Range Resources

Range Resources Corporation was originally formed in 1976 as Lomak Petroleum Inc. The following is a timeline tracking our growth and evolution. Since 2000, we have pursued an organic growth strategy at low finding costs by exploiting a multi-decade inventory of drilling opportunities. We have been recognized as the pioneer of the Marcellus Shale and are one of the most active drillers in Pennsylvania. Since 1998, we have been traded on the New York Stock Exchange under the symbol “RRC”.

2015

• Announced the signing of a definitive sales agreement to sell the company's Nora assets for a purchase price of $876 million.
• Announced Washington County Marcellus well with a 24-hour production rate of 43.4 Mmcfe per day, which is a new record and the highest rate ever for any Marcellus well.

2014

• Announced Utica/Point Pleasant 24-hour test rate of 59.0 Mmcf per day; We believe this is a record for anyhorizon drilled in the Appalachian Basin.
• The American Shales book recognizes Range Resources as pioneers of the Marcellus Shale.
• Sold our Conger assets in Glasscock and Sterling Counties, Texas in exchange for producing properties and other assets in Virginia and $145 million in cash
• Announced additional ethane and natural gas transportation and sales contracts.
• Range signed its first two LNG supply agreements subject to commencement of the projects. One of the agreements agreement is with an affiliate of Cheniere Energy, Inc to supply gas to the Sabine Pass LNG terminal on the Gulf Coast.

2013

• Our net production reached one bcfe per day and averaged 940 Mmcfe per day for the year.
• Marcellus Shale production averaged over 700 Mmcfe per day.
• Sold Delaware and Permian Basin properties in southeast New Mexico and West Texas for $275 million.
• At year-end 2013, reserves were 8.2 tcfe.

2012

• Purchased 150 CNG trucks for our corporate fleet.
• Our net acreage in the Horizontal Mississippian play in Northern Oklahoma grew to more than 158,000 net acres.
• Announced new ethane and propane transportation and sales contracts.
• Achieved seventh consecutive year of double-digit per share, debt adjusted, growth in both production and reserves.
• Sold Ardmore Woodford properties in Southern Oklahoma for $135 million.
• At year-end 2012, reserves were 6.5 tcfe.

2011

• Sold our Barnett Shale properties for $889 million.
• Marcellus Shale production ended the year at 400 Mmcfe per day.
• Ninth consecutive year of production growth.
• Sixth consecutive year of double digit per share growth in both production and reserves.
• Northern Marcellus division began 100% water recycling in December 2011
• Surpassed more than 1 million man hours worked in our Marcellus Shale divisions with no OSHA reportable incidents.
• At year-end 2011, reserves were 5.1 tcfe.

2010

• We became the first company to voluntarily disclose fracturing fluid additives on a per well basis.
• Sold our tight gas sand properties in Ohio for $323 million.
• Marcellus Shale production ended the year just over 200 Mmcfe per day.
• Eighth consecutive year of production growth.
• Achieved double digit per-share growth in both production and reserves.
• At year-end 2010, reserves were 4.4 tcfe.

2009

• Focused 90% of our capital spending on three key unconventional gas fields: the Barnett Shale in North Texas, the Nora field in Virginia and the Marcellus Shale in Pennsylvania.
• Our net acreage in the Marcellus grew to more than 1.3 million acres and net production had reached slightly more than 100 Mmcfe per day.
• Seventh consecutive year of production growth.
• Sold West Texas properties for proceeds of $182 million.
• Stock was the third best performing S&P 500 stock in our sector for the last decade.
• At year-end 2009, reserves were 3.1 tcfe.

2008

• Net acreage in the Marcellus grew to more than 900,000 acres.
• Brought in a major midstream partner, MarkWest Energy Partners, L.P. to construct the needed gathering and processing facilities in our Southern Marcellus division.
• The Marcellus Southern division exited the year with a production rate of 35 Mmcfe per day.
• Barnett Shale production had increased to 110 Mmcfe per day in the course of three years.
• Net acreage in Nora increased to 300,000 acres.
• Delivered 24 consecutive quarters of increasing production growth.
• At year-end 2008, reserves were 2.7 tcfe.

2007

• Delivered 20 consecutive quarters of increasing production growth.
• Range was added to the list of companies comprising the Standard & Poor’s (S&P) 500.
• Opened an office in Pittsburgh, Pennsylvania to focus on the Marcellus Shale.
• By the end of 2007, we had drilled five consecutive horizontal shale wells in the Marcellus Shale with commercial production rates ranging from 1.4 to 4.7 mmcfe per day.
• Acquired additional interests in the Nora field of Virginia for $282 million.
• Sold our high decline Gulf of Mexico properties for proceeds of $155 million.
• At year-end 2007, reserves were 2.2 tcfe.

Our Business Strategy

Our overarching business objective is to build stockholder value through consistent growth in reserves and production on a cost-efficient basis. Our strategy to achieve our business objective is to increase reserves and production through internally generated drilling projects coupled with occasional complementary acquisitions and divestitures of non-core assets. Our strategy requires us to make significant investments and financial commitments in technical staff, acreage, seismic data, drilling and completion technology and gathering and transportation arrangements to build drilling inventory and market our products. Our strategy has the following key elements:

• —commit to environmental protection and worker and community safety;
• —concentrate in core operating areas;
• —maintain a multi-year drilling inventory;
• —focus on cost efficiency;
• —maintain a long-life reserve base;
• —market our products to a large number of customers in different markets under a variety of commercial terms;
• —maintain operational and financial flexibility; and
• —provide employee equity ownership and incentive compensation.

Commit to Environmental Protection and Worker and Community Safety

We strive to implement the latest technologies and best commercial practices to minimize adverse impacts from the development of our properties on the environment, worker health and safety and the safety of the communities where we operate. We analyze and review performance while striving for continual improvement by working with peer companies, regulators, non-governmental organizations, industries not related to the oil and natural gas industry and other engaged stakeholders. We participate in FracFocus, a national publically accessible web-based registry to report, on a well-by-well basis, the additives and chemicals and amount of water used in the hydraulic fracturing process for each of the wells we operate. We expect every employee to maintain safe operations, minimize environmental impact and conduct their daily business with the highest ethical standards.

Concentrate in Core Operating Areas

We currently operate primarily in one region:  Pennsylvania. Concentrating our drilling and producing activities in a core area allows us to develop the regional expertise needed to interpret specific geological and operating conditions and develop economies of scale. Operating in a core area as large as the Marcellus Shale allows us to reach our goal of consistent production and reserve growth at attractive returns. We intend to further develop our acreage in the Marcellus Shale and improve our well results through the use of technology and detailed analysis of our properties. We periodically evaluate and pursue acquisition opportunities in the United States (including opportunities to acquire particular natural gas and oil properties or entities owning natural gas and oil assets) and at any given time we may be in various stages of evaluating such opportunities.

Maintain a Multi-Year Drilling Inventory

We focus on areas with multiple prospective and productive horizons and development opportunities. We use our technical expertise to build and maintain a multi-year drilling inventory. We believe that a large, multi-year inventory of drilling projects increases our ability to efficiently plan for the economic growth of production and reserves. Currently, we have over 5,000 proven and unproven drilling locations in inventory. We actively seek to find and develop new natural gas and oil plays with significant exploration and exploitation potential.

Focus on Cost Efficiency

We concentrate in areas which we believe to have sizable hydrocarbon deposits in place that will allow us to consistently increase production while controlling costs. Because there is little long-term competitive sales price advantage available to a commodity producer, the costs to find, develop, and produce a commodity are important to organizational sustainability and long-term stockholder value creation. We endeavor to control costs such that our cost to find, develop and produce natural gas, NGLs and oil is one of the lowest in the industry. We operate almost all of our total net production and believe that our extensive knowledge of the geologic and operating conditions in the areas where we operate provides us with the ability to achieve operational efficiencies.

Maintain a Long-Life Reserve Base

Long-life natural gas and oil reserves provide a more stable growth platform than short-life reserves. Long-life reserves reduce reinvestment risk as they lessen the amount of reinvestment capital deployed each year to replace production. Long-life natural gas and oil reserves also assist us in minimizing costs as stable production makes it easier to build and maintain operating economies of scale. Long-life reserves also offer upside from technology enhancements. We use our drilling, divestiture and acquisition activities to assist in executing this strategy.

Market our products to a large number of customers in different markets under a variety of commercial terms

We market our natural gas, NGLs, and oil to a large number of customers in both domestic and international markets to maximize price and diversify risk. We hold considerable firm transportation contracts on multiple pipelines to enable us to transport and sell natural gas and NGLs in the Midwest, Gulf Coast, Southeast, Northeast and international markets. We sell our products under a variety of price indexes and price formulas that assist us in managing regional price differentials and commodity price volatility.

Maintain Operational and Financial Flexibility

We market our natural gas, NGLs, and oil to a large number of customers in both domestic and international markets to maximize cash flow and diversify risk. We hold numerous firm transportation contracts on multiple pipelines to enable us to transport and sell natural gas and NGLs in the Midwest, Gulf Coast, Southeast, Northeast and international markets. We sell our products under a variety of price indexes and price formulas that assist us in optimizing regional price differentials and commodity price volatility.

Provide Employee Equity Ownership and Incentive Compensation

We want our employees to think and act like business owners. To achieve this, we reward and encourage them through equity ownership in Range. All full-time employees are eligible to receive equity grants. As of December 31, 2015, our employees and directors owned equity securities in our benefit plans (vested and unvested) that had an aggregate market value of approximately $114 million.