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Corporate April 2014 Presentation – Range Resources Corp

Range Resources Corp · Apr 28, 2014 · 77 slides

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Slides

  1. Corporate April 2014 Presentation – Range Resources Corp – slide 1
    Range Resources Corporation Company Presentation April 28, 2014 1
  2. Corporate April 2014 Presentation – 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. Corporate April 2014 Presentation – 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. Corporate April 2014 Presentation – 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. Corporate April 2014 Presentation – 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. Corporate April 2014 Presentation – 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. Corporate April 2014 Presentation – 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 1.0 billion under commitment amount Well Structured Bank…
  8. Corporate April 2014 Presentation – 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. Corporate April 2014 Presentation – 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. Corporate April 2014 Presentation – 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. Corporate April 2014 Presentation – 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. Corporate April 2014 Presentation – 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. Corporate April 2014 Presentation – 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. Corporate April 2014 Presentation – 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. Corporate April 2014 Presentation – 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. Corporate April 2014 Presentation – 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. Corporate April 2014 Presentation – 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 540 Drilled wells divided by…
  18. Corporate April 2014 Presentation – 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. Corporate April 2014 Presentation – Range Resources Corp – slide 19
    Innovative Gas Marketing SW PA has better infrastructure Range has added 40 new customers since 2012 in the South, Southeast, Mid-Atlantic and Midwest 85% to 90% of Ranges 2014 expected volumes are tied to favorable indices…
  20. Corporate April 2014 Presentation – 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. Corporate April 2014 Presentation – 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. Corporate April 2014 Presentation – 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. Corporate April 2014 Presentation – 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. Corporate April 2014 Presentation – 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 Drilled…
  25. Corporate April 2014 Presentation – 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. Corporate April 2014 Presentation – 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. Corporate April 2014 Presentation – 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. Corporate April 2014 Presentation – Range Resources Corp – slide 28
    Appendix 29 29
  29. Corporate April 2014 Presentation – Range Resources Corp – slide 29
    Marcellus and Appalachia Section 30 30
  30. Corporate April 2014 Presentation – Range Resources Corp – slide 30
    Shale Wells Drilled and Permitted LegendLegend RANGE ANADARKO Super-Rich Area CHEVRON/CHIEF SW CABOT CHESAPEAKE CHIEF CONSOL ECA EOG Wet Area EQT EXCO REX SHELL TALISMAN ULTRA XTO/EXXON/PHILLIPS OTHERS LARGER DOTS…
  31. Corporate April 2014 Presentation – Range Resources Corp – slide 31
    Southwest PA Super-Rich Marcellus Acreage provides the Super-Rich opportunity for condensate 110,000 acres growth In Q1 2014, Range drilled our highest rate Marcellus well to date - 24 hr 1P of 6,357 boe/d (38.1 Mmcfe/d) with…
  32. Corporate April 2014 Presentation – Range Resources Corp – slide 32
    SW PA Super-Rich Area Marcellus Projected Development Mode Economics Southwestern PA (high Btu case) Reserves and economics based on EUR 2.05 Mmboe (12.3 Bcfe) planned future activity of 5,300 foot lateral length with 26 frac…
  33. Corporate April 2014 Presentation – Range Resources Corp – slide 33
    Southwest PA Super-Rich Marcellus Horizontal Length Average Number of Stages 30 6,000 5,500 25 5,000 Stages 4,500 20 Feet 4,000 15 3,500 3,000 10 2,500 2,000 5 2013 2014 2015 2013 2014 2015 EUR per 1,000 ft.…
  34. Corporate April 2014 Presentation – Range Resources Corp – slide 34
    Southwest PA Super-Rich Marcellus Well Projection 10,000 EUR 1,172 Mbbls & 5.3 BCF (2.05 Mmboe) 5,300 foot lateral length Mcf/d 26 frac stages 1,000 100 Bbls/d Estimated Cumulative Recoveries Condensate Residue NGL…
  35. Corporate April 2014 Presentation – Range Resources Corp – slide 35
    Southwest PA Super-Rich Marcellus 2013 Well Performance All production data normalized to 1,000 foot of lateral 1,000 2013 Program Year Super Rich Wells 2013 Super Rich Residue Gas (Mcf/d per 1,000') Residue Gas TC (1.32…
  36. Corporate April 2014 Presentation – Range Resources Corp – slide 36
    Southwest PA Wet Marcellus Over 200 Range wells Super-Rich placed on production in 110,000 acres Wet Gas 220,000 acres wet gas area over the last four years with varying lateral lengths and frac stages Planned 2014 activity…
  37. Corporate April 2014 Presentation – Range Resources Corp – slide 37
    SW PA Wet Marcellus Projected Development Mode Economics Southwestern PA (wet gas case) Reserves and economics based on planned future activity of 4,200 EUR 12.3 Bcfe (27 Mbbls condensate, 951 Mbbls foot lateral length with 21 frac…
  38. Corporate April 2014 Presentation – Range Resources Corp – slide 38
    Southwest PA Wet Marcellus Horizontal Length Average Number of Stages 5,000 25 4,500 20 4,000 Stages Feet 3,500 15 3,000 10 2,500 2,000 5 2013 2014 2015 2013 2014 2015 EUR per 1,000 ft. EUR by Year 3.5 14.0…
  39. Corporate April 2014 Presentation – Range Resources Corp – slide 39
    Southwest PA Wet Marcellus Well Projection 10,000 EUR 978 Mbbls & 6.4 BCF (12.3 Bcfe) Mcf/d 4,200 foot lateral length 21 frac stages 1,000 Bbls/d 100 Estimated Cumulative Recoveries Condensate Residue NGL w/ Ethane…
  40. Corporate April 2014 Presentation – Range Resources Corp – slide 40
    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…
  41. Corporate April 2014 Presentation – Range Resources Corp – slide 41
    SW PA Dry Marcellus Projected Development Mode Economics Southwestern PA (dry gas) Reserves and economics based on planned future activity of 5,200 foot EUR 13.4 Bcf lateral length with 26 frac stages, Drill and Complete Capital 6.6…
  42. Corporate April 2014 Presentation – Range Resources Corp – slide 42
    Southwest PA Dry Marcellus Horizontal Length Average Number of Stages 5,500 30 5,000 25 4,500 Stages 20 Feet 4,000 3,500 15 3,000 10 2,500 2,000 5 2013 2014 2015 2013 2014 2015 EUR per 1,000 ft. EUR by Year…
  43. Corporate April 2014 Presentation – Range Resources Corp – slide 43
    Southwest PA Dry Marcellus Well Projection 100,000 EUR 13.4 BCF 5,200 foot lateral length 26 frac stages 10,000 Mcf/d 1,000 Estimated Cumulative 100 Recoveries Residue (Mmcf) 1 Year 2,951 2 Years 4,218 10 3 Years…
  44. Corporate April 2014 Presentation – Range Resources Corp – slide 44
    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…
  45. Corporate April 2014 Presentation – Range Resources Corp – slide 45
    Ethane Ship Currently Being Used by Evergas Photo Courtesy of Evergas 46 46
  46. Corporate April 2014 Presentation – Range Resources Corp – slide 46
    Marcellus NGL Pricing Weighted Avg. Composite Barrel (1) Realized Marcellus NGL Prices 2013 2014 1Q 2Q 3Q 4Q 1Q 8% NYMEX WTI (per bbl) 94.25 94.20 105.87 97.48 98.61 9% Mont Belvieu Weighted 4% Priced Equivalent (2) 53.37 50.26…
  47. Corporate April 2014 Presentation – Range Resources Corp – slide 47
    Marcellus Condensate Pricing Condensate Realized Marcellus Condensate Prices Price Year as % of WTI Condensate WTI Oil Marcellus Condensate as Quarter bbls/d Price Condensate Price % of WTI 2010 63% 1Q 2012 3,395 103.13 83.54 81%…
  48. Corporate April 2014 Presentation – Range Resources Corp – slide 48
    Range Processing Capacity from MarkWest Liberty (1) (1) (2) (Mmcf/day) Houston Majorsville Other Total Current Range 355 70 425 Others 600 1,210 1,810 Future Range 400 200 600 Others 200 920 1,120 Total Range 755 270 1,025…
  49. Corporate April 2014 Presentation – Range Resources Corp – slide 49
    Processing Capacity Development 50 Source: MarkWest Energy Partners, March 2014 50
  50. Corporate April 2014 Presentation – Range Resources Corp – slide 50
    Northeast PA A 1-2 rig program is designed to hold all blocked up acreage Northeast being targeted for 120,000 net acres development Planned 2014 activity in area is expected to use 4,600 foot laterals and 23 frac stages In…
  51. Corporate April 2014 Presentation – Range Resources Corp – slide 51
    Marcellus Area Pipelines Take-Away Capacity Firm Transport & Sales with Firm Transport (Mmbtu/day) (1) 2014 2016 SW PA Firm Transport 830,000 1,155,000 Firm Sales 115,000 370,000 NE PA Firm Transport 40,000 40,000 Firm Sales…
  52. Corporate April 2014 Presentation – Range Resources Corp – slide 52
    Marcellus Planned and Proposed Infrastructure Projects through 2016 Incremental capacity: +10.0 North & Northeast Bcfd Constitution Pipeline Williams NE Connector Spectra AIM Project +1.7 Bcfd West & Northwest…
  53. Corporate April 2014 Presentation – Range Resources Corp – slide 53
    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 and…
  54. Corporate April 2014 Presentation – Range Resources Corp – slide 54
    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 80% 2,500 of 1,000 foot spaced wells over a three and a half year period…
  55. Corporate April 2014 Presentation – Range Resources Corp – slide 55
    Range Virginia Assets Producing 72 Virginia Mmcf/day very low 230,000 net acres decline rate Interest in over 3,000 producing wells 9,000+ additional wells to drill Stacked pay area Location is strategic to expanding…
  56. Corporate April 2014 Presentation – Range Resources Corp – slide 56
    Midcontinent Section 57 57
  57. Corporate April 2014 Presentation – Range Resources Corp – slide 57
    Oklahoma / Kansas Mississippian Chat 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 Range has the…
  58. Corporate April 2014 Presentation – Range Resources Corp – slide 58
    Range has 160,000 Net Acres on or in Close Proximity to the Nemaha Ridge West East NEMAHA RIDGE (Uplift) Location is Important Chat Our location on the Nemaha Uplift offers Pennsylvania Formations enhanced Chat development, as…
  59. Corporate April 2014 Presentation – Range Resources Corp – slide 59
    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…
  60. Corporate April 2014 Presentation – Range Resources Corp – slide 60
    Mississippian Chat Development Mode Economics Based on recent completion designed wells 140% EUR 485 Mboe - 600 Mboe Drill & Complete Capital 3.7 MM 120% All cases include 200K for SWD 100% F&D 9.86/boe (485 Mboe) 80% 8.06/boe…
  61. Corporate April 2014 Presentation – Range Resources Corp – slide 61
    Mississippian Type Curves By Product Larger Frac 1,000 Larger Stimulation Design - 6 wells average EUR is 600 Mboe - 3,800 foot laterals and 19 stages Mmcf/day - 70% of EUR comprised of Crude Oil and NGL with full Cryo…
  62. Corporate April 2014 Presentation – Range Resources Corp – slide 62
    Concentrated Position Allows Low Cost Future Development Range has 160,000 net acres largely Bellmon Plant Superior Capacity: 30 Mmcf/d and expanding blocked up for Residue Pipeline: Southern Star economy of scale Gas processing…
  63. Corporate April 2014 Presentation – Range Resources Corp – slide 63
    Financial and Reserve Section 64 64
  64. Corporate April 2014 Presentation – Range Resources Corp – slide 64
    Strong, Simple Balance Sheet Year-End Year-End Year-End Year-End 1st Quarter 2010 2011 2012 2013 2014 ( in millions) Bank borrowings 274 187 739 500 594 Sr. Sub. Notes 1,686 1,788 2,139 2,641 2,641 Less: Cash (3) (0) (0) (0)…
  65. Corporate April 2014 Presentation – Range Resources Corp – slide 65
    Debt Maturities Range maintains an orderly debt maturity ladder 800 750 700 594 600 600 500 500 500 Credit Facility ( Millions ) 1Q14 400 300 300 200 100 0 Senior Secured Revolving Credit Facility (as of…
  66. Corporate April 2014 Presentation – Range Resources Corp – slide 66
    Ranges Outstanding Bonds Corporate Rating: Ba1 / BB Outlook: Stable Senior Subordinated Notes Amount Current YTW 8.00% due 2019 300 0.94% 6.75% due 2020 500 2.83% 5.75% due 2021 500 3.62% 5.00% due 2022 600 4.85% 5.00% due 2023…
  67. Corporate April 2014 Presentation – Range Resources Corp – slide 67
    Resilient Credit Metrics Driven by Low Cost Growth Debt / EBITDAX Debt / Total Proved (/mcfe) 4.5x 1.00 Covenant 4.0x BB / Ba2 Peer Average for 2012 0.80 3.5x 3.0x 0.60 2.5x 0.40 2.0x 0.20 1.5x 1.0x - 2008 2009 2010 2011 2012 2013…
  68. Corporate April 2014 Presentation – Range Resources Corp – slide 68
    Gas Hedging Status Volumes Average Average Hedged Floor Price Cap Price (Mmbtu/day) ( / Mmbtu) ( / Mmbtu) 2Q 2014 Swaps 200,000 4.17 2Q 2014 Collars 447,500 3.84 4.48 3Q 2014 Swaps 260,000 4.18 3Q 2014 Collars 447,500 3.84…
  69. Corporate April 2014 Presentation – Range Resources Corp – slide 69
    Oil Hedging Status Volumes Average Average Hedged Floor Price Cap Price (bbls/day) (/bbl) (/bbl) 2Q 2014 Swaps 8,500 94.51 2Q 2014 Collars 2,000 85.55 100.00 3Q 2014 Swaps 9,500 94.35 3Q 2014 Collars 2,000 85.55 100.00…
  70. Corporate April 2014 Presentation – Range Resources Corp – slide 70
    Natural Gas Liquids Hedging Status Volumes Hedged (1) Volumes Hedged (1) Hedged Price Hedged Price (bbls/day) (/gal) (bbls/day) (/gal) Natural Gasoline (C5) Propane (C3) 2Q 2014 Swaps 1,000 2.113 2Q 2014 Swaps 12,000 1.016 3Q 2014…
  71. Corporate April 2014 Presentation – Range Resources Corp – slide 71
    2014 Capital Budget Budget = 1.52 Billion Budget by Area Drilling Pipelines, Facilities & Other Marcellus Midcontinent Acreage & Seismic Permian Appalachia / Nora 78% 87% 6% 16% 8% 72 72
  72. Corporate April 2014 Presentation – Range Resources Corp – slide 72
    Eleven Years of Double-Digit Production Growth 20%-25% Growth Projected for 2014 1,200 1,000 800 Mmcfe/d 600 400 200 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014E Includes impact of acquisitions…
  73. Corporate April 2014 Presentation – Range Resources Corp – slide 73
    Outstanding 2013 Reserve Performance Proved Reserves Walk Forward Bcfe Balance at December 31, 2012 6,506 2013 Performance Discoveries and extensions 1,733 26% year-over-year increase Purchases - Crude oil/condensate and NGL reserve…
  74. Corporate April 2014 Presentation – Range Resources Corp – slide 74
    Growth at Low Cost Top quartile growth at top quartile cost 3 Year 5 Year 2009(3) 2010 2011 2012 2013 Average Average Reserve growth 18% 42% 14% 29% 26% 23%(4) 25%(4) Drill bit replacement (1) 540% 840% 850% 773% 612% 725% 718%…
  75. Corporate April 2014 Presentation – Range Resources Corp – slide 75
    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) Average US household will save up to 725 each year, savings could potentially rise to as much as…
  76. Corporate April 2014 Presentation – Range Resources Corp – slide 76
    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…
  77. Corporate April 2014 Presentation – Range Resources Corp – slide 77
    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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