This report does not constitute a rating action. Overview Key strengths Key risks Relatively large acreage position in the Appalachian basin, including significant liquids-rich acreage that helps mitigate volatility in natural gas prices. Relatively smaller scale of production compared to higher rated peers. Low finding and development costs and cash operating costs. Geographic concentration in the Appalachian basin. Continued focus on debt reduction. Participation in the highly cyclical and capital-intensive exploration and production (E&P) industry. Majority of gas is sold out of basin, which helps reduce the risk of regional natural gas price swings. Production weighted to natural gas, limiting profitability. As of Dec. 31, 2024, Range reported proved reserves of approximately 18.1 trillion cubic feet equivalent (Tcfe), 66% of
