Range Resources (RRC) investor relations material

Deal rationale and strategic fit

• Combines complementary Appalachian assets into a vertically integrated producer with >9 Bcfe/d of net production, ~2.8 million net acres and 30+ years of inventory.

• More than 3,700 miles of pipelines and >10 Bcf/d of marketing capacity position the platform to serve growing regional and contracted demand.

• Proximity to Clarington, Ohio, and the Ohio River supports access to emerging power, manufacturing and pipeline demand; the POWER pipe open season drew strong interest.

• Natural gas growth is the primary rationale; liquids diversification and deeper Utica work may strengthen durability and expand inventory potential.

Financial terms and conditions

• All-stock transaction at 0.987 EQT shares per share exchanged; pro forma enterprise value exceeds $50B.

• Management cited a ~21% premium to the prior Friday close and said the deal is accretive to free cash flow/share and NAV/share, with a $0.10 cost-structure improvement.

• Five-year cumulative FCF is projected at nearly $14B at $2.75/MMBtu and north of $38B at $5/MMBtu; another estimate is ~$20B at recent strip pricing.

• Debt targets include a maximum 1x pro forma net debt/adjusted EBITDA at $2.75 NYMEX and 0.6x leverage at YE27E; BBB-quality credit metrics are expected at closing.

Synergies and expected cost savings

• $325M in annual base synergies, largely from corporate and organizational efficiencies, operating savings, lower capital costs and optimized development; most are expected on the operating expense side.

• More than $300M of additional long-term upside, with total synergy potential above $600M, from midstream and infrastructure optimization, marketing, premium supply deals and demand-led development.

• Scale and commercial optimization are expected to improve gas and NGL realizations and margins; EQT’s commodities team generated ~$200M of incremental FCF last year.

• Base synergies are expected within two years in one estimate and paced over two to three years in another; prior integrations exceeded announced synergy targets.