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Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp

Range Resources Corp · Dec 4, 2013 · 35 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. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 1
    Cowen and Company 3rd Annual Ultimate Energy Conference Rodney Waller Senior Vice President December 4, 2013
  2. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 2
    Range Resources Strategy Proven track record of performance Marcellus Shale Focus on PER SHARE 38 to 49Tcfe resource potential Upper Devonian Shale 12 to 18 Tcfe resource potential GROWTH of production Utica Shale and reserves at…
  3. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 3
    Range Significant Growth Model for Many Years 20%-25% line-of-sight production growth for many years Cash flow growth is expected to outpace production growth depending on commodity prices High rate of return, high growth, large…
  4. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 4
    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…
  5. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 5
    Range is Focused on Per Share Growth, on a Debt-Adjusted Basis Production/share debt adjusted Reserves/share debt adjusted 1.8 40 1.6 35 1.4 30 Mcfe Mcfe 1.2 25 1.0 20 0.8 15 0.6 10 0.4 5 2007 2008 2009 2010…
  6. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 6
    Ten Years of Double-Digit Production Growth 20%-25% Growth Projected for 2013 1000 900 800 700 Mmcfe/d 600 500 400 300 200 100 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013E Includes impact of acquisitions…
  7. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 7
    Ranges Reserve Base and Upside are Growing Tcfe YE 2007 YE 2008 YE 2009 YE 2010 YE 2011 YE 2012 Proved 2.2 2.7 3.1 4.4(1) 5.1 6.5 Reserves Resource 16 - 22 21 - 29 24 - 32 35 - 52 44 - 60 60 - 83 Potential (2) Proved…
  8. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 8
    1 Million Net Acres Prospective for Shales in PA Northwest 315,000 net acres(1) (Legacy acreage is largely held by shallow production) Northeast 145,000 net acres (One rig is projected to hold all blocked up acreage being…
  9. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 9
    Pennsylvania Stacked Pays Net Acreage Wet Dry Total Acreage Acreage Acreage Upper Devonian 330,000 235,000 565,000 Marcellus 480,000 355,000 835,000 Utica/Point 180,000 400,000 580,000 Pleasant 990,000 990,000…
  10. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 10
    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…
  11. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 11
    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…
  12. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 12
    Gas In Place (GIP) Utica/Point Pleasant Shale 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 12/31/2012), and estimated as…
  13. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 13
    Gas In Place (GIP) Analysis Shows Greatest Potential in SW PA Range has concentrated its acreage position in SW PA, where all three shales give the greatest GIP in the region When GIP analysis from the Marcellus, Upper…
  14. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 14
    Southwest PA Ranges 540,000 Net Acres Approximately 2,100 industry wells (1,550 horizontal & 550 vertical) likely have defined the productive boundaries of the Marcellus Greater Ranges acreage is Pittsburgh highly prospective…
  15. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 15
    Southwest PA Large Upside Potential Small Percentage of Acreage Drilled Prospective acreage 540,000 Assumed spacing (1,000 foot) 80 acres Potential Marcellus Shale locations 6,750 Producing horizontal wells 500 Drilled wells…
  16. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 16
    Marcellus Shale Ranges Top 10 Liquids Rich Wells 24-hr IP (Boe/d) Production Mix 24-hr IP Lateral Frac Well Name County per 1,000 (Boe/d) Length Stages lateral foot Oil NGLs Gas Kresic Unit 3H Washington 5,727 1,126 5,085 26 15%…
  17. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 17
    Southwest PA Super-Rich Marcellus 2013 Well Performance After 240 days, wells are still performing above the 1.32 Mmboe type curve 10,000 1Q-2013 Avg Mmcf/day Residue Gas Gas Type Curve 1,000 Bbls/day 1Q-2013 Avg…
  18. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 18
    Southwest PA Super-Rich Marcellus Super-Rich During 2012, Range turned to 110,000 acres Wet Gas sales 51 Super-Rich wells with 220,000 acres an average lateral length of 3,895 feet and 15 frac stages 17 wells turned to sales in…
  19. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 19
    Southwest PA Super-Rich Marcellus Horizontal Length Average Number of Stages 5,000 23 21 4,500 19 4,000 17 Stages Feet 15 3,500 13 3,000 11 9 2,500 7 2,000 5 2010-2012* 2013 2014+ 2010-2012* 2013 2014+ EUR…
  20. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 20
    SW PA Super-Rich Area Marcellus Projected Development Mode Economics Southwestern PA (high Btu case) Reserves and economics based on EUR 1.82 Mmboe (10.9 Bcfe) planned future activity of 4,500 foot lateral length with 22 frac stages,…
  21. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 21
    Southwest PA Wet Marcellus Over 200 Range wells placed Super-Rich Wet Gas on production in wet gas 110,000 acres area over the last four years 220,000 acres with varying lateral lengths and frac stages During 2012, Range placed…
  22. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 22
    Southwest PA Wet Marcellus Horizontal Length Average Number of Stages 4,500 25 4,000 20 Stages 3,500 Feet 15 3,000 10 2,500 2,000 5 2007-2012* 2013 2014+ 2007-2012* 2013 2014+ EUR per 1,000 ft. EUR by Year 3.5…
  23. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 23
    SW PA Wet Marcellus Projected Development Mode Economics Southwestern PA (wet gas case) Reserves and economics based on planned future activity of 4,200 foot EUR 12.3 Bcfe (27 Mbbls condensate, 951 lateral length with 21 frac stages,…
  24. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 24
    Southwest PA Industry Activity in Dry Gas Acreage 56% of horizontal dry gas Marcellus wells drilled by industry in SW PA have projected recoveries from 5 to over 20 Bcf per well Ranges SW Pennsylvania dry gas acreage is…
  25. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 25
    Southwest PA Dry Marcellus Horizontal Length Average Number of Stages 5,500 30 5,000 25 4,500 Stages 4,000 20 Feet 3,500 15 3,000 10 2,500 2,000 5 2011-2012* 2013 2014+ 2011-2012* 2013 2014+ EUR per 1,000 ft. EUR…
  26. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 26
    SW PA Dry Marcellus Projected Development Mode Economics Southwestern PA (dry gas) Reserves and economics based on EUR 12.2 Bcf planned future activity of 5,000 foot lateral length with 25 frac stages, Drill and Complete Capital 6.0…
  27. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 27
    Southwest PA Development Mode Economic Summary Super-Rich Wet Dry 1.82 Mmboe (10.9 Bcfe) 12.3 Bcfe EUR 1,038 Mbbls & 4.7 Bcf 978 Mbbls & 6.4 Bcf 12.2 Bcf 0.40 Mmboe EUR/1,000 ft lateral (2.41 Bcfe equivalent) 2.93 Bcfe 2.44…
  28. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 28
    Innovative NGL Marketing Mariner East & West have access to international markets and premium export Propane/Ethane can be tied into NE markets or be pricing for future contracts Ethane export to exported internationally Canada 2013…
  29. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 29
    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…
  30. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 30
    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 Shale Significant acreage positions in…
  31. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 31
    Additional Upside Oil Component Two Potentially Large Scale, Repeatable Oil Projects are being tested Horizontal Mississippian 160,000 net acres along the Nemaha Uplift Successfully drilled the southern width of the Nemaha Uplift…
  32. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 32
    New Markets Increasing Demand for Natural Gas Power Generation Sector Utilities using more gas versus coal due to an increasingly reliable supply, environmental advantages and cost Per EIA, 2012 natural gas used for power generation…
  33. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 33
    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…
  34. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 34
    Range Significant Growth Potential for Many Years 20%-25% line-of-sight production growth for many years Cash flow growth is expected to outpace production growth depending on commodity prices High rate of return, high growth,…
  35. Cowen and Company 3rd Annual Ultimate Oil Services and EP Conference – Range Resources Corp – slide 35
    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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