Form 8-K

8-K — RANGE RESOURCES CORP

Accession: 0001193125-26-435073

Filed: 2026-10-28

Period: 2026-10-27

CIK: 0000315852

SIC: 1311 (CRUDE PETROLEUM & NATURAL GAS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — d174576d8k.htm (Primary)

EX-99.1 (d174576dex991.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: d174576d8k.htm · Sequence: 1

8-K

RANGE RESOURCES CORP false 0000315852 0000315852 2026-10-27 2026-10-27

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 28, 2026 (October 27, 2026)

RANGE RESOURCES CORPORATION

(Exact name of Registrant as Specified in Its Charter)

Delaware

001-12209

34-1312571

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

100 Throckmorton Street, Suite 1200

Fort Worth, Texas

76102

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (817) 870-2601

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☒

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock, $0.01 par value

RRC

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

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. ☐

ITEM 2.02

Results of Operations and Financial Condition

On October 27, 2026 Range Resources Corporation (“Range”) issued a press release announcing its third quarter 2026 results. A copy of this press release is being furnished as an exhibit to this report on Form 8-K.

ITEM 9.01

Financial Statements and Exhibits

(d) Exhibits:

99.1

Press Release dated October 27, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

Cautionary Statements Regarding Forward-Looking Statements

This Current Report on Form 8-K (the “Report”) contains “forward-looking statements” within the meaning of the federal securities laws. Statements that do not relate strictly to historical or current facts are forward-looking and are usually identified by the use of words such as “anticipates,” “believes,” “cause,” “continue,” “could,” “depend,” “develop,” “estimates,” “expects,” “forecasts,” “goal,” “guidance,” “have,” “impact,” “implement,” “increase,” “intends,” “lead,” “maintain,” “may,” “might,” “plans,” “potential,” “possible,” “projected,” “reduce,” “remain,” “result,” “scheduled,” “seek,” “should,” “will,” “would” and other similar words or expressions. The absence of such words or expressions does not necessarily mean the statements are not forward-looking. Without limiting the generality of the foregoing, forward-looking statements in this Report may include statements regarding the proposed transaction (the “proposed transaction”) between EQT Corporation (“EQT”) and Range, the expected closing of the proposed transaction and the timing thereof and the pro forma combined company and its operations, strategies and plans, integration, debt levels and leverage ratio, capital expenditures, cash flows and anticipated uses thereof, synergies, opportunities and anticipated future performance, expected accretion to earnings and free cash flow and anticipated dividends. Information adjusted for the proposed transaction should not be considered a forecast of future results.

Forward-looking statements contained herein reflect the current views of EQT and Range about future events. Although Range believes its forward-looking statements are based on reasonable expectations and assumptions, statements made regarding future results are not guarantees of future performance and are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond EQT’s and Range’s control. Actual outcomes and results may be materially different from the results stated or implied in the forward-looking statements included in this Report due to a number of factors, including, but not limited to: the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement related to the proposed transaction (the “Merger Agreement”); the possibility that shareholders of EQT may not approve the issuance of EQT shares required in the proposed transaction; the possibility that the shareholders of Range may not adopt the Merger Agreement; the risk that EQT or Range may be unable to obtain governmental and regulatory approvals required for the proposed transaction, or required governmental and regulatory approvals may delay the proposed transaction or result in the imposition of conditions that could cause the parties to abandon the proposed transaction; the risk that the parties may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all; risks related to disruption of management’s time from ongoing business operations due to the proposed transaction; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of EQT’s or Range’s common stock; the risk of any unexpected costs or expenses resulting from the proposed transaction; the risk of any litigation relating to the proposed transaction; the risk that the proposed transaction and its announcement could have an adverse effect on the ability of EQT and Range to retain and hire key personnel, on the ability of EQT or Range to attract third-party customers and maintain their relationships with derivatives and joint venture counterparties and on EQT’s and Range’s operating results and businesses generally; the risk that problems may arise in successfully integrating the businesses of EQT and Range, which may result in the combined company not operating as effectively and efficiently as expected; the risk that the combined company may be unable to achieve synergies or other anticipated benefits of the proposed transaction or it may take longer than expected to achieve those synergies or benefits and other important factors that could cause actual results to differ materially from those projected; the volatility in commodity prices for crude oil and natural gas; the effect of future regulatory or legislative actions on EQT and Range or the industry in which they operate, including the risk of new restrictions with respect to oil and natural gas development activities; the risk that the credit ratings of the combined business may be different from what EQT and Range expect; the ability of management to execute its plans to meet its goals and other risks inherent in EQT’s and Range’s businesses; public health crises and any related government policies and actions; the potential disruption or interruption of EQT’s or Range’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond EQT’s or Range’s control; the combined company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and other factors detailed in EQT’s and Range’s Annual Reports on Form 10-K for the year ended December 31, 2025 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

All such factors are difficult to predict and are beyond EQT’s and Range’s control. Additional risks or uncertainties that are not currently known to EQT or Range, that EQT or Range currently deem to be immaterial, or that could apply to any company could also cause actual outcomes and results to differ materially from those included in the forward-looking statements in this Report.

Any forward-looking statement speaks only as of the date on which such statement is made. EQT and Range undertake no obligation to publicly correct or update the forward-looking statements in this Report, in other documents or on their respective websites to reflect new information, future events or otherwise, except as required by applicable law. All such statements are expressly qualified by this cautionary statement. Readers are cautioned not to place undue reliance on these forward-looking statements as a prediction of actual results.

Important Information for Investors and Shareholders; Additional Information and Where to Find It

In connection with the proposed transaction, EQT intends to file with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 (the “registration statement”) that will include a joint proxy statement of EQT and Range and that will also constitute a prospectus of EQT (the “joint proxy statement/prospectus”). Range and EQT also intend to file other documents regarding the proposed transaction with the SEC. This communication is not a substitute for the joint proxy statement/prospectus or the registration statement. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF EQT AND RANGE ARE URGED TO READ THE REGISTRATION STATEMENT, THE JOINT PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT MAY BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT EQT, RANGE, THE PROPOSED TRANSACTION, THE RISKS THERETO AND RELATED MATTERS. After the registration statement has been declared effective, a definitive joint proxy statement/prospectus will be mailed to the shareholders of EQT and the shareholders of Range. Investors and security holders will be able to obtain free copies of the registration statement and joint proxy statement/prospectus and other relevant documents filed or that will be filed with the SEC by EQT or Range through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by Range will be available free of charge on Range’s website at ir.rangeresources.com. Copies of the documents filed with the SEC by EQT will be available free of charge on EQT’s website at ir.eqt.com/investor-relations. The information included on, or accessible through, Range’s or EQT’s website is not incorporated by reference into this communication.

Participants in the Solicitation

Range, EQT and their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction contemplated by the joint proxy statement/prospectus. Information regarding Range’s directors and executive officers and their ownership of Range’s securities is set forth in Range’s filings with the SEC, including Range’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 that was filed with the SEC on February 24, 2026 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0000315852/000119312526067292/rrc-20251231.htm) and its Definitive Proxy Statement on Schedule 14A that was filed with the SEC on March 31, 2026 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0000315852/000119312526134699/rrc-20260325.htm). To the extent such person’s ownership of Range’s securities has changed since the filing of such proxy statement, such changes have been or will be reflected on Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC. Information regarding EQT’s directors and executive officers and their ownership of EQT’s securities is set forth in EQT’s filings with the SEC, including EQT’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0000033213/000003321326000018/eqt-20251231.htm) and its Definitive Proxy Statement on Schedule 14A that was filed with the SEC on February 26, 2026 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0000033213/000110465926020027/tm261383-1_def14a.htm). To the extent such person’s ownership of EQT’s securities has changed since the filing of such proxy statement, such changes have been or will be reflected on Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading the joint proxy statement/prospectus and other relevant materials that will be filed with the SEC regarding the proposed transaction when such documents become available. You may obtain free copies of these documents as described in the preceding paragraph.

No Offer or Solicitation

This Report relates to the proposed transaction. This Report is for informational purposes only and is not intended to and shall not constitute an offer to buy, sell or exchange or the solicitation of an offer to buy, sell or exchange any securities, or a solicitation of any vote or approval, in any jurisdiction, pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance, exchange or transfer of the securities referred to in this document in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

SIGNATURES

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 hereunto duly authorized.

RANGE RESOURCES CORPORATION

By:

/s/ Mark S. Scucchi

Mark S. Scucchi

Executive Vice President and Chief Financial Officer

Date: October 28, 2026

EX-99.1

Filename: d174576dex991.htm · Sequence: 2

EX-99.1

Exhibit 99.1

NEWS RELEASE

Range Announces Third Quarter 2026 Results

FORT WORTH, Texas, October 27, 2026…RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its third quarter

2026 financial results.

Third Quarter 2026 Highlights –

•

Cash flow from operating activities of $308 million

•

Cash flow from operations, before working capital changes, of $347 million

•

Capital spending was $170 million, approximately 25% of the annual 2026 budget

•

Realized price, including hedges, was $3.43 per mcfe – a $0.48 premium versus NYMEX natural gas

•

Pre-hedge NGL realizations of $27.54 per barrel, a premium of $1.54 over

the Mont Belvieu equivalent

•

Production averaged 2.50 Bcfe per day, approximately 68% natural gas

•

Record liquids production of 133,173 barrels per day

Dennis Degner, the Company’s CEO said, “Our third quarter results showed consistent progress on our multi-year development plan, as key

infrastructure was commissioned in Range’s liquids-rich area. As a result of strong well performance and expanded infrastructure, Range’s liquids production increased to a Company record of over 130,000 barrels per day. Increased liquids

production, paired with strategic access to international markets, drove strong cash margins and free cash flow during the quarter, further bolstering Range’s financial position.

“We have considerable momentum across our business and will be exiting 2026 in the strongest position in Range’s history. We believe our pending

transaction with EQT Corporation is a natural next step in our journey that will allow us to scale our business, expand our reach to meet demand and accelerate our mission. With EQT, we will have improved market access, best-in-class inventory, enhanced cash flow generation, and fortified resiliency to drive profitable growth and shareholder value creation through commodity cycles. We look

forward to completing the transaction and unlocking its compelling benefits for our team, customers, partners and shareholders.”

Financial

Discussion

Except for generally accepted accounting principles (“GAAP”) reported amounts, specific expense categories exclude non-cash impairments, unrealized mark-to-market adjustment on derivatives, non-cash stock

compensation and other items shown separately on the attached tables. “Unit costs” as used in this release are composed of direct operating, transportation, gathering, processing and compression, taxes other than income, general and

administrative, interest and depletion, depreciation and amortization costs divided by production. See “Non-GAAP Financial Measures” for a definition of

non-GAAP financial measures and the accompanying tables that reconcile each non-GAAP measure to its most directly comparable GAAP financial measure.

Third Quarter 2026 Results

GAAP revenues and

other income for third quarter 2026 totaled $843 million, GAAP net cash provided from operating activities (including changes in working capital) was $308 million, and GAAP net income was $175 million ($0.75 per diluted

share). Third quarter earnings results include a $58 million mark-to-market derivative gain due to decreases in commodity prices.

Cash flow from operations before changes in working capital, a non-GAAP measure,

was $347 million. Adjusted net income comparable to analysts’ estimates, a non-GAAP measure, was $191 million ($0.81 per diluted share) in third quarter 2026.

The following table details Range’s third quarter 2026 unit costs per mcfe(a):

Expenses

3Q 2026

(per mcfe)

3Q 2025

(per mcfe)

Increase

(Decrease)

Direct operating(a)

0.13

0.11

Transportation, gathering, processing and

compression(a)

1.52

1.47

Taxes other than income

0.03

0.04

(25

General and administrative(a)

0.16

0.17

Interest expense(a)

0.06

0.11

(45

Total cash unit costs(b)

1.91

Depletion, depreciation and amortization (DD&A)

0.44

0.46

Total unit costs plus DD&A(b)

2.35

2.37

(a)

Excludes stock-based compensation, one-time settlements, and

amortization of debt issuance costs.

(b)

Totals may not add due to rounding.

The following table details Range’s average production and realized pricing for third quarter

2026(a):

3Q26 Production & Realized Pricing

Natural Gas

(mcf)

Oil

(bbl)

NGLs

(bbl)

Natural Gas

Equivalent

(mcfe)

Net production per day

1,700,068

6,499

126,674

2,499,104

Average NYMEX price

2.95

85.60

26.00

Differential, including basis hedging

(0.55

)

(10.03

)

1.54

Realized prices before NYMEX hedges

2.40

75.57

27.54

3.23

Settled NYMEX hedges

0.34

(6.24

)

(0.07

)

0.21

Average realized prices after hedges

2.74

69.33

27.47

3.43

(a)

Totals may not add due to rounding.

Third quarter 2026 natural gas, NGLs and oil price realizations (including the impact of cash-settled hedges and derivative settlements) averaged $3.43 per

mcfe.

•

The average natural gas price, including the impact of basis hedging, was $2.40 per mcf, or a ($0.55) per mcf

differential to NYMEX.

•

Range’s pre-hedge NGL price during the quarter was $27.54 per

barrel, approximately $1.54 above the Mont Belvieu weighted equivalent.

•

Crude oil and condensate price realizations, before realized hedges, averaged $75.57 per barrel, or $10.03 below

WTI (West Texas Intermediate).

Financial Position and Repurchase Activity

As of September 30, 2026, Range had net debt outstanding of approximately $794 million, consisting of $500 million of senior notes and

$294 million on the credit facility.

During the quarter, Range did not repurchase shares. As of September 30, 2026, the Company had $1.4 billion of availability under the share repurchase program previously authorized by the Board of Directors.

Capital Expenditures and Operational Activity

Third quarter 2026 drilling and completion expenditures were $160 million. In addition, during the quarter, approximately $5 million was invested in

acreage, and $5 million was invested in infrastructure, pneumatic upgrades, and other investments. Third quarter capital spending represented approximately 25% of Range’s total capital budget in 2026.

During the quarter, Range drilled ~178,000 lateral feet across 10 wells, while turning to sales ~240,000 feet across 17 wells. The table below summarizes

expected 2026 activity plans regarding the number of wells to sales in each area.

2026 YTD

Wells TIL

Remaining

2026

Planned Wells

TIL in 2026

Liquids Rich

Dry Gas

Total Appalachia

Hedging Status

Range hedges portions of its expected future production volumes to increase the predictability of cash flow and maintain a strong, flexible financial position.

Please see the detailed hedging schedule posted on the Range website under Investor Relations – Financial Information.

Range has also hedged basis

across the Company’s numerous natural gas sales points to limit volatility between benchmark and regional prices. The combined fair value of natural gas basis hedges as of September 30, 2026, was a net loss of $8.4 million.

Conference Call Information

Due to the

pending merger with EQT, Range will not host a conference call or webcast to discuss its third quarter 2026 results.

Non-GAAP Financial Measures

To supplement the presentation of its financial results prepared in accordance with generally accepted accounting principles (GAAP), the Company’s

earnings press release contains certain financial measures that are not presented in accordance with GAAP. Management believes certain non-GAAP measures may provide financial statement users with meaningful

supplemental information for comparisons within the industry. These non-GAAP financial measures may include, but are not limited to Net Income, excluding certain items, Cash flow from operations before changes

in working capital, realized prices, Net debt and Cash margin.

Adjusted net income comparable to analysts’ estimates as set forth in this release

represents income or loss from operations before income taxes adjusted for certain non-cash items (detailed in the accompanying table) less income taxes. We believe adjusted net income comparable to

analysts’ estimates is calculated on the same basis as analysts’ estimates and that many investors use this published research in making investment decisions and evaluating operational trends of the Company and its performance relative

to other oil and gas producing companies. Diluted earnings per share (adjusted) as set forth in this release represents adjusted net income comparable to analysts’ estimates on a diluted per share basis. A table is included which reconciles

income or loss from operations to adjusted net income comparable to analysts’ estimates and diluted earnings per share (adjusted). On its website, the Company provides additional comparative information on prior periods.

Cash flow from operations before changes in working capital represents net cash provided by operations

before changes in working capital and exploration expense adjusted for certain non-cash compensation items. Cash flow from operations before changes in working capital (sometimes referred to as “adjusted

cash flow”) is widely accepted by the investment community as a financial indicator of an oil and gas company’s ability to generate cash to internally fund exploration and development activities and to service debt. Cash flow from

operations before changes in working capital is also useful because it is widely used by professional research analysts in valuing, comparing, rating and providing investment recommendations of companies in the oil and gas exploration and production

industry. In turn, many investors use this published research in making investment decisions. Cash flow from operations before changes in working capital is not a measure of financial performance under GAAP and should not be considered as an

alternative to cash flows from operations, investing, or financing activities as an indicator of cash flows, or as a measure of liquidity. A table is included which reconciles net cash provided by operations to cash flow from operations before

changes in working capital as used in this release. On its website, the Company provides additional comparative information on prior periods for cash flow, cash margins and non-GAAP earnings as used in this

release.

The cash prices realized for oil and natural gas production, including the amounts realized on cash-settled derivatives and net of

transportation, gathering, processing and compression expense, is a critical component in the Company’s performance tracked by investors and professional research analysts in valuing, comparing, rating and providing investment recommendations

and forecasts of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Due to the GAAP disclosures of various derivative transactions and third-party

transportation, gathering, processing and compression expense, such information is now reported in various lines of the income statement. The Company believes that it is important to furnish a table reflecting the details of the various components

of each income statement line to better inform the reader of the details of each amount and provide a summary of the realized cash-settled amounts and third-party transportation, gathering, processing and compression expense, which were historically

reported as natural gas, NGLs and oil sales. This information is intended to bridge the gap between various readers’ understanding and fully disclose the information needed.

Net debt is calculated as total debt less cash and cash equivalents. The Company believes this measure is helpful to investors and industry analysts who

utilize Net debt for comparative purposes across the industry.

The Company discloses in this release the detailed components of many of the single line

items shown in the GAAP financial statements included in the Company’s Annual or Quarterly Reports on Form 10-K or 10-Q. The Company believes that it is important

to furnish this detail of the various components comprising each line of the Statements of Operations to better inform the reader of the details of each amount, the changes between periods and the effect on its financial results.

We believe that the presentation of PV10 value of our proved reserves is a relevant and useful metric

for 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 credit and security analysts to evaluate estimated net cash flows from

proved reserves on a more comparable basis.

RANGE RESOURCES CORPORATION (NYSE: RRC) is a leading U.S. independent natural gas and NGL producer

with operations focused in the Appalachian Basin. The Company is headquartered in Fort Worth, Texas. More information about Range can be found at www.rangeresources.com.

This release contains “forward-looking statements” within the meaning of the federal

securities laws. Statements that do not relate strictly to historical or current facts are forward-looking and are usually identified by the use of words such as “anticipates,” “believes,” “cause,”

“continue,” “could,” “depend,” “develop,” “estimates,” “expects,” “forecasts,” “goal,” “guidance,” “have,” “impact,”

“implement,” “increase,” “intends,” “lead,” “maintain,” “may,” “might,” “plans,” “potential,” “possible,”

“projected,” “reduce,” “remain,” “result,” “scheduled,” “seek,” “should,” “will,” “would” and other similar words or expressions. The absence

of such words or expressions does not necessarily mean the statements are not forward-looking. Without limiting the generality of the foregoing, forward-looking statements in this release may include statements regarding the proposed transaction

(the “proposed transaction”) between EQT Corporation (“EQT”) and Range Resources Corporation (“Range”), the expected closing of the proposed transaction and the timing thereof and the pro forma combined company

and its operations, strategies and plans, integration, debt levels and leverage ratio, capital expenditures, cash flows and anticipated uses thereof, synergies, opportunities and anticipated future performance, expected accretion to earnings and

free cash flow and anticipated dividends. Information adjusted for the proposed transaction should not be considered a forecast of future results.

Forward-looking statements contained herein reflect the current views of EQT and Range about future

events. Although Range believes its forward-looking statements are based on reasonable expectations and assumptions, statements made regarding future results are not guarantees of future performance and are inherently subject to significant

business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond EQT’s and Range’s control. Actual outcomes and results may be materially different from the results stated

or implied in the forward-looking statements included in this release due to a number of factors, including, but not limited to: the occurrence of any event, change or other circumstances that could give rise to the termination of the merger

agreement related to the proposed transaction (the “Merger Agreement”); the possibility that shareholders of EQT may not approve the issuance of EQT shares required in the proposed transaction; the possibility that the shareholders of

Range may not adopt the Merger Agreement; the risk that EQT or Range may be unable to obtain governmental and regulatory approvals required for the proposed transaction, or required governmental and regulatory approvals may delay the proposed

transaction or result in the imposition of conditions that could cause the parties to abandon the proposed transaction; the risk that the parties may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all;

risks related to disruption of management’s time from ongoing business operations due to the proposed transaction; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of

EQT’s or Range’s common stock; the risk of any unexpected costs or expenses resulting from the proposed transaction; the risk of any litigation relating to the proposed transaction; the risk that the proposed transaction and its

announcement could have an adverse effect on the ability of EQT and Range to retain and hire key personnel, on the ability of EQT or Range to attract third-party customers and maintain their relationships with derivatives and joint venture

counterparties and on EQT’s and Range’s operating results and businesses generally; the risk that problems may arise in successfully integrating the businesses of EQT and Range, which may result in the combined company not operating as

effectively and efficiently as expected; the risk that the combined company may be unable to achieve synergies or other anticipated benefits of the proposed transaction or it may take longer than expected to achieve those synergies or benefits and

other important factors that could cause actual results to differ materially from those projected; the volatility in commodity prices for crude oil and natural gas; the effect of future regulatory or legislative actions on EQT and Range or the

industry in which they operate, including the risk of new restrictions with respect to oil and natural gas development activities; the risk that the credit ratings of the combined business may be different from what EQT and Range expect; the ability

of management to execute its plans to meet its goals and other risks inherent in EQT’s and Range’s businesses; public health crises and any related government policies and actions; the potential disruption or interruption of EQT’s

or Range’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond EQT’s or Range’s control; the combined company’s ability to

identify and mitigate the risks and hazards inherent in operating in the global energy industry; and other factors detailed in EQT’s and Range’s Annual Reports on Form 10-K for the year ended

December 31, 2025 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

All such factors are difficult to predict and are beyond EQT’s and Range’s control. Additional risks or uncertainties that are not currently

known to EQT or Range, that EQT or Range currently deem to be immaterial, or that could apply to any company could also cause actual outcomes and results to differ materially from those included in the forward-looking statements in this release.

Any forward-looking statement speaks only as of the date on which such statement is made. EQT and Range undertake no obligation to publicly

correct or update the forward-looking statements in this release, in other documents or on their respective websites to reflect new information, future events or otherwise, except as required by applicable law. All such statements are expressly

qualified by this cautionary statement. Readers are cautioned not to place undue reliance on these forward-looking statements as a prediction of actual results.

The SEC permits oil and gas companies, in filings made with the SEC, to disclose proved reserves, which are estimates that geological and engineering data

demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions as well as the option to disclose probable and possible reserves. Range has elected not to disclose its

probable and possible reserves in its filings with the SEC. Range uses certain broader terms such as “resource potential,” “unrisked resource potential,” “unproved resource potential” or “upside” or

other descriptions of volumes of resources potentially recoverable through additional drilling or recovery techniques that may include probable and possible reserves as defined by the SEC’s guidelines. Range has not attempted to distinguish

probable and possible reserves from these broader classifications. The SEC’s rules prohibit us from including in filings with the SEC these broader classifications of reserves. These estimates are by their nature more speculative than

estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of actually being realized. Unproved resource potential refers to Range’s internal estimates of hydrocarbon quantities that may be

potentially discovered through exploratory drilling or recovered with additional drilling or recovery techniques and have not been

reviewed by independent engineers. Unproved resource potential does not constitute reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management System

and does not include proved reserves. Area wide unproven resource potential has not been fully risked by Range’s management. “EUR”, or estimated ultimate recovery, refers to our management’s estimates of hydrocarbon

quantities that may be recovered from a well completed as a producer in the area. These quantities may not necessarily constitute or represent reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management

System or the SEC’s oil and natural gas disclosure rules. Actual quantities that may be recovered from Range’s interests could differ substantially. Factors affecting ultimate recovery include the scope of Range’s drilling program,

which will be directly affected by the availability of capital, drilling and production costs, commodity prices, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals,

field spacing rules, recoveries of gas in place, length of horizontal laterals, actual drilling results, including geological and mechanical factors affecting recovery rates and other factors. Estimates of resource potential may change significantly

as development of our resource plays provides additional data.

In addition, our production forecasts and expectations for future periods are

dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price or drilling cost changes.

Investors are urged to consider closely the disclosure in our most recent Annual Report on Form 10-K, available from our website at www.rangeresources.com or by written request to 100 Throckmorton

Street, Suite 1200, Fort Worth, Texas 76102. You can also obtain this Form 10-K on the SEC’s website at www.sec.gov or by calling the SEC at 1-800-SEC-0330.

SOURCE: Range Resources Corporation

Range Investor Contacts:

Laith Sando

817-869-4267

Matt Schmid

817-869-1538

Range Media Contact:

Mark Windle

724-873-3223

RANGE RESOURCES CORPORATION

STATEMENTS OF OPERATIONS

Based on GAAP reported earnings

with additional

details of items included in each line in Form 10-Q

(Unaudited, In thousands, except per share data)

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

2026

2025

Revenues and other income:

Natural gas, NGLs and oil sales (a)

737,919

611,491

2,450,258

2,070,049

Derivative fair value income

58,118

92,946

98,229

88,736

Brokered natural gas and marketing

46,523

43,807

161,248

131,224

ARO settlement gain (b)

—

Interest income (b)

121

4,867

(Gain) loss on sale of assets (b)

)

158

Other (b)

224

238

679

322

Total revenues and other income

842,826

748,528

2,710,567

2,295,357

Costs and expenses:

Direct operating

30,395

23,305

85,796

70,757

Direct operating - stock-based compensation (c)

537

525

1,601

1,566

Transportation, gathering, processing and compression

349,934

301,110

990,075

911,933

Taxes other than income

7,354

8,265

20,103

23,087

Brokered natural gas, NGLs and marketing

47,530

48,256

163,389

139,800

Brokered natural gas, NGLs and marketing - stock-based compensation (c)

676

626

2,277

2,268

Exploration

5,557

7,820

17,365

21,426

Exploration - stock-based compensation (c)

396

285

1,116

998

Abandonment and impairment of unproved properties

5,774

4,899

14,232

16,254

General and administrative

37,588

35,253

108,620

99,563

General and administrative - stock-based compensation (c)

9,952

9,448

31,048

28,885

General and administrative - lawsuit settlements and other

151

1,081

101

Exit costs

6,334

8,085

22,853

25,484

Deferred compensation plan (d)

(52

)

(765

)

735

2,026

Interest expense

13,791

23,200

45,970

76,615

Interest expense - amortization of debt issuance costs (e)

833

1,068

2,490

3,610

Loss (gain) on early extinguishment of debt

—

12,344

)

Depletion, depreciation and amortization

102,049

93,793

283,657

275,866

Total costs and expenses

618,799

565,184

1,804,752

1,700,236

Income before income taxes

224,027

183,344

905,815

595,121

Income tax expense (benefit)

Current

2,775

(1,022

)

11,205

5,623

Deferred

45,929

40,059

182,334

110,561

48,704

39,037

193,539

116,184

Net income

175,323

144,307

712,276

478,937

Net income Per Common Share

Basic

0.75

0.61

3.04

2.00

Diluted

0.75

0.60

3.02

1.99

Weighted average common shares outstanding, as reported

Basic

233,487

237,378

-2

234,419

238,523

-2

Diluted

235,035

239,026

-2

235,958

240,255

-2

(a)

See separate natural gas, NGLs and oil sales information table.

(b)

Included in Other income in the 10-Q.

(c)

Costs associated with stock compensation and amortization, which have been reflected in the categories

associated with the direct personnel costs, are combined with the cash costs in the 10-Q.

(d)

Reflects the change in market value of the vested Company stock held in the deferred compensation plan.

(e)

Included in interest expense in the 10-Q.

RANGE RESOURCES CORPORATION

BALANCE SHEET

(Unaudited, In thousands)

September 30,

2026

December 31,

2025

Assets

Current assets

345,035

390,835

Derivative assets

131,367

69,397

Natural gas, NGLs and oil properties, net (successful efforts method)

6,941,366

6,708,366

Other property and equipment, net

17,609

4,935

Operating lease

right-of-use assets

130,583

173,477

Other

78,466

74,938

7,644,426

7,421,948

Liabilities and Stockholders’ Equity

Current liabilities

625,590

658,783

Asset retirement obligations

1,173

Derivative liabilities

2,547

1,196

Bank debt, net of unamortized debt issuance costs

284,484

106,700

Senior notes, net of unamortized debt issuance costs

496,434

1,091,634

Deferred tax liabilities

883,926

701,601

Derivative liabilities

2,602

2,363

Deferred compensation liabilities

70,773

68,635

Operating lease liabilities

77,345

115,515

Asset retirement obligations and other liabilities

161,376

153,081

Divestiture contract obligation

166,225

202,586

2,772,475

3,103,267

Common stock and retained deficit

5,724,195

5,064,743

Accumulated other comprehensive income

389

424

Common stock held in treasury

(852,633

)

(746,486

)

Total stockholders’ equity

4,871,951

4,318,681

7,644,426

7,421,948

RECONCILIATION OF TOTAL DEBT AS REPORTED

TO NET DEBT, a non-GAAP measure

(Unaudited, in thousands)

September 30,

2026

December 31,

2025

Total debt, net of deferred financing costs, as reported

780,918

1,198,334

-35

Unamortized debt issuance costs, as reported

13,082

19,666

Less cash and cash equivalents, as reported

(12

)

(204

)

Net debt, a non-GAAP measure

793,988

1,217,796

-35

RANGE RESOURCES CORPORATION

CASH FLOWS FROM OPERATING ACTIVITIES

(Unaudited, in

thousands)

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

2026

2025

Net income

175,323

144,307

712,276

478,937

Adjustments to reconcile net cash provided from continuing operations:

Deferred income tax expense

45,929

40,059

182,334

110,561

Depletion, depreciation and amortization

102,049

93,793

283,657

275,866

Abandonment and impairment of unproved properties

5,774

4,899

14,232

16,254

Derivative fair value income

(58,118

)

(92,946

)

(98,229

)

(88,736

)

Cash settlements on derivative financial instruments

51,855

62,033

37,849

98,072

Divestiture contract obligation, including accretion

6,334

8,085

22,853

25,484

Amortization of deferred financing costs and other

1,274

852

3,464

2,996

Deferred and stock-based compensation

11,612

10,248

37,435

36,378

(Gain) loss on sale of assets

)

(32

)

(158

)

Loss (gain) on early extinguishment of debt

—

12,344

)

Changes in working capital:

Accounts receivable

(12,265

)

(5,001

)

56,514

63,063

Other current assets

(10,709

)

3,426

(10,794

)

(5,084

)

Accounts payable

(21,739

)

(1,142

)

(15,418

)

8,016

Accrued liabilities and other

10,285

(21,074

)

(76,733

)

(107,828

)

Net changes in working capital

(34,428

)

(23,791

)

(46,431

)

(41,833

)

Net cash provided from operating activities

307,601

247,545

1,161,752

913,818

RECONCILIATION OF NET CASH PROVIDED FROM OPERATING

ACTIVITIES, AS REPORTED, TO CASH FLOW FROM OPERATIONS BEFORE

CHANGES IN WORKING CAPITAL, a non-GAAP measure

(Unaudited, in thousands)

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

2026

2025

Net cash provided from operating activities, as reported

307,601

247,545

1,161,752

913,818

Net changes in working capital

34,428

23,791

46,431

41,833

Exploration expense

5,557

7,820

17,365

21,426

Lawsuit settlements

(257

)

169

101

Sale of seismic data

—

(360

)

—

Non-cash compensation adjustment and other

(136

)

(720

)

(22

)

Cash flow from operations before changes in working capital -

non-GAAP measure

347,193

279,254

1,224,637

977,156

ADJUSTED WEIGHTED AVERAGE SHARES OUTSTANDING

(Unaudited, in thousands)

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

2026

2025

Basic:

Weighted average shares outstanding

233,686

237,643

234,657

239,063

Stock held by deferred compensation plan

(199

)

(265

)

(238

)

(540

)

Adjusted basic

233,487

237,378

234,419

238,523

Dilutive:

Weighted average shares outstanding

233,686

237,643

234,657

239,063

Dilutive stock options under treasury method

1,349

1,383

1,301

1,192

Adjusted dilutive

235,035

239,026

235,958

240,255

RANGE RESOURCES CORPORATION

RECONCILIATION OF NATURAL GAS, NGLs AND OIL SALES

AND

DERIVATIVE FAIR VALUE INCOME (LOSS) TO

CALCULATED CASH REALIZED NATURAL GAS, NGLs AND

OIL PRICES WITH AND WITHOUT THIRD-PARTY

TRANSPORTATION, GATHERING, PROCESSING AND

COMPRESSION

COSTS, a non-GAAP measure

(Unaudited, In thousands, except per unit data)

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

2026

2025

Natural gas, NGLs and Oil Sales components:

Natural gas sales

371,772

361,124

1,415,649

1,249,456

NGLs sales

320,962

224,376

893,016

738,064

Oil sales

45,185

25,991

141,593

82,529

Total Natural Gas, NGLs and Oil Sales, as reported

737,919

611,491

2,450,258

2,070,049

Derivative Fair Value Income, as reported

58,118

92,946

98,229

88,736

Cash settlements on derivative financial instruments - (gain) loss:

Natural gas

(56,384

)

(56,420

)

(63,504

)

(90,263

)

NGLs

797

(4,000

)

7,986

(5,096

)

Oil

3,732

(1,613

)

17,669

(2,713

)

Total change in fair value related to commodity derivatives prior to settlement, a non-GAAP measure

6,263

30,913

60,380

(9,336

)

Transportation, gathering, processing and compression components:

Natural Gas

170,125

157,193

491,422

469,416

NGLs

179,054

142,815

496,252

439,862

Oil

755

1,102

2,401

2,655

Total transportation, gathering, processing and compression, as reported

349,934

301,110

990,075

911,933

Natural gas, NGL and Oil sales, including cash-settled derivatives: (c)

Natural gas sales

428,156

417,544

1,479,153

1,339,719

NGLs sales

320,165

228,376

885,030

743,160

Oil Sales

41,453

27,604

123,924

85,242

Total

789,774

673,524

2,488,107

2,168,121

Production of natural gas, NGLs and oil during the periods (a):

Natural Gas (mcf)

156,406,269

141,133,949

433,149,336

413,394,538

NGLs (bbls)

11,653,966

10,158,612

32,139,618

30,107,652

Oil (bbls)

597,916

479,142

1,928,670

1,483,512

Gas equivalent (mcfe) (b)

229,917,561

204,960,473

637,559,064

602,941,522

Production of natural gas, NGLs and oil - average per day (a):

Natural Gas (mcf)

1,700,068

1,534,065

1,586,628

1,514,266

NGLs (bbls)

126,674

110,420

117,728

110,284

Oil (bbls)

6,499

5,208

7,065

5,434

Gas equivalent (mcfe) (b)

2,499,104

2,227,831

2,335,381

2,208,577

Average prices, excluding derivative settlements and before third-party transportation

costs:

Natural Gas (per mcf)

2.38

2.56

-7

3.27

3.02

NGLs (per bbl)

27.54

22.09

27.79

24.51

Oil (per bbl)

75.57

54.25

73.41

55.63

Gas equivalent (per mcfe) (b)

3.21

2.98

3.84

3.43

Average prices, including derivative settlements before third-party transportation costs:

(c)

Natural Gas (per mcf)

2.74

2.96

-7

3.41

3.24

NGLs (per bbl)

27.47

22.48

27.54

24.68

Oil (per bbl)

69.33

57.61

64.25

57.46

Gas equivalent (per mcfe) (b)

3.43

3.29

3.90

3.59

Average prices, including derivative settlements and after third-party transportation costs:

(d)

Natural Gas (per mcf)

1.65

1.84

-10

2.28

2.11

NGLs (per bbl)

12.11

8.42

12.10

10.07

Oil (per bbl)

68.07

55.31

63.01

55.67

Gas equivalent (per mcfe) (b)

1.91

1.82

2.35

2.08

Transportation, gathering and compression expense per mcfe

1.52

1.47

1.55

1.51

(a)

Represents volumes sold regardless of when produced.

(b)

Oil and NGLs are converted at the rate of one barrel equals six mcfe based upon the approximate relative energy

content of oil to natural gas, which is not necessarily indicative of the relationship of oil and natural gas prices.

(c)

Excluding third-party transportation, gathering, processing and compression costs.

(d)

Net of transportation, gathering, processing and compression costs.

RANGE RESOURCES CORPORATION

RECONCILIATION OF INCOME BEFORE INCOME

TAXES AS

REPORTED TO INCOME BEFORE INCOME TAXES

EXCLUDING CERTAIN ITEMS, a non-GAAP measure

(Unaudited, In thousands, except per share data)

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

2026

2025

Income from operations before income taxes, as reported

224,027

183,344

905,815

595,121

Adjustment for certain special items:

(Gain) loss on the sale of assets

)

(32

)

(158

)

ARO settlement gain

—

)

Sale of seismic data

—

(360

)

—

Change in fair value related to derivatives prior to settlement

(6,263

)

(30,913

)

(60,380

)

9,336

Abandonment and impairment of unproved properties

5,774

4,899

14,232

16,254

Loss (gain) on early extinguishment of debt

—

12,344

)

Lawsuit settlements and other

151

1,081

101

Exit costs

6,334

8,085

22,853

25,484

Direct operating - stock-based compensation

537

525

1,601

1,566

Brokered natural gas, NGLs and marketing - stock-based compensation

676

626

2,277

2,268

Exploration expenses - stock-based compensation

396

285

1,116

998

General & administrative - stock-based compensation

9,952

9,448

31,048

28,885

Deferred compensation plan - non-cash adjustment

(52

)

(765

)

735

2,026

Income before income taxes, as adjusted

241,529

175,551

932,330

681,877

Income tax expense (benefit), as adjusted

Current

2,775

(1,022

)

11,205

5,623

Deferred (a)

47,946

41,399

184,584

151,209

Net income, excluding certain items, a non-GAAP

measure

190,808

135,174

736,541

525,045

Non-GAAP income per common share

Basic

0.82

0.57

3.14

2.20

Diluted

0.81

0.57

3.12

2.19

Non-GAAP diluted shares outstanding, if dilutive

235,035

239,026

235,958

240,255

(a)

Taxes are estimated to be approximately 21% for 2026 and 23% for 2025

RANGE RESOURCES CORPORATION

RECONCILIATION OF NET INCOME, EXCLUDING

CERTAIN ITEMS

AND ADJUSTED EARNINGS PER

SHARE, non-GAAP measures

(In thousands, except per share data)

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

2026

2025

Net income, as reported

175,323

144,307

712,276

478,937

Adjustments for certain special items:

(Gain) loss on the sale of assets

)

(32

)

(158

)

ARO settlement gain

—

)

Sale of seismic data

—

(360

)

—

Loss (gain) on early extinguishment of debt

—

12,344

)

Change in fair value related to derivatives prior to settlement

(6,263

)

(30,913

)

(60,380

)

9,336

Abandonment and impairment of unproved properties

5,774

4,899

14,232

16,254

Lawsuit settlements and other

151

1,081

101

Exit costs

6,334

8,085

22,853

25,484

Stock-based compensation

11,561

10,884

36,042

33,717

Deferred compensation plan

(52

)

(765

)

735

2,026

Tax impact

(2,017

)

(1,340

)

(2,250

)

(40,648

)

Net income, excluding certain items, a non-GAAP

measure

190,808

135,174

736,541

525,045

Net income per diluted share, as reported

0.75

0.60

3.02

1.99

Adjustments for certain special items per diluted share:

(Gain) loss on the sale of assets

—

ARO settlement gain

—

Sale of seismic data

—

Loss (gain) on early extinguishment of debt

—

0.05

—

Change in fair value related to derivatives prior to settlement

(0.03

)

(0.13

)

(0.26

)

0.04

Abandonment and impairment of unproved properties

0.02

0.06

0.07

Lawsuit settlements and other

—

Exit costs

0.03

0.10

0.11

Stock-based compensation

0.05

0.15

0.14

Deferred compensation plan

—

0.01

Adjustment for rounding differences

—

0.01

—

Tax impact

(0.01

)

(0.01

)

(0.01

)

(0.17

)

Dilutive share impact (rabbi trust and other)

—

Net income per diluted share, excluding certain items, a

non-GAAP measure

0.81

0.57

3.12

2.19

Adjusted earnings per share, a non-GAAP

measure:

Basic

0.82

0.57

3.14

2.20

Diluted

0.81

0.57

3.12

2.19

RANGE RESOURCES CORPORATION

RECONCILIATION OF CASH MARGIN PER MCFE, a non-

GAAP

measure

(Unaudited, In thousands, except per unit data)

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

2026

2025

Revenues

Natural gas, NGLs and oil sales, as reported

737,919

611,491

2,450,258

2,070,049

Derivative fair value income, as reported

58,118

92,946

98,229

88,736

Less non-cash fair value (gain) loss

(6,263

)

(30,913

)

(60,380

)

9,336

Brokered natural gas and marketing, as reported

46,523

43,807

161,248

131,224

Other income, as reported

266

284

832

5,348

Less (gain) loss on sale of assets

)

(32

)

(158

)

Less ARO settlement

—

)

Cash revenues and other income

836,560

717,621

2,650,155

2,304,534

Expenses

Direct operating, as reported

30,932

23,830

87,397

72,323

Less direct operating stock-based compensation

(537

)

(525

)

(1,601

)

(1,566

)

Transportation, gathering and compression, as reported

349,934

301,110

990,075

911,933

Taxes other than income, as reported

7,354

8,265

20,103

23,087

Brokered natural gas, NGLs and marketing, as reported

48,206

48,882

165,666

142,068

Less brokered natural gas, NGLs and marketing stock-based compensation

(676

)

(626

)

(2,277

)

(2,268

)

General and administrative, as reported

47,691

44,712

140,749

128,549

Less G&A stock-based compensation

(9,952

)

(9,448

)

(31,048

)

(28,885

)

Less lawsuit settlements and other

(151

)

(11

)

(1,081

)

(101

)

Interest expense, as reported

14,624

24,268

48,460

80,225

Less amortization of debt issuance costs

(833

)

(1,068

)

(2,490

)

(3,610

)

Cash expenses

486,592

439,389

1,413,953

1,321,755

Cash margin, a non-GAAP measure

349,968

278,232

1,236,202

982,779

Mmcfe produced during period

229,918

204,961

637,559

602,942

Cash margin per mcfe

1.52

1.36

1.94

1.63

RECONCILIATION OF INCOME BEFORE INCOME TAXES

TO CASH MARGIN, a non-GAAP measure

(Unaudited, in thousands, except per unit data)

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

2026

2025

Income before income taxes, as reported

224,027

183,344

905,815

595,121

Adjustments to reconcile income before income taxes to cash margin:

ARO settlements

—

)

Derivative fair value income

(58,118

)

(92,946

)

(98,229

)

(88,736

)

Net cash receipts on derivative settlements

51,855

62,033

37,849

98,072

Exploration expense

5,557

7,820

17,365

21,426

Lawsuit settlements and other

151

1,081

101

Exit costs

6,334

8,085

22,853

25,484

Deferred compensation plan

(52

)

(765

)

735

2,026

Stock-based compensation (direct operating, brokered natural gas, NGLs and marketing, exploration

and general and administrative)

11,561

10,884

36,042

33,717

Bad debt expense

—

Interest - amortization of debt issuance costs

833

1,068

2,490

3,610

Depletion, depreciation and amortization

102,049

93,793

283,657

275,866

(Gain) loss on sale of assets

)

(32

)

(158

)

Loss (gain) on early extinguishment of debt

—

12,344

)

Abandonment and impairment of unproved properties

5,774

4,899

14,232

16,254

Cash margin, a non-GAAP measure

349,968

278,232

1,236,202

982,779

Important Information for Investors and Shareholders; Additional Information and Where to Find It

In connection with the proposed transaction, EQT intends to file with the U.S. Securities and Exchange Commission (the “SEC”) a

registration statement on Form S-4 (the “registration statement”) that will include a joint proxy statement of EQT and Range and that will also constitute a prospectus of EQT (the “joint

proxy statement/prospectus”). Range and EQT also intend to file other documents regarding the proposed transaction with the SEC. This communication is not a substitute for the joint proxy statement/prospectus or the registration statement.

BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF EQT AND RANGE ARE URGED TO READ THE REGISTRATION STATEMENT, THE JOINT PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT MAY BE FILED WITH THE

SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT EQT,

RANGE, THE PROPOSED TRANSACTION, THE RISKS THERETO AND RELATED MATTERS. After the registration statement has been declared effective, a definitive joint proxy statement/prospectus will be mailed to the shareholders of EQT and the shareholders of

Range. Investors and security holders will be able to obtain free copies of the registration statement and joint proxy statement/prospectus and other relevant documents filed or that will be filed with the SEC by EQT or Range through the website

maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by Range will be available free of charge on Range’s website at www. ir.rangeresources.com. Copies of the documents filed with the SEC by EQT will be available

free of charge on EQT’s website at www.ir.eqt.com/investor-relations. The information included on, or accessible through, Range’s or EQT’s website is not incorporated by reference into this communication.

Participants in the Solicitation

Range, EQT and their

respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction contemplated by the joint proxy statement/prospectus.

Information regarding Range’s directors and executive officers and their ownership of Range’s securities is set forth in Range’s filings with the SEC, including Range’s Annual Report on Form

10-K for the fiscal year ended December 31, 2025 that was filed with the SEC on February

24, 2026 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0000315852/000119312526067292/rrc-20251231.htm

) and its Definitive Proxy Statement on Schedule 14A that was filed with the SEC on March

31, 2026 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0000315852/000119312526134699/rrc-20260325.htm

). To the extent such person’s ownership of Range’s securities has changed since the filing of such proxy statement, such changes have been or will be reflected on Statements of Changes in Beneficial Ownership on Form 4 filed

with the SEC. Information regarding EQT’s directors and executive officers and their ownership of EQT’s securities is set forth in EQT’s filings with the SEC, including EQT’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0000033213/000003321326000018/eqt-20251231.htm) and its Definitive Proxy Statement on Schedule 14A that was filed with the SEC on February 26, 2026 (and which

is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0000033213/000110465926020027/tm261383-1_def14a.htm

). To the extent such person’s ownership of EQT’s securities has changed since the filing of such proxy statement, such changes have been or will be reflected on Statements of Changes in Beneficial Ownership on Form 4 filed

with the SEC. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading the joint proxy statement/prospectus and other relevant materials

that will be filed with the SEC regarding the proposed transaction when such documents become available. You may obtain free copies of these documents as described in the preceding paragraph.

No Offer or Solicitation

This release relates to the

proposed transaction. This release is for informational purposes only and is not intended to and shall not constitute an offer to buy, sell or exchange or the solicitation of an offer to buy, sell or exchange any securities, or a solicitation of any

vote or approval, in any jurisdiction, pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance, exchange or transfer of the securities referred to in this document in any jurisdiction in which such offer,

solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of

the Securities Act of 1933, as amended.

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