On June 22, 2023, S&P Global Ratings lowered its near-term crude oil and natural gas price assumptions, leading to modestly lower EBITDA and cash flow estimates for U.S.-based oil and gas exploration and production company Range Resources Corp. We affirmed our 'BB' issuer credit rating on Range Resources Corp. At the same time, we affirmed our 'BB' issue-level rating on the company's unsecured debt. The recovery rating remains '3'. The stable outlook reflects our expectations that Range's credit metrics will remain appropriate for the rating, with average funds from operations (FFO) to debt in the 50% to 55% range for the next two years, and meaningful positive discretionary cash flow (DCF). Our stable outlook on Range reflects our expectations that
