Economics : Break-Even

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Range Has Lowest Break-Even in SW Appalachia Operator Specific Breakeven Calculations 4.50 4.00 3.50 3.00 2.43 2.50 2.00 1.50 1.00 0.50 - Lowest Break-Even Cost in SW Appalachia Also Demonstrates the Quality of Ranges Appalachian Asset Base Source: RS Energy Group Marcellus Shale Basin Update February 15, 2017 23
Range Resources Corp
April 2017

2017 CAPITAL ALLOCATION FLEXIBLE PROGRAM VALUE FOCUSED Powder River Basin Marcellus Shale 35 45/bbl breakeven 2.00/mcf breakeven 2 Rigs / 1 Frac Crew 1 Rig / 1 Frac Crew 2017 D&C Asset Funding Utica Shale 2.15/mcf breakeven Mid-Continent 2 Rigs / 2 Frac Crews < 40/bbl breakeven 4 Rigs / 2 Frac Crews Haynesville 20% Eagle Ford 30% Eagle Ford Shale Haynesville Shale Utica < 40/bbl breakeven < 2.35/mcf breakeven 15% 6 Rigs / 3 Frac Crews 3 Rigs / 2 Frac Crews Marcellus Mid-Continent 5% 15% Powder Other River Capital allocation drivers 5% 10% High-margin production growth Cash-generating capability Available infrastructure and operational efficiency PV10 positive breakeven price assuming 3 gas price and 60 oil price GOLDMAN SACHS HOUSTON CREDIT INVESTOR TOUR 5
Chesapeake Energy Corp
April 2017

Attractive Single Well Economics RICE continues to drive down D&C and operating costs to maximize returns Inventory currently generates 95% returns at strip; HHUB PV-10 breakevens of 1.75 HHUB(1) DRY GAS SINGLE WELL ECONOMICS 206% 142% 166% 92% 115% 53% 72% 39% 2.50 3.00 NYMEX (/MMBtu) 3.50 4.00 MARCELLUS UTICA Net Locations (2) 861 194 HHUB PV-10 Breakeven (/MMBtu) 1.67 1.90 __________________________ Note: Marcellus and Utica economics assume E&P is burdened by 50% of the gathering and compression fee and 50% of water completion fees (Rices direct subsidiary, REO, owns a 26% LP interest in RMP, 100% of Rice Olympus Midstream and 91.75% of RMP IDRs). Assumes long-term well costs of 875 per lateral foot and 1,235 per lateral foot in the Marcellus and Utica, respectively. Assumes EURs of 17.3 Bcf and 21.0 Bcf in the Marcellus and Utica, respectively. 1. Strip pricing as of February 10, 2017. 2. Excludes 47 wet OH Utica net undeveloped locations and 228 dry gas PA Utica net undeveloped locations. 46 www.riceenergy.com
Rice Energy
March 2017

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