RANGE RESOURCES CORPORATION

TABLE 1

CALCULATION OF CASH FLOW EXCLUDING CERTAIN ITEMS

A NON-GAAP MEASURE

(Dollar amounts in thousands, except per share)

Quarter Ended September 30,

Nine Months Ended September 30,

2023

2022

2023

2022

Per

Per

Per

Per

Amount

Share

Amount

Share

Amount

Share

Amount

Share

Net income as reported

$

49,430

$

0.20

$

373,087

$

1.49

$

561,108

$

2.27

$

369,134

$

1.45

Less certain items not included by analysts -

Gain on sales of assets

(109)

(0.00)

(135)

(0.00)

(353)

(0.00)

(548)

(0.00)

Total change in fair value of related to derivatives prior to settlement (gains) losses 1

39,048

0.16

(6,969)

(0.03)

(341,599)

(1.41)

631,165

2.54

Transportation, gathering, processing and compression settlements

-

-

-

-

-

-

7,500

0.03

Abandonment and impairment of unproved properties

11,012

0.05

3,186

0.01

44,308

0.18

12,319

0.05

Loss (gain) on ARO settlement

1

0.00

(8)

(0.00)

1

0.00

(8)

(0.00)

(Gain) loss on early extinguishment of debt

-

-

-

-

(439)

-

69,232

-

Lawsuit settlements

66

0.00

81

0.00

938

0.00

776

0.00

Rig release penalty

-

-

-

-

-

-

-

-

Exit costs

10,684

0.04

11,065

0.05

71,661

0.30

58,249

0.23

Non-cash stock compensation 2

8,997

0.04

5,795

0.02

29,546

0.12

59,917

0.24

Other stock-based compensation adjustments 5

9,680

0.04

11,830

0.05

30,280

0.13

36,359

0.15

Deferred tax (benefit) on special items

(18,257)

(0.07)

(6,211)

(0.03)

38,101

0.16

(218,740)

(0.88)

Discrete tax items

718

0.00

(55,536)

(0.23)

(11,793)

(0.05)

(77,861)

(0.31)

Total certain items

61,840

0.25

(36,902)

(0.15)

(139,349)

(0.58)

578,360

2.33

Net income excluding certain items, non-GAAP measure

$

111,270

$

0.46

$

336,185

$

1.37

$

421,759

$

1.74

$

947,494

$

3.82

Add back:

DD&A

87,619

90,471

259,197

262,573

Deferred income taxes, excluding special items

32,636

114,389

122,981

322,742

Exploration expense

6,658

7,105

18,087

18,540

Allowance for bad debt expense

-

-

-

-

Amortization of debt issuance costs and discount 3

1,339

1,563

4,032

6,775

Discretionary cash flow, a non-GAAP measure

$

239,522

$

549,713

-56%

$

826,056

$

1,558,124

-47%

Dilutive average shares outstanding, a non-GAAP measure 4

243,937

245,023

0%

242,144

248,360

-3%

Cash flow per share, a non-GAAP measure comparable to analysts

$

0.98

$

2.24

-56%

$

3.41

$

6.27

-46%

  1. Included in Derivative fair value on Range's statement of operations.
  2. Mark-to-marketof the Company's common stock and marketable securities held in the deferred comp plan.
  3. Included in Interest expense on Range's statement of operations.
  4. Dilutive shares outstanding excludes treasury shares contained in deferred comp plan and includes dilutive effect of restricted stock equity awards and performance shares, if any.
  5. Included in direct operating, brokered natural gas and marketing, exploration and general and administrative expenses on Range's statement of operations.

RANGE RESOURCES CORPORATION

TABLE 2

CALCULATION OF EBITDAX, NET DEBT AND NET DEBT/EBTIDAX EXCLUDING CERTAIN ITEMS

A NON-GAAP MEASURE

(Dollar amounts in thousands)

Quarter Ended September 30,

Nine Months Ended September 30,

2023

2022

2023

2022

Total revenues, as reported

$

609,724

$

1,110,545

-45%

$

2,433,061

$

2,516,424

-3%

Less certain items not included by analysts -

Interest Income

(1,279)

-

(4,016)

-

Loss (gain) on ARO settlement

1

(8)

1

(8)

Total change in fair value related to derivatives prior to settlement

39,048

(6,969)

(341,599)

631,165

Total revenues excluding certain items

$

647,494

$

1,103,568

-41%

$

2,087,447

$

3,147,581

-34%

Less expenses:

Direct operating

22,562

21,290

73,442

61,628

Less direct operating stock-based compensation

(439)

(372)

(1,280)

(1,083)

Transportation, gathering, processing and compression

277,207

323,019

830,880

948,713

Less transportation, gathering, processing and compression settlements

-

-

-

(7,500)

Taxes other than income

4,756

9,057

19,643

24,189

Brokered natural gas and marketing

46,206

127,285

158,074

330,517

Less brokered natural gas and marketing stock-based compensation

(483)

(663)

(1,604)

(1,868)

General and administrative as reported

38,093

40,568

120,765

126,013

Less G&A stock-based compensation

(8,446)

(10,402)

(26,461)

(32,245)

Less lawsuit settlements

(66)

(81)

(938)

(776)

379,390

509,701

-26%

1,172,521

1,447,588

-19%

EBITDAX excluding certain items, a non-GAAP measure

$

268,104

$

593,867

-55%

$

914,926

$

1,699,993

-46%

Total net debt:

Total debt before debt issuance/premium costs

$

1,788,388

$

2,378,585

$

1,788,388

$

2,378,585

Less: Cash and Cash Equivalents

(162,801)

(157,144)

(162,801)

(157,144)

Total net debt - a non-GAAP measure

$

1,625,587

$

2,221,441

$

1,625,587

$

2,221,441

Net Debt/Latest Twelve Months (LTM) EBITDAX, excluding certain items:

Total net debt, from above

$

1,625,587

$

2,221,441

$

1,625,587

$

2,221,441

Latest Twelve Months EBITDAX excluding certain items

1,457,272

2,178,612

1,457,272

2,178,612

Net Debt/LTM EBITDAX excluding certain items, a non-GAAP measure

1.1

1.0

1.1

1.0

RANGE RESOURCES CORPORATION

TABLE 3

CALCULATION OF CASH MARGINS, A NON-GAAP MEASURE

(Dollar amounts in thousands, except per mcfe)

Quarter Ended September 30,

Nine Months Ended September 30, 2023

2023

2022

2023

2022

Per

Per

Per

Per

Amount

Mcfe

Amount

Mcfe

Amount

Mcfe

Amount

Mcfe

Revenues

Natural Gas, NGL and Oil Sales

$

526,718

$

2.70

$

1,435,152

$

7.31

$

1,731,382

$

3.00

$

3,824,395

$

6.69

Cash settlements on derivative financial instruments

77,442

0.40

(464,677)

(2.37)

188,496

0.33

(1,005,522)

(1.76)

Brokered natural gas and marketing

43,325

0.22

132,681

0.68

162,092

0.28

326,441

0.57

Interest and other income

1,288

0.01

412

0.00

9,493

0.02

2,267

0.00

Cash revenues

648,773

3.32

1,103,568

5.62

-41%

2,091,463

3.62

3,147,581

5.51

-34%

Expenses

Direct operating

22,562

0.12

21,290

0.11

73,442

0.13

61,628

0.11

Less direct operating stock-based compensation

(439)

(0.00)

(372)

(0.00)

(1,280)

(0.00)

(1,083)

(0.00)

Transportation, gathering, processing and compression

277,207

1.42

323,019

1.65

830,880

1.44

948,713

1.66

Less transportation, gathering, processing and compression settlements

-

-

-

-

-

-

(7,500)

(0.01)

Taxes other than income

4,756

0.02

9,057

0.05

19,643

0.03

24,189

0.04

Brokered natural gas and marketing

46,206

0.24

127,285

0.65

158,074

0.27

330,517

0.58

Less brokered natural gas and marketing stock-based compensation

(483)

(0.00)

(663)

(0.00)

(1,604)

(0.00)

(1,868)

(0.00)

General and administrative as reported

38,093

0.20

40,568

0.21

120,765

0.21

126,013

0.22

Less G&A stock-based compensation

(8,446)

(0.04)

(10,402)

(0.05)

(26,461)

(0.05)

(32,245)

(0.06)

Less lawsuit settlements

(66)

(0.00)

(81)

(0.00)

(938)

(0.00)

(776)

(0.00)

Interest expense as reported

30,599

0.16

38,736

0.20

93,918

0.16

127,912

0.22

Less amortization of deferred financing costs

(1,339)

(0.01)

(1,563)

(0.01)

(4,032)

(0.01)

(6,775)

(0.01)

Cash expenses

408,650

2.09

546,874

2.79

-25%

1,262,407

2.19

1,568,725

2.75

-20%

Cash margins, a non-GAAP measure

$

240,123

$

1.23

$

556,694

$

2.84

-57%

$

829,056

$

1.44

$

1,578,856

$

2.76

-48%

Mmcfe produced during period

195,319

196,195

0%

577,490

571,276

1%

RANGE RESOURCES CORPORATION

TABLE 4

PER MCFE TRENDS CALCULATED ON GAAP REPORTED NET INCOME

(Dollar amounts in thousands, except per mcfe)

4th Qtr 2022

Year 2022

1st Qtr 2023

2nd Qtr 2023

3rd Qtr 2023

Amount

/mcfe

Amount

/mcfe

Amount

/mcfe

Amount

/mcfe

Amount

/mcfe

Revenues and other income:

Natural Gas, NGL and Oil sales

$

1,086,697

$

5.36

$

4,911,092

$

6.34

$

736,282

$

3.82

$

468,382

$

2.47

$

526,718

$

2.70

Cash settlements on derivative financial instruments

(184,632)

$

(0.91)

(1,190,154)

$

(1.54)

34,468

$

0.18

76,586

$

0.40

77,442

$

0.40

Brokered natural gas and marketing

93,335

$

0.46

419,776

$

0.54

81,028

$

0.42

42,807

$

0.23

43,325

$

0.22

Total change in fair value related to derivatives prior to settlement

632,813

$

3.12

1,648

$

-

333,499

$

1.73

47,148

$

0.25

(39,048)

$

(0.20)

Interest income

-

$

-

-

$

-

957

$

-

1,780

$

0.01

1,279

$

0.01

(Loss) gain on ARO settlement

-

$

-

8

$

-

-

$

-

-

$

-

(1)

$

-

Other

2,166

$

0.01

4,433

$

0.01

126

$

-

274

$

-

9

$

-

Total revenues and other income

1,630,379

$

8.04

4,146,803

$

5.36

1,186,360

$

6.15

636,977

$

3.36

609,724

$

3.12

Costs and expenses:

Direct operating

20,579

$

0.10

79,816

$

0.10

23,659

$

0.12

22,686

$

0.13

21,520

$

0.12

Direct operating workovers

1,703

$

0.01

3,011

$

-

2,910

$

0.02

784

$

-

603

$

-

Direct operating stock-based compensation

376

$

-

1,459

$

-

415

$

-

426

$

-

439

$

-

Transportation, gathering and compression

294,228

$

1.45

1,235,441

$

1.60

285,483

$

1.48

268,190

$

1.42

277,207

$

1.42

Transportation, gathering and compression settlements

-

$

-

7,500

$

-

-

$

-

-

$

-

-

$

-

Taxes other than income

11,178

$

0.06

35,367

$

0.05

7,894

$

0.04

6,993

$

0.04

4,756

$

0.02

Brokered natural gas and marketing

95,960

$

0.47

424,609

$

0.55

66,407

$

0.34

44,340

$

0.23

45,723

$

0.23

Brokered natural gas and marketing stock based-compensation

571

$

-

2,439

$

-

661

$

-

460

$

-

483

$

-

Exploration

6,654

$

0.03

25,194

$

0.03

4,284

$

0.02

7,145

$

0.04

6,658

$

0.03

Exploration stock-based compensation

415

$

-

1,578

$

-

320

$

-

303

$

-

312

$

-

Abandonment and impairment of unproved properties

16,289

$

0.08

28,608

$

0.04

7,510

$

0.04

25,786

$

0.14

11,012

$

0.06

General and administrative

31,290

$

0.15

124,282

$

0.16

33,422

$

0.17

30,363

$

0.16

29,581

$

0.15

General and administrative stock-based compensation

9,778

$

0.05

42,023

$

0.05

9,600

$

0.05

8,415

$

0.04

8,446

$

0.04

General and administrative - legal settlements

722

$

-

1,498

$

-

124

$

-

748

$

-

66

$

-

General and administrataive - rig release penalty

532

$

-

532

$

-

-

$

-

-

$

-

-

$

-

General and administrative - bad debt expense

(250)

$

-

(250)

$

-

-

$

-

-

$

-

-

$

-

Exit costs

12,088

$

0.06

70,337

$

0.09

12,323

$

0.06

48,654

$

0.26

10,684

$

0.05

Exit costs-stock based compensation

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

Non-cash stock compensation

1,963

$

0.01

61,880

$

0.08

9,396

$

0.05

11,153

$

0.06

8,997

$

0.05

Interest

35,725

$

0.18

156,862

$

0.20

30,857

$

0.16

29,769

$

0.16

29,260

$

0.15

Interest - amortization of deferred financing costs

1,508

$

0.01

8,283

$

0.01

1,345

$

0.01

1,348

$

0.01

1,339

$

0.01

(Gain) loss on early extinguishment of debt

261

$

-

69,493

$

0.09

-

$

-

(439)

$

-

-

$

-

Depletion, depreciation and amortization

90,847

$

0.45

353,420

$

0.46

86,562

$

0.45

85,016

$

0.45

87,619

$

0.45

(Gain) loss on sale of assets

139

$

-

(409)

$

-

(138)

$

-

(106)

$

-

(109)

$

-

Total costs and expenses

632,556

$

3.12

2,732,973

$

3.53

583,034

$

3.02

592,034

$

3.13

544,596

$

2.79

Income before income taxes

997,823

$

4.92

1,413,830

$

1.83

603,326

$

3.13

44,943

$

0.24

65,128

$

0.33

Income tax expense (benefit)

Current

(6,044)

$

(0.03)

14,688

$

0.02

2,699

$

0.01

(300)

$

-

601

$

-

Deferred

189,631

$

0.94

215,772

$

0.28

119,180

$

0.62

15,012

$

0.08

15,097

$

0.08

183,587

$

0.91

230,460

$

0.30

121,879

$

0.63

14,712

$

0.08

15,698

$

0.08

Net income

814,236

$

4.01

1,183,370

$

1.53

481,447

$

2.50

30,231

$

0.16

49,430

$

0.25

Production during the period (Mmcfe)

202,813

774,089

192,823

189,348

195,319

Net income per common share

Basic

$

3.38

$

4.79

$

1.98

$

0.12

$

0.20

Diluted

$

3.31

$

4.69

$

1.95

$

0.12

$

0.20

Weighted average common shares outstanding

Basic

234,948

240,858

238,019

238,970

241,338

Diluted

240,222

246,379

240,882

241,105

243,937

RANGE RESOURCES CORPORATION

TABLE 5

PER MCFE TRENDS CALCULATED EXCLUDING CERTAIN ITEMS, A NON-GAAP MEASURE

RECONCILATION BETWEEN GAAP AND NON-GAAP PROVIDED IN EACH EARNINGS RELEASE AND ON TABLE 1 FOR CURRENT PERIOD

(Table 4 presented on GAAP basis and Table 5 presented on Non-GAAP basis, as typically presented by analysts)

(Dollar amounts in thousands, except per mcfe)

4th Qtr 2022

Total Year 2022

1st Qtr 2023

2nd Qtr 2023

3rd Qtr 2023

Amount

/mcfe

Amount

/mcfe

Amount

/mcfe

Amount

/mcfe

Amount

/mcfe

Revenues

Natural Gas, NGL and Oil sales

$

1,086,697

$

5.36

$

4,911,092

$

6.34

$

736,282

$

3.82

$

468,382

$

2.47

$

526,718

$

2.70

Cash settlements on derivative financial instruments

(184,632)

$

(0.91)

(1,190,154)

$

(1.54)

34,468

$

0.18

76,586

$

0.40

77,442

$

0.40

Brokered natural gas and marketing

93,335

$

0.46

419,776

$

0.54

81,028

$

0.42

42,807

$

0.23

43,325

$

0.22

Total change in fair value related to derivatives prior to settlement

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

Interest income

-

$

-

-

$

-

957

$

-

1,780

$

0.01

1,279

$

0.01

Loss on ARO settlement

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

Other

2,166

$

0.01

4,433

$

0.01

126

$

-

274

$

-

9

$

-

997,566

$

4.92

4,145,147

$

5.35

852,861

$

4.42

589,829

$

3.12

648,773

$

3.32

Expenses

Direct operating

20,579

$

0.10

79,816

$

0.10

23,659

$

0.12

22,686

$

0.13

21,520

$

0.12

Direct operating workovers

1,703

$

0.01

3,011

$

-

2,910

$

0.02

784

$

-

603

$

-

Direct operating stock-based compensation

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

Transportation, gathering and compression

294,228

$

1.45

1,235,441

$

1.60

285,483

$

1.48

268,190

$

1.42

277,207

$

1.42

Transportation, gathering and compression settlements

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

Taxes other than income

11,178

$

0.06

35,367

$

0.05

7,894

$

0.04

6,993

$

0.04

4,756

$

0.02

Brokered natural gas and marketing

95,960

$

0.47

424,609

$

0.55

66,407

$

0.34

44,340

$

0.23

45,723

$

0.23

Brokered natural gas and marketing stock based compensation

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

Exploration

6,654

$

0.03

25,194

$

0.03

4,284

$

0.02

7,145

$

0.04

6,658

$

0.03

Exploration stock-based compensation

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

Abandonment and impairment of unproved properties

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

General and administrative

31,290

$

0.15

124,282

$

0.16

33,422

$

0.17

30,363

$

0.16

29,581

$

0.15

General and administrative stock-based compensation

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

General and administrative - legal settlements

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

General and administrative - rig release penalty

532

$

-

532

$

-

-

$

-

-

$

-

-

$

-

General and administrative - bad debt expense

(250)

$

-

(250)

$

-

-

$

-

-

$

-

-

$

-

Exit costs

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

Exit costs - stock based compensation

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

Interest

35,725

$

0.18

156,862

$

0.20

30,857

$

0.16

29,769

$

0.16

29,260

$

0.15

Interest - amortization of deferred financing costs

1,508

$

0.01

8,283

$

0.01

1,345

$

0.01

1,348

$

0.01

1,339

$

0.01

Loss on early extinguishment of debt

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

Depletion, depreciation and amortization

90,847

$

0.45

353,420

$

0.46

86,562

$

0.45

85,016

$

0.45

87,619

$

0.45

Loss (gain) on the sale of assets

-

$

-

-

$

-

-

$

-

-

$

-

-

$

-

589,954

$

2.91

2,446,567

$

3.16

542,823

$

2.82

496,634

$

2.62

504,266

$

2.58

Income before income taxes

407,612

$

2.01

1,698,580

$

2.19

310,038

$

1.61

93,195

$

0.49

144,507

$

0.74

Income tax expense (benefit)

Current

(6,044)

$

(0.03)

14,688

$

0.02

2,699

$

0.01

(300)

$

-

601

$

-

Deferred

101,903

$

0.50

424,645

$

0.55

68,610

$

0.36

21,735

$

0.11

32,636

$

0.17

95,859

$

0.47

439,333

$

0.57

71,309

$

0.37

21,435

$

0.11

33,237

$

0.17

Net income

311,753

$

1.54

1,259,247

$

1.63

238,729

$

1.24

71,760

$

0.38

111,270

$

0.57

Production during the period (Mmcfe)

202,813

774,089

192,823

189,348

195,319

Net income per common share:

Basic

$

1.33

$

5.23

$

1.00

$

0.30

$

0.46

Diluted

$

1.30

$

5.11

$

0.99

$

0.30

$

0.46

Weighted average common shares outstanding

Basic

234,948

240,858

238,019

238,970

241,338

Diluted

240,222

246,379

240,882

241,105

243,937

RECONCILATION OF REVENUES PRESENTED WITH AND WITHOUT TRANSPORTATION, GATHERING AND COMPRESSION FEES

Table 6

Revenues

Oil, Gas & NGLs Gross Revenues

Oil

Gas

NGLs

Total

Cash Settled Hedges:

Oil

Gas (NYMEX)

Gas (Basis)

NGLs

Total

Gross Revenue with Hedges

Oil

Gas

NGLs

Total

Transport, gathering & compression (1) Oil

Gas NGLs

Total

Net Revenues after Hedges and Transport Oil

Gas NGLs

Total

Volumes

Oil (Bbls)

Gas (Mcf)

NGLs (Bbls)

Mcfe's

Mcfe's per day

2022

QE1

QE2

QE3

QE4

FY22

$

64,058,510

$

72,439,569

$

55,299,401

$

46,608,580

$

238,406,060

629,923,079

909,754,273

1,053,863,108

770,570,882

3,364,111,342

338,369,020

374,699,004

325,988,832

269,517,592

1,308,574,448

1,032,350,609

1,356,892,846

1,435,151,341

1,086,697,054

4,911,091,850

$

(21,359,331)

$

(29,857,870)

$

(19,114,536)

$

(12,214,793)

$

(82,546,530)

(115,450,106)

(366,186,458)

(465,430,981)

(229,902,741)

(1,176,970,286)

15,992,142

(1,159,792)

15,717,460

26,480,605

57,030,415

(12,317,797)

(10,505,362)

4,150,024

6,505,535

(12,167,600)

(133,135,092)

(407,709,482)

(464,678,033)

(209,131,394)

(1,214,654,001)

$

42,699,179

$

42,581,699

$

36,184,865

$

34,393,787

$

155,859,530

530,465,115

542,408,023

604,149,587

567,148,746

2,244,171,471

326,051,223

364,193,642

330,138,856

276,023,127

1,296,406,848

899,215,517

949,183,364

970,473,308

877,565,660

3,696,437,849

$

11,078

$

(95)

$

218

$

-

$

11,201

160,436,566

169,288,055

176,323,947

163,768,705

669,817,273

137,339,723

151,118,982

146,694,366

130,459,804

565,612,875

297,787,367

320,406,942

323,018,531

294,228,509

1,235,441,349

$

42,688,101

$

42,581,794

$

36,184,647

$

34,393,787

$

155,848,329

370,028,549

373,119,968

427,825,640

403,380,041

1,574,354,198

188,711,500

213,074,660

183,444,490

145,563,323

730,793,973

601,428,150

628,776,422

647,454,777

583,337,151

2,460,996,500

730,462

716,168

653,000

616,051

2,715,681

131,250,337

131,721,014

136,862,857

139,608,416

539,442,624

8,453,445

8,784,851

9,235,626

9,918,111

36,392,033

186,353,779

188,727,128

196,194,613

202,813,388

774,088,908

2,070,598

2,073,924

2,132,550

2,204,493

2,120,792

2023

QE1

QE2

QE3

YTD23

$

38,261,922

$

42,306,326

$

41,530,908

$

122,099,156

441,580,377

225,358,911

246,975,839

913,915,127

256,439,391

200,717,297

238,211,222

695,367,910

736,281,690

468,382,534

526,717,969

1,731,382,193

$

(2,182,153)

$

(1,139,305)

$

(5,029,830)

$

(8,351,288)

34,448,476

91,734,181

63,909,046

190,091,703

2,201,721

(14,009,176)

18,562,887

6,755,432

-

-

-

-

34,468,044

76,585,700

77,442,103

188,495,847

$

36,079,769

$

41,167,021

$

36,501,078

$

113,747,868

478,230,574

303,083,916

329,447,772

1,110,762,262

256,439,391

200,717,297

238,211,222

695,367,910

770,749,734

544,968,234

604,160,072

1,919,878,040

$

181,962

$

254,080

$

251,171

$

687,213

152,589,516

142,120,224

142,202,889

436,912,629

132,711,650

125,815,233

134,753,758

393,280,641

285,483,128

268,189,537

277,207,818

830,880,483

$

35,897,807

$

40,912,941

$

36,249,907

$

113,060,655

325,641,058

160,963,692

187,244,883

673,849,633

123,727,741

74,902,064

103,457,464

302,087,269

485,266,606

276,778,697

326,952,254

1,088,997,557

573,036

658,249

587,488

1,818,773

133,646,064

129,416,394

133,305,469

396,367,927

9,289,739

9,330,430

9,748,012

28,368,181

192,822,714

189,348,468

195,318,469

577,489,651

2,142,475

2,080,752

2,123,027

2,115,347

(1) - Excludes one-time settlement in 2Q22

RECONCILATION OF PRICING PRESENTED WITH AND WITHOUT

TRANSPORTATION, GATHERING AND COMPRESSION FEES

2022

QE1

QE2

QE3

QE4

FY22

Volumes

Oil (Bbls)

730,462

716,168

653,000

616,051

2,715,681

Gas (Mcf)

131,250,337

131,721,014

136,862,857

139,608,416

539,442,624

NGLs (Bbls)

8,453,445

8,784,851

9,235,626

9,918,111

36,392,033

Mcfe's

186,353,779

188,727,128

196,194,613

202,813,388

774,088,908

Mcfe's per day

2,070,598

2,073,924

2,132,550

2,204,493

2,120,792

Per Unit Prices

Oil (per bbl):

NYMEX - WTI

$

94.93

$

108.40

$

91.55

$

82.74

$

94.90

Differential

(7.23)

(7.25)

(6.86)

(7.08)

(7.11)

Average price before NYMEX hedges

$

87.70

$

101.15

$

84.69

$

75.66

$

87.79

NYMEX Hedging

(29.24)

(41.69)

(29.27)

(19.83)

(30.40)

Average price including hedges

$

58.46

$

59.46

$

55.41

$

55.83

$

57.39

Transport, Gathering & Compression

0.02

(0.00)

0.00

-

0.00

Net Revenue price

$

58.44

$

59.46

$

55.41

$

55.83

$

57.39

Gas (per mcf):

NYMEX - HH

$

4.89

$

7.19

$

8.19

$

6.26

$

6.64

Differential

(0.09)

(0.28)

(0.49)

(0.74)

(0.40)

Settled basis hedging

0.12

(0.01)

0.11

0.19

0.11

Differential including basis hedging

0.03

(0.29)

(0.38)

(0.55)

(0.30)

Average price before NYMEX hedges

$

4.92

$

6.90

$

7.81

$

5.71

$

6.34

NYMEX Hedging

(0.88)

(2.78)

(3.40)

(1.65)

$

(2.18)

Average price including all hedges

$

4.04

$

4.12

$

4.41

$

4.06

$

4.16

Transport, Gathering & Compression (1)

(1.22)

(1.29)

(1.29)

(1.17)

(1.24)

Net Revenue price

$

2.82

$

2.83

$

3.13

$

2.89

$

2.92

NGLs (per bbl):

Average price before NYMEX hedges

$

40.03

$

42.65

$

35.30

$

27.17

$

35.96

Hedging

(1.46)

(1.20)

0.45

0.66

(0.33)

Average price including hedges

$

38.57

$

41.46

$

35.75

$

27.83

$

35.62

Transport, Gathering & Compression

(16.25)

(17.20)

(15.88)

(13.15)

(15.54)

Net Revenue price

$

22.32

$

24.25

$

19.86

$

14.68

$

20.08

% of WTI - Gross

42.2%

39.3%

38.6%

32.8%

37.9%

Per Mcfe Prices

Price/mcfe with 3rd party transport

$

3.23

$

3.33

$

3.30

$

2.88

$

3.18

Price/mcfe w/o 3rd party transport

$

4.83

$

5.03

$

4.95

$

4.33

$

4.78

  • Price amounts may not add due to rounding.
    (1) - Excludes one-time settlement in 2Q22

Table 7

2023

QE1

QE2

QE3

YTD23

573,036

658,249

587,488

1,818,773

133,646,064

129,416,394

133,305,469

396,367,927

9,289,739

9,330,430

9,748,012

28,368,181

192,822,714

189,348,468

195,318,469

577,489,651

2,142,475

2,080,752

2,123,027

2,115,347

$

76.07

$

73.98

$

82.12

$

77.27

(9.30)

(9.71)

(11.43)

(10.14)

$

66.77

$

64.27

$

70.69

$

67.13

(3.81)

(1.73)

(8.56)

(4.59)

$

62.96

$

62.54

$

62.13

$

62.54

0.32

0.39

0.43

0.38

$

62.64

$

62.15

$

61.70

$

62.16

$

3.46

$

2.10

$

2.55

$

2.71

(0.16)

(0.36)

(0.70)

(0.40)

0.02

(0.11)

0.14

0.02

(0.14)

(0.47)

(0.56)

(0.39)

$

3.32

$

1.63

$

1.99

$

2.32

0.26

0.71

0.48

$

0.48

$

3.58

$

2.34

$

2.47

$

2.80

(1.14)

(1.10)

(1.07)

(1.10)

$

2.44

$

1.24

$

1.40

$

1.70

$

27.60

$

21.51

$

24.44

$

24.51

-

-

-

-

$

27.60

$

21.51

$

24.44

$

24.51

(14.29)

(13.48)

(13.82)

(13.86)

$

13.31

$

8.03

$

10.61

$

10.65

36.3%

29.1%

29.8%

31.7%

$

2.52

$

1.46

$

1.67

$

1.89

$

4.00

$

2.88

$

3.09

$

3.32

INDEX DIFFERENITALS COMPARED TO CORPORATE DIFFERENTIALS

INSIDE FERC BID-WEEK PRICES

2022

QE1

QE2

QE3

QE4

Per Unit Prices

FERC Settlement Prices (As compared to NYMEX)

Dawn

$

0.03

$

(0.21)

$

(0.39)

$

(0.57)

MichCon

$

(0.13)

$

(0.23)

$

(0.40)

$

(0.75)

Columbia - Appalachia (TCO)

$

(0.61)

$

(0.72)

$

(0.99)

$

(1.32)

Eastern Gas - Dominion South (DTI)

$

(0.74)

$

(0.91)

$

(1.08)

$

(1.51)

TETCO M2

$

(0.72)

$

(0.98)

$

(1.17)

$

(1.60)

Transco Zone 6 Non-NY

$

1.42

$

(0.87)

$

(0.85)

$

(0.20)

Transco Leidy

$

(0.71)

$

(0.90)

$

(1.06)

$

(1.51)

Columbia Gulf - Mainline (CGT)

$

(0.27)

$

(0.47)

$

(0.68)

$

(0.96)

TGP 500L

$

(0.05)

$

(0.07)

$

0.12

$

(0.16)

NYMEX - Henry Hub

$

4.89

$

7.19

$

8.19

$

6.26

Weighted Average Corporate Differential to NYMEX

$

(0.09)

$

(0.28)

$

(0.49)

$

(0.74)

Basis Hedging Impact (Settlement/MTM)

$

0.12

$

(0.01)

$

0.11

$

0.19

Differential including basis hedging

$

0.03

$

(0.29)

$

(0.38)

$

(0.55)

Average price before NYMEX hedges

$

4.92

$

6.90

$

7.81

$

5.71

NYMEX hedges

$

(0.88)

$

(2.78)

$

(3.40)

$

(1.65)

Average price after NYMEX hedges

$

4.04

$

4.12

$

4.41

$

4.06

* Price amounts may not add due to rounding

Table 8

2023

QE1

QE2

QE3

$

0.11

$

(0.06)

$

(0.29)

$

(0.14)

$

(0.08)

$

(0.33)

$

(0.58)

$

(0.42)

$

(1.21)

$

(0.73)

$

(0.64)

$

(1.45)

$

(0.64)

$

(0.71)

$

(1.51)

$

3.35

$

(0.57)

$

(1.36)

$

(0.54)

$

(0.63)

$

(1.47)

$

(0.32)

$

(0.24)

$

(0.38)

$

(0.13)

$

(0.08)

$

0.07

$

3.46

$

2.10

$

2.55

$

(0.16)

$

(0.36)

$

(0.70)

$

0.02

$

(0.11)

$

0.14

$

(0.14)

$

(0.47)

$

(0.56)

$

3.32

$

1.63

$

1.99

$

0.26

$

0.71

$

0.48

$

3.58

$

2.34

$

2.47

NGL REALIZATIONS COMPARED TO AN EQUIVALENT MONT BELVIEU WEIGHTED AVERAGE BARREL

Table 9

Per Unit Prices

2022

QE1

QE2

QE3

QE4

2023

QE1QE2QE3

Mont Belvieu Settlement Prices (gal): Non-TET

Ethane

Propane

Normal Butane

Iso Butane

Natural Gasoline

NYMEX - WTI

Weighted Mont Belvieu Barrel (1)(2)

RRC Corporate NGL barrel price before hedges

$

0.40

$

0.59

$

0.55

$

0.39

$

1.30

$

1.24

$

1.08

$

0.79

$

1.59

$

1.50

$

1.19

$

0.97

$

1.59

$

1.68

$

1.44

$

0.98

$

2.21

$

2.17

$

1.72

$

1.54

$

94.93

$

108.40

$

91.55

$

82.74

$

39.29

$

42.54

$

36.83

$

27.92

$

40.03

$

42.65

$

35.30

$

27.17

$

0.25

$

0.82

$

1.11

$

1.16

$

1.62

$

76.07

$

25.97

$

27.60

$

0.21

$

0.30

$

0.67

$

0.68

$

0.78

$

0.83

$

0.84

$

0.94

$

1.44

$

1.55

$

73.98

$

82.12

$

21.18

$

23.81

$

21.51

$

24.44

Weighted MB Differential

% of WTI (NGL Pre-hedge / Oil NYMEX)

NGL Hedges

Avg. Corporate NGL barrel price including hedges(2)

$

0.74

42%

$

(1.46)

$

38.57

$

0.11

$

(1.53)

$

(0.75)

39%

39%

33%

$

(1.20)

$

0.44

$

0.66

$

41.46

$

35.74

$

27.83

$

1.63

36%

$

-

$

27.60

$

0.33

$

0.63

29%

30%

$

-

$

-

$

21.51

$

24.44

  1. 2021-2022Weighting based on 53% ethane, 27% propane, 7% Normal Butane, 4% Iso Butane, and 9% Natural Gasoline
  2. 2023+ Weighting based on 53% ethane, 27% propane, 8% Normal Butane, 4% Iso Butane, and 8% Natural Gasoline
  3. Price amounts may not add due to rounding

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Range Resources Corporation published this content on 24 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 October 2023 21:04:43 UTC.