Guru	Date	Trades	Impact to Portfolio	Price Range * (?)	Current Price	Change from Average	Current Shares
Arnold Schneider	2017-12-31	New Buy	0.38%	$15.63 - $20.58	$ 13.36	-26%	102,730
David Tepper	2017-12-31	Sold Out	0.04%	$15.63 - $20.58	$ 13.36	-26%	0
Joel Greenblatt	2017-12-31	Sold Out	0.01%	$15.63 - $20.58	$ 13.36	-26%	0
Barrow, Hanley, Mewhinney & Strauss	2017-12-31	Sold Out	0.04%	$15.63 - $20.58	$ 13.36	-26%	0
Barrow, Hanley, Mewhinney & Strauss	2017-09-30	Reduce -3.55%		$16.58 - $23.49	$ 13.36	-31%	1,395,347
Wallace Weitz	2017-09-30	Reduce -0.28%		$16.58 - $23.49	$ 13.36	-31%	814,184
T Boone Pickens	2017-09-30	Reduce -0.41%	0.01%	$16.58 - $23.49	$ 13.36	-31%	188,081
David Tepper	2017-09-30	Reduce -62.50%	0.09%	$16.58 - $23.49	$ 13.36	-31%	150,000
Joel Greenblatt	2017-09-30	New Buy	0.01%	$16.58 - $23.49	$ 13.36	-31%	33,632
Barrow, Hanley, Mewhinney & Strauss	2017-06-30	Reduce -9.42%	0.01%	$21.22 - $29.9	$ 13.36	-47%	1,446,777
Wallace Weitz	2017-06-30	Reduce -1.18%	0.01%	$21.22 - $29.9	$ 13.36	-47%	816,484
David Tepper	2017-06-30	New Buy	0.14%	$21.22 - $29.9	$ 13.36	-47%	400,000
T Boone Pickens	2017-06-30	Add 22.61%	0.39%	$21.22 - $29.9	$ 13.36	-47%	188,860

Weitz Value Fund Comments on Range Resources - Apr 27, 2017

Range Resources (NYSE:RRC) is an independent producer of natural gas and natural gas liquids (NGLs) based in Fort Worth, Texas, with operations in the Marcellus shale and emerging Terryville field. Range Resources stock weakened during the first quarter as mild winter weather once again put downward pressure on natural gas prices. The company’s higher-than-projected 2017 drilling budget and 20% 2018 production growth target likely also raised fears that Range’s balance sheet could once again deteriorate in the event of a prolonged downturn in gas prices. March supply/demand was kinder than January and February, however, leaving

natural gas storage levels in better shape entering injection season than a year ago (approximately 20% lower). Longer-term demand fundamentals for gas remain attractive, and improving oil prices together with international transport capacity have provided a spark for natural gas liquids prices that should benefit Range’s cash flow. We believe Range shares are undervalued, assuming mid-cycle natural gas prices of $2.75 or higher.

From Weitz Value Fund first quarter 2017 commentary.

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Weitz Funds Comments on Range Resources - Jan 26, 2017

Range Resources (NYSE:RRC) is an independent producer of natural gas and natural gas liquids (NGLs) based in Fort Worth, Texas, with operations in the Marcellus shale and emerging Terryville field. Range’s stock cooled some during the second half of the year following a strong first half rebound from its January lows. A more normal start to winter and low overall drilling activity has led to much needed draws on natural gas storage, with present levels now below the 5 -year average for the first time in almost two years. Near-term gas prices have rebounded accordingly, but uncertainty around mid-cycle gas prices continues as oil drilling activity resumes (increasing competition from “associated” gas production) and Appalachian pipeline capacity increases significantly later this year. Range should be a direct beneficiary of the latter, supporting the company’s 20% production growth aspiration in 2018. While gas prices will likely always be volatile, we believe that at $2.75 or better, Range shares offer significant value.

From Weitz Investment Management's Value Fund fourth quarter 2016 commentary.

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Weitz Funds Comments on Range Resources - Nov 11, 2016

Range Resources (NYSE:RRC) is an independent producer of natural gas and natural gas liquids (NGLs) based in Fort Worth, Texas, with operations in the Marcellus shale and emerging Terryville field. Range’s stock cooled some during the third quarter following a strong rebound during the first half of the year. As expected, Range completed its purchase of Memorial Resource Development during mid-September, adding another sizeable low-cost, high-return natural gas asset in northern Louisiana to its prolific Marcellus acreage position. An improved balance sheet and the opportunity to produce significant quantities of natural gas near growing demand centers at rates of return similar to the Marcellus are clear positives from the Memorial transaction. Overall, we believe the backdrop for the most efficient natural gas producers remains favorable in the intermediate term; though weather continues to pose near-term risks, given elevated gas storage levels. We believe Range shares are worth between $48-50 share.

• From Weitz Balanced Fund third quarter 2016 commentary.

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Wally Weitz Comments on Range Resources - Nov 09, 2016

Range Resources (NYSE:RRC) is an independent producer of natural gas and natural gas liquids (NGLs) based in Fort Worth, Texas, with operations in the Marcellus shale and emerging Terryville field. Range’s stock cooled some during the third quarter following a strong rebound during the first half of the year. As expected, Range completed its purchase of Memorial Resource Development during mid-September, adding another sizeable low-cost, high-return natural gas asset in northern Louisiana to its prolific Marcellus acreage position. An improved balance sheet and the opportunity to produce significant quantities of natural gas near growing demand centers at rates of return similar to the Marcellus are clear positives from the Memorial transaction. Overall, we believe the backdrop for the most efficient natural gas producers remains favorable in the intermediate term; though weather continues to pose near-term risks, given elevated gas storage levels. We believe Range shares are worth between $48-50 share.



From Wallace Weitz (Trades, Portfolio)'s third quarter 2016 Partners Value Fund commentary.

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Weitz Funds Comments on Range Resources - Jul 20, 2016

Range Resources (NYSE:RRC) is an independent producer of natural gas and natural gas liquids based in Fort Worth, Texas. Following a difficult 2015, Range shares rallied from depressed levels, thanks to the successful completion of non-core asset sales, long-term debt reduction and an improving natural gas outlook. In a surprise move, Range announced its intention to acquire natural gas producer Memorial Resources (MRD) in mid-May in an all-stock transaction valued at approximately $4.4 billion. Unlike many exploration & production (E&P) companies, Range has been extremely protective of its equity over the years and has generally not been acquisitive in the recent past. The Memorial purchase accomplishes a number of important objectives for Range, including further de-leveraging the company’s balance sheet as well as geographic diversity via an asset with an attractive return profile. While we remain favorably inclined toward the transaction, we took the opportunity to lighten our position in the low-$40s during the quarter as Range’s discount to our estimate of value narrowed.

From Weitz Value Fund's Value second quarter 2016 commentary.

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