RANGE RESOURCES Business Summary

Range Resources Corporation (RRC) is a leading independent natural gas exploration and production (E&P) company primarily focused on the development of the Marcellus Shale in the Appalachian Basin. The company generates revenue through the extraction and sale of natural gas, natural gas liquids (NGLs), and crude oil, with natural gas accounting for approximately 68% of its total production volume as of early 2026. Range operates as a pure-play Appalachian producer, leveraging a high-density inventory of undrilled lateral reserves that remain profitable even in low-commodity-price environments. Its primary business segments are categorized by commodity type, with natural gas sales serving as the core revenue driver, supplemented by a robust NGL marketing strategy. Within the competitive landscape, Range Resources maintains a top-tier position alongside major peers such as EQT Corporation, Antero Resources, and Expand Energy (the entity formed by the Chesapeake-Southwestern merger). While EQT holds the title of the largest U.S. producer by volume, Range is distinguished by its pioneering role as the first company to drill the Marcellus Shale and its industry-leading low-cost structure. Originally founded in 1976 as Lomak Petroleum by a group of investors led by Rand Michaels and K.G. Hungerford, the company rebranded as Range Resources in 1998 following a strategic merger with Domain Energy. The current leadership team is headed by President and CEO Dennis L. Degner, a 20-year industry veteran who previously served as the company's COO and held technical roles at EnCana and Halliburton. Supporting him is Executive Vice President and CFO Mark S. Scucchi, a CFA charterholder with a background in investment banking at JPMorgan and audit at Ernst & Young. The board of directors is chaired by Greg G. Maxwell, the former CFO of Phillips 66, and includes notable industry figures such as Christian S. Kendall, the former CEO of Denbury who joined the board in February 2025. The company is characterized by high institutional conviction, with nearly 99% of its shares held by major entities including The Vanguard Group, BlackRock, and T. Rowe Price.