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BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp

Range Resources Corp · Jan 14, 2014 · 80 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. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 1
    BMO Capital Markets Rodney Waller Senior Vice President January 14, 2014 1
  2. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 17
    Southwest PA Super-Rich Marcellus 2013 Well Performance Original 17 wells performing 40% over type curve and later 22 wells performing 74% over type curve 10,000 Subsequent 22 2013 Super Rich Wells Original 17 2013 Super Rich…
  18. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource 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. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 35
    Appendix 36 36
  36. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 36
    Marcellus and Appalachia Section 37 37
  37. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 37
    Shale Wells Drilled and Permitted LegendLegend RANGE Super-Rich Area ANADARKO CHEVRON/CHIEF SW CABOT CHESAPEAKE CHIEF CONSOL ECA EOG Wet Area EQT EXCO REX SHELL TALISMAN ULTRA XTO/EXXON/PHILLIPS OTHERS LARGER DOTS…
  38. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 38
    Southwest PA Super-Rich Marcellus Well Projection 10,000 EUR 1,038 Mbbls & 4.7 BCF (1.82 Mmboe) 4,500 lateral length 22 frac stages Mcf/d 1,000 100 Bbls/d Estimated Cumulative Recoveries Condensate Residue NGL w/…
  39. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 39
    Southwest PA Wet Marcellus Well Projection 10,000 EUR 978 Mbbls & 6.4 BCF (12.3 Bcfe) 4,200 lateral length 21 frac stages Mcf/d 1,000 100 Estimated Cumulative Recoveries Bbls/d Condensate Residue NGL w/ Ethane…
  40. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 40
    Southwest PA Dry Marcellus Well Projection 100,000 EUR 12.2 BCF 5,000 lateral length 25 frac stages 10,000 1,000 Mcf/d Estimated Cumulative 100 Recoveries Residue (Mmcf) 1 Year 2,576 2 Years 3,699 10 3 Years 4,503…
  41. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 41
    Marcellus Wet Gas Provides Significant Price Uplift /Wellhead Mcf 8.00 7.70- 7.80 7.40 7.00 1.95 2.97 - NGLs (C3+) 3.07 NGLs (C2+) 6.00 5.00 1.53 Condensate 4.16 4.00 1.53 Condensate 3.00 Gas Gas 2.00 4.16 3.92 Gas…
  42. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 42
    Ethane Ship Currently Being Used by Evergas Photo Courtesy of Evergas 43 43
  43. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 43
    Marcellus NGL Pricing Realized Marcellus NGL Prices (2) Wt. Avg. Composite Barrel (1) WTI Oil Marcellus NGL as % Price NGL Price of WTI 6% 1Q 2010 78.81 44.79 57% 17% Ethane 2Q 2010 77.72 39.09 50% Propane C3 3Q 2010 76.18…
  44. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 44
    Marcellus Condensate Pricing Ranges condensate pricing in Realized Marcellus Condensate Prices Appalachia has improved each year since 2010 Condensate WTI Oil Marcellus Condensate as bbls/d Price Condensate Price % of WTI…
  45. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 45
    Proposed Gross Capacity Additions Cryogenic Processing Installed by MarkWest Liberty Capacity Committed to Range Houston, PA Majorsville, WV Third Party Total (Mmcf/day) Volume Volume Volumes* Volume Current Capacity - 2Q 2009 35…
  46. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 46
    Processing Capacity Development Source: MarkWest Energy Partners 47 47
  47. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 47
    ATEX Express Pipeline: Transport Ethane from Marcellus/Utica Shale Range has up to 20,000 Bbls/day contracted. Anchor shipper rate of 0.145 per gallon in 2016. Published expected commencement 1Q 2014. 1,230 mile pipeline with…
  48. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 48
    Marcellus Area Pipelines Take-Away Capacity Firm Transport & Sales with Firm Transport YE 2013 YE 2015 SW (1) (2) Firm Transport 650 Mmcf/day 980 Mmcf/day Firm Sales 225 Mmcf/day 300 Mmcf/day NE Firm Transport -- -- Firm Sales 120…
  49. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 49
    Marcellus - Proposed Infrastructure Projects through 2016 Incremental capacity: +7.1 Bcfd North & Northeast Constitution Pipeline Williams NE Supply Link Spectra AIM Project +1.3 Bcfd West & Northwest TETCO/DTE/Enbridge NEXUS…
  50. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 50
    Tighter Spacing Adds 12 to 15 Tcfe in Super-Rich and Wet Areas Range has completed two 500 foot spaced pilot projects in the super-rich and wet areas of the Marcellus Shale in Washington County PA that have been online for three…
  51. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 51
    Results of Marcellus Tighter Spacing Pilot Projects Projects conducted in the Super-Rich and Wet areas of the Marcellus 3,000 500 foot spaced wells produced 2,500 80% of 1,000 foot spaced wells over a three year period 2,000…
  52. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 52
    Northeast PA Running 1-2 rigs in 2013 to hold acreage Northeast In addition to Lycoming 145,000 net acres County wells, wells tested in Clinton and Centre counties One rig is designed to hold all blocked up acreage being…
  53. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 53
    Range is 4 for 4 in the Upper Devonian Super-Rich Latest Super-Rich well 110,000 acres (24 hour test rate) 10.0 Wet Gas Mmcfe/d recovery 220,000 acres composed of: 4.0 Mmcf/d gas 172 bbls condensate 826 bbls NGLs Completion…
  54. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 54
    Industry Well Activity in the Upper Devonian is Increasing Note: Townships where Range holds 3,000 or more acres are shown in yellow (As of 12/31/2012) 55 55
  55. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 55
    Western PA Wet and Dry Utica/Point Pleasant POINT PLEASANT ABSENT Range has significant acreage positions in the Utica shale play 400,000 net acres are prospective for dry Utica 180,000 net acres are prospective for wet Utica…
  56. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 56
    Range Virginia Assets 231,000 net acres 72 Mmcf/day very low decline rate Interest in over 3,000 producing wells 7,000+ additional wells to drill Stacked pay area F&D < 1.00/mcf LOE 0.60/mcf Location is strategic to…
  57. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 57
    Midcontinent Section 58 58
  58. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 58
    Oklahoma / Kansas - Horizontal Mississippian Ranges 160,000 net acres * appear prospective based on vertical well control Over 4,500 Mississippian wells have defined the productive boundaries On 80 acre spacing (4,000 foot…
  59. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 59
    Range has 160,000 Net Acres on or in Close Proximity to the Nemaha Ridge West East NEMAHA RIDGE (Uplift) Location is Important Our location on the Nemaha Chat Uplift offers enhanced Chat development, as well as a Pennsylvania…
  60. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 60
    Avg. Cum. Oil Production per Well from Mississippian * Highest average cumulative oil production from vertical wells are located in Kay County Based on industry reporting sources *Internal estimates indicate 64 MBO cumulative…
  61. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 61
    Horizontal Mississippian Development Mode Economics Based on 25 wells (2009-2012) 160% EUR 485 Mboe (2009-2011 wells) 140% 600 Mboe (2012 wells) Drill & Complete Capital 3.4 MM 120% All cases include 200K for SWD 100% IRR…
  62. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 62
    2009 - 2011 Horizontal Mississippian Type Curves By Product 2009-2011 Development Program 1,000 - 8 wells average EUR is 485 Mboe - 2,197 ft. laterals and 12 stages (averages) - 67% of EUR comprised of liquids - EUR equates to 4-9%…
  63. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 63
    2012 Horizontal Mississippian Type Curves By Product 1000 2012 Development Program - 17 wells average EUR is 600 Mboe - 3,800 ft. laterals and 19 stages - 70% of EUR comprised of liquids - EUR equates to 6-11% recovery of the…
  64. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 64
    Concentrated Position Allows Low Cost Future Development Range has 160,000 net acres largely Bellmon Plant Superior blocked up for Capacity: 30 Mmcf/d and expanding Residue Pipeline: Southern Star economy of scale Gas…
  65. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 65
    Financial and Reserve Section 66 66
  66. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 66
    Range 1 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…
  67. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 67
    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 YTD 2013 Reserve 1.64 1.25 0.83 0.68 0.68 0.68 Replacement(1) LOE (2) 0.99 0.82 0.72 0.60 0.41…
  68. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 68
    Growth at Low Cost Top quartile growth at top quartile cost 3 Year 5 Year 2008 2009(4) 2010 2011 2012 Average Average Reserve growth 19% 18% 42% 14% 29% 36% 38% Drill bit replacement (1) 386% 540% 840% 850% 773% 815% 706% All…
  69. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 69
    Strong, Simple Balance Sheet Year-End Year-End Year-End Year-End 1st Quarter 2nd Quarter 3rd Quarter 2009 2010 2011 2012 2013 2013 2013 ( in millions) Bank borrowings 324 274 187 739 47 309 427 Sr. Sub. Notes 1,384 1,686 1,788…
  70. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 70
    Debt Maturities Range maintains an orderly debt maturity ladder 800 750 700 600 600 500 500 500 427 ( Millions ) 400 Credit Facility 300 300 200 100 0 Senior Secured Revolving Credit Facility (as of June 30,…
  71. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 71
    Ranges Outstanding Bonds Corporate Rating: Ba1 / BB Outlook: Stable Senior Subordinated Notes Amount Current YTW 8.00% due 2019 300 1.84% 6.75% due 2020 500 3.51% 5.75% due 2021 500 4.14% 5.00% due 2022 600 5.00% 5.00% due 2023…
  72. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 72
    Resilient Credit Metrics Driven by Low Cost Growth Debt / EBITDAX Debt / Total Proved (/mcfe) 4.5x 1.00 Covenant 0.90 4.0x BB / Ba2 Peer Average for 2012 0.80 3.5x 0.70 3.0x 0.60 0.50 2.5x 0.40 2.0x 0.30 1.5x 0.20 0.10…
  73. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 73
    2013 Capital Budget Budget = 1.3 Billion Budget by Area Drilling Pipelines, Facilities & Other Marcellus Midcontinent Acreage & Seismic Permian Appalachia / Nora 82% 79% 8% 2% 10% 2% 17% 85% of capital spending directed…
  74. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 74
    Resource Potential is 9 to 13 Times Proved Reserves Net Unproven Gas Liquids Resource Area Resource (Tcf) (Mmbbls) Potential (Tcfe) Marcellus Shale 27 35 1,800 2,400 38 49 Upper Devonian Shale 8 12 600 940 12 18…
  75. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 75
    Gas Hedging Status Volumes Average Average Hedged Floor Price Cap Price (Mmbtu/day) ( / Mmbtu) ( / Mmbtu) 4Q 2013 Swaps 293,370 3.82 4Q 2013 Collars 280,000 4.59 5.05 2014 Swaps 219,397 4.17 2014 Collars 447,500 3.84…
  76. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 76
    Oil Hedging Status Volumes Average Average Hedged Floor Price Cap Price (bbls/day) (/bbl) (/bbl) 4Q 2013 Swaps 6,825 96.79 4Q 2013 Collars 3,000 90.60 100.00 2014 Swaps 9,004 94.43 2014 Collars 2,000 85.55 100.00 2015…
  77. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 77
    Natural Gas Liquids Hedging Status Volumes Hedged(1) Hedged Price (bbls/day) (/gal) Natural Gasoline (C5) 4Q 2013 Swaps 6,500 2.13 2014 Swaps 496 2.11 Normal Butane (NC4) 4Q 2013 Swaps 2,000 1.32 2014 Swaps 3,000 1.33…
  78. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 78
    Why Natural Gas Consumer Savings Shale production could save U.S. households up to as much as 113 billion a year per through 2015(1) American will likely save on average 650 per household in 2013(2) Per EIA, natural gas will supply…
  79. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 79
    Natural Gas Less Environmental Impact Water Usage: Least water consumptive energy resources per MMBTU at 0.6-5.8 gallons(1) Nuclear: 8-14 Oil: 8-20 gallons Coal: 13-32 gallons Biodiesel from soy: 14,000-75,000 gallons Surface…
  80. BMO Capital Markets 11th Annual Unconventional Resource Conference – Range Resources Corp – slide 80
    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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