; future U.S. infrastructure investment; future monetary and fiscal policy; tariffs and their impacts on global trade and energy demand; and governmental policies aimed at the energy sector, including those focused on transitioning towards lower carbon energy. We expect prices for the commodities we produce to remain volatile given the complex dynamics of supply and demand that exist in the global energy markets. Longer-term natural gas futures prices remain constructive based on market expectations of continued liquefied natural gas ("LNG") export expansion and increasing global power demand, while associated gas-related activity in oil basins and dry gas basin activity are expected to show modest rates of growth due to infrastructure constraints, moderated reinvestment rates and inventory deterioration. In addition, the global energy shortage experienced in recent years and geopolitical disruptions of energy flows from key producing regions further highlighted the need for affordable and reliable fuel sources, supporting continued strong structural demand growth for U.S. LNG exports, as well as domestic electricity generation. Other factors such as supply chain disruptions, cost inflation, concerns over a potential economic recession and the pace of changes in global monetary policy

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may impact global demand for natural gas, NGLs and oil. We continue to assess and monitor the impact of these factors on our business and operations.

Benchmarks decreased for natural gas and increased for NGLs and oil in third quarter 2026 when compared to the same period of the prior year. In the third quarter 2026, average natural gas prices decreased year-over-year primarily due to U.S. production growth and uncertain forecasts of winter weather related demand. Conversely, NGLs and oil prices rose due to global demand for U.S production. Benchmarks increased for natural gas, oil and NGLs in first nine months 2026 when compared to the same period of the prior year.

The following table lists related benchmarks for natural gas, oil and NGLs composite prices for the three and nine months ended September 30, 2026 and 2025:

Prices for natural gas, NGLs and oil that we produce significantly impact our revenues and cash flows. Our price realizations (not including the impact of our derivatives) may differ from these benchmarks for many reasons, including quality, location or production being sold at different indices.

Consolidated Results of Operations

Overview of Third Quarter 2026 Results

In third quarter 2026, we experienced an increase in revenue from the sale of natural gas, NGLs and oil compared to the same quarter of 2025, due to a 5% increase in net realized prices (average prices including all derivative settlements and third-party transportation costs paid by us) combined with a 12% increase in total production.

During third quarter 2026, we recognized net income of $175.3 million, or $0.75 per diluted common share compared to net income of $144.3 million, or $0.60 per diluted common share during third quarter 2025. The higher net income in third quarter 2026 compared to third quarter 2025 is primarily due to increased realized prices combined with an increase in production.

Our third quarter 2026 financial and operating performance included the following results:

Third quarter 2026 also included the following returns of capital and balance sheet highlights:

We generated $307.6 million of cash from operating activities in third quarter 2026, an increase of $60.1 million from third quarter 2025, which reflects the impact of higher realized prices.

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Overview of First Nine Months 2026 Results

In first nine months 2026, we experienced an increase in revenue from the sale of natural gas, NGLs and oil compared to the same period of 2025 due to a 13% increase in net realized prices (average prices including all derivative settlements and third-party transportation costs paid by us) and a 6% increase in total production.

During first nine months 2026, we recognized net income of $712.3 million, or $3.02 per diluted common share compared to net income of $478.9 million, or $1.99 per diluted common share during the same period 2025. The higher net income in first nine months 2026 compared to first nine months 2025 is primarily due to increased realized prices combined with an increase in total production.

Our first nine months 2026 financial and operating performance included the following results:

First nine months 2026 also included the following returns of capital and balance sheet highlights:

We generated $1.2 billion of cash from operating activities in first nine months 2026, an increase of $247.9 million from first nine months 2025, which reflects the impact of higher realized prices.

Natural Gas, NGLs and Oil Sales, Production and Realized Price Calculations

Our revenues vary primarily as a result of changes in realized commodity prices and production volumes. Our revenues are generally recognized when control of the product is transferred to the customer and collectability is reasonably assured. The following table illustrates the primary components of natural gas, NGLs and oil sales for the three and nine months ended September 30, 2026 and 2025 (in thousands):

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Production growth is generated as new wells are placed in production, which is partially offset by the natural decline in production of existing wells. Our production for the three and nine months ended September 30, 2026 and 2025 is set forth in the following table: