Large acreage position in the Appalachian basin prospective for Marcellus, Utica, and Upper Devonian shale formations Competitive cost structure, allowing the company to remain profitable at relatively low natural gas prices Participation in the highly cyclical and capital-intensive oil and gas exploration and production (E&P) sector Moderately high financial leverage Consistent hedging strategy provides a measure of protection from cash flow volatility History of funding a portion of development spending with the proceeds of asset sales and equity issuance The stable outlook reflects Standard&Poor's Ratings Services' expectation that Range Resources Corp. will continue to expand its reserves and production organically, while maintaining low costs and a prudent capital structure. We would review the ratings for a possible downgrade
