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IPAA April 2014 OGIS – Range Resources Corp

Range Resources Corp · Apr 7, 2014 · 28 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. IPAA April 2014 OGIS – Range Resources Corp – slide 1
    2014 IPAA OGIS New York Jeff Ventura President & CEO April 7, 2014 1
  2. IPAA April 2014 OGIS – Range Resources Corp – slide 2
    Range Resources Strategy Proven track record of performance Marcellus Shale 41 to 51Tcfe resource potential Upper Devonian Shale Focus on PER SHARE 12 to 18 Tcfe resource potential Utica/Point Pleasant Shale GROWTH of production…
  3. IPAA April 2014 OGIS – Range Resources Corp – slide 3
    Range Significant Growth Model for Many Years 2014 production growth expected to be 20%-25% High rate of return, high growth, large scale assets Solid track record of execution, planning, marketing and logistics Low cost…
  4. IPAA April 2014 OGIS – Range Resources Corp – slide 4
    Range is Focused on Per Share Growth, on a Debt-Adjusted Basis Production/share debt adjusted Reserves/share debt adjusted 2.0 50 45 1.8 Mcfe/share 40 Mcfe/share 1.6 35 1.4 30 1.2 25 1.0 20 0.8 15 0.6 10…
  5. IPAA April 2014 OGIS – Range Resources Corp – slide 5
    Unit Costs Are a Key Focus 4.50 4.00 3.50 /mcfe 3.00 2.50 2.00 1.50 1.00 0.50 - 0.00 2008 2009 2010 2011 2012 2013 Reserve 1.64 1.25 0.83 0.68 0.68 0.66 Replacement(1) LOE (2) 0.99 0.82 0.72 0.60 0.41 0.37…
  6. IPAA April 2014 OGIS – Range Resources Corp – slide 6
    Range 2 Low Cost Producer in 2012 1st, 2nd, or 3rd in the Bank of America Study for Each of the Last 9 Years ** 16.00 Lease Operating Expense G&A Expense Interest Expense PUD Adjustment 3-Year Reserve Replacement 14.00 12.00…
  7. IPAA April 2014 OGIS – Range Resources Corp – slide 7
    Financial Position Strong, Simple Balance Sheet Bank debt, subordinated notes and common stock No debt maturity until 2016 (bank) and 2019 (notes) Available liquidity of 1.2 billion under commitment amount Well Structured Bank…
  8. IPAA April 2014 OGIS – Range Resources Corp – slide 8
    Moved 6.4 Tcfe of Resource Potential into Proved Reserves in the Last Four Years Tcfe YE 2009 YE 2010 YE 2011 YE 2012 YE 2013 Proved 3.1 4.4(1) 5.1 6.5 8.2 Reserves Resource 24 - 32 35 - 52 44 - 60 48 68(3) 64 - 85…
  9. IPAA April 2014 OGIS – Range Resources Corp – slide 9
    Resource Potential is 8 to 10 Times Proved Reserves Net Unproven Gas Liquids Resource Area Resource (Tcf) (Mmbbls) Potential (Tcfe) Marcellus Shale 27 35 2,250 2,740 41 51 Upper Devonian Shale 8 12 600 940 12 18 Midcontinent,…
  10. IPAA April 2014 OGIS – Range Resources Corp – slide 10
    1 Million Net Acres Prospective for Shales in PA Northwest 305,000 net acres(1) (Legacy acreage is largely held by shallow production) Northeast 120,000 net acres (One rig is projected to hold all blocked up acreage being…
  11. IPAA April 2014 OGIS – Range Resources Corp – slide 11
    Pennsylvania Stacked Pays Net Acreage Wet Dry Total Acreage Acreage Acreage Upper Devonian 330,000 230,000 560,000 Marcellus 470,000 320,000 790,000 Utica/Point Pleasant 175,000 400,000 575,000 975,000 950,000…
  12. IPAA April 2014 OGIS – Range Resources Corp – slide 12
    Gas In Place (GIP) Marcellus Shale GIP is a function of pressure, temperature, thermal maturity, porosity, hydrocarbon saturation and net thickness Two core areas have developed in the Marcellus Condensate and NGLs are in…
  13. IPAA April 2014 OGIS – Range Resources Corp – slide 13
    Gas In Place (GIP) Upper Devonian Shale The greatest GIP in the Upper Devonian is found in SW PA A significant portion of the GIP in the Upper Devonian is located in the wet gas window Note: Townships where Range holds 3,000…
  14. IPAA April 2014 OGIS – Range Resources Corp – slide 14
    Gas In Place (GIP) Utica/Point Pleasant The greatest GIP in the Utica/Point Pleasant is in the dry gas window in SW PA Note: Townships where Range holds 3,000 or more acres (as of 12/31/2013), and estimated as prospective, are…
  15. IPAA April 2014 OGIS – Range Resources Corp – slide 15
    Gas In Place (GIP) Analysis Shows Greatest Potential in SW PA When GIP analysis from the Marcellus, Upper Devonian and Utica/Point Pleasant are combined, the largest stacked pay resource is located in SW PA where Range has…
  16. IPAA April 2014 OGIS – Range Resources Corp – slide 16
    Southwest PA Ranges 530,000 Net Acres Approximately 2,300 industry wells (1,700 horizontal & 600 vertical) have defined the productive boundaries of the Marcellus Ranges acreage is highly prospective for Marcellus, with low…
  17. IPAA April 2014 OGIS – Range Resources Corp – slide 17
    Southwest PA Large Upside Potential Small Percentage of Acreage Drilled Prospective acreage 530,000 Assumed spacing 80 acres Potential Marcellus Shale locations 6,625 Producing horizontal wells 520 Drilled wells divided by…
  18. IPAA April 2014 OGIS – Range Resources Corp – slide 18
    Southwest PA Development Mode Economic Summary Super-Rich Wet Dry 2.05 Mmboe (12.3 Bcfe) 12.3 Bcfe EUR 1,172 Mbbls & 5.3 Bcf 978 Mbbls & 6.4 Bcf 13.4 Bcf 0.39 Mmboe EUR/1,000 ft lateral (2.32 Bcfe equivalent) 2.93 Bcfe 2.58…
  19. IPAA April 2014 OGIS – Range Resources Corp – slide 19
    Innovative Gas Marketing 85% to 90% of Ranges 2014 expected volumes are tied to favorable indices SW PA has better infrastructure Range added 25 new customers last year in the South, Southeast, Mid-Atlantic and Midwest 3rd…
  20. IPAA April 2014 OGIS – Range Resources Corp – slide 20
    Marcellus Gas Marketing Arrangements Projected 2014 Projected 2016 Transport Transport Regional Direction Mmbtu/day Cost per Mmbtu/day Cost per Projected Pricing Indices Mmbtu Mmbtu Firm Transportation NYMEX, 219, TCO, DTI, M2,…
  21. IPAA April 2014 OGIS – Range Resources Corp – slide 21
    Innovative NGL Marketing Domestically & Globally Appalachia has significant existing and growing Propane/Ethane can be petrochemical demand for tied into NE markets or NGLs from the Mid-West to be exported in 2015 up-state New York…
  22. IPAA April 2014 OGIS – Range Resources Corp – slide 22
    Current Capability of Ranges Marcellus Area Processing Plant 1.4 Bcf/d gas 1.8 Bcf/d of wet inlet gas 55,000 bbls/d ethane Inlet gas needed to produce 140,000 bbls/d 55,000 bbls ethane per day, assuming minimum extraction…
  23. IPAA April 2014 OGIS – Range Resources Corp – slide 23
    Additional Upside Appalachia Stacked Pays As Marcellus drilling holds all depths, industry activity is proving up our SW PA Utica/Point Pleasant and Upper Devonian acreage Utica/Point Pleasant Significant acreage positions in two…
  24. IPAA April 2014 OGIS – Range Resources Corp – slide 24
    Additional Upside Oil Component Two Potentially Large Scale, Repeatable Oil Projects are being tested Mississippian Chat 160,000 net acres along the Nemaha Uplift Successfully drilled the southern width of the Nemaha Uplift Trying…
  25. IPAA April 2014 OGIS – Range Resources Corp – slide 25
    New Markets Increasing Demand for Natural Gas Demand for natural gas could increase up to 20 Bcf per day by 2018(2) Power Generation Sector Utilities using more gas versus coal, by 2035 Natural gas will surpass coal as leading…
  26. IPAA April 2014 OGIS – Range Resources Corp – slide 26
    Environment, Health and Safety - A Core Value at Range Environmental, Health and Safety issues can affect many aspects of our business. Range feels a deep responsibility to protect our employees, contractors, the public and the…
  27. IPAA April 2014 OGIS – Range Resources Corp – slide 27
    Range Significant Growth Potential for Many Years 2014 production growth expected to be 20%-25% High rate of return, high growth, large scale assets, and low reinvestment risk Large net acreage position, with stacked pay…
  28. IPAA April 2014 OGIS – Range Resources Corp – slide 28
    Contact Information Range Resources Corporation 100 Throckmorton, Suite 1200 Fort Worth, Texas 76102 Main: 817.870.2601 Fax: 817.870.2316 Rodney Waller, Senior Vice President rwallerrangeresources.com David Amend, Investor…

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