Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

~~269,797,334~~241,286,325 ~~Common Shares~~shares of common stock were outstanding on April ~~22,~~21, ~~2022~~2023

Unless the context otherwise indicates, all references in this report to “Range Resources,” “Range,” “we,” “us,” or “our” are to Range Resources Corporation and its directly and indirectly owned subsidiaries. For certain industry specific terms used in this Form 10-Q, please see “Glossary of Certain Defined Terms” in our ~~2021~~2022 Annual Report on Form 10-K.

The accompanying notes are an integral part of these consolidated financial statements.

Weighted average common shares ~~outstanding-basic~~outstanding − basic for first quarter ~~2022~~2023 excludes ~~6.2~~5.6 million shares of restricted stock held in our deferred compensation plan compared to 6.2 million shares in first quarter ~~2021~~2022 (although all awards are issued and outstanding upon grant). For the three months ended March 31, 2023, equity grants of 4,000 shares were outstanding but not included in the computation of diluted net income because the grant prices were greater than the average market price of the common shares and would be anti-dilutive to the computations. Due to our net loss infor first quarter 2022, we excluded all ~~outstanding~~ equity grants from the computation of ~~diluted~~net loss per share because the effect would have been anti-dilutive to the computations. ~~For first quarter 2021, equity grants of~~ ~~88,000~~ were outstanding but not included in the computation of diluted net income per share because the grant prices were greater than the average market price of our common shares and would be anti-dilutive to the computation. Non-vested restricted stock and performance based equity awards are included in the computation using the treasury stock method with the deemed proceeds equal to the average unrecognized compensation during the period.

Our bank credit facility contains negative covenants that limit our ability, among other things, to pay cash dividends, incur additional indebtedness, sell assets, enter into certain hedging contracts, change the nature of our business or operations, merge, consolidate or make certain investments. ~~Through March 31, 2022, we were~~We are required to maintain a maximum consolidated debt to EBITDAX ratio ~~of EBITDAX~~ (as defined in the bank credit facility agreement) ~~to cash interest expense~~ of ~~equal to or greater than~~ ~~2.5~~3.75x and a minimum current ratio (as defined in the bank credit facility agreement) of ~~no less than~~ 1.0~~. In addition, the ratio of the present value of proved reserves (as defined in the bank credit facility agreement) to total debt must be equal to or greater than~~ ~~1.5~~ ~~until Range has two investment grade ratings.~~x. We were in compliance with applicable covenants under the bank credit facility atas of and for the three months ended March 31, ~~2022.~~2023.

(9)(9) ASSET RETIREMENT OBLIGATIONS

Our asset retirement obligations primarily represent the estimated present value of the amounts we will incur to plug, abandon and remediate our producing properties at the end of their productive lives. Significant inputs used in determining such obligations include estimates of plugging and abandonment costs, estimated future inflation rates and well lives. The inputs are calculated based on historical data as well as current estimated costs.A reconciliation of our liability for plugging and abandonment costs for ~~the~~ three months ended March 31, ~~2022~~2023 and the year ended December 31, ~~2021~~2022 is as follows (in thousands):

Three Months
Ended
March 31,
2022

Year
Ended
December 31,
2021

Beginning of period

$
95,836

$
79,822

Liabilities incurred

1,339

73

Liabilities settled

(1,809
)

(8,197
)
Accretion expense

1,520

5,511

Change in estimate

37

18,627

End of period

96,923

95,836

Less current portion

(5,310
)

(5,310
)
Long-term asset retirement obligations

$
91,613

$
90,526


	Three Months Ended March 31, 2023			Year Ended December 31, 2022
Beginning of period	$	109,851		$	95,836
Liabilities incurred		920			2,589
Liabilities settled		(104	)		(10,650	)
Accretion expense		1,455			6,569
Change in estimate		(129	)		15,507
End of period		111,993			109,851
Less current portion		(4,570	)		(4,570	)
Long-term asset retirement obligations	$	107,423		$	105,281

Accretion expense is recognized as a component of depreciation, depletion and amortization expense in the accompanying consolidated statements of operations.

(10) DERIVATIVE ACTIVITIES

We use commodity-based derivative contracts to manage exposure to commodity price fluctuations. We do not enter into these arrangements for speculative or trading purposes. We utilize commodity swaps, collars or three-way collars ~~or swaptions~~ to (1) reduce the effect of price volatility of the commodities we produce and sell and (2) support our annual capital budget and ~~expenditure~~investment plans. The fair value of our derivative contracts, represented by the estimated amount that would be realized upon termination, based on a comparison of the contract price and a reference price, generally the New York Mercantile Exchange (NYMEX) for natural gas and crude oil or Mont Belvieu for NGLs, approximated a net ~~loss~~gain of $~~989.8~~249.6 million at March 31, ~~2022.~~2023. These contracts expire monthly through December 2024.The following table sets forth our commodity-based derivative volumes by year as of March 31, ~~2022,~~2023, excluding our basis swaps and divestiture contingent consideration which are discussed separately below:

Period

Contract Type

Volume Hedged

Weighted Average Hedge Price

Swap

Sold Put

Floor

Ceiling
Natural Gas (1)

2022

Swaps

496,655 Mmbtu/day

$
3.10

2022

Collars

278,073 Mmbtu/day

$
3.31

$
3.72
2022

Three-way Collars

217,745 Mmbtu/day

$
2.30

$
2.84

$
3.45
2023

Swaps

260,000 Mmbtu/day

$
3.41

2023

Collars

234,932 Mmbtu/day

$
3.28

$
4.31
2023

Three-way Collars

149,863 Mmbtu/day

$
2.28

$
3.30

$
4.28
2024

Collars

200,000 Mmbtu/day

$
3.00

$
4.26

Crude Oil

2022

Swaps

6,833 bbls/day

$
61.90

2023

Swaps

5,123 bbls/day

$
71.39

NGLs (C2-Ethane)

April-June 2022

Swaps

2,681 bbls/day

$
0.41/gallon

NGLs (C3-Propane)

April-June 2022

Swaps

3,989 bbls/day

$
1.24/gallon

NGLs (NC4-Butane)

April-June 2022

Swaps

3,000 bbls/day

$
1.50/gallon

NGLs (C5-Natural Gasoline)

2022

Swaps

2,331 bbls/day

$
1.78/gallon

2022

Collars

1,530 bbls/day

$
1.77/gallon

$
1.88/gallon


~~(1)~~	~~We also sold natural gas call swaptions of~~ ~~100,000~~ ~~Mmbtu/day for 2023 at a weighted average price of $3.21~~ ~~Mmbtu/day.~~


Period	Contract Type	Volume Hedged	Weighted Average Hedge Price
			Swap			Sold Put	Floor		Ceiling
Natural Gas
2023	Swaps	354,636 Mmbtu/day	$	3.48
2023	Collars	261,091 Mmbtu/day					$	3.40	$	4.52
2023	Three-way Collars	176,400 Mmbtu/day			$	2.59	$	3.62	$	4.71
2024	Swaps	150,000 Mmbtu/day	$	4.46
2024	Collars	429,235 Mmbtu/day					$	3.51	$	5.65

Crude Oil
2023	Swaps	5,000 bbls/day	$	71.28
January-September 2024	Collars	832 bbls/day					$	80.00	$	90.12

Every derivative instrument is required to be recorded on the balance sheet as either an asset or a liability measured at its fair value. We recognize all changes in fair value of these derivatives as earnings in derivative fair value income or loss in the periods in which they occur.

Basis Swap Contracts

In addition to the swaps ~~collars~~ and ~~swaptions~~collars described above, at March 31, ~~2022,~~2023, we had natural gas basis swap contracts which lock in the differential between NYMEX Henry Hub and certain of our physical pricing indices. These contracts settle monthly through December ~~2024~~2026 and include a total volume of ~~187,405,000~~366,702,500 Mmbtu. The fair value of these contracts was a ~~gain~~loss of $~~22.5~~50.3 million at March 31, ~~2022.~~2023.

Divestiture Contingent Consideration

In addition to the derivatives described above, our right to receive contingent consideration in conjunction with the sale of our North Louisiana assets in third quarter 2020 was determined to be a derivative financial instrument that is not designated as a hedging instrument. The remaining contingent consideration of up to $~~45.5~~21.0 million is based on future achievement of natural gas and oil prices based on published indexes and realized NGLs prices of the buyer for ~~the years 2022 and~~ 2023. All changes in the fair value are recognized as a gain or loss in earnings in the period they occur in derivative fair value income or loss in our consolidated statements of operations. For first three months ~~2022,~~2023, this fair value has ~~increased~~decreased $~~8.1~~3.9 million for a fair value of $~~34.8~~9.2 million as of March 31, ~~2022.~~2023. We currently expect to receive $24.5 million for the year ended December 31, 2022 which is reflected in current assets in the accompanying consolidated balance sheet.

Derivative Assets and Liabilities

The combined fair value of derivatives included in the accompanying consolidated balance sheets as of March 31, ~~2022~~2023 and December 31, ~~2021~~2022 is summarized below. The assets and liabilities are netted where derivatives with both gain and loss positions are held by a single counterparty and we have master netting arrangements. The tables below provide additional information relating to our master netting arrangements with our derivative counterparties (in thousands):


		March 31, 2022								March 31, 2023
		Gross Amounts of Recognized Assets		Gross Amounts Offset in the Balance Sheet			Net Amounts of Assets Presented in the Balance Sheet			Gross Amounts of Recognized Assets		Gross Amounts Offset in the Balance Sheet			Net Amounts of Assets Presented in the Balance Sheet
Derivative assets:
Natural gas	–basis swaps	$	27,129	$	(23,113	)	$	4,016	–swaps	$	115,921	$	(7,004	)	$	108,917
									–collars		121,369		(6,030	)		115,339
									–three-way collars		28,338		—			28,338
									–basis swaps		5,162		(33,474	)		(28,312	)
Crude oil									–swaps		—		(4,525	)		(4,525	)
									–collars		2,464		—			2,464
Divestiture contingent consideration	Divestiture contingent consideration		34,760		0			34,760	Divestiture contingent consideration		9,160		—			9,160
		$	61,889	$	(23,113	)	$	38,776		$	282,414	$	(51,033	)	$	231,381


		March 31, 2023
		Gross Amounts of Recognized (Liabilities)			Gross Amounts Offset in the Balance Sheet		Net Amounts of (Liabilities) Presented in the Balance Sheet
Derivative (liabilities):
Natural gas	–swaps	$	(7,004	)	$	7,004	$	—
	–collars		(6,950	)		6,030		(920	)
	–basis swaps		(55,434	)		33,474		(21,960	)
Crude oil	–swaps		(4,525	)		4,525		—
		$	(73,913	)	$	51,033	$	(22,880	)


		March 31, 2022										December 31, 2022
		Gross Amounts of Recognized (Liabilities)			Gross Amounts Offset in the Balance Sheet		Net Amounts of (Liabilities) Presented in the Balance Sheet					Gross Amounts of Recognized Assets		Gross Amounts Offset in the Balance Sheet			Net Amounts of Assets Presented in the Balance Sheet
Derivative (liabilities):
Derivative assets:
Natural gas	–swaps	$	(447,051	)	$	0	$	(447,051	)		–swaps	$	19,438	$	(6,236	)	$	13,202
	–swaptions		(45,871	)		0		(45,871	)		–collars		54,222		(45,452	)		8,770
	–collars		(220,908	)		0		(220,908	)		–three-way collars		12,424		(12,424	)		—
	–three-way collars		(174,458	)		0		(174,458	)		–basis swaps		25,493		(20,437	)		5,056
Crude oil											–collars		1,807		—			1,807
Divestiture contingent consideration										Divestiture contingent consideration			13,080		—			13,080
	–basis swaps		(4,677	)		23,113		18,436				$	126,464	$	(84,549	)	$	41,915
Crude oil	–swaps		(80,270	)		0		(80,270	)
NGLs	–C2 ethane swaps		(202	)		0		(202	)
	–C3 propane swaps		(2,048	)		0		(2,048	)
	–NC4 butane swaps		(1,640	)		0		(1,640	)
	–C5 natural gasoline swaps		(11,849	)		0		(11,849	)
	–C5 natural gasoline collars		(5,481	)		0		(5,481	)
		$	(994,455	)	$	23,113	$	(971,342	)

December 31, 2021

Gross
Amounts
of Recognized
Assets

Gross
Amounts
Offset in the
Balance Sheet

Net Amounts of
Assets Presented
in the Balance Sheet

Derivative assets:

Natural gas
–swaps

$
22,491

$
(18,111
)

$
4,380

–collars

12,378

(8,600
)

3,778

–three-way collars

12,234

(8,449
)

3,785

–basis swaps

18,092

(10,487
)

7,605

Crude oil
–swaps

368

(2,153
)

(1,785
)
NGLs
–C3 propane spread

4,153

(4,153
)

0

–C5 natural gasoline swaps

266

(363
)

(97
)

–C5 natural gasoline collars

221

(221
)

0

Freight
–swaps

114

(81
)

33

Divestiture contingent consideration

26,640

0

26,640

$
96,957

$
(52,618
)

$
44,339


		December 31, 2021									December 31, 2022
		Gross Amounts of Recognized (Liabilities)			Gross Amounts Offset in the Balance Sheet		Net Amounts of (Liabilities) Presented in the Balance Sheet				Gross Amounts of Recognized (Liabilities)			Gross Amounts Offset in the Balance Sheet		Net Amounts of (Liabilities) Presented in the Balance Sheet
Derivative (liabilities):
Natural gas	–swaps	$	(121,759	)	$	18,111	$	(103,648	)	–swaps	$	(115,374	)	$	6,236	$	(109,138	)
	–swaptions		(11,149	)		0		(11,149	)	–collars		(72,866	)		45,452		(27,414	)
	–collars		(16,579	)		8,600		(7,979	)	–three-way collars		(24,341	)		12,424		(11,917	)
	–three-way collars		(37,166	)		8,449		(28,717	)	–basis swaps		(24,972	)		20,437		(4,535	)
Crude oil										–swaps		(13,908	)		—		(13,908	)
	–calls		(61	)		0		(61	)		$	(251,461	)	$	84,549	$	(166,912	)
	–basis swaps		(2,064	)		10,487		8,423
Crude oil	–swaps		(27,252	)		2,153		(25,099	)
NGLs	–C3 propane spread		(4,030	)		4,153		123
	–C5 natural gasoline swaps		(2,048	)		363		(1,685	)
	–C5 natural gasoline collars		(1,493	)		221		(1,272	)
Freight	–swaps		0			81		81
		$	(223,601	)	$	52,618	$	(170,983	)

The effects of our derivatives on our consolidated statements of operations are summarized below (in thousands):


	Derivative Fair Value (Loss) Income						Derivative Fair Value Income (Loss)
	Three Months Ended March 31,						Three Months Ended March 31,
	2022			2021			2023			2022
Commodity swaps	$	(521,355	)	$	(52,764	)	$	209,092		$	(521,355	)
Swaptions		(34,723	)		2,657			—			(34,723	)
Three-way collars		(179,926	)		873			50,814			(179,926	)
Collars		(232,292	)		(13,288	)		160,571			(232,292	)
Calls		(1,363	)		(775	)		—			(1,363	)
Basis swaps		22,515			2,155			(48,590	)		22,515
Freight swaps		(33	)		(667	)		—			(33	)
Divestiture contingent consideration		8,120			3,930			(3,920	)		8,120
Total	$	(939,057	)	$	(57,879	)	$	367,967		$	(939,057	)

(11) FAIR VALUE MEASUREMENTS

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There are three approaches for measuring the fair value of assets and liabilities: the market approach, the income approach and the cost approach, each of which includes multiple valuation techniques. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to measure fair value by converting future amounts, such as cash flows or earnings, into a single present value amount using current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace the service capacity of an asset. This is often referred to as current replacement cost. The cost approach assumes that the fair value would not exceed what it would cost a market participant to acquire or construct a substitute asset of comparable utility, adjusted for obsolescence.

The fair value accounting standards do not prescribe which valuation technique should be used when measuring fair value and does not prioritize among the techniques. These standards establish a fair value hierarchy that prioritizes the inputs used in applying the various valuation techniques. Inputs broadly refer to the assumptions that market participants use to make pricing decisions, including assumptions about risk. Level 1 inputs are given the highest priority in the fair value hierarchy while Level 3 inputs are given the lowest priority. The three levels of the fair value hierarchy are as follows:

•

Level 1 – Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

•

Level 2 – Observable market-based inputs or unobservable inputs that are corroborated by market data. These are inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

•

Level 3 – Unobservable inputs for which there is little, if any, market activity for the asset or liability being measured. These inputs reflect management’s best estimates of the assumptions market participants would use in determining fair value. Our Level 3 measurements consist of instruments using standard pricing models and other valuation methods that utilize unobservable pricing inputs that are significant to the overall fair value.

Valuation techniques that maximize the use of observable inputs are favored. Assets and liabilities are classified in their entirety based on the lowest priority level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement of assets and liabilities within the levels of the fair value hierarchy.

~~Significant uses of fair value measurements include:~~

•

~~impairment assessments of long-lived assets; and~~

•

~~recorded value of derivative instruments and trading securities.~~

The need to test long-lived assets can be based on several indicators, including a significant reduction in prices of natural gas, oil and condensate, NGLs, unfavorable adjustments to reserves, significant changes in the expected timing of production, other changes to contracts or changes in the regulatory environment in which a property is located.

Fair Values – Recurring

We use a market approach for our recurring fair value measurements and endeavor to use the best information available. The following tables present the fair value hierarchy for assets and liabilities measured at fair value, on a recurring basis (in thousands):


		Fair Value Measurements at March 31, 2022 using:												Fair Value Measurements at March 31, 2023 using:
		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Carrying Value as of March 31, 2022				Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total Carrying Value as of March 31, 2023
Trading securities held in the deferred compensation plans	Trading securities held in the deferred compensation plans	$	71,184	$	0		$	0		$	71,184		Trading securities held in the deferred compensation plans	$	66,135	$	—		$	—	$	66,135

Commodity price derivatives	–swaps		0		(543,060	)		0			(543,060	)	–swaps		—		104,392			—		104,392
	–collars		0		(220,908	)		(5,481	)		(226,389	)	–collars		—		116,883			—		116,883
	–three-way collars		0		(174,458	)		0			(174,458	)	–three-way collars		—		28,338			—		28,338
	–basis swaps		0		22,452			0			22,452		–basis swaps		—		(50,272	)		—		(50,272	)
	–swaptions		0		0			(45,871	)		(45,871	)
Divestiture contingent consideration	Divestiture contingent consideration		0		34,760			0			34,760		Divestiture contingent consideration		—		9,160			—		9,160


		Fair Value Measurements at December 31, 2021 using:												Fair Value Measurements at December 31, 2022 using:
		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Carrying Value as of December 31, 2021				Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total Carrying Value as of December 31, 2022
Trading securities held in the deferred compensation plans	Trading securities held in the deferred compensation plans	$	69,606	$	0		$	0		$	69,606		Trading securities held in the deferred compensation plans	$	57,717	$	—		$	—	$	57,717

Commodity price derivatives	–swaps		0		(127,934	)		0			(127,934	)	–swaps		—		(109,844	)		—		(109,844	)
	–calls		0		(61	)		0			(61	)	–collars		—		(16,837	)		—		(16,837	)
	–collars		0		(4,201	)		(1,272	)		(5,473	)	–three-way collars		—		(11,917	)		—		(11,917	)
	–three-way collars		0		(24,932	)		0			(24,932	)	–basis swaps		—		521			—		521
	–basis swaps		0		16,151			0			16,151
	–swaptions		0		0			(11,149	)		(11,149	)
Derivatives	–freight swaps		0		114			0			114
Divesture contingent consideration	Divesture contingent consideration		0		26,640			0			26,640		Divesture contingent consideration		—		13,080			—		13,080

Our trading securities in Level 1 are exchange-traded and measured at fair value with a market approach using end of period market values. Derivatives in Level 2 are measured at fair value with a market approach using third-party pricing services which have been corroborated with data from active markets or broker quotes. As of March 31, 2022, a portion of our natural gas and oil derivative instruments contain swaptions where the counterparty has the right, but not the obligation, to enter into a fixed price swap on a pre-determined date. If exercised, the swaption contract becomes a swap treated consistently with our fixed-price swaps. In addition to our swaptions in Level 3 at March 31, 2022, we have NGLs collars. Derivatives in Level 3 are also measured at fair value with a market approach using third-party pricing services which have been corroborated with data from active markets or broker quotes. However, the subjectivity

Trading securities. Our trading securities held in the ~~volatility factors utilized can cause a significant change~~deferred compensation plan are accounted for using the mark-to- market accounting method and are included in other assets in the accompanying consolidated balance sheets. We elected to adopt the fair value ~~measurement of~~option to simplify our ~~derivatives~~accounting for the investments in ~~Level 3~~our deferred compensation plan. Interest, dividends, and ~~is considered a significant unobservable input. At March 31, 2022, for our swaptions, we used a weighted average implied volatility of~~ 36~~% for natural gas. We also utilized a range of implied volatilities from~~ 44~~% to~~ 77~~% for our NGLs collars with a weighted average implied volatility of~~ 56%. ~~The following is a reconciliation of the beginning and ending balances for derivative instruments classified as Level 3~~mark-to-market gains or losses are included in deferred compensation plan expense in the ~~fair value hierarchy (in thousands):~~accompanying consolidated statements of operations. For first quarter 2023, interest and dividends were $179,000

and the mark-to-market adjustment was a gain of $3.1 million compared to interest and dividends of $115,000 and a mark-to-market loss of $4.3 million in first quarter 2022.

1716


	As of March 31, 2022
~~Balance at December 31, 2021~~	$	(~~12,420~~	)
~~Total losses:~~
~~Included in earnings~~		(~~28,105~~	)
~~Additions~~		(~~12,320~~	)
~~Settlements~~		~~1,493~~
~~Transfers out of Level 3~~		0
~~Balance at March 31, 2022~~	$	(~~51,352~~	)

Divestiture Contingent Consideration. In August 2020, we completed the sale of our North Louisiana assets where we are entitled to receive contingent consideration based on future achievement of natural gas and oil prices based on published indexes along with NGLs prices based on the realized NGLs prices of the buyer. We used an option pricing model to estimate the fair value of the contingent consideration using significant Level 2 inputs that include quoted future commodity prices based on active markets.

~~Trading securities.~~ Our trading securities held in the deferred compensation plan are accounted for using the mark-to- market accounting method and are included in other assets in the accompanying consolidated balance sheets. We elected to adopt the fair value option to simplify our accounting for the investments in our deferred compensation plan. Interest, dividends, and mark-to-market gains or losses are included in deferred compensation plan expense in the accompanying consolidated statements of operations. For first quarter 2022, interest and dividends were $~~115,000~~ ~~and the mark-to-market adjustment was a loss of $4.3~~ ~~million compared to interest and dividends of $109,000~~ ~~and a mark-to-market gain of $2.0~~ ~~million in first quarter 2021.~~

Fair Values – Reported

The following presents the carrying amounts and the fair values of our financial instruments as of March 31, ~~2022~~2023 and December 31, ~~2021~~2022 (in thousands):

March 31, 2022

December 31, 2021

Carrying
Value

Fair
Value

Carrying
Value

Fair
Value

Assets:

Commodity swaps, collars and basis swaps

$
4,016

$
4,016

$
17,699

$
17,699

Divestiture contingent consideration

34,760

34,760

26,640

26,640

Marketable securities (a)

71,184

71,184

69,606

69,606

(Liabilities):

Commodity swaps, collars and basis swaps

(971,342
)

(971,342
)

(170,983
)

(170,983
)
Bank credit facility (b)

0

0

0

0

5.00% senior notes due 2022 (b)

(169,589
)

(169,628
)

(169,589
)

(171,488
)
5.875% senior notes due 2022 (b)

(48,528
)

(48,528
)

(48,528
)

(48,955
)
5.00% senior notes due 2023 (b)

(532,335
)

(536,769
)

(532,335
)

(543,471
)
4.875% senior notes due 2025 (b)

(750,000
)

(759,735
)

(750,000
)

(776,153
)
9.25% senior notes due 2026 (b)

0

0

(850,000
)

(916,929
)
8.25% senior notes due 2029 (b)

(600,000
)

(657,480
)

(600,000
)

(669,648
)
4.75% senior notes due 2030 (b)

(500,000
)

(496,795
)

0

0

Deferred compensation plan (c)

(237,657
)

(237,657
)

(165,395
)

(165,395
)


	March 31, 2023						December 31, 2022
	Carrying Value			Fair Value			Carrying Value			Fair Value
Assets:
Commodity swaps, collars and basis swaps	$	222,221		$	222,221		$	28,835		$	28,835
Divestiture contingent consideration		9,160			9,160			13,080			13,080
Marketable securities (a)		66,135			66,135			57,717			57,717
(Liabilities):
Commodity swaps, collars and basis swaps		(22,880	)		(22,880	)		(166,912	)		(166,912	)
Bank credit facility (b)		—			—			(19,000	)		(19,000	)
4.875% senior notes due 2025 (b)		(750,000	)		(741,600	)		(750,000	)		(714,870	)
8.25% senior notes due 2029 (b)		(600,000	)		(632,490	)		(600,000	)		(618,312	)
4.75% senior notes due 2030 (b)		(500,000	)		(455,945	)		(500,000	)		(442,350	)
Deferred compensation plan (c)		(203,815	)		(203,815	)		(189,241	)		(189,241	)


(a)	Marketable securities, which are held in our deferred compensation plans, are actively traded on major exchanges.
(b)	The book value of our bank debt approximates fair value because of its floating rate structure. The fair value of our senior notes is based on end of period market quotes which are Level 2 inputs.
(c)	The fair value of our deferred compensation plan is updated to the closing price on the balance sheet date which is a Level 1 input.

Our current assets and liabilities include financial instruments, the most significant of which are trade accounts receivable and payable. We believe the carrying values of our current assets and liabilities approximate fair value. Our fair value assessment incorporates a variety of considerations, including (1) the short-term duration of the instruments and (2) our historical and expected incurrence of bad debt expense. Non-financial liabilities initially measured at fair value include asset retirement obligations, operating lease liabilities and the divestiture contract obligation that we incurred in conjunction with the sale of our North Louisiana assets.

Concentrations of Credit Risk

As of March 31, ~~2022,~~2023, our primary concentrations of credit risk are the risks of not collecting accounts receivable and the risk of a counterparty’s failure to perform under derivative obligations. Most of our receivables are from a diverse group of companies, including major energy companies, pipeline companies, local distribution companies, financial institutions and end-users in various industries. Letters of credit or other appropriate assurances are obtained as deemed necessary to limit our risk of loss. Our allowance for uncollectable receivables was $~~568,000~~308,000 at ~~both~~ March 31, ~~2022~~2023 and $314,000 at December 31, ~~2021.~~2022. Our derivative exposure to credit risk is diversified primarily among major investment grade financial institutions, where we have master netting agreements which provide for offsetting payables against receivables from separate derivative contracts. To manage counterparty risk associated with our derivatives, we select and monitor our counterparties based on our assessment of their financial strength and/or credit ratings. We may also limit the level of exposure with any single counterparty. At March31,~~2022,~~ 2023, our derivative counterparties include 15fourteen financial institutions, of which all but 5six are secured lenders in our bank credit facility. At March 31, ~~2022,~~2023, our net derivative ~~liability~~asset includes aan aggregate net ~~receivable~~payable of $~~3.6~~22.0 million ~~from three of these~~to five counterparties ~~that are~~ not ~~participants~~included in our bank credit facility and ~~an aggregate net payable~~a receivable from the remaining counterparty of $~~1.6~~6.8 ~~million to two of these counterparties.~~million.

Allowance for Expected Credit Losses. Each reporting period, we assess the recoverability of material receivables using historical data, current market conditions and reasonable and supported forecasts of future economic conditions to determine their expected collectability. The loss given default method is used when, based on management’s judgment, an allowance for expected credit losses should be accrued on a material receivable to reflect the net amount to be collected.

(12) STOCK-BASED COMPENSATION PLANS

~~Stock-Based Awards~~Description of the Plans

We have 2two active equity-based stock plans: our Amended and Restated 2005 Equity-Based Incentive Compensation Plan and our Amended and Restated 2019 Equity-Based Compensation Plan. Under these plans, various awards may be issued to non-employee directors and employees pursuant to decisions of the Compensation Committee, which is composed of only non-employee, independent directors.

Total Stock-Based Compensation Expense

Stock-based compensation represents amortization of restricted stock and performance units. Unlike the other forms of stock-based compensation, the mark-to-market adjustment of the liability related to the vested restricted stock held in our deferred compensation plan is directly tied to the change in our stock price and not directly related to the functional expenses and therefore, is not allocated to the functional categories. The following details the allocation of stock-based compensation to functional expense categories (in thousands):


	Three Months Ended March 31,				Three Months Ended March 31,
	2022		2021		2023		2022
Direct operating expense	$	349	$	327	$	415	$	349
Brokered natural gas and marketing expense		519		450		661		519
Exploration expense		452		386		320		452
General and administrative expense		11,573		9,405		9,600		11,573
Total stock-based compensation expense	$	12,893	$	10,568	$	10,996	$	12,893

Stock-Based Awards

Restricted Stock Awards. We grant restricted stock units under our equity-based stock compensation ~~plans.~~plans to our employees. These restricted stock units, which we refer to as restricted stock Equity Awards, generally vest over a three-year period, contingent on the recipient’s continued employment. The grant date fair value of the Equity Awards is based on the fair market value of our common stock on the date of grant. Beginning in 2023, we began granting restricted stock under our equity-based compensation plans that vests at the end of a three-year

period for employee grants and a one-year period for non-employee directors. Vesting is also based upon the employee's continued employment with us. The grant date fair value of these Equity Awards is based on the fair market value of our common stock on the date of grant. Prior to vesting, recipients of restricted stock typically earn dividends payable in cash upon vesting but they have no voting rights prior to vesting.

The Compensation Committee also grants restricted stock to certain employees and non-employee directors of the ~~Board~~board of ~~Directors~~directors as part of their compensation. ~~We also grant restricted stock to certain employees for retention purposes.~~ Compensation expense is recognized over the balance of the vesting period, which is typically at the end of three years for employee grants and ~~one year vesting~~at the end of a one-year period for non-employee directors. All restricted stock awards are issued at prevailing market prices at the time of the grant and the vesting is based upon an employee’s continued employment with us. Prior to vesting, all restricted stock award recipients have the right to vote such stock and receive dividends thereon. Upon grant of these restricted shares, which we refer to as restricted stock Liability Awards, ~~the majority of~~ these shares are ~~generally~~ placed in our deferred compensation plan and, upon vesting, withdrawals are allowed in either cash or in stock. ~~In early 2021, vesting for new grants of restricted stock Liability Awards changed to a three-year cliff vesting from a ratable 30%-~~30%-40~~% vesting schedule.~~ These Liability Awards are classified as a liability and are remeasured at fair value each reporting period. This mark-to-market amount is reported in deferred compensation plan expense in the accompanying consolidated statements of operations. ~~Historically, we have used authorized but unissued shares of stock when restricted stock is granted. However, we can also utilize treasury shares when available.~~

Stock-Based Performance ~~Units~~Awards - (PSUs). We grant 3two types of performance share awards: 2one based on ~~internal~~ performance conditions ~~which are~~ measured against internal performance metrics and 1one based on market conditions measured based on Range’s performance relative to a predetermined peer group (TSR ~~Awards or TSR-PSUs)~~Awards).In first quarter 2021, our internal performance metrics were changed to focus on debt reduction and to include an environmental component. For shares granted in 2021, the performance conditions will be measured against internal metrics of Debt/EBITDAX (earnings before interest, taxes, depreciation, amortization and exploration expense) and emission intensity performance. In first quarter 2022, the performance conditions will be measured against internal metrics of net debt (total debt less cash on hand) and emission intensity performance.

Each unit granted represents 1one share of our common stock. These units are settled in stock and the amount of the payout is based on ~~(1)~~ the vesting percentage, which can range from 0zero to 200% ~~based on~~and (1) the internal performance metrics achieved, which is determined by the Compensation Committee and (2) for our TSR Awards, the value of our common stock on the vesting ~~date.~~date compared to our peers. Dividend equivalents ~~may~~ accrue during the performance period and are paid in stock at the end of the performance period. The performance period is ~~for~~ three years. ~~Prior to 2021, the performance period for the internal performance metrics was based on annual performance targets earned over a~~

~~three-year~~18

~~period.~~

Restricted Stock – Equity Awards

In first three months ~~2022,~~2023, we granted ~~1.4~~1.6 million restricted stock Equity Awards to employees at an average grant date fair value of $~~18.47~~25.01 ~~which generally vest over a~~ ~~three-year~~ ~~period~~ compared to ~~2.3~~1.4 million at an average grant date fair value of $~~10.20~~18.47 in first three months ~~2021.~~2022. We recorded compensation expense for these outstanding awards of $~~5.9~~7.5 million in first three months ~~2022~~2023 compared to $~~5.2~~5.9 million in the same period of ~~2021.~~2022. Restricted stock Equity Awards are not issued ~~to employees~~ until such time as they are ~~vested. Employees~~vested and grantees do not have the option to receive cash.

Restricted Stock – Liability Awards

In first three months 2023, we granted 11,000 shares of restricted stock Liability Awards as compensation to employees at an average grant date fair value of $24.70 which generally vest at the end of a three-year period. In first three months 2022, we granted 602,000 shares of restricted stock Liability Awards as compensation to employees at an average grant date fair value of $20.42 ~~which generally vest at the end of a~~ ~~three-year~~ ~~period. In first three months 2021, we granted~~ ~~1.2~~ ~~million shares of restricted stock Liability Awards as compensation to employees at an average grant date fair value of $9.29~~with vesting generally at the end of a three-year period. We recorded compensation expense for these Liability Awards of $~~3.6~~1.8 million in first three months ~~2022~~2023 compared to $~~2.9~~3.6 million in first three months ~~2021. The majority of these~~2022. These awards are held in our deferred compensation plan, are classified as a liability and are remeasured at fair value each reporting period. This mark-to-market amount is reported as deferred compensation expense in our consolidated statements of operations (see additional discussion below).~~The following is a summary of the status of our non-vested restricted stock outstanding at March 31, 2022:~~

Restricted Stock
Equity Awards

Restricted Stock
Liability Awards

Shares

Weighted
Average Grant
Date Fair Value

Shares

Weighted
Average Grant
Date Fair Value

Outstanding at December 31, 2021

2,674,777

$
7.39

796,629

$
6.49

Granted

1,380,660

18.47

601,983

20.42

Vested

(600,158
)

9.00

(299,862
)

10.62

Forfeited

(15,379
)

9.63

0

0

Outstanding at March 31, 2022

3,439,900

$
11.55

1,098,750

$
13.00

Stock-Based Performance Units

Internal Performance Metric Awards. These awards vest at the end of the three-year performance period. The performance metrics are set by the Compensation Committee. If the performance metric for the applicable period is not met, that portion is considered forfeited and there is an adjustment to the expense recorded. ~~See additional information above~~In first three months 2023, we granted 81,000 internal performance units compared to 153,000 in the same period of the prior year. We recorded compensation expense for ~~shares granted~~these awards of $948,000 in first ~~quarter 2021 and 2022.~~ ~~The following is a summary of our non-vested internal performance awards outstanding at March 31,2022:~~

Number of
Units

Weighted
Average Grant
Date Fair Value

Outstanding at December 31, 2021

1,095,355

$
7.80

Units granted (a)

153,089

20.38

Vested and issued (b)

(243,482
)

9.64

Forfeited

0

0

Outstanding at March 31, 2022

1,004,962

$
9.27


~~(a)~~	~~Amounts granted reflect the number of performance units granted; however, the actual payout of shares will be between~~ 0 ~~and~~ ~~200% depending on achievement of specifically identified performance targets. Units granted in first quarter 2022 were~~three months 2023 compared to ~~our CEO, CFO and COO only.~~
~~(b)~~	~~For the awards issued during 2019, the aggregate payout was approximately~~ ~~116% of target with a positive performance adjustment of~~ ~~158,793~~ ~~shares.~~

~~We recorded compensation~~ expense of $1.7 million in first three months ~~2022 compared to expense of $740,000in first three months 2021.~~2022.

TSR Awards. ~~TSR-PSUs~~These awards granted are earned, or not earned, based on the comparative performance of Range’s common stock measured against a predetermined group of companies in the peer group over a three-year performance period. The fair value of the ~~TSR-PSUs~~TSR Awards is estimated on the date of grant using a Monte Carlo simulation model which utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award grant and calculates the fair value of the award. The fair value is recognized as stock-based compensation expense over the three-year performance period. Expected volatilities utilized in the model were estimated using a combination of a historical period consistent with the remaining performance period of three years and option implied volatilities. The risk-free interest rate was based on the United States Treasury rate for a term commensurate with the life of the grant. The following assumptions were used to estimate the fair value of ~~TSR-PSUs~~these awards granted during first three months ~~2022~~2023 and ~~2021:~~2022:

Three Months Ended
March 31,

2022

2021

Risk-free interest rate

1.4
%

0.2
%
Expected annual volatility

68
%

75
%
Grant date fair value per unit

$
27.90

$
12.58


	Three Months Ended March 31,
	2023			2022
Risk-free interest rate		3.8	%		1.4	%
Expected annual volatility		61	%		68	%
Grant date fair value per unit	$	30.37		$	27.90

~~The following is a summary of our non-vested TSR-PSUs award activities:~~

Number of
Units

Weighted
Average Grant
Date Fair Value

Outstanding at December 31, 2021

1,147,994

$
7.60

Units granted (a)

111,828

27.90

Vested and issued (b)

(314,152
)

11.34

Forfeited

0

0

Outstanding at March 31, 2022

945,670

$
8.76


~~(a)~~	~~These amounts reflect the number of performance units granted. The actual payout of shares may be between~~ 0 ~~and~~ ~~200% of the performance units granted depending on the total shareholder return ranking compared to our peer companies at the vesting date.~~
~~(b)~~	~~Includes TSR-PSUs awards granted in 2019 where the return on our common stock was~~ ~~127% and therefore, the performance multiple and actual payout was~~ ~~183~~%.

2119

~~We recorded TSR-PSUs compensation expense of $773,000~~ inIn first three months ~~2022~~2023, we granted 64,000 TSR Awards compared to $~~595,000~~112,000 in the same period of ~~2021.~~the prior year. We recorded compensation expense of $482,000 in first three months 2023 compared to $773,000 in the same period of 2022. Fair value is amortized over the performance period with no adjustment to the expense recorded for actual targets achieved.

~~Other Post Retirement Benefits~~The following is a summary of the activity for our restricted stock and performance awards at March 31, 2023:

Effective fourth quarter 2017, as part of our officer succession plan, we implemented a post retirement benefit plan to assist in providing health care to officers who are active employees (including their spouses) and have met certain age and service requirements. These benefits are not funded in advance and are provided up to age 65 or at the date they become eligible for Medicare, subject to various cost-sharing features. There was approximately $~~70,000~~


	Restricted Stock Equity Awards					Restricted Stock Liability Awards					Stock-Based Performance Awards
	Shares			Weighted Average Grant Date Fair Value		Shares			Weighted Average Grant Date Fair Value		Number of Units (a)			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2022		1,736,688		$	14.44		379,633		$	14.71		1,950,632		$	9.02
Granted		1,564,289			25.01		10,754			24.70		145,747			26.86
Vested		(490,702	)		15.37		(132,638	)		13.98		(1,158,797	)		4.80
Forfeited		(16,094	)		17.38		—			—		—			—
Outstanding at March 31, 2023		2,794,181		$	20.18		257,749		$	15.50		937,582		$	17.01

~~of estimated prior service costs amortized from accumulated other comprehensive income into general and administrative expense in first quarter 2022 compared to approximately $90,000~~


(a)	Amounts granted reflect performance units initially granted. The actual payout will be between zero and 200% depending on achievement of either total stockholder return ranking compared to our peers at the vesting date or on the achievement of internal performance targets.

in first quarter 2021. Those employees that qualify for this retirement health care plan are required to provide reasonable notice of retirement and provide one year of service after an equity grant date to be fully vested in the grant.

Deferred Compensation Plan

Our deferred compensation plan gives non-employee directors and officers the ability to defer all or a portion of their salaries, bonuses or director fees and invest in Range common stock or make other investments at the individual’s discretion. Range provides a partial matching contribution to officers which vests ~~over~~at the end of three years. ~~In early 2021, vesting for the matching contribution was changed to a three-year cliff vesting schedule.~~ The assets of the plan are held in a grantor trust, which we refer to as the Rabbi Trust, and are therefore available to satisfy the claims of our general creditors in the event of bankruptcy or insolvency. Our common stock held in the Rabbi Trust is treated as a liability award as employees are allowed to take withdrawals from the Rabbi Trust either in cash or in Range stock. The liability for the vested portion of the stock held in the Rabbi Trust is reflected as deferred compensation liability in the accompanying consolidated balance sheets and is adjusted to fair value each reporting period by a charge or credit to deferred compensation plan expense on our consolidated statements of operations. The assets of the Rabbi Trust, other than our common stock, are invested in marketable securities and reported at their market value as other assets in the accompanying consolidated balance sheets. The deferred compensation liability reflects the vested market value of the marketable securities and Range stock held in the Rabbi Trust. Changes in the market value of the marketable securities and changes in the fair value of the deferred compensation plan liability are charged or credited to deferred compensation plan expense each quarter. We recorded a mark-to-market loss of $~~73.3~~9.4 million in first quarter ~~2022~~2023 compared to a mark-to-market loss of $~~19.8~~73.3 million in first quarter ~~2021.~~2022. The Rabbi Trust held ~~6.7~~5.5 million shares (~~5.6~~5.2 million of which were vested) of Range stock at March 31, ~~2022~~2023 compared to ~~6.2~~5.6 million shares (~~5.4~~5.3 million of which were vested) at December 31, ~~2021.~~2022.

(13) EXIT ~~AND TERMINATION~~ COSTS

Exit Costs

In ~~August~~third quarter 2020, we sold our North Louisiana assets and retained certain gathering, transportation and processing obligations which extend into 2030. These are contracts where we will not realize any future benefit. The estimated obligations are included in current and long-term divestiture contract obligation in our consolidated balance sheets. In first three months ~~2022,~~2023, we recorded accretion expense of $~~11.0~~10.2 million compared to $~~13.0~~11.0 million in the same period of the prior year. The estimated discounted divestiture contract obligation was $~~398.9~~375.1 million at March 31, ~~2022.~~2023.

In second quarter 2020, we negotiated capacity releases on certain transportation pipelines in Pennsylvania effective May 31, 2020 and extending through the remainder of the contract. The estimated remaining discounted obligation for these transportation capacity releases as of March 31, ~~2022~~2023 was $~~6.8~~4.5 million.

~~Termination Costs~~20

The following summarizes our exit ~~and termination~~ costs for the three months ended March 31, ~~2022~~2023 and ~~2021~~2022 (in thousands):

Three Months Ended
March 31,

2022

2021

Severance costs

$
0

$
509

Transportation contract capacity releases
(accretion of discount)

161

210

Divestiture contract obligation (accretion of
discount)

10,954

12,995

$
11,115

$
13,714


	Three Months Ended March 31,
	2023		2022
Transportation contract capacity releases (including accretion of discount)	$	108	$	161
Divestiture contract obligation (including accretion of discount)		12,215		10,954
	$	12,323	$	11,115

The following details the accrued exit ~~and termination~~ cost liability activity for the three months ended March 31, ~~2022~~2023 (in thousands):


	Exit Costs (1)			Termination Costs		��	Exit Costs (1)
Balance at December 31, 2021	$	423,742		$	10
Balance at December 31, 2022							$	395,680
Accretion of discount		11,115			0			10,323
Changes in estimate								2,000
Payments		(29,115	)		0			(28,487	)
Balance at March 31, 2022	$	405,742		$	10
Balance at March 31, 2023							$	379,516


(1)	Includes the divestiture contract obligation and the transportation contract capacity release obligation.

On March 4, 2021 a putative class action lawsuit was filed in the Western District of Pennsylvania in Case No. 2:21-CV-301 (Jacobowitz v. Range Resources Corporation et al.) in which the Plaintiff sought to represent a class of Range stockholders who purchased or acquired stock from April 29, 2016 to February 10, 2021. This lawsuit had been transferred to the U.S. District Court for the Northern District of Texas (Fort Worth Division) and claimed that Range misclassified certain wells as inactive rather than having plugged the wells and that such alleged misclassification affected the determination of our asset retirement obligation accrual. On March 31, 2022, the court granted our motion to dismiss and each claim was dismissed with prejudice. Plaintiffs have until May 2 to file an appeal of the March 31 ruling and dismissal. Additionally, on January 20, 2022, a derivative action styled as Lewis v. Ventura et al. was filed under seal in the Northern District of Texas (Case No. 4-22CV-051-0) asserting similar allegations as the Jacobowitz matter. We maintain the same views as to the merits of the Lewis matter as the Jacobowitz matter and we plan to vigorously defend this matter and seek its dismissal.22

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

We are a Fort Worth, Texas-based independent natural gas, natural gas liquids (NGLs) and crude oil and condensate company primarily engaged in the exploration, development and acquisition of natural gas properties in the Appalachian region of the United States. We operate in one segment and have a single company-wide management team that administers all properties as a whole rather than by discrete operating segments. We measure financial performance as a single enterprise and not on a geographical or an area-by-area basis.

Our overarching business objective is to build stockholder value through returns-focused development of natural gas properties. Our strategy to achieve our business objective is to generate consistent cash flows from reserves and production through internally generated drilling projects occasionally coupled with complementary acquisitions and divestitures of non-core ~~or, at times, core~~ assets. ~~In addition, we target funding our capital spending to at or below operating cash flow.~~ Our revenues, profitability and future growth depend substantially on prevailing prices for natural gas, NGLs and oil and on our ability to economically find, develop, acquire, produce and market these reserves. Commodity prices have been and are expected to remain volatile. Our primary near-term focus includes the following:

We prepare our financial statements in conformity with U.S. GAAP which requires us to make estimates and assumptions that affect our reported results of operations and the amount of our reported assets, liabilities and proved reserves. We use the successful efforts method of accounting for our natural gas, NGLs and oil activities.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the preceding consolidated financial statements and notes in Item 1.

~~Prices~~As we begin 2023, we believe we are positioned for natural gas, NGLs and oil that we produce significantly impact our revenues and cash flows. Natural gas, NGLs and oil benchmarks increased in first quarter 2022 when compared to the same period of 2021 and, as a result, we experienced a significant increase in price realizations. As wesustainable long-term success. We continue to monitor the impact of the actions of OPEC and other large producing nations, the Russia-Ukraine conflict, global inventories of oil and natural gas, ~~and the uncertainty associated with recovering oil demand,~~ future monetary policy and governmental policies aimed at transitioning towards lower carbon energy and we expect prices for some or all of the commodities we produce to remain volatile. ~~NYMEX~~For the short-term, natural gas prices declined based on the relatively mild winter and down time at an LNG export facility. Longer term natural gas futures have ~~shown~~remained strong ~~improvements~~ based on market expectations that associated gas-related activity in oil basins and dry gas basin activity will show modest rates of growth when compared with the past due to infrastructure constraints, capital discipline and core inventory ~~exhaustion and infrastructure constraints.~~exhaustion. In addition, the global energy crisis further highlighted the low cost and low emissions shale gas resource base in North America, supporting continued strong structural demand growth for U.S. ~~LNG~~liquified natural gas exports, ~~and~~ domestic industrial gas ~~demand.~~demand and power generation. Other factors such as ~~the duration of the COVID-19 pandemic~~geopolitical disruptions, supply chain disruptions, cost inflation and the ~~speed~~pace and ~~effectiveness of vaccine distributions~~

~~or other medical advances to combat the virus~~extent of tightening global monetary policy may impact the ~~recovery of world economic growth~~supply and ~~the~~ demand for oil, natural gas and NGLs. We continue to assess and monitor the impact and consequences of these factors on our operations.

While expected commodity prices have declined in 2023 compared to prior year, we believe market data supports a positive outlook given significant new demand is currently under construction. Our reduced debt levels combined with risk reduction through hedging have us well positioned within the industry.

Prices for natural gas, NGLs and oil that we produce significantly impact our revenues and cash flows. Natural gas, NGLs and oil benchmarks decreased in first quarter 2023 when compared to the same period of 2022. As a result, we experienced a decrease in price realizations. The following table lists related benchmarks for natural gas, oil and NGLs composite prices for the three months ended March 31, ~~2022~~2023 and ~~2021:~~2022:

Our price realizations (not including the impact of our derivatives) may differ from these benchmarks for many reasons, including quality, location or production being sold at different indices.

During first quarter 2023, we recognized net income of $481.4 million, or $1.95 per diluted common share compared to a loss of $456.8 million, or $1.86 per diluted common share during first quarter 2022. The higher net income in first quarter 2023 compared to first quarter 2022 reflects the impact of lower commodity prices on our reported derivative fair value income (loss) partially offset by the impact of lower commodity prices on our natural gas, NGLs and oil sales. See page 29 for more information on our derivative fair value income (loss).

For first quarter ~~2022,~~2023, we experienced ~~an increase~~a decrease in revenue from the sale of natural gas, NGLs and oil due to a ~~108% increase~~22% decrease in net realized prices (average prices including all derivative settlements and third-party transportation costs paid by us) ~~somewhat offset by slightly lower production volumes~~ when compared to the same quarter of ~~2021.~~2022 somewhat offset by slightly higher production volumes. Daily production averaged 2.1 Bcfe in both ~~the~~ first quarter ~~2022~~2023 and 2021.Given the significant increase in commodity prices, our derivative fair value loss, which includes the non-cash fair value adjustment related to our derivatives, was $939.1 million compared to $57.9 million in the same quarter of the prior year. For additional information on our derivative fair value loss, see page 30.2022.

During first quarter 2022, we recognized a net loss of $456.8 million, or $1.86 per diluted common share compared to a net income of $27.2 million, or $0.11 per diluted common share during first quarter 2021. The lower net income in first quarter 2022 compared to first quarter 2021 includes significantly higher derivative fair value loss (or the non-cash fair value adjustment related to our derivatives) due to higher commodity prices, higher deferred compensation expense and a loss on early extinguishment of debt partially offset by higher natural gas, NGLs and oil sales also due to higher commodity prices.

Our first quarter ~~2022~~2023 financial and operating performance included the following results:

Our cash flow from operating activities in first quarter ~~2022~~2023 was ~~$406.4~~$475.0 million, an increase of ~~$297.2~~$68.5 million from first quarter ~~2021~~2022 with ~~significantly higher realized prices when compared to first quarter 2021~~a favorable impact from the change in working capital partially offset by ~~slightly~~ lower ~~production volumes.~~commodity prices.

Our revenues vary primarily as a result of changes in realized commodity prices and production volumes. Our revenues are generally recognized when control of the product is transferred to the customer and collectability is reasonably assured. In first quarter ~~2022,~~2023, natural gas, NGLs and oil sales ~~increased 71%~~decreased 29% compared to first quarter ~~2021~~2022 with a ~~72% increase~~31% decrease in average realized prices (before cash settlements on our derivatives) partially offset by a ~~1% reduction~~3% increase in ~~production volumes.~~production. The following table illustrates the primary components of natural gas, NGLs and oil sales for the three months ended March 31, ~~2022~~2023 and ~~2021~~2022 (in thousands):

Our production is determined by drilling success which offsets the natural decline of our natural gas and oil reserves through production. Our production for the three months ended March 31,~~2022~~ 2023 and ~~2021~~2022 is set forth in the following table:

Our average realized price received (including all derivative settlements and third-party transportation costs) during first quarter ~~2022~~2023 was ~~$3.23~~$2.52 per mcfe compared to ~~$1.55~~$3.23 per mcfe in first quarter ~~2021.~~2022. We believe computed final realized prices should include the total impact of transportation, gathering, processing and compression expense. Our average realized price (including all derivative settlements and third-party transportation costs) calculation also includes all cash settlements for derivatives. Average realized prices (excluding derivative settlements) do not include derivative settlements or third-party transportation costs which are reported in transportation, gathering, processing and compression expense in the accompanying consolidated statements of operations. Average realized prices (excluding derivative settlements) do include transportation costs where we receive net revenue proceeds from purchasers. Average realized price calculations for three months ended March 31, ~~2022~~2023 and ~~2021~~2022 are shown below:

Realized prices include the impact of basis differentials and gains or losses realized from our basis hedging. The prices we receive for our natural gas can be more or less than the NYMEX price because of adjustments for delivery location, relative quality and other factors. The following table provides this impact on a per mcf basis:

The following tables reflect our production and average realized commodity prices (excluding derivative settlements and third-party transportation costs paid by Range) (in thousands, except prices):

Transportation, gathering, processing and compression expense was $285.5 million in first quarter 2023 compared to $297.8 million in first quarter ~~2022 compared to $274.3 million in first quarter 2021.~~2022. These third-party costs are ~~higher~~lower in first quarter ~~2022~~2023 when compared to first quarter ~~2021~~2022 due to lower fuel prices, lower electricity costs and the impact of ~~higher~~lower NGLs prices which ~~results~~result in ~~higher~~lower processing costs. We have included these costs in the calculation of average realized prices (including all derivative settlements and third-party transportation expenses paid by Range). The following table summarizes transportation, gathering, processing and compression expense for the three months ended March 31, ~~2022~~2023 and ~~2021~~2022 on a per mcf and per barrel basis (in thousands, except for costs per unit):

Derivative fair value ~~loss~~income (loss) was income of $368.0 million in first quarter 2023 compared to a loss of $939.1 million in first quarter ~~2022 compared to $57.9 million in first quarter 2021.~~2022. All of our derivatives are accounted for using the mark-to-market accounting method. Mark-to-market accounting treatment can result in more volatility of our revenues as the change in the fair value of our commodity derivative positions is included in total revenue. As commodity prices increase or decrease, such changes will have an opposite effect on the mark-to-market value of our derivatives. Gains on our derivatives generally indicate potentially lower wellhead revenues in the future while losses indicate potentially higher future wellhead revenues. The following table summarizes the impact of our commodity derivatives for the three months ended March 31, ~~2022~~2023 and ~~2021~~2022 (in thousands):

Brokered natural gas, marketing and other revenue in first quarter ~~2022~~2023 was ~~$87.4~~$82.1 million compared to ~~$80.6~~$87.4 million in first quarter ~~2021~~2022 which is the result of significantly ~~higher~~lower broker sales prices somewhat offset by ~~lower~~significantly higher broker sales volumes (volumes not related to our production). ~~First quarter 2021 also~~The three months ended March 31, 2023 includes ~~$8.8 million received as part~~the receipt of a ~~capacity release agreement.~~$3.6 million make-whole payment. We continue to optimize our transportation portfolio using these volumes. See also Brokered natural gas and marketing expense below for more information on our net brokered margin.

We believe some of our expense fluctuations are best analyzed on a unit-of-production or per mcfe basis. The following table presents information about certain of our expenses on a per mcfe basis for the three months ended March 31, ~~2022~~2023 and ~~2021:~~2022:

Direct operating expense was $27.0 million in first quarter 2023 compared to $20.3 million in first quarter ~~2022 compared to $17.7 million in first quarter 2021.~~2022. Direct operating expenses include normally recurring expenses to operate and produce our wells, non-recurring well workovers and repair-related expenses. Our direct operating costs increased in first quarter ~~2022~~2023 primarily due to higher workover costs, higher water handling/hauling costs and higher contract labor and services. Our costs for services, labor and ~~higher workover costs.~~supplies have increased due to increased demand for those items, supply chain disruptions and inflation. Our production volumes ~~decreased 1%~~were slightly higher in first quarter ~~2022.~~2023 compared to the same period of the prior year. We incurred ~~$881,000~~$2.9 million of workover costs in first quarter ~~2022~~2023 compared to ~~$659,000~~$881,000 in first quarter ~~2021.~~2022. These costs are expected to enhance production from existing wells. On a per mcfe basis, direct operating expense was ~~$0.11~~$0.14 in first quarter ~~2022~~2023 compared to ~~$0.09~~$0.11 in the same quarter of the prior year due to higher ~~water handling/hauling~~workover costs and higher ~~contract labor and services.~~water handling/hauling costs. The following table summarizes direct operating expense per mcfe for the three months ended March 31, ~~2022~~2023 and ~~2021:~~2022:

~~Production and ad valorem taxes~~ Taxes other than income~~are paid based on market prices rather than hedged prices. This~~ expense ~~category~~ is predominately comprised of the Pennsylvania impact ~~fee.~~fee which is paid based on market commodity prices. In February 2012, the Commonwealth of Pennsylvania enacted an “impact fee” which functions as a tax on unconventional natural gas and oil production from the Marcellus Shale in Pennsylvania. This impact fee was $6.8 million in first quarter 2023 compared to $6.6 million in first quarter ~~2022 compared to $4.6 million in first quarter 2021 due to higher~~2022. The impact fee is based on drilling activities and is adjusted based on prevailing natural gas ~~prices partially offset by the mix of wells relative to the impact fee structure where the fee declines over time.~~prices. This category also includes franchise, real estate and other taxes. The following table summarizes ~~production and ad valorem~~ taxes other than income per mcfe for the three months ended March 31, 2023 and 2022:

General and administrative (G&A) expense was ~~$43.0~~$43.1 million in first quarter ~~2022~~2023 compared to ~~$38.0~~$42.5 million in first quarter ~~2021.~~2022. The first quarter ~~2022~~2023 increase of ~~$5.0 million~~$609,000 when compared to the same period of ~~2021~~2022 is primarily due to higher salaries and benefits of $3.0 million partially offset by lower stock-based compensation ~~expense of $2.2 million, higher general office expenses including technology costs~~ and ~~higher salaries and benefits. At March 31, 2022, the number of G&A employees decreased 1% when compared to March 31, 2021.~~lower legal fees. On a per mcfe basis, first quarter ~~2022~~2023 G&A expense was ~~15% higher~~4% lower than first quarter ~~2021~~2022 primarily due to the impact of higher production volumes and lower stock-based ~~compensation expense, higher general office expenses and higher salaries and benefits.~~compensation. The following table summarizes G&A expenses on a per mcfe basis for the three months ended March 31, ~~2022~~2023 and ~~2021:~~2022:

Interest expense was $32.2 million in first quarter 2023 compared to $47.2 million in first quarter ~~2022 compared to $56.9 million in first quarter 2021.~~2022. The following table presents information about interest expense per mcfe for the three months ended March 31, ~~2022~~2023 and ~~2021:~~2022:

On an absolute basis, the decrease in interest expense for first quarter ~~2022~~2023 from the same period of ~~2021~~2022 was primarily due to lower overall ~~average interest rates and lower~~ average outstanding debt balances. Average debt outstanding on the bank credit facility for first quarter ~~2022~~2023 was ~~$65.3~~$32.0 million compared to ~~$220.4~~$65.3 million in first quarter ~~2021~~2022 and the weighted average interest rate on the bank credit facility was 8.4% in first quarter 2023 compared to 2.5% in first quarter ~~2022 compared to 2.2% in first quarter 2021.~~2022.

Depletion, depreciation and amortization expense was $86.6 million in first quarter 2023 compared to $85.6 million in first quarter ~~2022 compared to $88.4 million in first quarter 2021.~~2022. This ~~decrease~~increase is due to a 3% increase in production volumes partially offset by a 2% decrease in depletion ~~rates and a 1% decrease in production volumes.~~rates. Depletion expense, the largest component of DD&A expense, was $0.44 per mcfe in first quarter 2023 compared to $0.45 per mcfe in first quarter ~~2022 compared to $0.46 per mcfe in first quarter 2021.~~2022. We have historically adjusted our depletion rates in the fourth quarter of each year based on the year-end reserve report and at other times during the year when circumstances indicate there has been a significant change in reserves or costs. The following table summarizes DD&A expense per mcfe for the three months ended March 31, ~~2022~~2023 and ~~2021:~~2022:

Our total operating expenses also include other expenses that generally do not trend with production. These expenses include stock-based compensation, brokered natural gas and marketing expense, exploration expense, abandonment and impairment of unproved properties, exit and termination costs, deferred compensation plan expenses and loss or gain on early extinguishment of ~~debt and gain or loss on sale of assets.~~debt. Stock-based compensation includes the amortization of restricted stock grants and PSUs. The following table details the allocation of stock-based compensation to functional expense categories for the three months ended March 31, ~~2022~~2023 and ~~2021~~2022 (in thousands):

Brokered natural gas and marketing expense was $67.1 million in first quarter 2023 compared to $93.1 million in first quarter 2022 ~~compared to $72.3 million in first quarter 2021~~ due to ~~higher~~significantly lower commodity prices ~~somewhat~~partially offset by ~~lower~~significantly higher broker purchase volumes (volumes not related to our production). Other marketing revenue for the three months ended March 31, 2023 includes the receipt of a $3.6 million make-whole payment. The following table details our brokered natural gas, marketing and other net margin for the three months ended March 31,~~2022~~ 2023 and ~~2021~~2022 (in thousands):

Exploration expense was $4.6 million in first quarter 2023 compared to $4.7 million in first quarter 2022 ~~compared to $5.5 million in first quarter 2021~~ due to lower delay rentals and other expense. The following table details our exploration expense for the three months ended March 31, ~~2022~~2023 and ~~2021~~2022 (in thousands):

Abandonment and impairment of unproved properties expense was $7.5 million in first quarter 2023 compared to $2.0 million in first quarter ~~2022 compared to $3.0 million in first quarter 2021.~~2022. Abandonment and impairment of unproved properties for first quarter ~~declined~~2023 increased when compared to the same ~~periods~~period of ~~2021~~2022 due to ~~lower~~higher estimated lease expirations in Pennsylvania.

Exit ~~and termination~~ costs ~~was~~were $12.3 million in first quarter 2023 compared to $11.1 million in first quarter ~~2022 compared to $13.7 million in first quarter 2021.~~2022. In first quarter ~~2022,~~2023, we recorded ~~$11.1~~$10.3 million accretion expense primarily related to retained liabilities for certain gathering, transportation and processing obligations extending until 2030 compared to accretion expense of ~~$13.2~~$11.1 million in the same quarter of the prior year.

Deferred compensation planexpense was a loss of $9.4 million in first quarter 2023 compared to a loss of $73.3 million in first quarter ~~2022 compared to a loss of $19.8 million in first quarter 2021.~~2022. This non-cash item relates to the increase or decrease in value of the liability associated with our common stock that is vested and held in our deferred compensation plan. The deferred compensation liability is adjusted to fair value by a charge or a credit to deferred compensation plan expense. Our stock price increased from ~~$17.83~~$25.02 at December 31, ~~2021~~2022 to ~~$30.38~~$26.47 at March 31, ~~2022.~~2023. In the same period of the prior year, our stock price increased from ~~$6.70~~$17.83 at December 31, ~~2020~~2021 to ~~$10.33~~$30.38 at March 31, ~~2021.~~2022.

Loss on early extinguishment of debt was a loss of $69.2 million in first ~~quarter 2022 compared to a loss of $35,000 in the same period of the prior year.~~three months 2022. In first quarter 2022, we announced a call for the redemption of $850.0 million of our outstanding 9.25% senior notes due 2026. The redemption price equaled 106.938% of par plus accrued and unpaid interest. We recognized a loss on early extinguishment of debt in first quarter 2022 of $69.2 million, net of transaction costs and the expensing of the remaining deferred financing costs on the repurchased debt.

Income tax expense (benefit) ~~expense~~ was aan expense of $121.9 million in first quarter 2023 compared to benefit of $116.1 million in first quarter ~~2022 compared to expense of $2.7 million in first quarter 2021.~~2022. The ~~2022~~2023 and ~~2021~~2022 effective tax rates were different than the statutory tax rate due to state income taxes, equity compensation, valuation allowances and other discrete tax items.

Management’s Discussion and Analysis of Financial Condition, Capital Resources and Liquidity

Cash flows from operations are primarily affected by production volumes and commodity prices, net of the effects of settlements of our derivatives. Our cash flows from operations are also impacted by changes in working capital. Short-term liquidity needs are satisfied by borrowings under our bank credit facility and/or cash on hand. Because of this, and because our principal source of operating cash flows (proved reserves to be produced in future years) cannot be reported as working capital, we often have low or negative working capital. From time to time, we enter into various derivative contracts to provide an economic hedge of our exposure to commodity price risk associated with anticipated future natural gas, NGLs and oil production. The production we hedge has varied and will continue to vary from year to year depending on, among other things, our expectation of future commodity prices and capital requirements. Any payments due to counterparties under our derivative contracts should ultimately be funded by prices received from the sale of our production. Production receipts, however, often lag payments to the counterparties. As of March 31, ~~2022,~~2023, we have entered into derivative agreements covering ~~295.9~~226.1 Bcfe for the remainder of ~~2022, 246.6 Bcfe for~~ 2023 and ~~73.2~~213.4 Bcfe for 2024, not including our basis swaps.

The following table presents sources and uses of cash and cash equivalents for the three months ended March 31, ~~2022~~2023 and ~~2021~~2022 (in thousands):

Cash flows provided from operating activities in first three months ~~2022~~2023 was ~~$406.4~~$475.0 million compared to ~~$109.3~~$406.4 million in first three months ~~2021.~~2022. Cash provided from operating activities is largely dependent upon commodity prices and production volumes, net of the effects of settlement of our derivative contracts. The increase in cash provided from operating activities from first three months ~~2021~~2022 to first three months ~~2022~~2023 reflects the impact of a favorable change in working capital (the timing of cash receipts and disbursements) and slightly higher ~~realized prices~~production volumes partially offset by lower ~~production volumes.~~realized prices. As of March 31, ~~2022,~~2023, we have hedged more than ~~55%~~40% of our projected total production for the remainder of ~~2022,~~2023, with more than ~~65%~~50% of our projected natural gas production hedged. ~~Net cash provided from operating activities was affected by a 1% decrease in production and working capital changes or the timing of cash receipts and disbursements.~~ Changes in working capital (as reflected in our consolidated statements of cash flows) for first three months ~~2022~~2023 were ~~negative $77.4~~positive $79.7 million compared to a negative ~~$77.3~~$77.4 million for first three months ~~2021.~~2022.

~~Issuance of senior notes~~ ~~in first three months 2022 includes the issuance of $500.0 million new 4.75% senior notes due 2030.~~

Additions to natural gas ~~and oil~~ properties for first three months ~~2022~~2023 were consistent with expectations relative to our ~~2022~~announced 2023 capital budget. We continue to monitor inflationary pressures given the labor market, commodity prices and supply chain challenges.

~~Repayment of senior notes~~Treasury stock purchases for first three months ~~2022 includes~~2023 include the ~~redemption~~repurchase of 323,000 shares as part of our ~~$850.0 million aggregate principal amount 9.25% senior notes due 2026. From time to time, we may continue to~~previously announced stock repurchase ~~our senior notes based upon prevailing market or other conditions at the time.~~program.

Based on the current commodity price environment, we believe we have sufficient liquidity and capital resources to execute our business plan for the foreseeable future. We continue to manage the duration and level of our drilling and completion commitments in order to maintain flexibility with regard to our activity level and capital expenditures. As of March 31, ~~2022,~~2023, we had cash on hand in the amount of ~~$112.9 million.~~$227.6 million and availability under our credit facility of $1.2 billion.

We ~~currently~~ expect our ~~2022~~2023 capital program to be funded by cash flows from operations. During the ~~quarter~~three months ended March 31, ~~2022,~~2023, we generated ~~$406.4~~$475.0 million of cash flows from operating activities. As of March 31, ~~2022, the remaining~~2023, we had approximately $1.4 billion of liquidity, consisting of $1.2 billion available ~~borrowing capacity~~ under our bank credit facility ~~was $2.1 billion~~ and ~~we had $112.9~~$227.6 million of cash on hand. Our borrowing base can be adjusted as a result of changes in commodity prices, acquisitions or divestitures of proved properties or financing activities. We may draw on our bank credit facility to meet short-term cash requirements. In early January 2022, we issued $500.0 million aggregate principal amount of new 4.75% senior notes due 2030, with the proceeds along with cash on hand and our credit facility to fully redeem our 9.25% senior notes due 2026 in February 2022.

Although we expect cash flows and capacity under the existing credit facility to be sufficient to fund our expected ~~2022~~2023 capital program, we may also ~~elect~~have the option to raise funds through new debt or equity offerings or from other sources of financing. ~~Any downgrades in our credit ratings could make it more difficult or expensive for us to borrow additional funds.~~ All of our sources of liquidity can be affected by the general conditions of the broader economy, ~~the global pandemic,~~ force majeure events and fluctuations in commodity prices, operating costs and volumes produced, all of which affect us and our industry. We have no control over market prices for natural gas, NGLs or oil, although we may be able to influence ~~the amount of~~ realized revenues through the use of derivative contracts as part of our commodity price risk management.

Our bank credit facility is secured by substantially all of our assets. As of March 31, ~~2022,~~2023, we had no outstanding borrowings under our bank credit facility and we maintained a borrowing base of $3.0 billion and aggregate lender commitments of ~~$2.4~~$1.5 billion. We also have undrawn letters of credit of ~~$338.0~~$292.3 million as of March 31, ~~2022.~~2023. We were in compliance with the applicable covenants under the bank credit facility as of March 31, ~~2022.~~2023.

The borrowing base is subject to regular, semi-annual redeterminations and is dependent on a number of factors but primarily the lender’s assessment of our future cash flows. Our scheduled borrowing base redetermination was completed in ~~the spring of 2022. On April 14, 2022 we entered into an amended and restated revolving bank credit facility. The new facility has a maximum facility amount of $4.0 billion, a~~March 2023 with our borrowing base ~~of $3.0 billion~~ and ~~aggregate lender~~ commitments ~~of $1.5 billion. The maturity of the new bank credit facility is April 14, 2027. See Note 8 for additional information.~~reaffirmed.

Our daily weighted-average bank credit facility debt balance was ~~$65.3~~$32.0 million for ~~the~~first three months ended March 31, ~~2022~~2023 compared to ~~$220.4~~$65.3 million for the same period of the prior year. ~~As of April 14, 2022, borrowings~~Borrowings under the amended and restated revolving bank credit facility can either be at the alternate base rate ~~(“ABR,”~~(ABR, as defined in the bank credit facility agreement) plus a spread ranging from 0.75% to 1.75% or at the ~~Term Benchmark Rate (as~~secured overnight financing rate (SOFR, as defined in the bank credit facility agreement) plus a spread ranging from 1.75% to 2.75%. The applicable spread is dependent upon borrowings relative to the borrowing base. We may elect, from time to time, to convert all or any part of our ~~Term Benchmark~~SOFR loans to base rate loans or to convert all or any of the base rate loans to ~~Term Benchmark~~SOFR loans.

We use cash for the development, exploration and acquisition of natural gas ~~and oil~~ properties and for the payment of gathering, transportation and processing costs, operating, general and administrative costs, taxes and debt obligations, including ~~interest.~~interest, dividends and share repurchases. Expenditures for the development, exploration and acquisition of natural gas ~~and oil~~ properties are the primary use of our capital resources. During first ~~quarter 2022,~~three months 2023, we funded ~~$102.7~~$138.3 million onof capital expenditures as reported in our consolidated statement of cash flows with operating cash flows. The amount of our future capital expenditures will depend upon a number of factors including our cash flows from operating, investing and financing activities, infrastructure availability, supply and demand

fundamentals and our ability to execute our development program. In addition, the impact of commodity prices on investment opportunities, the availability of capital and the timing and results of our development activities may lead to changes in funding requirements for future development. We periodically review our budget to assess changes in current and projected cash flows, debt requirements and other factors.

We may from time to time repurchase or redeem all or portions of our outstanding debt securities for cash, through exchanges for other securities or a combination of both. Such repurchases or redemptions may be made in open market transactions and will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material. Our next significant long-term debt maturity is in the amount of $750.0 million due 2025. As part of our strategy for ~~2022,~~2023, we will continue to focus on improving our ~~debt metrics.~~financial strength.

~~We expect our~~Our quarterly cash dividend ~~to be~~was reinstated in third quarter of 2022. See also Cash Dividend Payments below. During the ~~second half~~first three months 2023, we repurchased 400,000 shares of ~~2022~~our common stock at ~~a quarterly dividend rate~~an aggregate cost of ~~$0.08 per share or an $0.32 per share annual distribution. Details regarding the record~~$9.7 million (including 77,000 shares purchased in March and ~~payment dates will be announced at such time the dividend is declared by our Board of Directors. In early 2022, the board approved an increase to our~~settled in April). The total remaining share repurchase ~~program, where we are now authorized to repurchase an additional $430.0 million of our outstanding shares of common stock for an aggregate available~~authorization was approximately $1.1 billion at ~~the time of $500.0 million.~~March 31, 2023.

We have a universal shelf registration statement filed with the SEC under which we, as a ~~"well-known~~well-known seasoned ~~issuer"~~issuer for purposes of SEC rules, have the ability to sell an indeterminate amount of various types of debt and equity securities.

~~In January 2020, we announced that~~On March 1, 2023, our board of directors approved a dividend of $0.08 per share payable on March 31, 2023 to stockholders of record at the ~~Board~~close of ~~Directors suspended the dividend~~business on ~~our common stock.~~March 15, 2023. The determination of the amount of future dividends, if any, to be declared and paid is at the sole discretion of the ~~Board~~board of ~~Directors~~directors and primarily depends on cash flow, capital expenditures, debt covenants and various other factors. ~~We expect our quarterly cash dividend will be reinstated in the second half of 2022.~~

Our contractual obligations include long-term debt, operating leases, derivative obligations, asset retirement obligations and transportation, processing and gathering commitments including the divestiture contractual commitment. As of March 31, ~~2022,~~2023, we do not have any significant off-balance sheet debt or other such unrecorded obligations and we have not guaranteed any debt of any unrelated party. As of March 31, ~~2022,~~2023, we had a total of ~~$338.0~~$292.3 million of undrawn letters of credit under our bank credit facility.

Since December 31, ~~2021,~~2022, there have been no material changes to our contractual ~~obligations other than the changes to our indebtedness as discussed further in Note 8.~~obligations.

At March 31, ~~2022,~~2023, we had approximately ~~$2.6~~$1.9 billion of debt outstanding which bore interest at fixed rates averaging ~~5.7%~~5.9%. We had no variable rate debt outstanding at March 31, 2023.

We do not currently utilize any significant off-balance sheet arrangements with unconsolidated entities to enhance our liquidity or capital resource position, or for any other purpose. However, as is customary in the oil and gas industry, we have various contractual work commitments, some of which are described above under Cash Contractual Obligations.

Our revenues, the value of our assets and our ability to obtain bank loans or additional capital on attractive terms have been and will continue to be affected by changes in natural gas, NGLs and oil prices and the costs to produce our reserves. Natural gas, NGLs and oil prices are subject to significant fluctuations that are beyond our ability to control or predict. Certain of our costs and expenses are affected by general inflation and we expect costs for the remainder of ~~2022~~2023 to continue to be a function of supply and demand.

Certain sections of Management’s Discussion and Analysis of Financial Condition and Results of Operations include forward-looking statements concerning trends or events potentially affecting our business. These statements typically contain words such as “anticipates,” “believes,” “expects,” “targets,” “plans,” ~~“projects,~~“estimates,” ~~“could,~~“predicts,” “may,” “should,” “would” or similar words

indicating that future outcomes are uncertain. In accordance with “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, these statements are accompanied by cautionary language identifying important factors, though not necessarily all such factors, which could cause future outcomes to differ materially from those set forth in the forward-looking statements. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our expectations for future revenues and operating results are based on our current

forecasts for our existing operations and do not include the potential impact of any future events. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise. For additional risk factors affecting our business, see Item 1A. Risk Factors as set forth in our Annual Report on Form 10-K for the year ended December 31, ~~2021,~~2022, as filed with the SEC on February ~~22, 2022.~~27, 2023.

The primary objective of the following information is to provide forward-looking quantitative and qualitative information about our potential exposure to market risks. The term “market risk” refers to the risk of loss arising from adverse changes in natural gas, NGLs and oil prices and interest rates. The disclosures are not meant to be precise indicators of expected future losses, but rather indicators of reasonably possible losses. This forward-looking information provides indicators of how we view and manage our ongoing market-risk exposure. All of our market-risk sensitive instruments were entered into for purposes other than trading. All accounts are U.S. dollar denominated.

We are exposed to market risks related to the volatility of natural gas, NGLs and oil prices. We employ various strategies, including the use of commodity derivative instruments, to manage the risks related to these price fluctuations. These derivative instruments apply to a varying portion of our production and provide only partial price protection. These arrangements can limit the benefit to us of increases in prices but offer protection in the event of price declines. Further, if our counterparties defaulted, this protection might be limited as we might not receive the benefits of the derivatives. Realized prices are primarily driven by worldwide prices for oil and regional index prices for North American natural gas production. However, natural gas and NGLs prices are becoming global commodities similar to oil. Natural gas and oil prices have been volatile and unpredictable for many years. Changes in natural gas prices affect us more than changes in oil prices because approximately ~~64%~~65% of our December 31, ~~2021~~2022 proved reserves are natural gas and 2% of proved reserves are oil and condensate. In addition, a portion of our NGLs, which are ~~34%~~33% of proved reserves, are also impacted by changes in oil prices. We are also exposed to market risks related to changes in interest rates. These risks did not change materially from December 31, ~~2021~~2022 to March 31, ~~2022.~~2023.

We use commodity-based derivative contracts to manage exposures to commodity price fluctuations. We do not enter into these arrangements for speculative or trading purposes. At times, certain of our derivatives are swaps where we receive a fixed price for our production and pay market prices to the counterparty. Our derivatives program can also include collars, which establish a minimum floor price and a predetermined ceiling price. ~~We have also entered into natural gas derivative instruments containing a fixed price swap and a sold option (which we refer to as a swaption).~~ Our program may also include a three-way collar which is a combination of three options. At March 31, ~~2022,~~2023, our derivative program includes swaps, collars and three-way ~~collars and swaptions.~~collars. The fair value of these contracts, represented by the estimated amount that would be realized upon immediate liquidation based on a comparison of the contract price and a reference price, generally NYMEX for natural gas and crude oil or Mont Belvieu for NGLs, as of March 31, ~~2022,~~2023, approximated a net unrealized pretax ~~loss~~gain of

~~$989.8~~ $249.6 million. These contracts expire monthly through December 2024. At March 31, ~~2022,~~2023, the following commodity derivative contracts were outstanding, excluding our basis swaps which are discussed below:

We believe NGLs prices are somewhat seasonal, particularly for propane. Therefore, the relationship of NGLs prices to NYMEX WTI (or West Texas Intermediate) will vary due to product components, seasonality and geographic supply and demand. We sell NGLs in several regional and international markets. If we are not able to sell or store NGLs, we may be required to curtail production or shift our drilling activities to dry gas areas.

Currently, the Appalachian region has limited local demand and infrastructure to accommodate ethane. We have agreements where we have contracted to either sell or transport ethane from our Marcellus Shale area. We cannot ensure that these facilities will remain available. If we are not able to sell ethane under at least one of these agreements, we may be required to curtail production or, as we have done in the past, purchase or divert natural gas to blend with our rich residue gas.

We are impacted by basis risk, caused by factors that affect the relationship between commodity futures prices reflected in derivative commodity instruments and the cash market price of the underlying commodity. Natural gas transaction prices are frequently based on industry reference prices that may vary from prices experienced in local markets. If commodity price changes in one region are not reflected in other regions, derivative commodity instruments may no longer provide the expected hedge, resulting in increased basis risk. Therefore, in addition to the swaps, collars and three-way collars ~~and swaptions~~ discussed above, we have entered into natural gas basis swap agreements. The price we receive for our gas production can be more or less than the NYMEX Henry Hub price because of basis adjustments, relative quality and other factors. Basis swap agreements effectively fix the basis adjustments. The fair value of the natural gas basis swaps was a ~~gain~~loss of ~~$22.5~~$50.3 million at March 31, ~~2022~~2023 and they settle monthly through December ~~2024.~~2026.

At March 31, ~~2022,~~2023, we are entitled to receive contingent consideration associated with the sale of our North Louisiana assets, annually through 2023, of up to ~~$45.5~~$21.0 million based on future achievement of certain natural gas and oil prices based on published indexes along with the realized NGLs prices of the buyer. The fair value at March 31, ~~2022~~2023 was a gain of ~~$34.8~~$9.2 million.

The following table shows the fair value of our derivatives and the hypothetical changes in fair value that would result from a 10% and a 25% change in commodity prices at March 31, ~~2022.~~2023. We remain at risk for possible changes in the market value of commodity derivative instruments; however, such risks should be mitigated by price changes in the underlying physical commodity (in thousands):

Our commodity-based derivative contracts expose us to the credit risk of non-performance by the counterparty to the contracts. Our exposure is diversified primarily among major investment grade financial institutions and we have master netting agreements with our counterparties that provide for offsetting payables against receivables from separate derivative contracts. Our derivative contracts are with multiple counterparties to minimize our exposure to any individual counterparty. At March 31, ~~2022,~~2023, our derivative counterparties include ~~fifteen~~fourteen financial institutions, of which all but ~~five~~six are secured lenders in our bank credit facility. Counterparty credit risk is considered when determining the fair value of our derivative contracts. While our counterparties are primarily major investment grade financial institutions, the fair value of our derivative contracts has been adjusted to account for the risk of non-performance by certain of our counterparties, which was immaterial. Through March 31, 2021, our propane and butane sales from the Marcus Hook facility near Philadelphia were short-term and to a single purchaser and our ethane sales were to a single international customer. As of April 1, 2021, other than limited spot sales, our propane and butane sales have been diversified among several purchasers and are for set terms of twelve to twenty-four months.

We are exposed to interest rate risk on our bank debt. We attempt to balance variable rate debt, fixed rate debt and debt maturities to manage interest costs, interest rate volatility and financing risk. This is accomplished through a mix of fixed rate senior and, at times, variable rate bank debt. At March 31, ~~2022,~~2023, we had ~~$2.6~~$1.9 billion of debt outstanding which bears interest at fixed rates averaging ~~5.7%~~5.9%. We had no variable rate bank debt outstanding as of March 31, 2023.

As required by Rule 13a-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we have evaluated, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Our disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed by us in reports that we file under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure and is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. Based upon the evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures were effective as of March 31, ~~2022~~2023 at the reasonable assurance level.

There was no change in our system of internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during the three months ended March 31, ~~2022~~2023 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

See Note 16 to our unaudited consolidated financial statements entitled “Commitments and Contingencies” included in Part I Item 1 above for a summary of our legal proceedings, such information being incorporated herein by reference.

Our subsidiary, Range Resources – Appalachia, LLC, was notified by the DEP that it intends to assess a civil penalty under the Clean Streams Law and the 2012 Oil and Gas Act in connection with one well in Lycoming County and ordered us to conduct certain remedial work and monitoring to prevent methane and other substances from allegedly escaping the gas well into the surrounding environment including into soil, groundwater, streams and other surrounding water sources. DEP initially issued an order specifying its demands to the subsidiary on May 11, 2015. We appealed the order and the appeal was subsequently settled and discontinued whereupon we agreed to conduct certain, limited remedial work at the one well and continue monitoring water sources in the area and DEP did not assess any fines at that time. Thereafter, on January 13, 2020, DEP issued a new order regarding the same one well in Lycoming County which set forth similar allegations and demands as set forth above. This new order was issued despite considerable data and evidence presented to DEP over the course of the investigation that this one well has not been nor is currently the source of methane in the environment nor any water supplies, but rather the methane existed in the environment before the commencement of our operations. We appealed the January 2020 order and intend to vigorously defend against the allegations asserted by DEP; however, a resolution of this matter may nonetheless result in monetary sanctions of more than $250,000.

From time to time, we receive notices of violation from governmental and regulatory authorities in areas in which we operate relating to alleged violations of environmental statutes or the rules and regulations promulgated thereunder. While we cannot predict with certainty whether these notices of violation will result in fines and/or penalties, if fines and/or penalties are imposed, they may result in monetary sanctions, individually or in the aggregate, in excess of $250,000.

We are subject to various risks and uncertainties in the course of our business. In addition to the factors discussed elsewhere in this report, you should carefully consider the risks and uncertainties described under Item 1A. Risk Factors filed in our Annual Report on Form 10-K for the year ended December 31, ~~2021.~~2022.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


Delaware		34-1312571
(State or Other Jurisdiction of Incorporation or Organization)		(IRS Employer Identification No.)
100 Throckmorton Street, Suite 1200 Fort Worth, Texas		76102
(Address of Principal Executive Offices)		(Zip Code)


Large Accelerated Filer		Accelerated Filer	

Non-Accelerated Filer		Smaller Reporting Company	☐
		Emerging Growth Company	☐


		Page
PART I – FINANCIAL INFORMATION
ITEM 1.	Financial Statements:	3
	Consolidated Balance Sheets	3
	Consolidated Statements of Operations (Unaudited)	4
	Consolidated Statements of Comprehensive Income (Loss) ~~Income~~ (Unaudited)	5
	Consolidated Statements of Cash Flows (Unaudited)	6
	Consolidated Statements of Stockholders’ Equity (Unaudited)	7
	Notes to Consolidated Financial Statements (Unaudited)	9
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	2524
ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	3736
ITEM 4.	Controls and Procedures	4038
PART II – OTHER INFORMATION		38
ITEM 1.	Legal Proceedings	4038
ITEM 1A.	Risk Factors	4038
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	4139
ITEM 6.	Exhibits	4240
	SIGNATURES	4341


	March 31,			December 31,
	2022			2021
Assets	(Unaudited)
Current assets:
Cash and cash equivalents	$	112,931		$	214,422
Accounts receivable, less allowance for doubtful accounts of $568 and $568		413,026			471,775
Contingent consideration receivable		29,500			29,500
Derivative assets		2,176			5,738
Other current assets		18,162			15,230
Total current assets		575,795			736,665
Derivative assets		36,600			38,601
Natural gas properties, successful efforts method		10,291,519			10,175,570
Accumulated depletion and depreciation		(4,504,554	)		(4,420,914	)
		5,786,965			5,754,656
Other property and equipment		74,715			74,678
Accumulated depreciation and amortization		(71,615	)		(71,184	)
		3,100			3,494
Operating lease right-of-use assets		35,906			40,832
Deferred tax assets		35,436			—
Other assets		86,483			86,259
Total assets	$	6,560,285		$	6,660,507

Liabilities
Current liabilities:
Accounts payable	$	234,253		$	178,413
Asset retirement obligations		5,310			5,310
Accrued liabilities		381,110			420,898
Accrued interest		34,317			75,940
Derivative liabilities		845,312			162,767
Divestiture contract obligation		87,499			91,120
Current maturities of long-term debt		749,483			218,017
Total current liabilities		2,337,284			1,152,465
Bank debt		0			0
Senior notes		1,829,734			2,707,770
Deferred tax liabilities		32,243			117,642
Derivative liabilities		126,030			8,216
Deferred compensation liabilities		197,494			137,102
Operating lease liabilities		23,913			24,861
Asset retirement obligations and other liabilities		102,040			101,509
Divestiture contract obligation		311,443			325,279
Total liabilities		4,960,181			4,574,844
Commitments and contingencies

Stockholders’ Equity
Preferred stock, $1 par, 10,000,000 shares authorized, NaN issued and outstanding		—			—
Common stock, $0.01 par, 475,000,000 shares authorized, 262,777,606 issued at March 31, 2022 and 259,795,554 issued at December 31, 2021		2,627			2,598
Common stock held in treasury, 10,601,535 shares at March 31, 2022 and 10,002,646 shares at December 31, 2021		(46,159	)		(30,007	)
Additional paid-in capital		5,707,652			5,720,277
Accumulated other comprehensive loss		(75	)		(150	)
Retained deficit		(4,063,941	)		(3,607,055	)
Total stockholders’ equity		1,600,104			2,085,663
Total liabilities and stockholders’ equity	$	6,560,285		$	6,660,507


	March 31,			December 31,
	2023			2022
Assets	(Unaudited)
Current assets:
Cash and cash equivalents	$	227,633		$	207
Accounts receivable, less allowance for doubtful accounts of $308 and $314		256,030			481,050
Contingent consideration receivable		24,500			24,500
Derivative assets		147,529			925
Other current assets		38,072			32,905
Total current assets		693,764			539,587
Derivative assets		83,852			40,990
Natural gas properties, successful efforts method		10,800,630			10,655,879
Accumulated depletion and depreciation		(4,850,385	)		(4,765,475	)
		5,950,245			5,890,404
Other property and equipment		74,712			74,638
Accumulated depreciation and amortization		(72,625	)		(72,204	)
		2,087			2,434
Operating lease right-of-use assets		67,608			84,070
Other assets		84,711			68,077
Total assets	$	6,882,267		$	6,625,562

Liabilities
Current liabilities:
Accounts payable	$	179,468		$	206,738
Asset retirement obligations		4,570			4,570
Accrued liabilities		341,525			442,922
Deferred compensation liabilities		100,104			89,334
Accrued interest		29,892			39,138
Divestiture contract obligation		85,322			86,546
Derivative liabilities		16,019			151,417
Total current liabilities		756,900			1,020,665
Bank debt		—			9,509
Senior notes		1,833,238			1,832,451
Deferred tax liabilities		452,753			333,571
Derivative liabilities		6,861			15,495
Deferred compensation liabilities		103,711			99,907
Operating lease liabilities		18,953			20,903
Asset retirement obligations and other liabilities		114,662			112,981
Divestiture contract obligation		289,734			304,074
Total liabilities		3,576,812			3,749,556
Commitments and contingencies

Stockholders’ Equity
Preferred stock, $1 par, 10,000,000 shares authorized, none issued and outstanding		—			—
Common stock, $0.01 par, 475,000,000 shares authorized, 265,686,795 issued at March 31, 2023 and 262,887,265 issued at December 31, 2022		2,657			2,629
Common stock held in treasury, 24,324,065 shares at March 31, 2023 and 24,001,535 shares at December 31, 2022		(437,473	)		(429,659	)
Additional paid-in capital		5,740,361			5,764,970
Accumulated other comprehensive income		476			467
Retained deficit		(2,000,566	)		(2,462,401	)
Total stockholders' equity		3,305,455			2,876,006
Total liabilities and stockholders’ equity	$	6,882,267		$	6,625,562


☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.		


	Three Months Ended March 31,
	2022			2021

Revenues and other income:
Natural gas, NGLs and oil sales	$	1,032,351		$	603,347
Derivative fair value loss		(939,057	)		(57,879	)
Brokered natural gas, marketing and other		87,442			80,564
Total revenues and other income		180,736			626,032
Costs and expenses:
Direct operating		20,288			17,650
Transportation, gathering, processing and compression		297,787			274,330
Production and ad valorem taxes		6,590			4,625
Brokered natural gas and marketing		93,123			72,335
Exploration		4,699			5,538
Abandonment and impairment of unproved properties		1,996			3,029
General and administrative		43,026			38,004
Exit and termination costs		11,115			13,714
Deferred compensation plan		73,343			19,811
Interest		47,175			56,878
Loss on early extinguishment of debt		69,210			35
Depletion, depreciation and amortization		85,604			88,383
(Gain) loss on the sale of assets		(331	)		1,860
Total costs and expenses		753,625			596,192
(Loss) income before income taxes		(572,889	)		29,840
Income tax expense (benefit):
Current		4,751			168
Deferred		(120,832	)		2,521
		(116,081	)		2,689
Net (loss) income	$	(456,808	)	$	27,151
Net (loss) income per common share:
Basic	$	(1.86	)	$	0.11
Diluted	$	(1.86	)	$	0.11
Weighted average common shares outstanding:
Basic		245,350			242,159
Diluted		245,350			247,527


Fiscal Year 2022					Common									Accumulated
					stock			Additional						other
	Common stock				held in			paid-in			Retained			comprehensive
	Shares		Par value		treasury			capital			deficit			loss			Total
Balance as of December 31, 2021		259,796	$	2,598	$	(30,007	)	$	5,720,277		$	(3,607,055	)	$	(150	)	$	2,085,663
Issuance of common stock		2,980		29		0			(21,276	)		0			0			(21,247	)
Issuance of common stock upon vesting of PSUs		2		0		0			78			(78	)		0			0
Stock-based compensation expense		—		0		0			8,619			0			0			8,619
Treasury stock		—		0		(16,152	)		(46	)		0			0			(16,198	)
Other comprehensive income		—		0		0			0			0			75			75
Net loss		—		0		0			0			(456,808	)		0			(456,808	)
Balance as of March 31, 2022		262,778	$	2,627	$	(46,159	)	$	5,707,652		$	(4,063,941	)	$	(75	)	$	1,600,104


Fiscal Year 2023							Common									Accumulated
							stock			Additional						other
	Common stock				Treasury		held in			paid-in			Retained			comprehensive
	Shares		Par value		shares		treasury			capital			deficit			income		Total
Balance as of December 31, 2022		262,887	$	2,629		24,002	$	(429,659	)	$	5,764,970		$	(2,462,401	)	$	467	$	2,876,006
Issuance of common stock		2,974		28		—		—			(33,963	)		—			—		(33,935	)
Issuance of common stock upon vesting of PSUs		6		—		—		—			278			(278	)		—		—
Stock-based compensation expense		—		—		—		—			9,096			—			—		9,096
Cash dividends paid ($0.08 per share)		—		—		—		—			—			(19,334	)		—		(19,334	)
Treasury stock		—		—		322		(7,717	)		(20	)		—			—		(7,737	)
Excise tax on stock repurchases		—		—		—		(97	)		—			—			—		(97	)
Other comprehensive income		—		—		—		—			—			—			9		9
Net income		—		—		—		—			—			481,447			—		481,447
Balance as of March 31, 2023		265,867	$	2,657		24,324	$	(437,473	)	$	5,740,361		$	(2,000,566	)	$	476	$	3,305,455


Fiscal Year 2021					Common									Accumulated
Fiscal Year 2022																										Common									Accumulated
					stock			Additional						other												stock			Additional						other
	Common stock				held in			paid-in			Retained			comprehensive						Common stock				Treasury		held in			paid-in			Retained			comprehensive
	Shares		Par value		treasury			capital			deficit			loss			Total			Shares		Par value		shares		treasury			capital			deficit			loss			Total
Balance as of December 31, 2020		256,354	$	2,563	$	(30,132	)	$	5,684,268		$	(4,018,685	)	$	(479	)		1,637,535
Balance as of December 31, 2021																					259,796	$	2,598		10,003	$	(30,007	)	$	5,720,277		$	(3,607,055	)	$	(150	)	$	2,085,663
Issuance of common stock		3,205		33		0			(7,654	)		0			0			(7,621	)		2,980		29		—		—			(21,276	)		—			—			(21,247	)
Issuance of common stock upon vesting of PSUs		13		0		0			148			(148	)		0			0			2		—		—		—			78			(78	)		—			—
Stock-based compensation expense		—		0		0			6,713			0			0			6,713			—		—		—		—			8,619			—			—			8,619
Treasury stock		—		0		47			(47	)		0			0			0			—		—		599		(16,152	)		(46	)		—			—			(16,198	)
Other comprehensive income		—		0		0			0			0			70			70			—		—		—		—			—			—			75			75
Net income		—		0		0			0			27,151			0			27,151
Balance as of March 31, 2021		259,572	$	2,596	$	(30,085	)	$	5,683,428		$	(3,991,682	)	$	(409	)	$	1,663,848
Net loss																					—		—		—		—			—			(456,808	)		—			(456,808	)
Balance as of March 31, 2022																					262,778	$	2,627		10,602	$	(46,159	)	$	5,707,652		$	(4,063,941	)	$	(75	)	$	1,600,104


(a)	Restricted Stock Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses.


	March 31, 2022			December 31, 2021			March 31, 2023			December 31, 2022
	(in thousands)						(in thousands)
Natural gas properties:
Properties subject to depletion	$	9,447,907		$	9,338,236		$	9,996,412		$	9,855,287
Unproved properties		843,612			837,334			804,218			800,592
Total		10,291,519			10,175,570			10,800,630			10,655,879
Accumulated depletion and depreciation		(4,504,554	)		(4,420,914	)		(4,850,385	)		(4,765,475	)
Net capitalized costs	$	5,786,965		$	5,754,656		$	5,950,245		$	5,890,404


(a)	Includes capitalized asset retirement costs and the associated accumulated amortization.


	Three Months Ended March 31, 2022			Year Ended December 31, 2021
Beginning of period	$	95,836		$	79,822
Liabilities incurred		1,339			73
Liabilities settled		(1,809	)		(8,197	)
Accretion expense		1,520			5,511
Change in estimate		37			18,627
End of period		96,923			95,836
Less current portion		(5,310	)		(5,310	)
Long-term asset retirement obligations	$	91,613		$	90,526


		December 31, 2021
		Gross Amounts of Recognized Assets		Gross Amounts Offset in the Balance Sheet			Net Amounts of Assets Presented in the Balance Sheet
Derivative assets:
Natural gas	–swaps	$	22,491	$	(18,111	)	$	4,380
	–collars		12,378		(8,600	)		3,778
	–three-way collars		12,234		(8,449	)		3,785
	–basis swaps		18,092		(10,487	)		7,605
Crude oil	–swaps		368		(2,153	)		(1,785	)
NGLs	–C3 propane spread		4,153		(4,153	)		0
	–C5 natural gasoline swaps		266		(363	)		(97	)
	–C5 natural gasoline collars		221		(221	)		0
Freight	–swaps		114		(81	)		33
Divestiture contingent consideration			26,640		0			26,640
		$	96,957	$	(52,618	)	$	44,339


	Number of Units			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2021		1,095,355		$	7.80
Units granted (a)		153,089			20.38
Vested and issued (b)		(243,482	)		9.64
Forfeited		0			0
Outstanding at March 31, 2022		1,004,962		$	9.27


	Three Months Ended March 31, 2022			Year Ended December 31, 2021
Beginning balance		249,792,908			246,348,092
Restricted stock grants		601,983			1,293,892
Restricted stock units vested		1,787,286			1,493,341
Performance stock units issued		590,940			640,468
Performance stock dividends		1,843			13,966
Treasury shares		(598,889	)		3,149
Ending balance		252,176,071			249,792,908


	Three Months Ended March 31, ~~2022~~2023
Beginning balance		~~10,002,646~~24,001,535
Rabbi trust shares distributed/sold		(~~1,111~~470	)
Shares repurchased		~~600,000~~400,000
Ending balance		~~10,601,535~~24,401,065


~~(a)~~	~~Includes costs incurred whether capitalized or expensed.~~


(a)	Based on weighted average of bid week prompt month prices on the New York Mercantile ~~Exchange (“NYMEX”).~~Exchange.
(b)	Based on our estimated NGLs product composition per barrel.


(a)	Represents volumes sold regardless of when produced.
(b)	Oil and NGLs volumes are converted to mcfe at the rate of one barrel equals six mcf based upon the approximate relative energy content of oil to natural gas, which is not indicative of the relationship between oil and natural gas prices.


	Three Months Ended March 31,
	2021		Price Variance		Volume Variance		2022
Natural gas
Price (per mcf)	$	2.58	$	2.22	$	—	$	4.80
Production (Mmcf)		130,329		—		921		131,250
Natural gas sales	$	335,801	$	291,748	$	2,374	$	629,923


(a)	Includes commitment fees but excludes debt issue costs and amortization of discounts and premiums.


				Hypothetical Change in Fair Value						Hypothetical Change in Fair Value									Hypothetical Change in Fair Value						Hypothetical Change in Fair Value
				Increase in Commodity Price of						Decrease in Commodity Price of									Increase in Commodity Price of						Decrease in Commodity Price of
	Fair Value			10%			25%			10%			25%			Fair Value			10%			25%			10%			25%
Swaps	$	(543,060	)	$	(159,687	)	$	(399,217	)	$	159,687		$	399,217		$	104,392		$	(55,387	)	$	(138,468	)	$	55,387		$	138,467
Collars		(226,389	)		(91,538	)		(234,097	)		89,230			220,970			116,883			(53,144	)		(132,385	)		54,354			140,297
Three-way collars		(174,458	)		(51,134	)		(130,589	)		48,890			118,936			28,338			(5,614	)		(15,560	)		5,279			12,099
Swaptions		(45,871	)		(15,790	)		(39,942	)		14,966			33,295
Basis swaps		22,452			9,026			22,565			(9,026	)		(22,565	)		(50,272	)		18,262			45,655			(18,262	)		(45,655	)
Divestiture contingent consideration		34,760			1,170			2,550			(1,520	)		(4,940	)		9,160			1,050			2,490			(1,110	)		(3,190	)


	Three Months Ended March 31, 2022
Period	Total Number of Shares Purchased		Average Price Paid Per Share (a)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (b)		Approximate Dollar Amount of Shares that May Yet Be Purchased Under Plans or Programs
January 2022		—	$	—		—	$	70,099,593
February 2022		—	$	—		—	$	70,099,593
March 2022		600,000	$	27.00		600,000	$	483,899,772
		600,000				600,000


	Three Months Ended March 31, 2023
Period	Total Number of Shares Purchased		Average Price Paid Per Share (a)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (b) (c)		Approximate Dollar Amount of Shares that May Yet Be Purchased Under Plans or Programs
January 2023		—	$	—		—	$	1,100,400,840
February 2023		—	$	—		—	$	1,100,400,840
March 2023 (c)		400,000	$	24.16		400,000	$	1,090,737,354
		400,000				400,000


(a) ~~(b)~~	Includes any fees, commissions or other expenses associated with the share repurchases.
(b)	In October 2019, our board of directors authorized a $100 million common stock repurchase program. In February 2022, our ~~Board~~board of ~~Directors~~directors subsequently increased the authorization for repurchases under the program for a cumulative approval of $530.0 million which includes fees, commissions and expenses. The share repurchase authority does not obligate us to acquire any specific number of shares. The program may be changed based upon our financial condition and is subject to termination by the ~~Board~~board of ~~Directors~~directors prior to completion. On October 21, 2022, the board of directors authorized an additional repurchase of up to $1.0 billion of our outstanding common stock under this program. Shares repurchased as of March 31, ~~2022~~2023 were held as treasury stock.
(c)	Includes 77,000 shares that were purchased in March 2023 and settled in April 2023.


Exhibit Number		Exhibit Description
	3.1	Restated Certificate of Incorporation of Range Resources Corporation (incorporated by reference to Exhibit 3.1.1 to our Form 10-Q (File No. 001-12209) as filed with the SEC on May 5, 2004, as amended by the Certificate of First Amendment to Restated Certificate of Incorporation of Range Resources Corporation (incorporated by reference to Exhibit 3.1 to our Form 10-Q (File No. 001-12209) as filed with the SEC on July 28, 2005) and the Certificate of Second Amendment to Restated Certificate of Incorporation of Range Resources Corporation (incorporated by reference to Exhibit 3.1 to our Form 10-Q (File No. 001-12209) as filed with the SEC on July 24, 2008)

	3.2	Amended and Restated By-laws of Range Resources Corporation (incorporated by reference to Exhibit 3.1 to our Form 8-K (File No. 001-12209) as filed with the SEC on May 19, 2016)

	~~4.1~~	~~Form of 4.75% Senior Note due 2030~~ ~~(incorporated by reference to Exhibit 4.1 to our Form 8-K (File No. 001-12209) as filed with the SEC on February 1, 2022)~~

	~~4.2~~	~~Indenture dated February 1, 2022, among Range Resources Corporation, as issuer, the subsidiary guarantors named therein and U.S. Bank Trust Company, National Association, as trustee~~ ~~(incorporated by reference to Exhibit 4.1 to our Form 8-K (File No. 001-12209) as filed with the SEC on February 1, 2022)~~

	~~10.1~~	~~Purchase Agreement, dated January 13, 2022, by name and among Range Resources Corporation, Range Production Company, LLC, Range Resources~~―~~Appalachia, LLC, Range Resources~~―~~Louisiana, Inc., Range Resources~~―~~Midcontinent, LLC, Range Resources Pine Mountain, Inc. and Wells Fargo Securities, LLC, as representative of the Initial Purchasers,~~ ~~(incorporated by reference to Exhibit 10.1 to our Form 8-K (File No. 001-12209) as filed with the SEC on January 14, 2022)~~

	~~10.2~~	Seventh Amended and Restated Credit Agreement, dated April 14, 2022, among Range Resources Corporation, as borrower, JPMorgan Chase Bank, N.A., as Administrative Agent and Letter of Credit Issuer, and each other Letter of Credit Issuer or Lender from time to time party thereto ~~(incorporated by reference to Exhibit 10.1 to our Form 8-K (File No. 001-12209) as field with the SEC on April 18, 2022)~~

	31.1*	Certification by the President and Chief Executive Officer of Range Resources Corporation Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

	31.2*	Certification by the Chief Financial Officer of Range Resources Corporation Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

	32.1**	Certification by the President and Chief Executive Officer of Range Resources Corporation Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

	32.2**	Certification by the Chief Financial Officer of Range Resources Corporation Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

	101. INS*	Inline XBRL Instance Document – the XBRL Instance Document does not appear in the Interactive Data file because its XBRL tags are embedded within the Inline XBRL document

	101. SCH*	Inline XBRL Taxonomy Extension Schema

	101. CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document

	101. DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document

	101. LAB*	Inline XBRL Taxonomy Extension Label Linkbase Document

	101. PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document

	104 *	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)


RANGE RESOURCES CORPORATION

By:		/s/ MARK S. SCUCCHI
		Mark S. Scucchi
		~~Senior~~Executive Vice President and Chief Financial Officer


RANGE RESOURCES CORPORATION

By:		/s/ DORI A. GINN
		Dori A. Ginn
		Senior Vice President – Controller and Principal Accounting Officer