RRC

• Milestone and Strategic Positioning: The company has reached the midpoint of its multi-year 20% production growth plan announced in early 2025, and is on track to hit its targets. Management highlighted Range's durable low full-cycle cost structure, differentiated export-focused marketing portfolio, large contiguous Marcellus acreage position, and 30+ years of inventory, which support consistent free cash flow generation while growing production. The company benefits from growing U.S. energy export demand for LNG, NGLs, and natural gas.\n- Operational Efficiency Records: The team achieved multiple operational records in Q2 2026: 190,000 lateral feet drilled, 19 days with over 1 mile of horizontal drilling in 24 hours, and a single 24-hour period with over 10,500 feet of drilling. Two completion crews completed nearly 1,900 frac stages, averaging over 10 stages per day per crew (14 stages per day for the base contracted electric frac fleet), with a single-crew record of 20 stages in one day. These efficiencies have driven peer-leading drilling and completion costs.\n- Capital Return and Balance Sheet: As of Q2 2026, Range has a ~0.5x leverage ratio (half a turn levered), a strong balance sheet, and has reduced share count by nearly 10% since initiating its share repurchase program (35.9 million shares acquired). Management expects free cash flow generation to grow with production and pricing, enabling continued capital return to shareholders and further debt reduction.\n- Marketing and NGL Performance: U.S. energy export growth is strong: LNG feed gas averaged 17 BCF per day in Q2 2026 (17% YoY growth), waterborne ethane exports hit 658,000 barrels per day (40% YoY growth, with a June record of 750,000 barrels per day), and waterborne LPG exports reached 2.6 million barrels per day (19% QoQ growth, 30% YoY growth). Range's export-focused marketing portfolio captured a $3.49 per barrel NGL premium over Mont Bellevue in Q2, driven by flexible access to international markets.\n- Infrastructure and Activity Sequencing: New gas processing and related infrastructure is currently in early commissioning, which will support production growth through the end of 2026. Higher completion efficiency allowed the company to shift a portion of 2026 planned drilling activity to 2027, keeping 2026 and 2027 capital spending plans unchanged and aligned with prior guidance. A second completion crew was added to work down the drilled but uncompleted (DUC) inventory built over the prior 24 months, and the company will return to a single rig and single frac crew operation in Q4 2026.

• Full-year 2026 NGL premium guidance over Mont Bellevue has been upwardly revised to $2.50 per barrel, from prior guidance.\n- Full-year 2026 natural gas premium guidance versus Henry Hub has been upwardly revised to $0.35 to $0.40 per MCF, reflecting a strong first half of the year.\n- Production guidance remains unchanged: Q3 2026 is expected to hit 2.4 BCF equivalent per day, full-year 2026 ending production is expected to hit 2.5 BCF equivalent per day, and 2027 full-year average production guidance remains 2.6 BCF equivalent per day, consistent with the 20% cumulative production growth target from 2025.\n- 2026 and 2027 annual capital spending guidance remains unchanged; only a small resequencing of activity between the two years has occurred, with no change to total planned capital.\n- Management expects U.S. LNG, ethane, and LPG export growth to continue into 2027 and beyond, as additional export capacity comes online.

Range Resources reports only consolidated production and financial results for Q2 2026, with no formal breakdown of separate product segment financials. Consolidated production reached 2.3 BCF equivalent per day. Capital expenditure for the quarter was $222 million. Year-to-date 2026 through Q2: $105 million in share repurchases, $47 million in dividends, and $337 million in debt reduction, for a total year-to-date enterprise value return to equity holders of $489 million (equal to ~5.5% of Range's market cap). NGLs delivered a $3.49 per barrel premium over the Mont Bellevue index in Q2 2026, and natural gas delivered a year-to-date premium of $0.35 to $0.40 per MCF versus Henry Hub.

There was no explicit discussion of material new operational failures or company-specific risks during the call. Management noted that forward-looking statements are subject to general market risks, including commodity price volatility, uncertainty around global supply and demand balances, and potential competitor production growth that could impact natural gas pricing. No unplanned operational outages, safety incidents, or legal/financial risks were disclosed in the call.

Q: Given stronger-than-expected completion efficiency, what is the current DUC inventory balance and how will it be reduced through 2026 and 2027? Has the plan changed? / A: The original plan was to reduce the 400,000 lateral feet of pre-built DUC inventory over the second half of 2026 and 2027. Higher efficiency has allowed Range to pull a small portion of DUC work forward, leaving the company a few wells ahead of plan. This only requires shifting a small amount of 2026 drilling activity to 2027, with all capital spending and overall DUC reduction targets remaining unchanged from prior guidance. Completion activity will stay more consistent going forward, and the shifted activity aligns with the timeline for commissioning new production infrastructure.

Q: Will Range's sub-investment grade credit rating prevent it from competing for new in-basin demand (data center and power plant) supply agreements? What is the growth outlook beyond 2027? / A: Range's balance sheet metrics (low leverage, high liquidity) are actually stronger than many investment-grade peers. The company has already secured long-term commercial agreements (including 10+ year international export deals, 10-year domestic power plant contracts) with no pushback on credit. The market already prices Range's bonds at investment-grade levels, and credit rating improvement will come as a natural byproduct of performance, not an immediate barrier to business. Beyond 2027, Range can sustain similar 20% production growth with similar capital investment, and could double production over a few years if sufficient demand materializes, given its 30+ years of Marcellus inventory. Range is already in discussions for incremental supply for large in-basin projects, and benefits from its proximity to demand, large inventory, and diversified marketing portfolio.

Q: Why did Range increase its NGL premium guidance even as growing exports are expected to converge U.S. and international NGL prices? Will the premium persist into 2027? / A: Global demand growth for both ethane and LPG is projected to outpace incremental capacity through 2030: ~1 million barrels per day of incremental LPG demand and ~750,000 barrels per day of incremental ethane demand by 2030, with new export capacity being built to match this demand. New LPG export capacity that came online in spring 2026 has already reduced inventory build rates by 57% YoY and 40% versus the 5-year average, supporting pricing. Range has access to international markets from the East Coast, with long-term physical sales contracts that lock in ongoing premiums versus the Mont Bellevue index, even if temporary price convergence occurs. This dynamic is expected to persist long-term.

Q: What is the expected 2028+ production growth trajectory if demand materializes, and how should investors think about the path forward? / A: Range is a growth company that will grow production to match customer demand pull. With 30+ years of Marcellus inventory even at current production levels, there is no operational or inventory barrier to doubling production if demand materializes, which would still leave 15+ years of inventory remaining. Range will stick to its current 2025-2027 growth plan for now, and will provide clearer guidance on post-2027 growth as new demand (in-basin power/data centers, additional takeaway capacity) materializes. Range is well positioned to take market share from declining producers in the region as demand grows.