March 2017

Forward Looking Statements

This presentation contains certain forward-looking statements within the meaning of federal securities laws, including within the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 that are not limited to historical facts, but reflect Ranges current beliefs, expectations or intentions regarding future events. Words such as may, will, could,
should, expect, plan, project, intend, anticipate, believe, estimate, predict, potential, pursue, target, continue, and similar expressions are intended to identify such forward-
looking statements. The statements in this presentation that are not historical statements, and any other statements regarding Ranges future expectations, beliefs, plans, objectives, financial
conditions, assumptions or future events or performance that are not historical facts, are forward-looking statements within the meaning of the federal securities laws.

All statements, except for statements of historical fact, made in this presentation regarding activities, events or developments the Company expects, believes or anticipates
will or may occur in the future, such as those regarding merger integration, 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"), which are incorporated by reference. Range undertakes no obligation
to publicly update or revise any forward-looking statements.

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 the Companys 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 SECs 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 managements 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 Engineers Petroleum Resource Management System or the SECs 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 SECs website at www.sec.gov or by calling the SEC at 1-800-SEC-
0330.

2
Range Today

Market Snapshot

NYSE Symbol: RRC

Market Cap (a): $7.7B
Net Debt (b): $3.8B
Enterprise Value: $11.5B

Overview

2016 Year-End Proved Reserves of 12.1 Tcfe ~Net Surface Acreage(c)

2016 Production Per Day of 1,542 Mmcfe SW Marcellus (PA): 515,000

Resource Potential of ~100 Tcfe N. Louisiana: (d) 220,000

2017 Production YoY Growth of 33-35% NE Marcellus (PA): 95,000

(a) As of 2/17/2017 (b) As of 12/31/2016 (c) As of December 31, 2016 does not include legacy NW PA and Midcontinent acreage (d) Includes acreage purchase option

3
Range Strategy

Growth of Reserves and

Production on a Per Share
Debt Adjusted Basis Southern Marcellus
Stacked pay opportunities include the Marcellus,
Utica and Upper Devonian.
Expand Margins Through
Cost Improvements, Capital North Louisiana
Stacked pay opportunities include Upper Red,
Efficiencies and Improved Lower Red and other zones.
Realizations

Build and High Grade the

Inventory

Maintain a Strong, Simple

Financial Position
Fort Worth

Be Good Stewards of the

Environment and Operate
Safely

4
 Range Resources Timeline Build and High Grade the Inventory
2000 - 2004
Market Cap of <$400M
Focus was on drilling
Clinton/Medina and deep
GoM wells
Acquired additional Conger
properties (Permian), and
the second half of Great
Lakes (Appalachia) in 2004
Completed the first
successful vertical well in
the Marcellus Shale
Renz #1 in 2004
2000
2004 - 2008
Acquired additional
interests in the Nora field
Sold GoM properties for
$155 million
Acquired Stroud Energy
with interests in the Barnett
Opened office in 2007 in
Pittsburgh to focus on the
Marcellus
MarkWest brought into
Appalachia for midstream
2004
2008 - 2012
Sold West Texas
properties for $182 million
Sold tight gas sand
properties in Ohio for $323
million
Sold Barnett Shale
properties for $889 million
Sold Ardmore Woodford
properties in Southern
Oklahoma for $135 million
2008
2012 - 2016
Sold Permian properties in
southeast New Mexico and
Texas for $275 million
Sold Conger assets in
Texas in exchange for the
other half of Nora plus
$145 million cash
Sold Nora assets for $876
million
Sold Bradford County
assets for ~$110 million
Completed merger with
Memorial Resource
Development valued at
$4.2 billion
2012 2016
5
Capital Efficient Growth Continues

After two consecutive years of capital spending reductions,

2017 capital sets Range up well for 2017, 2018 and beyond

$1,400 2,500

2,300
$1,200
2,100
D&C Spending in Millions

$1,000 1,900

1,700

Mmcfepd
$800

1,500

$600
1,300

$400 1,100

900
$200
700

$- 500
2012 2013 2014 2015 2016 2017E 2018E

D&C Production

Note 1: Capital spending for 2018 expected to be at or near cash flow. At $3.25 gas and $60 oil, expected production growth would be ~20% for 2018.
Note 2: Range does not see an impact to production guidance in 2017 or 2018, should the Rover project (400 Mmcf/d) be delayed.

6
2017 Capital Budget
2017 Capital Budget of $1.15B 2017 Capital Budget by Area
Seismic, 2% Pipelines, Facilities Other, 1%
and Other, 2%
Leasehold,
4%

North
Louisiana,
34%

Marcellus,
65%
D&C, 93%

Marcellus activity directed towards liquids-rich area, which has the following benefits:
Large inventory of existing pads and gathering infrastructure
Existing space in the gathering system enables additional growth at lower costs
Drilling on existing pads reduces well costs

Strengthening NGL market improves returns

Close proximity to existing and future capacity for liquids and natural gas

North Louisiana activity focused in Terryville Field with returns that rival the Marcellus

7
Investment Summary

High Quality Large, core acreage positions in the Marcellus and North Louisiana
Acreage
Position Low-risk projects with high rates of return at current prices

Improving differentials across all commodities resulting from

Diversified transportation and marketing agreements and newly acquired North
Louisiana production
Marketing
Strategy First-mover advantage in the Marcellus allowed Range to secure
right-sized transportation capacity on low-cost expansion projects

Continued Cost Margin expansion driven by a low cost structure, improving

and Capital realizations and capital efficiency gains
Efficiency
Strong unhedged recycle ratio of ~2.8x
Improvements

Simplified capital structure following recent debt exchange

Strong, Simple
Balance Sheet Ample liquidity with credit facility maturity in late 2019 and first note
maturity in 2021

8
High Quality Acreage Position - Appalachia Assets

~1.5 million net effective acres (a) in SW PA

leads to decades of drilling inventory

Gas In Place (GIP) analysis shows the

greatest potential is in Southwest
Pennsylvania

Low risk and highly repeatable project Gas In Place

inventory
For All Zones
Near-term focus on Marcellus development
in Southwest PA

Stacked pays allow for multiple development

opportunities including the Marcellus, Utica
and Upper Devonian Upper
Devonian
Significant inventory of existing pads
enhances future development

Marcellus
Stacked Pay Allows for
Multiple Development
Opportunities Utica/Point
Pleasant

* Map acreage as of January 2016; outlined townships hold 2,000 or more acres (a) Includes stacked pay

9
High Quality Acreage Position Southwest Appalachia
PA
Longer laterals and existing pads in 2017
provide low-risk efficiency gains
OH

Increased optionality due to quality of

acreage position, gathering system,
WV Over 200
available locations and existing pads Existing
Pads
Majority of existing pads are in the liquids-
rich areas (map to the right)

Southwest Marcellus Acreage

Dry Wet Super-Rich

EUR 22.3 Bcf 24.6 Bcfe 20.4 Bcfe

EUR/1,000
2.5 Bcf 3.0 Bcfe 2.4 Bcfe
ft. lateral

Well Cost $6.1 MM $6.8 MM $7.3 MM

Cost/1,000
$690 K $820 K $856 K
ft. lateral
Lateral
8,850 ft. 8,300 ft. 8,500 ft.
Length
IRR* - $3.00 75% 55% 52% Wet and Super-Rich economics are greater than or
equal to Dry gas economics when developed on
IRR at Strip
existing pads utilizing existing gathering infrastructure
as of 104% 56% 51%
12/30/2016

* For flat pricing natural gas case, oil price assumed to be $50/bbl for 2017, $60/bbl for 2018 then $65/bbl to life with no escalation

10
High Quality Acreage Position North Louisiana
~220,000(a) net acres of stacked pay potential in
North Louisiana

Currently focused on Upper Red with optionality for

additional targets

Lowered well costs in Terryville to $7.7 million from

$8.7 million previously

Acreage favorably located near growing Gulf Coast

demand center with ample infrastructure to grow
development

Will continue to methodically test extension areas

N. Louisiana Acreage
Terryville Upper Red Terryville Lower Red

EUR 17.5 Bcfe 11.8 Bcfe

Lower Cotton Valley Overpressured

EUR/1,000 ft.
2.3 Bcfe 1.6 Bcfe
lateral
Well Cost $7.7 MM $7.7 MM
Cost/1,000 ft.
$1,027 K $1,027 K
lateral
Lateral Length 7,500 ft. 7,500 ft.

IRR* - $3.00 105% 36%

IRR at Strip as of
105% 40%
12/30/16

(a) Includes acreage purchase option

* For flat pricing natural gas case, oil price assumed to be $50/bbl for 2017, $60/bbl for 2018 then $65/bbl to life with no escalation

11
High Quality Acreage Position North Louisiana

Recent well results support that the Lower Cotton

Valley (LCV) gets thicker and higher pressured as
you move south from the Terryville field

Recent results also support gas in place of ~400

Bcf per section or 2.5 times Terryville

Will continue to methodically test extension areas

The over-pressured (LCV) interval exists across

the area and can be seen in the cross section
below

Vertical Well IP: 2.33

No
IP: 2.61 IP: 9.34 IP: 1.0
IP:
IP:1.32 IP: 2.55 IP: 5.18 IP: 3.93 IP: 2.8
LCV 10.16
Rates Mmcf/d
Test
Mmcf/d Mmcf/d Mmcf/d
Mmcf/d
Mmcf/d Mmcf/d Mmcf/d Mmcf/d Mmcf/d

Upper Red
Lower Red

Note: Gray boxes represent vertical well test rates. Red sections indicate thickness of LCV interval.

12
Diversified Marketing Strategy

Appalachian Production Has Ability to Reach Multiple Markets

Currently selling natural gas in the Gulf Coast, Midwest, Southeast and Northeast markets
Ability to export ethane and propane internationally and move ethane to Canada and the Gulf Coast

North Louisiana Production is Close to Growing Demand Centers

Location near benchmark pricing hub provides High Gas Realizations and Minimal Transport Costs
Close proximity to New LNG Export Facilities, Industrial Demand and Exports to Mexico

Marcus Ethane
Hook and
Propane
Exports

Exports to Mont Henry Hub

Mexico Belvieu

LNG and NGL Exports

13
Natural Gas Marketing

Appalachian Takeaway Capacity

First-mover advantage allowed Range to
secure capacity on low-cost expansion
projects out of Appalachia

Total Appalachian Takeaway Capacity Gross Mmcf/d

2,000,000
Appalachia/Local
Northeast
Midwest
Anticipated excess infrastructure and right- 1,500,000
Gulf Coast

sized capacity to support production

Marcellus netbacks continue to improve with

1,000,000

~150 Mmcfpd on Gulf Markets Expansion

that started in early October 2016 500,000

North Louisiana production receives near -

Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18
NYMEX pricing with minimal transport costs
Market Exposure(a)
100%
8%

Regional Natural Gas Exposure

90%
27% 10%
80%
13%
70% >90% in
Improving Differentials as 60%
13%
Favorable
More Gas is Sold in 50%
40%
17% Markets by
End of 2017
Favorable Markets 30%
69%

20% 43%
10%
0%
YE2016E YE2017E
Gulf Coast Midwest/Canada Northeast Appalachia/Local

(a) Projected exposure at the end of each year. Assumes all contracted projects remain on schedule.

14
Innovative NGL Marketing Agreements Enhance Pricing

Mariner East ethane sent to INEOS for export in Europe

Mariner East propane can be sold internationally or into premium NE
winter markets
Mariner West ethane sent to Nova Chemical in Canada
ATEX moves ethane to the Gulf Coast (Mont Belvieu)

Marcus
Hook

20,000

15,000
Bbls/d

Mont 10,000
Belvieu
5,000

0
Mariner East Mariner East Atex Ethane Mariner West
Propane Ethane Ethane

15
Near-Term Price Enhancements

Natural Gas Differential(a) NGL as a % of WTI Condensate Differential

$- 30% $-
$(0.10) 28%- $(5.00)-
$(3.00)
$(0.20) 30% $(6.00)
$(0.30)
25% 26% $(6.00)
$(0.30) $(9.13)
$(0.45) $(9.00)
$(0.40) 20% 22%
$(0.52) $(12.00)
$(0.50) $(14.93)
$(0.60) 15% $(15.00)
2015 2016 2017E (b) 2015 2016 2017E 2015 2016 2017E

Expecting Continued Improvements Into 2018 Expecting Continued Improvements Into 2018

Gulf Expansion Phase 1 came Only producer with capacity on Initiated new marketing
on line two weeks early in the Mariner East project to agreements in 2H16 which
October which moves ~150 Marcus Hook with 20k bbls/d of improves Marcellus condensate
Mmcf/d from local Appalachian ethane to fulfill contract with realizations
markets to the Gulf Coast INEOS and 20k bbls/d of
propane with access to Expect a significant 2017
Expect a significant 2017 international or Northeast corporate improvement given a
corporate improvement given markets full year of new Marcellus
North Louisiana gas is expected agreements and North
to receive near NYMEX pricing North Louisiana NGLs sold Louisiana condensate that
FOB processing plant and receives near NYMEX pricing
Further improvements expected receive Mont Belvieu related
in 2018 as additional projects pricing
come on line

* All differential estimates based on 2/17/17 strip pricing (a) NG estimate includes basis hedges. (b) Assumes no uplift from Rover pipeline in 2017

16
 Cost Improvements Remain a Focus

Driving Down Operating Costs

Corporate margins improving as cash costs
$0.40
have declined substantially since 2011
$0.35 ~54%
Lower debt per mcfe of production from growth $0.30
Decline
$0.25
at or near cash flow

LOE per Mcfe

$0.20

High-grading the asset base, along with $0.15

operational efficiencies, has lowered operating $0.10

costs through the cycles $0.05

$-
1H14 2H14 1H15 2H15 1H16 2H16

Annual Cash Costs

Slight Increase In Cash Costs For
$3.00
Transport More Than Offset By
Combined Cash Costs per Mcfe

$2.50 Higher Realized Pricing

$2.00

$1.50

$1.00

$0.50

$-
2011 2012 2013 2014 2015 2016(c) 1Q17E(c)
LOE(a) Prod. Taxes G&A(b) Interest Trans & Gathering
(a)(b) Excludes non-cash stock compensation
(c) Transport and gathering includes additional NGL & natural gas firm transport agreements, Propane transport costs were previously netted against NGL revenue. Incremental natural gas & NGL revenue, including
additional ethane production, will more than offset the increase in transport expense.

17
Margin Expansion Drives Strong Unhedged Recycle Ratio

Corporate Margin Improvement Expected

Margins set to expand due to improved unit
costs and realized pricing 45%

40%

Unhedged Cash Margin

Unhedged recycle ratio of ~2.8x allows for 35%

30%
natural deleveraging while spending at or near
25%
cash flow
20%

15%
Track record of driving down finding and
10%
development costs
5%

0%
2015A 1Q16-3Q16A 4Q16A 2017E(a)

Strong Unhedged Recycle Ratio Peer Leading Finding Costs Drive Returns(b)

$0.70
Recycle Ratio per Mcfe: (Margin Divided by F&D)

(Green Diamond 2016 Only)

3 Year Average F&D Costs
Pre-Hedge Price (Assuming 2017 strip as of 2/17/2017) $ 2.96
$0.60
All-In Cash Costs (1Q17 Expected) 1.78
Adjusted Margin ~$1.18
$0.50
Expected Future Development Cost for PUD Reserves 0.42
Unhedged Recycle Ratio ~2.8x $0.40 $0.34

$0.30

$0.20
2012 2013 2014 2015 2016

(a) Based on midpoint of cost and differential guidance at strip pricing as of 2/17/2017 (b) Drill bit without acreage and with performance revisions

18
Existing Marcellus Pads Improve Capital Efficiency

Expansive inventory of over 200 pads in

Appalachia

124 pads with 5 or fewer wells, 59 pads with

6-9 wells and new pads in progress

Pads accommodate ~20 wells with the

flexibility to drill Marcellus, Utica or Upper
Devonian formations

Realization of significant cost savings

Use existing pads, roads and equipment

(lower capital costs)

Better utilization of new and existing

infrastructure (lower gathering per mcfe)

19
Strong, Simple Balance Sheet
$4 billion credit facility from a 29 member bank
group ($3B borrowing base, $2B committed) Strong Capital Structure(a)

Liquidity of ~$850 million at the end of 2016 (millio ns) 3Q16 4Q16
Bank Debt $ 937 $ 882
No note maturities until 2021 Senior Notes 2,878 2,878
Senior Sub Notes 49 49
Recent bond exchange simplifies capital structure
Less: Cash (0) (0)

Currently over 75% hedged for projected 2017 Net Debt 3,864 3,809
natural gas production at an average floor of
~$3.22/mmbtu Debt-to Capitalization 41%
Debt/TTM EBITDAX (b) 3.7x

Debt/Proved Developed Reserves Debt Maturity Schedule(a)

$3,000
$3 Billion Borrowing Base
$2.00
Total Debt/Proved Developed Reserves

$2,500
$1.80
$1.60
$2,000 $2 Billion Bank Commitment
$1.40

($ Millions)
$1.20
$1,500
$1.00
$0.80 $882 $929
$1,000
$749 $750
$0.60
$498
$0.40 $500
$0.20
$- $-
2012 2013 2014 2015 2016 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Debt/Proved Developed Peer Average Senior Secured Revolving Credit Facility Range Notes
Note: Peer average includes AR, CHK, COG, EQT, GPOR, RICE and SWN. RICE only included for
Interest Rate ~2.4% 5.75% 5.3% (c) 5.0% 4.875%
2014 and 2015

(a) As of 12/31/2016 (b) Includes MRD EBITDA prior to acquisition close for TTM (c) Weighted-average interest rate of 2022 notes

20
Long-Term Value Creation

High-quality, large-scale acreage position containing

repeatable projects with high rates of return

Low cost structure with ability to continue driving

costs lower

Margin improvements expected to drive

shareholder value

Low-cost transportation portfolio

with built-in flexibility

Strong hedges and

balance sheet

21
Appendix
 Cost & Efficiency Improvements SW Pennsylvania

Average Lateral Length Well Cost/Lateral Length

$2,500
9,000
8,000 $2,000
7,000
6,000 $1,500
5,000
4,000 $1,000
3,000
2,000 $500
1,000
- $-
2012 2013 2014 2015 2016 2017E 2012 2013 2014 2015 2016 2017E

Drilling Cost/Lateral Length(a) Completion Cost/Lateral Length

$1,600

$1,200 $1,400
$1,200
$1,000
$1,000
$800
$800
$600
$600
$400
$400
$200 $200
$- $-
2012 2013 2014 2015 2016 2017E 2012 2013 2014 2015 2016 2017E

(a) Includes vertical

23
SW PA Wet Area Marcellus 2017 Well Economics
Southwestern PA (Wet Gas case)
225,000 Net Acres NYMEX Rate of
EUR / 1,000 ft. 2.95 Bcfe Gas Price Return
EUR 24.6 Bcfe Strip - 56%
(67 Mbbls condensate, 2,025 Mbbls NGLs & 12.0 Bcf gas)

Drill and Complete Capital $6.8 MM Savings From $3.00 - 55%

Existing Pads Not
($820 K per 1,000 ft.) Included

Average Lateral Length 8,300 ft. Includes current and expected

differentials less gathering and
F&D - $0.33/mcf transportation costs
Estimated Cumulative Recovery for
For flat pricing natural gas case, oil
2017 Production Forecast
price assumed to be $50/bbl for 2017,
NGL w/ $60/bbl for 2018 then $65/bbl to life
Condensate Residue
Ethane
(Mbbls) (mmcf)
(Mbbls)
with no escalation
1 Year 24 1,442 243
NGL is average price including ethane
2 Years 36 2,398 404 with escalation
3 Years 43 3,173 534
5 Years 52 4,399 741
Ethane price tied to ethane contracts
plus same comparable escalation
10 Years 61 6,514 1,097
20 Years 65 9,115 1,535 Strip dated 12/30/16 with 10-year
EUR 67 12,028 2,025 average $56.49/bbl and $3.14/mcf

24
 SW PA - Wet Area 2017 Turn in Line Forecast
3,000

2,500
Normalized McfE/Day per 1,000 ft.

2,000

1,500

1,000

500

2016 well count reduced by ~40%

0
0 100 200 300 400 500 600 700 800 900 1000
Days On

2016 Actual Production 2015 Actual Production 2014 Actual Production 2015-2017 Normalized Mcfe Type Curve

25
SW PA Wet Marcellus

Horizontal Length (TIL) Average Number of Stages

9,000 45
8,000 40
7,000 35
30

Stages
6,000
Feet

25
5,000
20
4,000 15
3,000 10
2,000 5
2015 2016 2017 2015 2016 2017

EUR per 1,000 ft. EUR by Year

3.5 30.0
EUR (Bcfe)/1,000 ft.

25.0
3.0

EUR (Bcfe)
20.0
2.5 15.0
10.0
2.0
5.0
1.5 0.0
2015 2016 2017
1.0
2015 2016 2017 Gas NGLs Condensate

All comparisons based on Turned in Line (TIL) wells for each year
26
SW PA Super-Rich Area Marcellus 2017 Well Economics
Southwestern PA (Wet Gas case)
110,000 Net Acres NYMEX Rate of
EUR / 1,000 ft. 2.40 Bcfe Gas Price Return
EUR 20.4 Bcfe Strip - 51%
(289 Mbbls condensate, 1,562 Mbbls NGLs & 9.3 Bcf gas)

Drill and Complete Capital $7.3 MM Savings From

Existing Pads Not
$3.00 - 52%
($856 K per 1,000 ft.) Included

Average Lateral Length 8,500 ft. Includes current and expected

differentials less gathering and
F&D - $0.43/mcf transportation costs
Estimated Cumulative Recovery for
For flat pricing natural gas case, oil
2017 Production Forecast
price assumed to be $50/bbl for 2017,
NGL w/ $60/bbl for 2018 then $65/bbl to life
Condensate Residue
Ethane
(Mbbls) (mmcf)
(Mbbls)
with no escalation
1 Year 62 844 142
NGL is average price including ethane
2 Years 93 1,457 245 with escalation
3 Years 117 1,985 334
5 Years 153 2,866 482
Ethane price tied to ethane contracts
plus same comparable escalation
10 Years 205 4,489 755
20 Years 249 6,603 1,110 Strip dated 12/30/16 with 10-year
EUR 289 9,289 1,562 average $56.49/bbl and $3.14/mcf

27
 SW PA Super-Rich Area 2017 Turn in Line Forecast
3,500

3,000

2,500
Normalized McfE/Day per 1,000 ft.

2,000

1,500

1,000

500

0
0 100 200 300 400 500 600 700 800 900 1000
Days On

2016 Actual Production 2015 Actual Production 2014 Actual Production 2015-2017 Normalized Mcfe Type Curve

28
SW PA Super-Rich Marcellus

Horizontal Length (TIL) Average Number of Stages

9,000 45
40
8,000
35
7,000
30

Stages
6,000
Feet

25
5,000 20
4,000 15
3,000 10
2,000 5
2015 2016 2017 2015 2016 2017

EUR per 1,000 ft. EUR by Year

3.5 25.0
EUR (Bcfe)/1,000 ft.

3.0 20.0

EUR (Bcfe)
2.5 15.0
2.0
10.0
1.5
5.0
1.0
0.5 0.0
2015 2016 2017
0.0
2015 2016 2017 Gas NGLs Condensate

All comparisons based on Turned in Line (TIL) wells for each year
29
SW PA Dry Area Marcellus 2017 Well Economics

Southwestern PA (Dry Gas case)

180,000 Net Acres NYMEX Rate of
EUR / 1,000 ft. 2.52 Bcf Gas Price Return
EUR 22.3 Bcf Strip - 104%
Drill and Complete Capital $6.1 MM Savings From

($690 K per 1,000 ft.)

Existing Pads Not $3.00 - 75%
Included

Average Lateral Length 8,850 ft.

F&D - $0.33/mcf

Estimated Cumulative Recovery for 2017

Production Forecast Includes current and expected
differentials less gathering and
Residue
(Mmcf)
transportation costs
1 Year 3,842
Strip dated 12/30/16 with 10-year
2 Years 5,909 average $56.49/bbl and $3.14/mcf
3 Years 7,416

5 Years 9,620

10 Years 13,138

20 Years 17,246

EUR 22,301 Based on Washington County well data

30
 SW PA - Dry Area 2017 Turn in Line Forecast
3,500

3,000

2,500
Normalized Mcf/Day per 1,000 ft.

2,000

1,500

1,000

500 Designed Facility

Constraints

0
0 100 200 300 400 500 600 700 800 900 1000
Days On

2016 Actual Production 2015 Actual Production 2014 Actual Production 2015-2017 Normalized Residue Gas Type Curve
Based on Washington County well data

31
SW PA Dry Marcellus

Horizontal Length (TIL) Average Number of Stages

10,000 50
9,000 45
8,000 40
35
7,000

Stages
30
Feet

6,000
25
5,000
20
4,000 15
3,000 10
2,000 5
2015 2016 2017 2015 2016 2017

EUR per 1,000 ft. EUR by Year

3.0 25.0
EUR (Bcfe)/1,000 ft.

20.0
2.5

EUR (Bcfe)
15.0
2.0
10.0
1.5
5.0

1.0 0.0
2015 2016 2017 2015 2016 2017
Based on Washington County well data
All comparisons based on Turned in Line (TIL) wells for each year
32
 Normalized Production Results of Marcellus Tighter Spacing
Projects conducted in the Wet and Super Rich areas of the Marcellus
3,000
Tighter spaced wells turned to sales in 2009 and 2010
Average lateral length of these wells is 2,861
2,500 Well performance not reflective of improved targeting and
completion designs
500 foot spaced wells produced 78% of 1,000 foot spaced wells over a
six year period
Normalized Mcfe/d per 1,000 ft.

2,000

1,500

1,000

500

-
0 365 1
Year 730
Year 2 10953
Year 14604
Year 18255
Year 21906
Year 2555
Year 7
500 ft Wells 1,000 ft Wells

33
 Targeting/Downspacing Test Results Encouraging
3500

Optimized targeting shows a ~53%

increase in cumulative production
3000 after 1,000 days

Normalized well costs were $850M

2500
less for optimized versus original

No detrimental production impact

AVERAGE MCFED/1000'

seen on the original wells

2000

1500

1000

500

0
0 200 400 600 800 1000 1200
DAYS ON

AVERAGE ORIGINAL TARGETING AVERAGE OPTIMIZED TARGETING

34
Return to Existing Pads Southwest Wet
100,000
Additional 5 wells
Drilled
Wells - 2015
10,000

Wellhead Gas (MCFD)

Future
Locations 1,000

100

10

Drilled
Wells - 2010
1
Oct-12 Mar-13 Sep-13 Mar-14 Sep-14 Feb-15 Aug-15 Feb-16 Aug-16 Jan-17

Wellhead Gas

Ability to target our best areas with 3.6+ Bcfe/1,000 ft.

New wells have EURs 22% higher than the average wet well
Significant cost savings

35
Return to Existing Pads Southwest Dry

100,000

Drilled
Wells - 2015 10,000

Additional 3 wells

Wellhead Gas (MCFD)

1,000

100
Future
Locations

10

Drilled
Wells - 2014
1
Mar-14 Aug-14 Feb-15 Aug-15 Jan-16 Jul-16 Jan-17

Wellhead Gas

Ability to target our best areas with 3.0+ Bcfe/1,000 ft.

New wells have EURs 20% higher than the average dry well
Significant cost savings

36
Utica/Point Pleasant

Continued improvement in well

performance for the 1st, 2nd and 3rd wells
due to higher sand concentration and
improved targeting

Ranges third well appears to be one of

the best dry gas Utica wells in the basin

400,000 net acres in SW PA prospective

Low-Risk High-Return Marcellus

and N. Louisiana Projects
Remain Ranges Focus While
the Industry Continues Testing
the Dry Utica

Note: Townships where Range holds ~2,000+ or more acres are shown outlined above (as January 2016)

37
Utica Wells Wellhead Pressure vs. Cumulative Production

~30 Mmcfd
10,000 ~25 Mmcfd
13,200 ft. TVD*
~20 Mmcfd
8,000 13,400 ft. TVD*
Wellhead Pressure (psi)

~18 Mmcfd
11,850 ft. TVD*
6,000 ~12 Mmcfd
9,206 ft. TVD*

4,000

*TVD (total vertical depth) With an average pressure gradient of .85

2,000
to .95 for these wells, greater TVD equals higher cost and higher
pressure

0
0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000
Normalized Gas Cum (Mcf/1000 ft.)

EQT Scotts Run CNX Gaut RRC DMC Properties RICE Bigfoot 9H

Ranges DMC Properties well one of the best in the Utica

38
North Louisiana Upper Red 2017 Well Economics
North Louisiana Upper Red
220,000 Net Acres NYMEX Rate of
EUR / 1,000 ft. 2.30 Bcfe Gas Price Return
EUR 17.5 Bcfe Strip - 105%
(149 Mbbls condensate, 552 Mbbls NGLs & 13.3 Bcf gas)

Drill and Complete Capital $7.7 MM $3.00 - 105%

($1,027 K per 1,000 ft.)

Average Lateral Length 7,500 ft. Includes current and expected

differentials less gathering and
F&D - $0.44/mcfe transportation costs
Estimated Cumulative Recovery for
For flat pricing natural gas case, oil
2017 Production Forecast
price assumed to be $50/bbl for 2017,
NGL w/ $60/bbl for 2018 then $65/bbl to life
Condensate Residue
Ethane
(Mbbls) (mmcf)
(Mbbls)
with no escalation
1 Year 40 3,569 148
NGL is average price including ethane
2 Years 58 5,178 215 with escalation
3 Years 70 6,273 261
5 Years 88 7,810 325
Strip dated 12/30/16 with 10-year
average $56.51/bbl and $3.17/mcf
10 Years 114 10,167 423
20 Years 139 12,354 514
EUR 149 13,283 552

39
 Upper Red - Average Production by Year Time Zero

4500

4000

3500

3000
MCFED / 1,000' LL

2500

2000

1500

1000

500

0
1 51 101 151 201 251 301 351
Days

RRC Terryville Upper Red TC Upper Red 2015-2016 Actual Production

40
North Louisiana Lower Red 2017 Well Economics
North Louisiana Lower Red
220,000 Net Acres NYMEX Rate of
EUR / 1,000 ft. 1.58 Bcfe Gas Price Return
EUR 11.8 Bcfe Strip - 40%
(119 Mbbls condensate, 378 Mbbls NGLs & 8.9 Bcf gas)

Drill and Complete Capital $7.7 MM $3.00 - 36%

($1,027 K per 1,000 ft.)

Average Lateral Length 7,500 ft. Includes current and expected

differentials less gathering and
F&D - $0.65/mcfe transportation costs
Estimated Cumulative Recovery for
For flat pricing natural gas case, oil
2017 Production Forecast
price assumed to be $50/bbl for 2017,
NGL w/ $60/bbl for 2018 then $65/bbl to life
Condensate Residue
Ethane
(Mbbls) (mmcf)
(Mbbls)
with no escalation
1 Year 28 2,044 87
NGL is average price including ethane
2 Years 40 2,987 128 with escalation
3 Years 49 3,638 155
5 Years 62 4,563 195
Strip dated 12/30/16 with 10-year
average $56.51/bbl and $3.17/mcf
10 Years 81 6,014 257
20 Years 103 7,619 325
EUR 119 8,862 378

41
 Lower Red Average Production by Year Time Zero

4000

3500

3000

2500
MCFED / 1,000' LL

2000

1500

1000

500

0
1 51 101 151 201 251 301 351 401 451 501 551 601 651 701
Days
RRC Terryville Lower Red 2017 TC Lower Red Actual Production

42
2016 Reserves and Resource Potential Summary

Proved reserves of 12.1 Tcfe as of year Track Record of Reserve Growth

end 2016
14

12
Proved reserves increased ~11% y/y

Total Proved Reserves in Tcfe

excluding acquisitions and divestitures 10

292% reserve replacement from drilling 6

activities 4

Future development costs for proved 0

2008 2009 2010 2011 2012 2013 2014 2015 2016
undeveloped reserves are estimated to be
$0.42 per Mcfe
2016 Reserve Mix
Resource potential estimated to be ~100 Condensate, 4%
Tcfe, not including the Utica

Over 8,000 total drilling locations, not

including the Utica NGL, 31%

Natural Gas, 65%

43
Track Record of Impressive Reserve Replacement at Low Cost

3-Year 5-Year
Reserve Replacement 2012 2013 2014 2015 2016
Average (3) Average (3)
All sources excluding PUD
removals(1) 680% 745% 793% 436% 563% 585% 509%

All sources (2) 680% 636% 649% 207% 516% 509% 448%

Finding Costs

Drill bit only

$0.76 $0.47 $0.44 $0.37 $0.30 $0.38 $0.46
without acreage(1)

Drill bit only

$0.86 $0.52 $0.51 $0.40 $0.31 $0.42 $0.51
with acreage(1)

All sources
excluding PUD removals(2) $0.86 $0.52 $0.54 $0.40 $xx $0.50 $0.61

All sources(2) $0.76 $0.61 $0.67 $0.84 $xx $0.68 $0.75

(1) Includes performance and price revisions, excludes SEC required PUD removal due to 5-year rule
(2) From all sources, including price, performance and SEC required PUD removal due to 5-year rule
(3) Percentages shown are compounded annual growth rate

44
Gas in Place (GIP) Marcellus Shale

GIP is a function of pressure,

temperature, thermal maturity,
porosity, hydrocarbon
saturation and net thickness

Two core areas have been

developed in the Marcellus

Condensate and NGLs are in

gaseous form in the reservoir

Note: Townships where Range holds ~2,000+ acres (as of January 2017) and estimated as prospective, are outlined green. GIP Range estimates.

45
Gas in Place (GIP) Utica/Point Pleasant

Bold, outlined portion represents

the area of the highest pressure
gradients in the Point Pleasant

Note: Townships where Range holds ~2,000+ acres (as of January 2017) and estimated as prospective, are outlined green. GIP Range estimates.

46
Gas in Place (GIP) Upper Devonian

The greatest GIP in the Upper

Devonian is found in SW PA
A significant portion of the GIP in
the Upper Devonian is located in
the wet gas window

Note: Townships where Range holds ~2,000+ acres (as of January 2017) and estimated as prospective, are outlined green. GIP Range estimates.

47
Announced Appalachian Basin Takeaway Projects 1 of 2
Capacity Fully Approved or
Northeast PA Operator Main Line Market Start-up* Bcf/d Committed with FERC
2015 Niagara Expansion Kinder Morgan TGP Canada Q4'15 0.2 Y Y
Northern Access 2015 NFG National Fuel Canada Q4'15 0.1 Y Y
Leidy Southeast Williams Transco Mid-Atlantic/SE Q4'15 0.5 Y Y
East Side Expansion Nisource Columbia Mid-Atlantic/SE Q4'15 0.3 Y Y
2016 Algonquin AIM Spectra Algonquin NE Q4'16 0.4 Y Y
2017 Northern Access 2016 NFG National Fuel Canada H2'17 0.4 Y Y
Atlantic Bridge Spectra Algonquin NE H2'17 0.7 N Y
2018 Atlantic Sunrise Williams Transco Mid-Atlantic/SE H1'18 1.7 Y Y
PennEast AGT NE H218 1.0 Y Y
Constitution Williams Constitution NE H218 0.7 Y Y

Capacity Fully Approved or

Southwest Operator Main Line Market Start-up Bcf/d Committed with FERC
2015 REX Zone 3 Full Reversal Tall Grass REX Midwest Q2'15 1.2 Y Y
TGP Backhaul / Broad Run Kinder Morgan TGP Gulf Coast Q4'15 0.6 Y Y
TETCO OPEN Spectra TETCO Gulf Coast Q4'15 0.6 Y Y
Uniontown to Gas City Spectra TETCO Midwest Q3'15 0.4 Y Y
2016 Gulf Expansion Ph1 Spectra TETCO Gulf Coast Q4'16 0.3 Y Y
Clarington West Expansion Tall Grass REX Midwest Q4'16 1.6 N N
Zone 3 Capacity Enhancement Tall Grass REX Midwest Q4'16 0.8 Y Y

* Start-up dates reflect announced operator in-service dates

Note: Data subject to change as projects are approved and built.
Highlighted projects where Range is participating.

48
Announced Appalachian Basin Takeaway Projects 2 of 2
Capacity Fully Approved or
Southwest Operator Main Line Market Start-up* Bcf/d Committed with FERC
Midwest/Canada/
Rover Ph1 ETP Q2'17 1.9 Y Y
2017 Gulf Coast
Rayne/Leach Xpress Columbia Columbia Gulf Coast Q3'17 1.5 Y Y
Midwest/Canada/
Rover Ph2 ETP Q3'17 1.3 Y Y
Gulf Coast
Adair SW Spectra TETCO Gulf Coast Q4'17 0.2 Y Y
Access South Spectra TETCO Gulf Coast Q4'17 0.3 Y Y
Gulf Expansion Ph2 Spectra TETCO Gulf Coast Q4'17 0.4 Y Y
NEXUS Spectra Midwest/Canada Q4'17 1.5 Y Y
ANR Utica Transcanada ANR Midwest/Canada Q4'17 0.6 N N
Cove Point LNG Dominion NE Q4'17 0.7 Y Y
SW Louisiana Kinder Morgan TGP Gulf Coast Q118 0.9 Y Y
2018 TGP Backhaul / Broad Run Expansion Kinder Morgan TGP Gulf Coast Q218 0.2 Y Y
Mountain Valley NextEra/EQT Mid-Atlantic/SE Q4'18 2.0 Y Y
Western Marcellus Williams Transco Mid-Atlantic/SE Q4'18 1.5 N N
Gulf Xpress Columbia Columbia Gulf Coast Q418 0.9 Y Y
2019 Atlantic Coast Duke/Dominion Mid-Atlantic/SE Q2'19 1.5 Y Y

Over 14 Bcf/d of Takeaway Projects Post-2016 in SW Marcellus

Note: Data subject to change as projects are approved and built.

* Start-up dates reflect announced operator in-service dates Highlighted projects where Range is participating.

49
Mariner East: Opening New Lanes

Only producer with current capacity on

Mariner East

Historic first shipments of ethane from U.S. to

Europe

Optionality of selling propane internationally

or in local markets

Improved ethane and propane netbacks

First VLGC Loading of Range Propane for Export

50
Financial Detail
Range Bonds Continue to Trade Well

Source: Bloomberg as of 2/21/2017

52
Natural Gas Hedging Status

Volumes Average Floor Average

Time Period Hedged Price Ceiling Price
(Mmbtu/day) ($/Mmbtu) ($/Mmbtu)

1Q17 Swaps 819,167 $3.17 $3.17

2Q17 Swaps 818,764 $3.16 $3.16
3Q17 Swaps 841,196 $3.19 $3.19
Gas Swaps
4Q17 Swaps 841,196 $3.19 $3.19
1Q18 Swaps 830,000 $3.42 $3.42
2Q-4Q18 Swaps 220,000 $2.97 $2.97

1Q17 96,667 $3.57 $4.26

2Q17 126,264 $3.47 $4.14
Gas Collars 3Q17 122,609 $3.45 $4.11
4Q17 122,609 $3.45 $4.11

1Q17 166,667 $3.47 ($0.31)1

2Q17 164,835 $3.47 ($0.31)1
Gas Puts $3.50 ($0.32)1 No Ceiling
3Q17 185,870
4Q17 185,870 $3.50 ($0.32)1

*As of 2/17/2017
1) Notes deferred premium on puts

53
Oil Hedging Status

Volumes Average Floor Average

Time Period Hedged Price Ceiling Price
(bbl/day) ($/bbl) ($/bbl)

1Q17 Swaps 8,833 $55.26 $55.26

2Q17 Swaps 8,824 $55.23 $55.23
Oil Swaps 3Q17 Swaps 8,761 $56.38 $56.38
4Q17 Swaps 8,761 $56.38 $56.38
FY18 Swaps 3,000 $54.36 $54.36

*As of 2/17/2017

54
Natural Gas Liquids Hedging Status

Volumes Hedged Hedged Price

Time Period
(bbls/day) ($/gal)

1Q17 Swaps 3,000 $0.27

2Q17 Swaps 3,000 $0.27
Ethane (C2)
3Q17 Swaps 3,000 $0.27
4Q17 Swaps 3,000 $0.27

1Q17 Swaps 14,215 $0.56

2Q17 Swaps 14,036 $0.56
Propane (C3)(a) 3Q17 Swaps 13,826 $0.56
4Q17 Swaps 13,826 $0.56
FY18 Swaps 7,199 $0.61
1Q17 Swaps 7,672 $0.74
2Q17 Swaps 7,750 $0.74
Normal Butane (NC4) 3Q17 Swaps 7,750 $0.74
4Q17 Swaps 7,750 $0.74
FY18 Swaps 4,250 $0.81
1Q17 Swaps 5,250 $1.06
2Q17 Swaps 5,250 $1.06
Natural Gasoline (C5) 3Q17 Swaps 5,250 $1.06
4Q17 Swaps 5,250 $1.06
FY18 Swaps 1,500 $1.19

*As of 2/16/2017 (a) incorporates international propane spreads

55
Macro Section
Significant Natural Gas Demand Growth Projected

LONG-TERM US NATURAL GAS DEMAND ROADMAP (BCF/D)

Cumulative
2017 2018 2019 2020
2017-2020
LNG Exports
Sabine Pass 1.2 0.7 1.9
Freeport 0.5 1.0 1.5
Cove Point 0.8 0.8
Cameron 1.2 0.6 1.8
Corpus Christi 1.6 1.6
LNG Sub-Total 1.2 2.6 3.9 0 7.6

Mexico/Canada Exports
Mexico Net Exports 0.5 0.5 0.4 0.4 1.8
Canada net Exports 0.1 0.1 0.1 0.1 0.4
Mexico/Canada Sub-Total 0.6 0.6 0.5 0.5 2.2

Power Generation
Coal Plant Retirements 0.3 0.1 0.0 0.3 0.7
Nuclear Retirements - 0.1 0.1 0.2 0.4
Incremental Electricity Demand 0.1 0.1 0.2 0.2 0.6
Power Generation Sub-Total 0.4 0.4 0.3 0.7 1.7

Industrial
Methanol - - - - -
Ethylene 0.3 0.1 0.2 0.2 0.8
Ammonia - 0.1 - 0.1 0.2
Industrial Sub-Total 0.3 0.1 0.1 0.2 1.0

Transportation
New Fueling Opportunities - - - - -
Transportation Sub-Total - - - - -

2017 2018 2019 2020 2020

Total 2.5 3.8 4.9 1.4 12.6

Note: Research report dated 01/12/2017. Totals may not sum due to rounding

57
U.S. Natural Gas Exports to Mexico Expected to Increase

Source: Raymond James Energy Research Report Dated 12/19/2016

58
 Non-Appalachian Gas Basins
Growth by Area

6.0%

4.0%

2.0%
Year over Year % Growth

0.0%

-2.0%

-4.0%

-6.0%

-8.0%

-10.0%

Source: Bentek, EIA as of January 2017

59
Appalachian Pipeline Flow Data by Region (Mcf/d)

Production plateauing
NE PA production limited by infrastructure
DUC inventory declining

Source: RS Energy Group, raw data from Ventyx Velocity Suite and Bloomberg, as of February 2017

60
 Total U.S. Natural Gas Production
Growth by Area

12.0%

10.0%

8.0%

6.0%
Year over Year % Growth

4.0%

2.0%

0.0%

-2.0%

-4.0%

-6.0%

-8.0%

Source: Bentek, EIA as of January 2017

61
 10
20
30
40
60

50

0
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14

Source: RigData as of February 2017

Apr-14

from the 2014 peak

Jul-14
Oct-14

Marcellus rig count down 54%

Jan-15
Apr-15
Utica / Point Pleasant

30
60
90

0
120
150
Jul-15
Jan-12
Oct-15
Appalachian Rig Counts Remain Low

Apr-12
Jan-16
Jul-12
Apr-16
Oct-12
Jul-16
Jan-13
Oct-16
Apr-13
Jan-17
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Marcellus

Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Oct-16
62

Jan-17
Utica/Point Pleasant rig count
down 63% from the peak in 2014
What Does the Futures Strip Price Indicate for Regional Basis?

Dawn
2016 +$0.30
2020 -$0.01

Algonquin
2016 +$2.24
MichCon Leidy 2020 +$0.99
Chicago CG 2016 +$0.19 2016 -$1.15
2016 +$0.15 2020 -$0.07 2020 -$0.70 Transco Z6 (NY)
2020 -$0.05 2016 +$1.01
2020 +$0.96
Dom South
2016 -$1.21 Transco Z6 (NNY)
2020 -$0.69 2016 +$0.51
2020 +$0.34
TETCO M3
TCO Pool 2016 -$0.44
2016 -$0.12 2020 -$0.14
2020 -$0.32 Northeast anticipated
takeaway projects should
improve future basis in the
Appalachian Basin
CG Mainline Transco Z4
2016 -$0.07 2016 -$0.01 Prices $/Mmbtu
2020 -$0.06 2020 $0.00 Source: Bloomberg, Inside-FERC Basis (02/16/17)

63
Contact Information

Range Resources Corporation

100 Throckmorton St., Suite 1200
Fort Worth, Texas 76102

Laith Sando, Vice President Investor Relations

(817) 869-4267
lsando@rangeresources.com

David Amend, Investor Relations Manager

(817) 869-4266
damend@rangeresources.com

Michael Freeman, Senior Financial Analyst

(817) 869-4264
mfreeman@rangeresources.com

Josh Stevens, Financial Analyst

(817) 869-1564
jrstevens@rangeresources.com

www.rangeresources.com

64