Range Announces Proved Reserves - Seite 2

					2023 SEC Pricing(a)		Strip Price Average(b)
		Natural Gas Price ($/MMBtu)			$2.62		$3.57
		WTI Oil Price ($/Bbl)			$78.10		$63.49
		NGL Price ($/Bbl)			$24.91		$24.64
		Proved Reserves PV10 ($ billions)			$7.9		$11.7

(a)	SEC benchmark prices adjusted for energy content, quality and basis differentials were $2.20 per mcf and $68.32 per barrel of crude oil.
(b)	NYMEX 10-year strip prices adjusted for energy content, quality and basis differentials realized an average gas price differential of ($0.44) and an average realized oil differential of ($10.67) per barrel, which equate to $3.17 per mcf and $52.82 per barrel over the life of the reserves.

Year-end 2023 reserves included 6.6 Tcfe of proved undeveloped reserves from approximately 3.1 million lateral feet scheduled to be developed within the next five years with an expected development cost of $0.40 per mcfe. Future development costs included in the year-end 2023 reserve report utilized estimates consistent with 2024 expected drilling and completion costs. Beyond the five-year reserve calculation window, Range has approximately 25 million undrilled lateral feet of high-quality Marcellus and millions of undrilled lateral feet in the Utica and Upper Devonian horizons. Range also has a network of more than 250 existing well pads that provide the opportunity to develop future wells while utilizing existing roads, pads and infrastructure.

Non-GAAP Financial Measures

We believe that the presentation of PV₁₀ is relevant and useful to our investors as supplemental disclosure to the standardized measure, or after-tax amount, because it presents the discounted future net cash flows attributable to our proved reserves before taking into account future corporate income taxes and our current tax structure. While the standardized measure is dependent on the unique tax situation of each company, PV₁₀ is based on prices and discount factors that are consistent for all companies. Because of this, PV₁₀ can be used within the industry and by creditors and security analysts to evaluate estimated net cash flows from proved reserves on a more comparable basis.