October 1, 2018

Subash Chandra, CFA, Analyst

subash.chandra@guggenheimpartners.com
RRC 3Q EPS Preview: Improving Fundamentals
212 918 8771 Likely to Show Better in 4Q
Key Message: RRC should begin to see the impact of better in-basin differentials, the

RRC BUY start-up of Rover’s Burgettstown lateral and stronger NGL prices. RRC has guided for gas
differentials to remain wide in 3Q and NGL realizations are buffeted by hedging losses
Range Resources Corporation that could approximate $2 - $2.50 per bbl. But unhedged NGL realizations could trend
Sector: Energy: Exploration and above the company’s guide of 35% - 36% of WTI as prices strengthened late in the
Production quarter. We expect 4Q to better reflect positive basin dynamics as realizations improve
and capex falls sharply from 3Q levels. We are reducing our PT to $20 from $21.
Earnings Preview
Share Price $16.99
We are updating our estimates on RRC ahead of 3Q earnings. A brief discussion of our
Price Target $20.00
rationale can be found on the following pages.
Prior $21.00

EPS ($)
(FY DEC) 1Q 2Q 3Q 4Q FY
2017 0.25 0.06 0.05 0.22 0.58
P/E 29.3x
2018 0.46 0.20 0.17E 0.21E 1.04E
Prior — — 0.07E 0.12E 0.85E

P/E 16.3x
2019 0.24E 0.06E 0.11E 0.20E 0.61E
Prior 0.20E 0.04E 0.08E 0.17E 0.48E

P/E 27.9x

E&P
52-Week Range $11.93 - $20.65
Dividend $0.00
Market Cap (M) $4,238
Enterprise Value (M) $0
Shares Out (M) 249.5
ADV (3 mo; 000) 5,643
Est. NAV 20.00

GUGGENHEIM SECURITIES, LLC See pages 8 - 9 for analyst certification and important disclosures. Page 1
ENERGY: EXPLORATION AND PRODUCTION
RANGE RESOURCES CORPORATION October 1, 2018

RRC should begin to see the impact of better in-basin differentials, the start-up of Rover’s Burgettstown lateral
and stronger NGL prices. But we believe the impact will be more pronounced in 4Q than 3Q. RRC has guided for
gas differentials to remain wide in 3Q and NGL realizations are buffeted by hedging losses that could approximate
$2 - $2.50 per bbl. But unhedged NGL realizations could trend above the company’s guide of 35% - 36% of WTI
as prices strengthened late in the quarter. The Southern Marcellus should drive the company’s growth while
Northern Marcellus and Terryville are declining, as RRC has announced that Northern Marcellus is for sale and
the fate of Terryville is unknown. RRC could emphasize liquids growth which is not reflected in our model. We’ve
assumed a flat NGL and condensate cut of 32% through 2020. We expect 4Q to better reflect positive basin
dynamics as realizations improve and capex falls sharply from 3Q levels. We await updates on asset sales which
are important in delivering RRC’s target of 3.0x debt/ebitda by year-end.

We are raising our 3Q EPS estimate to $0.17 from $0.07 to flow through higher oil, natural gas and NGL prices,
in line with consensus of $0.18. We are also updating our 2H18 to 2020 EPS estimates and reducing our PT to
$20.00 from $21.00 to reflect updated 2H18 to 2020 production and price realization forecasts.

Valuation and Investment Risks

Our NAV estimate and price target for RRC is $20.00, down from $21.00. Our $18.00 (up from $17.00) per share
P1 estimate in 2020 is based on estimated reserves of 17.8 tcfe, down from 18.7 tcfe. These are valued at $0.50
(up from $0.49) per mcfe, less $4.6b (down from $5.0b) of debt (including working capital deficit). “Probable”
reserves of 2 tcfe (down from 4 tcfe) are valued at $0.25 per mcfe. Probable reserves are valued at $2.00 (down
from $4.00) per share in 2020.

Downside risks to our rating and valuation include: a prolonged period of lower oil and gas prices can be
detrimental to growth and asset values. The inability to fund development due to weak capital markets can also
reduce growth rates. The regulation or prohibition of fracking on State and Federal lands can reduce resource
potential. Regulation of product transport on pipe and rail can add to costs, reduce realizations, and interrupt
sales. In some areas, the Endangered Species Act can curtail drilling activity if native species come under
protection. Upside risks to our rating and valuation include: any unforeseen operational issues in NGL export plans
could be a drag on performance and valuation.

GUGGENHEIM SECURITIES, LLC See pages 8 - 9 for analyst certification and important disclosures. Page 2
ENERGY: EXPLORATION AND PRODUCTION
RANGE RESOURCES CORPORATION October 1, 2018

Range Resources (RRC)

Consolidated Statement of Operations
Guggenheim Securities, LLC

Fiscal Year Ends Dec 31

(data in thousands, except as indicated) FY16 FY17 FY18E FY19E FY20E 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18E 4Q18E
Revenues
Oil $ 124,865 $ 221,650 $ 261,893 $ 266,480 $ 322,638 $ 50,035 $ 45,819 $ 55,834 $ 69,962 $ 62,529 $ 76,336 $ 64,332 $ 58,697
NGL $ 318,462 $ 604,672 $ 894,777 $ 809,736 $ 875,056 $ 138,063 $ 123,784 $ 150,593 $ 192,232 $ 202,527 $ 224,703 $ 225,713 $ 241,834
Natural Gas $ 753,888 $ 1,349,965 $ 1,586,240 $ 1,624,443 $ 1,722,270 $ 371,352 $ 336,534 $ 301,114 $ 340,965 $ 431,573 $ 360,351 $ 389,284 $ 405,032
Cash Derivatives $ 349,336 $ 16,063 $ (5,350) $ - $ - $ (4,181) $ 3,387 $ 16,857 $ - $ 8,925 $ (14,275) $ - $ -
Other $ - $ - $ 412 $ - $ - $ - $ - $ - $ - $ 224 $ 188 $ - $ -
Total Revenues $ 1,546,551 $ 2,192,350 $ 2,737,972 $ 2,700,659 $ 2,919,964 $ 555,269 $ 509,524 $ 524,398 $ 603,159 $ 705,778 $ 647,303 $ 679,329 $ 705,562

Expenses
Lease operating $ 95,086 $ 132,709 $ 146,011 $ 153,872 $ 170,897 $ 27,499 $ 30,898 $ 36,888 $ 37,424 $ 37,531 $ 34,549 $ 36,587 $ 37,344
Production Taxes $ 25,443 $ 42,882 $ 47,764 $ 54,013 $ 58,399 $ 9,163 $ 9,969 $ 11,993 $ 11,757 $ 9,926 $ 10,140 $ 13,587 $ 14,111
Natural Gas Purchases $ 3,632 $ 883 $ 6,393 $ 12,000 $ 12,000 $ 1,706 $ 547 $ (1,372) $ 2 $ (4,446) $ 4,839 $ 3,000 $ 3,000
Transportation $ 565,249 $ 761,183 $ 1,108,147 $ 1,163,876 $ 1,234,257 $ 177,648 $ 191,590 $ 191,645 $ 200,300 $ 244,628 $ 269,910 $ 288,629 $ 304,980
G&A $ 132,104 $ 160,745 $ 163,443 $ 160,000 $ 160,000 $ 35,955 $ 37,203 $ 46,420 $ 41,167 $ 44,329 $ 39,114 $ 40,000 $ 40,000
Exploration $ 30,027 $ 51,481 $ 30,596 $ 32,000 $ 32,000 $ 7,997 $ 13,970 $ 22,767 $ 6,747 $ 6,968 $ 7,128 $ 8,500 $ 8,000
DD&A $ 524,102 $ 624,992 $ 664,197 $ 718,069 $ 797,520 $ 149,821 $ 152,504 $ 159,749 $ 162,918 $ 162,266 $ 161,026 $ 168,706 $ 172,200
M-t-M Derivative (gain)/loss $ 610,727 $ (197,287) $ 111,949 $ - $ - $ (169,738) $ (107,808) $ 105,283 $ (25,024) $ 22,934 $ 89,015 $ - $ -
Other $ 194,146 $ 336,963 $ 132,417 $ - $ - $ (14,389) $ 5,524 $ 101,538 $ 244,290 $ 37,343 $ 86,074 $ 9,000 $ -
Interest expense $ 168,213 $ 195,679 $ 214,661 $ 197,239 $ 199,230 $ 47,101 $ 47,926 $ 49,179 $ 51,473 $ 52,385 $ 53,862 $ 54,616 $ 53,798
Interest (income) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Total Expenses $ 2,348,729 $ 2,110,230 $ 2,625,579 $ 2,491,070 $ 2,664,303 $ 272,763 $ 382,323 $ 724,090 $ 731,054 $ 613,864 $ 755,657 $ 622,625 $ 633,433

Pretax incom e $ (802,178) $ 82,120 $ 112,393 $ 209,589 $ 255,661 $ 282,506 $ 127,201 $ (199,692) $ (127,895) $ 91,914 $ (108,354) $ 56,704 $ 72,129

Income tax expense (benefit) $ (282,812) $ (251,026) $ 47,072 $ 58,685 $ 71,585 $ 112,395 $ 57,651 $ (71,992) $ (349,080) $ 39,517 $ (28,518) $ 15,877 $ 20,196
Net Incom e (loss) $ (519,366) $ 333,146 $ 65,321 $ 150,904 $ 184,076 $ 170,111 $ 69,550 $ (127,700) $ 221,185 $ 52,397 $ (79,836) $ 40,827 $ 51,933
Minority interest of subsidiaries $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

Nonrecurring gain (charges) $ (524,233) $ 190,209 $ (190,430) $ - $ - $ 109,293 $ 53,659 $ (139,331) $ 166,588 $ (60,277) $ (130,153) $ - $ -

NET INCOME (LOSS) - TO COMMON $ 4,867 $ 142,937 $ 255,751 $ 150,904 $ 184,076 $ 60,818 $ 15,891 $ 11,631 $ 54,597 $ 112,674 $ 50,317 $ 40,827 $ 51,933
Dividends $ 4,951 $ 4,963 $ 4,905 $ 4,911 $ 4,971 $ 4,918 $ 4,918 $ 4,918
EPS, excl. non-recurring (basic) $ 0.03 $ 0.58 $ 1.04 $ 0.61 $ 0.75 $ 0.25 $ 0.06 $ 0.05 $ 0.22 $ 0.46 $ 0.20 $ 0.17 $ 0.21
EPS, excl. non-recurring (diluted) $ 0.03 $ 0.58 $ 1.04 $ 0.61 $ 0.75 $ 0.25 $ 0.06 $ 0.05 $ 0.22 $ 0.46 $ 0.20 $ 0.17 $ 0.21

Shares Outstanding (basic) 190,439 245,089 245,837 245,880 245,880 244,652 245,177 245,244 245,281 245,709 245,880 245,880 245,880
Shares Outstanding (diluted) 190,439 245,230 246,059 245,880 245,880 244,803 245,335 245,244 245,537 246,594 245,880 245,880 245,880

CASH FLOW: FY16 FY17 FY18E FY19E FY20E 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18E 4Q18E
EBITDAX $ 725,037 $ 1,093,948 $ 1,266,214 $ 1,156,898 $ 1,284,411 $ 303,298 $ 239,317 $ 238,824 $ 312,509 $ 373,810 $ 288,751 $ 297,526 $ 306,127
Cash Taxes $ 98 $ 17 $ - $ - $ - $ - $ - $ - $ 17 $ - $ - $ - $ -
Interest $ 168,213 $ 195,679 $ 214,661 $ 197,239 $ 199,230 $ 47,101 $ 47,926 $ 49,179 $ 51,473 $ 52,385 $ 53,862 $ 54,616 $ 53,798
CFFO $ 556,726 $ 898,252 $ 1,051,553 $ 959,658 $ 1,085,181 $ 256,197 $ 191,391 $ 200,510 $ 261,019 $ 321,425 $ 234,889 $ 242,910 $ 252,329

Cash flow per share $ 2.79 $ 3.71 $ 4.27 $ 3.90 $ 4.41 $ 1.05 $ 0.78 $ 0.82 $ 1.06 $ 1.30 $ 0.96 $ 0.99 $ 1.03

Source: Company Reports, Guggenheim Securities, LLC estimates

GUGGENHEIM SECURITIES, LLC See pages 8 - 9 for analyst certification and important disclosures. Page 3
ENERGY: EXPLORATION AND PRODUCTION
RANGE RESOURCES CORPORATION October 1, 2018

Range Resources (RRC)

Consolidated Statement of Operations
Guggenheim Securities, LLC

PRODUCTION: FY16 FY17 FY18E FY19E FY20E 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18E 4Q18E
Oil production (mbbls) 3,591 4,787 4,704 4,987 5,538 1,065 1,053 1,288 1,381 1,063 1,210 1,220 1,210
NGL production (mbbls) 27,687 35,709 37,921 39,893 44,307 8,537 8,524 8,893 9,755 9,270 9,484 9,485 9,682
Gas production(Mmcf) 373,862 490,235 552,158 585,569 650,358 116,256 119,488 121,642 132,848 134,954 136,058 139,030 142,117
Production (Mm cfe) 561,530 733,211 807,908 854,845 949,428 173,869 176,950 182,727 199,665 196,955 200,224 203,260 207,469

Daily oil production (mb/d) 9.8 13.1 12.9 13.7 15.1 11.8 11.6 14.0 15.0 11.8 13.3 13.3 13.2
Daily NGL production (mb/d) 75.6 97.8 103.9 109.3 121.1 94.9 93.7 96.7 106.0 103.0 104.2 103.1 105.2
Daily gas production (mmcf/d) 1,021.5 1,343.1 1,512.8 1,604.3 1,776.9 1,291.7 1,313.1 1,322.2 1,444.0 1,499.5 1,495.0 1,511.2 1,544.7
Daily equiv. production (Mm cfe) 1,534.2 2,008.8 2,213.4 2,342.0 2,594.1 1,931.9 1,944.5 1,986.2 2,170.3 2,188.4 2,200.3 2,209.3 2,255.1
Daily equiv. production (m boe) 255.7 334.8 368.9 390.3 432.3 322.0 324.1 331.0 361.7 364.7 366.7 368.2 375.9
Q-O-Q Production Growth 3% 1% 2% 9% 1% 1% 0% 2%
Y-O-Y Production Growth 10% 31% 10% 6% 11% 40% 37% 32% 16% 13% 13% 11% 4%

% oil 4% 4% 3% 4% 4% 4% 4% 4% 4% 3% 4% 4% 4%
% NGL 30% 29% 28% 28% 28% 29% 29% 29% 29% 28% 28% 28% 28%
% gas 67% 67% 68% 69% 69% 67% 68% 67% 67% 69% 68% 68% 69%
WTI oil price $ 43.14 $ 50.82 $ 66.26 $ 65.00 $ 65.00 $ 51.78 $ 48.27 $ 48.18 $ 55.03 $ 62.91 $ 67.79 $ 69.36 $ 65.00
Mt Belvieu price $ 17.69 $ 21.62 $ 26.51 $ 26.00 $ 26.00 $ 25.89 $ 19.31 $ 19.27 $ 22.01 $ 25.16 $ 27.12 $ 27.74 $ 26.00
Henry Hub gas price $ 2.44 $ 3.09 $ 2.95 $ 2.95 $ 2.76 $ 3.32 $ 3.18 $ 2.95 $ 2.89 $ 3.08 $ 2.82 $ 2.90 $ 3.00
Oil price realized $ 46.81 $ 48.15 $ 51.30 $ 53.44 $ 58.25 $ 49.50 $ 48.82 $ 43.34 $ 50.94 $ 50.98 $ 52.95 $ 52.75 $ 48.50
NGL price realized $ 12.86 $ 15.30 $ 22.64 $ 20.30 $ 19.75 $ 14.49 $ 14.15 $ 16.93 $ 15.63 $ 20.20 $ 21.57 $ 23.80 $ 24.98
Gas price realized $ 2.66 $ 2.79 $ 2.97 $ 2.78 $ 2.65 $ 3.26 $ 2.82 $ 2.48 $ 2.59 $ 3.44 $ 2.78 $ 2.80 $ 2.85
Gas Equivalent ($/m cf) $ 2.70 $ 2.92 $ 3.39 $ 3.16 $ 3.08 $ 3.19 $ 2.88 $ 2.78 $ 2.84 $ 3.58 $ 3.23 $ 3.34 $ 3.40

Oil Premium/ Discount $ 3.67 $ (2.67) $ (14.97) $ (11.56) $ (6.75) $ (2.28) $ 0.55 $ (4.84) $ (4.09) $ (11.93) $ (14.84) $ (16.61) $ (16.50)
NGL Premium/ Discount $ (4.84) $ (6.32) $ (3.87) $ (5.70) $ (6.25) $ (11.40) $ (5.16) $ (2.34) $ (6.38) $ (4.96) $ (5.55) $ (3.95) $ (1.02)
Gas Premium/ Discount $ 0.22 $ (0.30) $ 0.02 $ (0.18) $ (0.11) $ (0.06) $ (0.36) $ (0.47) $ (0.30) $ 0.36 $ (0.04) $ (0.10) $ (0.15)

MARGINS PER MCFE FY16 FY17 FY18E FY19E FY20E 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18E 4Q18E
Prod revenue/mcfe $ 2.13 $ 2.97 $ 3.40 $ 3.16 $ 3.08 $ 3.19 $ 2.88 $ 2.78 $ 3.02 $ 3.54 $ 3.30 $ 3.34 $ 3.40
LOE $ 0.17 $ 0.18 $ 0.18 $ 0.18 $ 0.18 $ 0.16 $ 0.17 $ 0.20 $ 0.19 $ 0.19 $ 0.17 $ 0.18 $ 0.18
Production Taxes $ 0.05 $ 0.06 $ 0.06 $ 0.06 $ 0.06 $ 0.05 $ 0.06 $ 0.07 $ 0.06 $ 0.05 $ 0.05 $ 0.07 $ 0.07
Pipeline Fees $ 0.01 $ 0.00 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.00 $ (0.01) $ 0.00 $ (0.02) $ 0.02 $ 0.01 $ 0.01
Transportation $ 1.01 $ 1.04 $ 1.37 $ 1.36 $ 1.30 $ 1.02 $ 1.08 $ 1.05 $ 1.00 $ 1.24 $ 1.35 $ 1.42 $ 1.47
G&A/mcfe $ 0.24 $ 0.22 $ 0.20 $ 0.19 $ 0.17 $ 0.21 $ 0.21 $ 0.25 $ 0.21 $ 0.23 $ 0.20 $ 0.20 $ 0.19
Int Exp/mcfe $ 0.30 $ 0.27 $ 0.27 $ 0.23 $ 0.21 $ 0.27 $ 0.27 $ 0.27 $ 0.26 $ 0.27 $ 0.27 $ 0.27 $ 0.26
Income tax/mcfe $ 0.00 $ 0.00 $ - $ - $ - $ - $ - $ - $ 0.00 $ - $ - $ - $ -
Cash flow /m cfe $ 0.37 $ 1.20 $ 1.31 $ 1.12 $ 1.14 $ 1.47 $ 1.08 $ 0.95 $ 1.31 $ 1.59 $ 1.24 $ 1.20 $ 1.22
DD&A/mcfe $ 0.93 $ 0.85 $ 0.82 $ 0.84 $ 0.84 $ 0.86 $ 0.86 $ 0.87 $ 0.82 $ 0.82 $ 0.80 $ 0.83 $ 0.83
Exploration/mcfe $ 0.05 $ 0.07 $ 0.04 $ 0.04 $ 0.03 $ 0.05 $ 0.08 $ 0.12 $ 0.03 $ 0.04 $ 0.04 $ 0.04 $ 0.04
Earnings/m cfe $ (0.62) $ 0.28 $ 0.45 $ 0.25 $ 0.27 $ 0.57 $ 0.14 $ (0.05) $ 0.46 $ 0.73 $ 0.40 $ 0.32 $ 0.35
Income tax rate 35% -306% 42% 28% 28% 40% 45% 36% 273% 43% 28% 28% 28%
% deferred 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 98% 98% 98%

EBITDA Margins 47% 50% 46% 43% 44% 55% 47% 46% 52% 53% 45% 44% 43%

Source: Company Reports, Guggenheim Securities, LLC estimates

GUGGENHEIM SECURITIES, LLC See pages 8 - 9 for analyst certification and important disclosures. Page 4
ENERGY: EXPLORATION AND PRODUCTION
RANGE RESOURCES CORPORATION October 1, 2018

Range Resources (RRC)

Consolidated Statement of Operations
Guggenheim Securities, LLC

CASH FLOW ANALYSIS FY16 FY17 FY18E FY19E FY20E 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18E 4Q18E
Sources
Operating Cash Flow $ 556,726 $ 909,117 $ 1,051,553 $ 959,658 $ 1,085,181 $ 256,197 $ 191,391 $ 200,510 $ 261,019 $ 321,425 $ 234,889 $ 242,910 $ 252,329
Working Capital $ (5,000) $ (72,755) $ (81,000) $ - $ - $ 39,245 $ 108,000 $ - $ (220,000) $ (5,000) $ (76,000) $ - $ -
Asset Sales $ 190,079 $ 72,468 $ 366 $ - $ - $ 26,053 $ - $ - $ 46,415 $ 40 $ 326 $ - $ -
Net Financing - Debt $ (187,149) $ 328,097 $ 46,000 $ 77,000 $ 73,500 $ (30,428) $ - $ 126,000 $ 232,525 $ (29,000) $ 132,000 $ 28,000 $ (85,000)
- Equity $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Other $ - $ 15,690 $ (14,759) $ - $ - $ - $ - $ - $ 15,690 $ (2,327) $ (12,432) $ - $ -
TOTAL $ 554,656 $ 1,252,617 $ 1,002,160 $ 1,036,658 $ 1,158,681 $ 291,067 $ 299,391 $ 326,510 $ 335,649 $ 285,138 $ 278,783 $ 270,910 $ 167,329

Uses
CAPEX $ 512,786 $ 1,154,323 $ 942,194 $ 1,016,900 $ 1,140,930 $ 262,500 $ 297,100 $ 322,413 $ 272,310 $ 253,930 $ 260,500 $ 265,792 $ 161,972
Dividends $ 16,564 $ 19,839 $ 19,795 $ 19,670 $ 19,670 $ 4,951 $ 4,963 $ 4,905 $ 5,020.12 $ 4,971 $ 4,989 $ 4,918 $ 4,918
Asset Purchases $ - $ 58,213 $ 37,900 $ - $ - $ - $ - $ - $ 58,213 $ 25,355 $ 12,545 $ - $ -
Other $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
TOTAL $ 529,350 $ 1,232,375 $ 999,889 $ 1,036,570 $ 1,160,601 $ 267,451 $ 302,063 $ 327,317 $ 335,544 $ 284,256 $ 278,034 $ 270,709 $ 166,889

Excess / <deficiency> $ 25,306 $ 20,242 $ 2,271 $ 88 $ (1,920) $ 23,616 $ (2,672) $ (807) $ 105 $ 882 $ 749 $ 201 $ 439

BALANCE SHEET ($,000) FY16 FY17 FY18E FY19E FY20E 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18E 4Q18E
Cash $ 314 $ 448 $ - $ - $ - $ 545 $ 520 $ 520 $ 448 $ 527 $ 415 $ - $ -
Working Capital (deficit) $ (269,039) $ (340,613) $ (253,809) $ (253,809) $ (253,809) $ (308,284) $ (312,037) $ (324,438) $ (340,613) $ (315,404) $ (253,809) $ (253,809) $ (253,809)
Asset Retirement Obligations $ 310,642 $ 286,043 $ 310,133 $ 310,133 $ 310,133 $ 301,687 $ 301,886 $ 296,736 $ 286,043 $ 293,813 $ 310,133 $ 310,133 $ 310,133
Credit Facility - Commitments of $2B, $ 876,428 $ 1,208,467 $ 1,247,584 $ 1,324,584 $ 1,398,084 $ 846,000 $ 954,000 $ 1,082,708 $ 1,208,467 $ 1,180,227 $ 1,304,584 $ 1,332,584 $ 1,247,584
Long-Term Debt $ 2,926,812 $ 2,900,339 $ 2,925,687 $ 2,925,687 $ 2,925,687 $ 2,926,312 $ 2,926,312 $ 2,899,254 $ 2,900,339 $ 2,901,467 $ 2,902,578 $ 2,925,687 $ 2,925,687
Total Debt $ 4,382,921 $ 4,735,462 $ 4,737,213 $ 4,814,213 $ 4,887,713 $ 4,382,283 $ 4,494,235 $ 4,603,136 $ 4,735,462 $ 4,690,911 $ 4,771,104 $ 4,822,213 $ 4,737,213
Equity $ 5,408,368 $ 5,758,665 $ 5,856,795 $ 6,007,699 $ 6,191,775 $ 5,582,476 $ 5,652,026 $ 5,537,480 $ 5,758,665 $ 5,834,592 $ 5,764,035 $ 5,804,862 $ 5,856,795
Total Capital $ 9,791,289 $ 10,494,127 $ 10,594,008 $ 10,821,912 $ 11,079,488 $ 9,964,759 $ 10,146,261 $ 10,140,616 $ 10,494,127 $ 10,525,503 $ 10,535,139 $ 10,627,075 $ 10,594,008
Net Debt / EBITDA 5.6X 4.1X 3.5X 3.9X 3.6X 4.6X 4.2X 4.0X 4.1X 3.8X 3.7X 3.5X 3.5X
EBITDA / Cash Int Exp (x) 4.3X 5.6X 5.9X 5.9X 6.4X 6.4X 5.0X 4.9X 6.1X 7.1X 5.4X 5.4X 5.7X
Book Value $ 28.40 $ 23.48 $ 23.80 $ 24.43 $ 25.18 $ 22.80 $ 23.04 $ 22.58 $ 23.45 $ 23.66 $ 23.44 $ 23.61 $ 23.82

Source: Company Reports, Guggenheim Securities, LLC estimates

GUGGENHEIM SECURITIES, LLC See pages 8 - 9 for analyst certification and important disclosures. Page 5
ENERGY: EXPLORATION AND PRODUCTION
RANGE RESOURCES CORPORATION October 1, 2018

Range Resources (RRC)

NAV Forecast
Guggenheim Securities, LLC
NAV Calculation 2016 2017 2018E 2019E 2020E
PV-10 Value $ 3,727,000 $ 8,147,246 $ 8,079,288 $ 8,491,329 $ 8,980,589
less bank debt $ (876,428) $ (1,208,467) $ (1,247,584) $ (1,324,584) $ (1,398,084)
less long-term debt $ (2,926,812) $ (2,900,339) $ (2,925,687) $ (2,925,687) $ (2,925,687)
w orking capital (deficit) $ (269,039) $ (340,613) $ (253,809) $ (253,809) $ (253,809)
other assets $ - $ - $ - $ - $ -
Net Asset Value $ (345,279) $ 3,697,827 $ 3,652,208 $ 3,987,249 $ 4,403,009

Shares Outstanding 190,439 245,230 246,059 245,880 245,880

NAV per Share $ (1.81) $ 15.08 $ 14.84 $ 16.22 $ 17.91

Probables: (bcfe) 8,720 5,232 3,628 1,954

Probable value @ 50% of P1 ($/mcfe) $ 0.15 $ 0.27 $ 0.25 $ 0.25 $ 0.25
Probable Per Share $ - $ 9.49 $ 5.35 $ 3.71 $ 2.00

NAV per Share (w / probables) $ (1.81) $ 24.57 $ 20.19 $ 19.93 $ 19.91

Pre-tax PV-10 / m cfe $ 0.31 $ 0.53 $ 0.50 $ 0.50 $ 0.50

Future Cash ($/mcfe) $ 2.27 $ 2.85 $ 3.03 $ 3.03 $ 3.03

Future Op Costs ($/mcfe) $ (1.20) $ (1.24) $ (1.50) $ (1.50) $ (1.50)
Future Dev Costs ($/mcfe) $ (0.50) $ (0.44) $ (0.44) $ (0.44) $ (0.44)

Reference Prices
Gas $ 2.48 $ 2.98 $ 2.75 $ 2.75 $ 2.75
Oil $ 42.68 $ 51.34 $ 60.00 $ 60.00 $ 60.00
NGL prices $ 12.80 $ 20.54 $ 21.00 $ 21.00 $ 21.00
Weighted $/mcfe $ 2.56 $ 3.28 $ 3.19 $ 3.19 $ 3.19

Differentials
Gas $ (0.41) $ (0.38) $ (0.20) $ (0.20) $ (0.20)
Oil $ (5.27) $ (5.61) $ (5.60) $ (5.60) $ (5.60)
NGL/WTI % 31% 35% 35% 35% 35%

Realized Prices
Gas $ 2.07 $ 2.60 $ 2.55 $ 2.55 $ 2.55
Oil $ 37.41 $ 45.73 $ 54.40 $ 54.40 $ 54.40
NGL $ 13.44 $ 17.84 $ 21.00 $ 21.00 $ 21.00
Weighted $/mcfe $ 2.29 $ 2.86 $ 3.03 $ 3.03 $ 3.03

Source: Company Reports, Guggenheim Securities, LLC estimates

GUGGENHEIM SECURITIES, LLC See pages 8 - 9 for analyst certification and important disclosures. Page 6
ENERGY: EXPLORATION AND PRODUCTION
RANGE RESOURCES CORPORATION October 1, 2018

Range Resources (RRC)

NAV Forecast
Guggenheim Securities, LLC
PV-10 Calculation 2016 1905 2018E 2019E 2020E
Future Cash Flow s $ 27,413,864 $ 43,500,054 $ 48,625,410 $ 51,105,291 $ 54,049,918
Future Operating Costs $ (14,465,059) $ (18,958,695) $ (24,087,041) $ (25,315,473) $ (26,774,121)
Future Development Costs $ (2,647,801) $ (3,072,688) $ (3,179,489) $ (3,341,642) $ (3,534,184)
Future Cash Flow s (pre-tax) $ 10,301,004 $ 21,468,671 $ 21,358,879 $ 22,448,175 $ 23,741,613

PV-10 (pre-tax) $ 3,727,000 $ 8,147,246 $ 8,079,288 $ 8,491,329 $ 8,980,589

Economic Reserve Life (years) 10.7 10.2 10.2 10.2 10.2

Reserve/Production Ratio (years) 21.4 20.8 19.9 19.7 18.8

Dom estic Reserves (m cfe) 2016 2017 2018E 2019E 2020E

Beginning Reserves 9,891,663 12,071,528 15,261,548 16,058,027 16,876,982
Revisions - Price (23,000) 46,300 0 0 0
- Performance 547,000 1,128,900 0 0 0
- 5 Year Rule (269,000) (668,300) 0 0 0
Extensions, Discoveries 1,394,134 3,487,519 1,604,387 1,673,799 1,921,861
Purchases 1,259,806 10,116 0 0 0
Sales (164,655) (81,133) 0 0 0
Production (564,420) (733,382) (807,908) (854,845) (949,428)
Ending Reserves 12,071,528 15,261,548 16,058,027 16,876,982 17,849,414
% Reserve Growth 22% 26% 5% 5% 6%

PDP 6,769,908 8,348,074 8,831,915 9,282,340 9,817,178

% Gas 65% 67% 67% 67% 67%

% Oil 4% 3% 3% 3% 3%
% NGL 31% 30% 30% 30% 30%
% PUD 44% 45% 45% 45% 45%

Source: Company Reports, Guggenheim Securities, LLC estimates

GUGGENHEIM SECURITIES, LLC See pages 8 - 9 for analyst certification and important disclosures. Page 7
ENERGY: EXPLORATION AND PRODUCTION
RANGE RESOURCES CORPORATION October 1, 2018

ANALYST CERTIFICATION

By issuing this research report, each Guggenheim Securities, LLC ("Guggenheim Securities") research analyst whose name appears in this report
hereby certifies that (i) all of the views expressed in this report accurately reflect the research analyst's personal views about any and all of the subject
securities or issuers discussed herein and (ii) no part of the research analyst's compensation was, is, or will be directly or indirectly related to the specific
recommendations or views expressed by the research analyst.

IMPORTANT DISCLOSURES

The research analyst(s) and research associate(s) have received compensation based upon various factors, including quality of research, investor client
feedback, and Guggenheim Securities, LLC's overall revenue, which includes investment banking revenue.

Guggenheim Securities, LLC or its affiliates expect(s) to receive or intend(s) to seek compensation for investment banking services from Range Resources
Corporation in the next 3 months.

Please refer to this website for company-specific disclosures referenced in this report: https://guggenheimsecurities.bluematrix.com/sellside/
Disclosures.action. Disclosure information is also available from Compliance, 330 Madison Avenue, New York, NY 10017.

Rating and Price Target History for: Range Resources Corporation (RRC) as of 09-28-2018
11/02/15 07/26/16 10/25/16 03/16/17 05/25/17 08/02/17 04/19/18
BUY:$38 BUY:$53 BUY:$52 BUY:$38 BUY:$43 BUY:$37 BUY:$21
50
45
40
35
30
25
20
15
10
Q3 2016 Q1 Q2 Q3 2017 Q1 Q2 Q3 2018 Q1 Q2

Created by: BlueMatrix

RATINGS EXPLANATION AND GUIDELINES

BUY (B) - Describes stocks that we expect to provide a total return (price appreciation plus yield) of 10% or more within a 12-month period.

NEUTRAL (N) - Describes stocks that we expect to provide a total return (price appreciation plus yield) of between plus 10% and minus 10% within a
12-month period.

SELL (S) - Describes stocks that we expect to provide a total negative return (price appreciation plus yield) of 10% or more within a 12-month period.

NR - The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/or
Guggenheim Securities, LLC policies.

CS - Coverage Suspended. Guggenheim Securities, LLC has suspended coverage of this company.

NC - Not covered. Guggenheim Securities, LLC does not cover this company.

Monitor - Describes stocks whose company fundamentals and financials are being monitored, and for which no financial projections or opinions on the
investment merits of the company are provided.

Under Review (UR) - Following the release of significant news from this company, the rating has been temporarily placed under review until sufficient
information has been obtained and assessed by the analyst.

Guggenheim Securities, LLC methodology for assigning ratings may include the following: market capitalization, maturity, growth/value, volatility and
expected total return over the next 12 months. The price targets are based on several methodologies, which may include, but are not restricted to, analyses
of market risk, growth rate, revenue stream, discounted cash flow (DCF), EBITDA, EPS, cash flow (CF), free cash flow (FCF), EV/EBITDA, P/E, PE/growth,
P/CF, P/FCF, premium (discount)/average group EV/EBITDA, premium (discount)/average group P/E, sum of the parts, net asset value, dividend returns,
and return on equity (ROE) over the next 12 months.

Price targets are assigned for Buy- and Sell-rated stocks. Price targets for Neutral-rated stocks are provided at the discretion of the analyst.

GUGGENHEIM SECURITIES, LLC See pages 8 - 9 for analyst certification and important disclosures. Page 8
ENERGY: EXPLORATION AND PRODUCTION
RANGE RESOURCES CORPORATION October 1, 2018

Equity Valuation and Risks: For valuation methodology and risks associated with covered companies or price targets for covered companies, please
see the most recent company-specific research report at https://guggenheimlibrary.bluematrix.com/client/library.jsp, contact the primary analyst or your
Guggenheim Securities, LLC representative, or email GSResearchDisclosures@guggenheimpartners.com.

RATINGS DISTRIBUTIONS FOR GUGGENHEIM SECURITIES:

IB Serv./ Past 12Mos.

Rating Category Count Percent Count Percent

BUY 201 55.52% 23 11.44%

NEUTRAL 154 42.54% 10 6.49%
SELL 7 1.93% 0 0.00%

OTHER DISCLOSURES

This research is for our clients and prospective clients only. Other than disclosures relating to Guggenheim Securities and its affiliates, this research is
based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such.
We seek to update our research as appropriate, but various regulations may prevent us from doing so. Other than certain industry reports published on a
periodic basis, the large majority of reports are published at irregular intervals as appropriate in the research analyst's judgement. Guggenheim Securities
conducts a full-service, integrated investment banking and brokerage business, and one or more of its affiliates conducts an investment management
business. Guggenheim Securities is a member of SIPC (http://www.sipc.org). Our salespeople, traders, and other professionals may provide oral or written
market commentary or trading strategies to our clients and our employees trading for our own account that reflect opinions that are contrary to the opinions
expressed in this research. Guggenheim Securities or certain of its affiliates conducts an investment management business, trades for its own account, and
conducts an investment business, and may make investment decisions that are inconsistent with the recommendations or views expressed in this research.

We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as
principal in, and buy or sell, the securities or derivatives, if any, referred to in this research. We and our affiliates also may sell to or buy from customers
on a principal basis the securities described herein. We and our affiliates also do business with, or that relates to, companies covered in Guggenheim
Securities’ research, and may have a position in the debt of the company or companies discussed herein.

This research is not an offer to sell or the solicitation of an offer to buy any security. It does not constitute a personal recommendation or take into account
the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation
in this research is suitable for their particular circumstances and, if appropriate, seek professional advice, including tax advice. The price and value of
investments referred to in this research and the income from them may fluctuate. Past performance is not a guide to future performance, future returns
are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income
derived from, certain investments.

This communication does not constitute an offer of Shares to the public in the United Kingdom. No prospectus has been or will be approved in the United
Kingdom in respect of the Securities. Consequently, this communication is directed only at (i) persons who are outside the United Kingdom or (ii) persons
who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (the “Order”), (iii) high net worth entities falling within Article 49(2) of the Order (iv) and other persons to whom it may lawfully
be communicated (all such persons together being referred to as “relevant persons”). Any investment activity to which this communication relates will
only be available to, and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on this document
or any of its contents.

TACTICAL TRADING IDEA DISCLAIMER

Guggenheim Securities, LLC produces "Tactical Trade Ideas" that identify short-term, catalyst-driven trading opportunities impacting companies within the
Firm’s coverage universe. Tactical Trade Ideas may exist on companies in this report and may be contrary to the analyst’s published rating.

Copyright © 2018 by Guggenheim Securities, LLC, ("Guggenheim") a FINRA registered broker-dealer. All rights reserved. The content of this report is
based upon information obtained from sources that Guggenheim generally considers reliable, but Guggenheim makes no representations or warranties with
respect to its accuracy, completeness, timeliness, suitability or otherwise, and assumes no responsibility to update it for subsequent events or knowledge.
Guggenheim is not responsible for your use of this information.

GUGGENHEIM SECURITIES, LLC See pages 8 - 9 for analyst certification and important disclosures. Page 9
Guggenheim Securities Equity Research Team
Consumer
Automotive Retail
Ali Faghri 310.319.2556 Ali.Faghri@guggenheimpartners.com
Beverages
Laurent Grandet 212.372.6368 Laurent.Grandet@guggenheimpartners.com
Food Retailers; Consumables Retail/Distribution
John Heinbockel 212.381.4135 John.Heinbockel@guggenheimpartners.com
Hardlines Retail
Steven Forbes, CFA 212.381.4188 Steven.Forbes@guggenheimpartners.com
Restaurants
Matthew DiFrisco 212.823.6599 Matthew.DiFrisco@guggenheimpartners.com
Retailing/Department Stores and Specialty Softlines
Robert Drbul 212.823.6558 Robert.Drbul@guggenheimpartners.com

Energy & Power

Alternative Energy
Sophie Karp 212.518.9162 Sophie.Karp@guggenheimpartners.com
Exploration & Production
Subash Chandra, CFA 212.918.8771 Subash.Chandra@guggenheimpartners.com
Midstream/MLPs
Matthew Phillips 832.871.5024 Matthew.Phillips@guggenheimpartners.com
Oil Services & Equipment
Michael LaMotte 972.638.5500 Michael.LaMotte@guggenheimpartners.com
Power and Utilities
Shahriar Pourreza, CFA 212.518.5862 Shahriar.Pourreza@guggenheimpartners.com

Healthcare
Biotechnology
Adnan Butt 415.671.4386 Adnan.Butt@guggenheimpartners.com
Michael Schmidt, Ph.D. 617.859.4636 Michael.Schmidt@guggenheimpartners.com

Medical Supplies & Devices

Chris Pasquale 212.518.9420 Chris.Pasquale@guggenheimpartners.com
Technology, Media & Telecom
Communications Infrastructure; Telecom Services
Robert Gutman 212.518.9148 Robert.Gutman@guggenheimpartners.com
e-Leisure & Lodging
Jake Fuller 212.518.9013 Jake.Fuller@guggenheimpartners.com
Financial Technology
Jeff Cantwell, CFA 212.823.6543 Jeffrey.Cantwell@guggenheimpartners.com
IT Hardware & Mobility
Robert Cihra 212.901.9409 Robert.Cihra@guggenheimpartners.com
Media & Entertainment; Cable & Satellite
Michael Morris, CFA 804.253.8025 Michael.Morris@guggenheimpartners.com
Curry Baker 804.253.8029 Curry.Baker@guggenheimpartners.com
Software
Nandan Amladi 212.823.6597 Nandan.Amladi@guggenheimpartners.com
Ken Wong, CFA 415.852.6465 Ken.Wong@guggenheimpartners.com
Telecom Services
Mike McCormack, CFA 212.518.9774 Mike.McCormack@guggenheimpartners.com
Sales and Trading Offices
New York 212.292.4700 San Francisco 415.852.6451
Boston 617.859.4626 Chicago 312.357.0778