Range Resources Corporation · NYSE:RRC
Range Resources — Merger or Acquisition (October 2026)
21 slides from Range Resources's merger presentation, Oct 26, 2026
Slide 1: America's Undisputed Natural Gas Champion – Strategic Combination
America's Undisputed Natural Gas Champion October 26, 2026 STRATEGIC COMBINATION
Slide 2: World-Class Platform
Critical infrastructure spanning the largest Appalachian resource base World-Class Assets Fortress Balance Sheet BBB quality credit at close, 0.6x YE27E leverage(2) Largest U.S. Natural Gas Producer >9 Bcfe/d pro-forma net production (~88% gas) Peer-Leading Cost of Supply <$2/MMBtu unlevered free ca
Slide 3: Peer-Leading Breakeven Cost Structure
$1.00 $2.00 $3.00 $4.00 A B C D E $1.00 $2.00 $3.00 $4.00 Added Liquids Exposure Further Strengthens Breakeven 1. Non-GAAP measure. See appendix for definition. Peer data based on peers' public disclosures and guidance, modeled internally. Peers include AR, CNX, EXE, GPOR, INR. Peer-Leading Breakeve
Slide 4: World-Class Asset Quality and Duration
– 10 20 30 A B C D E Long-duration, low breakeven inventory drives durability of business for decades to come Source: Pro forma years of inventory based on internal data. Peer data sourced from Enverus 2Q26 Gas NAV Compass. Net inventory life calculated on a 10,000-ft lateral equivalent. Shown at $6
Slide 5: Sales Portfolio Positioned to Serve Growing Demand
Source: Data center details from Aterio. Sales Portfolio Positioned to Serve Growing Demand 5 500+ MW 100 – 500 MW <100 MW ANNOUNCED & IN-PROGRESS DATA CENTER CAPACITY Scaled & diversified sales portfolio Domestic & international pricing exposure Upstream supply & inventory depth to match contracts
Slide 6: Operator of Choice for New In-Basin Demand
0 5 10 15 20 25 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 In-Service In-Progress Planned Operator of Choice for New In-Basin Demand 6 Production Scale ✓ Owned Infrastructure ✓ Scaled Marketing Platform ✓ Inventory Duration ✓ Operational Excellence ✓ Investment Grade Credit ✓ PRIMED FOR LARGE
Slide 7: Leading Natural Gas Marketing Platform
- 2 4 6 8 10 Source: 2025 NGI, FERC 552 data only. Leading Natural Gas Marketing Platform 7 + 2025 Top U.S. Natural Gas Marketers (Bcf/d)
Slide 8: Optimizing Value Across The Asset Lifecycle
Traditional Corporate & Operations Synergies $325 MM Baseline Midstream system optimization Gas, LNG & LPG marketing optimization Premium supply deals End-user new demand creation >$300 MM of Strategic Upside Post-Production Value Optimization Optimizing Value Across The Asset Lifecycle 8 Operationa
Slide 9: Proven Track Record of Exceeding Synergy Targets
Systematic approach to integration ensures consistent and reliable capture of synergies $500 MM ~$700 MM $250 MM $425 MM Total $40 MM Announced Realized Announced (Base) Announced (Upside) Realized Base Realized Proven Track Record of Exceeding Synergy Targets 9 >40% Beat July 2019 July 2024 July 20
Slide 10: EQT Combination Strengthens Balance Sheet
- 0.5x 1.0x EQT Combination Strengthens Balance Sheet 10 1. Non-GAAP measure. See appendix for definition. Leverage(1) Improvement YE27E Fortress Balance Sheet Lower leverage secures path to credit rating upgrade Strong financial foundation provides durability through the cycle Strategic Enabler Str
Slide 11: Why Invest in EQT
Why Invest in EQT 11 LOW-RISK HARD ASSETS LONG DURATION RESOURCE GROWTH OPTIONALITY ◊ ◊ STRUCTURAL TAILWINDS ◊ America's Low-Cost Natural Gas Producer Premier low-cost business model, generating durable free cash flow through market cycles. › Operational excellence at scale › Vertically integrated b
Slide 12: America's Natural Gas Champion
AMERICA'S NATURAL GAS CHAMPION 12 ▶Largest Natural Gas Producer ▶Integrated Midstream Infrastructure ▶Peer-Leading Cost Structure ▶World-Class Inventory Depth ▶Leading Marketing Platform ▶Best-in-Class Demand Capture ▶Fortress Balance Sheet +
Slide 13: Appendix
Appendix
Slide 14: Transaction Overview
Transaction Overview 14 Transaction Structure • Transaction value: >$50 billion pro forma enterprise value • All-stock combination • Exchange ratio: 0.987x share of EQT for each share of Range • Pro forma equity ownership: ~73% EQT and ~27% Range Leadership & Governance • EQT's executive management
Slide 15: Cautionary Statements
Laith Sando SVP, Corporate Strategy & IR [email protected] Matt Schmid IR Manager [email protected] 15 Cautionary Statements This presentation contains "forward-looking statements" within the meaning of the federal securities laws. Statements that do not relate strictly to historica
Slide 16: Information About Proxy Solicitation
Information About Proxy Solicitation 16 Important Information for Investors and Shareholders; Additional Information and Where to Find It In connection with the proposed transaction, EQT intends to file with the U.S. Securities and Exchange Commission (the "SEC") a registration statement on Form S-4
Slide 17: Non-GAAP Financial Measures: Free Cash Flow
Non-GAAP Financial Measures 17 Adjusted Operating Cash Flow, Free Cash Flow and Unlevered Free Cash Flow Adjusted operating cash flow is defined as net cash provided by operating activities less changes in other assets and liabilities. Free cash flow is defined as adjusted operating cash flow less a
Slide 18: Non-GAAP Financial Measures: Net Debt and Leverage
Non-GAAP Financial Measures 18 Net Debt and Leverage Net debt is defined as total debt less cash and cash equivalents. Total debt includes EQT's current portion of debt, credit facility borrowings, and senior notes. Leverage is defined as net debt divided by adjusted EBITDA. Net debt is a non-GAAP s
Slide 19: Materials Posted on Social Media by EQT
* * * * * The following materials were posted on social media by EQT on October 26, 2026: LinkedIn (including screenshots of embedded video)
Slide 20: EQT LinkedIn Post: Two Appalachian Energy Pioneers
[=| QT Corporation evr Berea in “Two Appalachian energy pioneers. One American natural gas champion. “Today, EXT announced an agreement to acquire Range Resources, bringing together ‘wo of the companies that neiped shape the Marcellus Shale revolution to create ‘Arneric’s largest natural gas produce
Slide 21: EQT Social Media Post on Acquiring Range Resources
oe EQTCorp @ @EATCOr - 4m Be “Two Appalachian energy pioneers, One American natural gas champion. QT is acquiring Range Resources, creating America's only vertically Integrated natural gas producer, built to power America’s Al evolution, ‘manufacturing growth and energy future. Learn more iegt.comin
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