Corporate Sustainability Report 2022-2023

Creating Sustainable Value for our Shareholders and Communities

2022-2023 Report Highlights

Environmental Stewardship

We continue to make progress with our goal of Net Zero Scope 1 and Scope 2 GHG Emissions by 2025 through continued GHG emissions reduction efforts, including the purchasing and contracting of carbon credits across a diverse set of high-quality projects

Range completed the MIQ certification process and earned an “A” grade for the company’s Southwest Pennsylvania (SWPA) production and operations.

Ranked second lowest in CO2e emissions intensity in a group of 11 peers as a result of our investments in emissions management and advantageous position relative to other operating regions

We Recycled 142 percent of produced water and flowback volume through our water reuse and sharing program

Reduced methane emissions intensity by 67 percent since 2019

Community Impact

Contributed over 1,480 employee volunteer hours in support of charitable and community organizations

Invested $764,000 into our communities,including over $155,000 donated to first responders through Range’s Good Neighbors Fund

Paid over $4.5 billionin impact fees, royalty and lease payments, and charitable contributions benefiting Pennsylvanians and Pennsylvania communities through 2022

Safety Impact

Range employees completed more than 3,100 hours of safety-related training

 

0.00 Days Away, Restricted, or Transferred (DART) rate

Human Capital Management

Employees completed 14.5 hours of training on average

Introduced new Lyra mental health benefit to support employee well-being

Responsible Governance

Recognized as one of JUST Capital’sMost Just Companies

Named to Newsweek Magazine’s 2023 America’s Most Responsible Companies List

Letter from Our Board of Directors

As Range continues to evolve, our business and sustainability strategies remain fully aligned and focused on being a safe and trusted operator, transparently engaging with our stakeholders, and further enhancing our long-term resiliency.

We appreciate the opportunity to share our latest report showcasing Range’s ongoing sustainability progress. In particular, and in line with our commitment to operational transparency, this year’s report represents the most thorough summary of our integrated environmental, social and governance (ESG) initiatives, priorities and performance data detailed to date.

Taken together, these heightened disclosures and performance metrics reflect the breadth of Range’s strong sustainability culture that enables continued progress against our shared goals and the value Range is delivering to our stakeholders.

Effectively Managing Emissions

Prudent emissions reductions incorporated with industry leading emissions management technologies is a top business priority. As we approach our stated target year of achieving net zero greenhouse gas (GHG) emissions (Scope 1 and 2) by 2025, we are confident in the cross-functional technical strategies and collaborative progress that we continue to make.

Complex and important goals like these require a broad set of engineering and carbon management solutions. Operationally, we extensively assess and improve well site equipment – such as our approach to pneumatic devices – to further reduce emissions.

  • We launched a pneumatic device technology review pilot program in 2022 to evaluate technologies to further reduce methane emissions. As a result, we have incorporated new technology – pneumatics equipped with compressed air or nitrogen – into all new well sites moving forward. In addition to new wells changes, we are initiating a retrofit program on existing sites with a prioritized focus on locations that have the most potential for emissions reductions. Following this pilot program, we intend to retrofit the most cost-effective sites to further reduce emissions as efficiently as possible.
  • Range is also increasing the frequency of our Leak Detection and Repair (LDAR) surveys. In the fourth quarter of 2022, we increased the frequency of these inspections from quarterly to eight times per year, which has allowed us to reduce our fugitive production emissions year over year. We have bifurcated our emissions into development and production again this year to identify opportunities for further reduction and highlight the low emissions intensity during the production life cycle.

While we are making continuous improvements on managing our direct emissions, we are also utilizing carbon offsets from high-quality projects – alongside our operational advancements to help meet our goals.

  • One partnership stands out. Range and C-Quest Capital are partnering to replace and upgrade cooking stoves in Sub-Saharan Africa. These new and more efficient stoves significantly reduce the need for firewood used in cooking. This helps reduce carbon emissions, providing families with much healthier conditions allowing them to live longer, healthier lives. At the same time, the cookstoves reduce deforestation in the region, which supports the watersheds and biodiversity, and reduces the labor required to gather firewood, which promotes gender equality as this work is often performed by women.

We are also committed to further reduce GHG emissions intensity relative to 2019 levels by 15 percent by 2025. And in this year’s report, we are excited to share that at the end of 2022, we have reduced our absolute GHG emissions by 47 percent.1 We remain focused on implementing viable, cost-effective technologies to lower our GHG emissions.  As we look forward, we continue to support technical advancements with the potential to reduce the combustion emissions from development activities, which is being led by our Internal Combustion Emissions Reduction Work Group.

Investing in Our People

Being responsive, supportive, and transparent to our employees and the communities where we work is a core Range value and priority. We have maintained a year-round flex schedule as well as hybrid remote work policy based on job requirements since 2020, given our culture that prioritizes a healthy work-life balance.

We are encouraged by the momentum of our employee resource groups (ERG), including our Multi-Ethnic Employee Resource Group (MERG) and Range Energy Network of Women (RENEW). These employee-led groups provide support for under-represented employees, additional understanding of cultural differences, and further enhance our DE&I culture.

The hard work of our employees – and their collective dedication to Range’s sustainability mission – is not only recognized within our walls and by our most important stakeholders, but also by others. These recognitions reflect Range’s strong culture and commitment to sustainability excellence.

  • Range was named as one of Just Capital’s Most Just Companies List of 2023 and Newsweek’s America’s Most Responsible Companies List. Of the nearly 1,000 public companies evaluated by Just Capital, Range ranked 6th in the oil and gas industry, and 1st among Appalachian producers.

This was the second consecutive year Newsweek included Range in their annual top 500 list of America’s Most Responsible Companies and was the only Appalachian producer included in this year’s list, scoring the highest in the overall social category.

Resilient Sustainability and Success

Natural gas pricing is impacted by any number of regional and global factors –factors that in some cases may be out of our control. However, we are confident in Range’s resilience given our low capital intensity, balance sheet strength, and unmatched inventory. Range also has a rigorous risk management rigor process that is deeply embedded across our entire enterprise.

Our commitment to being a responsible operator and delivering on our environmental goals is critical to our long-term success. By design, our environmentally positive sustainability strategies also provide commercial efficiencies.

Regardless of the moment’s pricing environment, we are efficiently executing a disciplined and strategic plan to deliver durable free cash flow, as Range has one of the lowest breakeven cost structures among North American natural gas producers.

While there is new leadership at Range, our commitment to consistent execution and sustainability has never been stronger, which is demonstrated throughout this report. Our sustainability strategy is one that is closely aligned across our management, board of directors and shareholders. We are proud of the progress we continue to make against our sustainability goals, and we are grateful to our dedicated teams at Range for their significant contributions, which drive our own success and value for our stakeholders.

We are confident in the role natural gas will play for the future. As our world’s energy demands continue to grow, natural gas is, and will continue to be, ready to meet those needs, displacing other fuels with higher carbon profiles and reliably keeping the lights on. Natural gas is not a transition fuel, it is the destination fuel, and Range is a key player in meeting our world’s energy needs.

Dennis Degner
Chief Executive Officer and President

Margaret Dorman
Director and Chair of the ESG & Safety Committee

 

1 Refer to Figure 7.6.