First quarter 2019 natural gas, NGLs and oil price realizations (including the impact of derivative settlements which correspond to analysts’ estimates) averaged $3.43 per mcfe.  Additional detail on commodity price realizations can be found in the Supplemental Tables provided on the Company’s website.  

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Renewal of Bank Credit Facility

Range’s existing $3.0 billion borrowing base and $2.0 billion commitment amount under its $4.0 billion bank credit facility were unanimously reaffirmed by its 27 lenders with no changes to the financial covenants.  The credit facility matures on April 13, 2023 and is subject to annual redeterminations.

Range reduced total debt outstanding by $48 million during the first quarter.  At March 31, 2019, Range had total debt outstanding, before debt issuance costs of $3.8 billion, consisting of $2.9 billion in senior notes, $895 million in bank debt and $49 million in senior subordinated notes.  The Company had $825 million of borrowing capacity under the current commitment amount at the end of the first quarter.

Capital Expenditures

First quarter 2019 drilling and completion expenditures were $210 million.  In addition, during the quarter, $14.6 million was spent on acreage purchases and $1.1 million on gathering systems.  Range remains on target with its $756 million total capital budget for 2019, which is expected to be funded within cash flows, excluding asset sale proceeds.  

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Appalachia Division

Production for first quarter 2019 averaged approximately 2,027 net Mmcfe per day from the Appalachia division, a 12% increase over the prior-year first quarter.  The southwest area of the division averaged 1,915 net Mmcfe per day during first quarter 2019, a 14% increase over first quarter 2018.  The northeast Marcellus properties averaged 112 net Mmcf per day inclusive of approximately 15 net Mmcf per day of legacy acreage production during first quarter 2019.

North Louisiana

Production for the division in first quarter 2019 averaged approximately 229 net Mmcfe per day.  The division brought on line three wells during the quarter and expects to bring on line five additional wells during the remainder of the year.

Marketing and Transportation

The first quarter saw the full utilization of the recently commissioned Mark West Harmon Creek I gas processing plant.  This facility, along with the re-start of the Houston gas processing plant, saw strong run times for the first quarter and supported processing for wells focused in our liquids-rich acreage.  The new plant allows Range to maximize utilization of its newly available downstream capacity.   With significant long-haul takeaway capacity coming on-line over the last couple of years, local Appalachia pricing has improved significantly compared to prior years.  Additionally, with the slowdown in southwest Appalachia production growth, local pricing is expected to remain strong, providing additional in-basin market growth opportunities with less transportation cost for incremental natural gas production.  Range is actively engaged in developing in-basin demand to support expanded use of natural gas in local markets.  

During the first quarter, Range resumed the waterborne butane export program it began last spring.  This was enabled via the newly operational Mariner East 2 pipeline and associated infrastructure at Marcus Hook.  Going forward, Range has also positioned a portion of its butane volumes for export using an additional East Coast terminal giving NGL products another outlet for accessing premium international markets.  Range’s first quarter NGL realization, including hedges, was $23.17 per barrel, an increase of 15% year over year.  On an absolute price per barrel basis, expected calendar 2019 realizations are now slightly better than the Company’s original guidance in February.  Based on recent strip pricing, Range expects pre-hedge NGL pricing for calendar 2019 to average 34% - 38% of WTI.  

The Mariner East 1 pipeline was temporarily taken out of service in late January following a subsidence along the pipeline route.  Since that time, Range’s marketing team has worked diligently pursuing options to secure the flow of NGL production.  For propane, Range has utilized multiple outlets to continue moving barrels to the Marcus Hook terminal for international export.  In the case of ethane, Range has utilized various options for marketing production throughout the quarter, including both normal extraction and selling ethane as natural gas.  Overall, despite the Mariner East 1 pipeline temporary disruption, Range has successfully moved NGL production to both domestic and international end-use markets through the optimization of rail and other infrastructure in the region. Range anticipates the Mariner East 1 pipeline will be returned to service in the next few days.

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Guidance – 2019   

Production per day Guidance

Production for second quarter 2019 is expected to be approximately 2,270 to 2,280 Mmcfe per day. 

Production expectations for the full year 2019 remains approximately 2,325 to 2,345 Mmcfe per day.  

2Q 2019 Natural Gas Price Differentials (including basis hedging):                   NYMEX minus $0.24

Hedging Status

Range hedges portions of its expected future production volumes to increase the predictability of cash flow and to help maintain a more flexible financial position. Range currently has over 80% of its expected calendar 2019 natural gas production hedged at a weighted average floor price of $2.86 per Mmbtu.  Similarly, Range has hedged over 70% of its calendar 2019 projected crude oil production at an average floor price of $56.29.  Please see Range’s detailed hedging schedule posted at the end of the financial tables below and on its website at www.rangeresources.com .  

Range has also hedged Marcellus and other basis differentials to limit volatility between NYMEX and regional prices.  The fair value of the basis hedges was a loss of $3.4 million as of March 31, 2019.  The Company also has propane basis swap contracts which lock in the differential between Mont Belvieu and international propane indices.  The fair value of these contracts was a loss of $0.8 million on March 31, 2019.  

Conference Call Information

A conference call to review the financial results is scheduled on Tuesday, April 23 at 9:00 a.m. ET.  To participate in the call, please dial 866-900-7525 and provide conference code 4086623 about 10 minutes prior to the scheduled start time.

A simultaneous webcast of the call may be accessed at www.rangeresources.com . The webcast will be archived for replay on the Company's website until May 23, 2019.

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Non-GAAP Financial Measures

Adjusted net income comparable to analysts’ estimates as set forth in this release represents income or loss from operations before income taxes adjusted for certain non-cash items (detailed in the accompanying table) less income taxes.  We believe adjusted net income comparable to analysts’ estimates is calculated on the same basis as analysts’ estimates and that many investors use this published research in making investment decisions and evaluating operational trends of the Company and its performance relative to other oil and gas producing companies.  Diluted earnings per share (adjusted) as set forth in this release represents adjusted net income comparable to analysts’ estimates on a diluted per share basis.  A table is included which reconciles income or loss from operations to adjusted net income comparable to analysts’ estimates and diluted earnings per share (adjusted).  The Company provides additional comparative information on prior periods along with non-GAAP revenue disclosures on its website.  

Cash flow from operations before changes in working capital (sometimes referred to as “adjusted cash flow”) as defined in this release represents net cash provided by operations before changes in working capital and exploration expense adjusted for certain non-cash compensation items.  Cash flow from operations before changes in working capital is widely accepted by the investment community as a financial indicator of an oil and gas company’s ability to generate cash to internally fund exploration and development activities and to service debt.  Cash flow from operations before changes in working capital is also useful because it is widely used by professional research analysts in valuing, comparing, rating and providing investment recommendations of companies in the oil and gas exploration and production industry.  In turn, many investors use this published research in making investment decisions.  Cash flow from operations before changes in working capital is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operations, investing, or financing activities as an indicator of cash flows, or as a measure of liquidity.  A table is included which reconciles net cash provided by operations to cash flow from operations before changes in working capital as used in this release.  On its website, the Company provides additional comparative information on prior periods for cash flow, cash margins and non-GAAP earnings as used in this release.

The cash prices realized for oil and natural gas production, including the amounts realized on cash-settled derivatives and net of transportation, gathering, processing and compression expense, is a critical component in the Company’s performance tracked by investors and professional research analysts in valuing, comparing, rating and providing investment recommendations and forecasts of companies in the oil and gas exploration and production industry.  In turn, many investors use this published research in making investment decisions.  Due to the GAAP disclosures of various derivative transactions and third-party transportation, gathering, processing and compression expense, such information is now reported in various lines of the income statement.  The Company believes that it is important to furnish a table reflecting the details of the various components of each line in the statement of operations to better inform the reader of the details of each amount and provide a summary of the realized cash-settled amounts and third-party transportation, gathering, processing and compression expense which were historically reported as natural gas, NGLs and oil sales.  This information is intended to bridge the gap between various readers’ understanding and fully disclose the information needed.

The Company discloses in this release the detailed components of many of the single line items shown in the GAAP financial statements included in the Company’s quarterly report on Form 10-Q.  The Company believes that it is important to furnish this detail of the various components comprising each line of the Statements of Operations to better inform the reader of the details of each amount, the changes between periods and the effect on its financial results.

RANGE RESOURCES CORPORATION (NYSE: RRC) is a leading U.S. independent oil and natural gas producer with operations focused in stacked-pay projects in the Appalachian Basin and North Louisiana. The Company pursues an organic development strategy targeting high return, low-cost projects within its large inventory of low risk development drilling opportunities.  The Company is headquartered in Fort Worth, Texas.  More information about Range can be found at www.rangeresources.com .

Included within this news release are certain “forward-looking statements” within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that are not limited to historical facts, but reflect Range’s current beliefs, expectations or intentions regarding future

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events.  Words such as “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “outlook , ” “estimate,” “predict,” “potential,” “pursue,” “target,” “continue,” and similar expressions are intended to identify such forward-looking statements.

All statements, except for statements of historical fact, made within regarding activities, events or developments the Company expects, believes or anticipates will or may occur in the future, such as those regarding future well costs, expected asset sales, well productivity, future liquidity and financial resilience, anticipated exports and related financial impact, NGL market supply and demand, improving commodity fundamentals and pricing, future capital efficiencies, future shareholder value, emerging plays, capital spending, anticipated drilling and completion activity, acreage prospectivity, expected pipeline utilization and future guidance information are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management's assumptions and Range's future performance are subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements.  Further information on risks and uncertainties is available in Range's filings with the Securities and Exchange Commission (SEC), including its most recent Annual Report on Form 10-K.  Unless required by law, Range undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date they are made.

The SEC permits oil and gas companies, in filings made with the SEC, to disclose proved reserves, which are estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions as well as the option to disclose probable and possible reserves.  Range has elected not to disclose its probable and possible reserves in its filings with the SEC.  Range uses certain broader terms such as "resource potential,” “unrisked resource potential,” "unproved resource potential" or "upside" or other descriptions of volumes of resources potentially recoverable through additional drilling or recovery techniques that may include probable and possible reserves as defined by the SEC's guidelines.  Range has not attempted to distinguish probable and possible reserves from these broader classifications. The SEC’s rules prohibit us from including in filings with the SEC these broader classifications of reserves.  These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of actually being realized.  Unproved resource potential refers to Range's internal estimates of hydrocarbon quantities that may be potentially discovered through exploratory drilling or recovered with additional drilling or recovery techniques and have not been reviewed by independent engineers.  Unproved resource potential does not constitute reserves within the meaning of the Society of Petroleum Engineer's Petroleum Resource Management System and does not include proved reserves.  Area wide unproven resource potential has not been fully risked by Range's management.  “EUR”, or estimated ultimate recovery, refers to our management’s estimates of hydrocarbon quantities that may be recovered from a well completed as a producer in the area. These quantities may not necessarily constitute or represent reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management System or the SEC’s oil and natural gas disclosure rules. Actual quantities that may be recovered from Range's interests could differ substantially.  Factors affecting ultimate recovery include the scope of Range's drilling program, which will be directly affected by the availability of capital, drilling and production costs, commodity prices, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals, field spacing rules, recoveries of gas in place, length of horizontal laterals, actual drilling results, including geological and mechanical factors affecting recovery rates and other factors.  Estimates of resource potential may change significantly as development of our resource plays provides additional data.  

In addition, our production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price declines or drilling cost increases. Investors are urged to consider closely the disclosure in our most recent Annual Report on Form 10-K, available from our website at www.rangeresources.com or by written request to 100 Throckmorton Street, Suite 1200, Fort Worth, Texas 76102.  You can also obtain this Form 10-K on the SEC’s website at www.sec.gov or by calling the SEC at 1-800-SEC-0330.

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2019-08

SOURCE:   Range Resources Corporation

Investor Contacts:

Laith Sando, Vice President – Investor Relations

817-869-4267

lsando@rangeresources.com

Michael Freeman, Director – Investor Relations & Hedging

817-869-4264

mfreeman@rangeresources.com

John Durham, Senior Financial Analyst

817-869-1538

jdurham@rangeresources.com

Media Contact:

Michael Mackin, Director of External Affairs

724-743-6776

mmackin@rangeresources.com

www.rangeresources.com

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(a) See separate natural gas, NGLs and oil sales information table.

(b) Included in Brokered natural gas, marketing and other revenues in the 10-Q.

(c) Costs associated with stock compensation and restricted stock amortization, which have been reflected in the categories associated

          with the direct personnel costs, which are combined with the cash costs in the 10-Q.

(d) Reflects the change in market value of the vested Company stock held in the deferred compensation plan.

(e)  Included in interest expense in the 10-Q.

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