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Johnson Rice Companys 2013 Annual Energy Conference – Range Resources Corp

Range Resources Corp · Jan 1, 2013 · 33 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. Johnson Rice Companys 2013 Annual Energy Conference – Range Resources Corp – slide 1
    Johnson Rice & Company 2013 Energy Conference Roger Manny Executive Vice President & CFO October 1, 2013
  2. Johnson Rice Companys 2013 Annual Energy 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. Johnson Rice Companys 2013 Annual Energy 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 High rate of return, high growth, large scale assets Low cost…
  4. Johnson Rice Companys 2013 Annual Energy 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 1.4 billion under commitment amount Well Structured Bank…
  5. Johnson Rice Companys 2013 Annual Energy 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. Johnson Rice Companys 2013 Annual Energy 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. Johnson Rice Companys 2013 Annual Energy 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. Johnson Rice Companys 2013 Annual Energy Conference – Range Resources Corp – slide 8
    1 Million Net Acres Prospective for Shale in PA Northwest 315,000 net acres(1) 89% HBP Northeast 145,000 net acres 69% HBP Southwest 540,000 net acres(2) 51% HBP Note: Townships where Range holds 3,000+ acres are shown…
  9. Johnson Rice Companys 2013 Annual Energy 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 180,000 400,000 580,000 990,000 990,000 1,980,000 Stacked pays…
  10. Johnson Rice Companys 2013 Annual Energy Conference – Range Resources Corp – slide 10
    Southwest PA Ranges 540,000 Net Acres Approximately 1,950 industry wells (1,450 horizontal & 500 vertical) likely have defined the productive boundaries of the Marcellus Greater Ranges acreage is Pittsburgh highly prospective…
  11. Johnson Rice Companys 2013 Annual Energy Conference – Range Resources Corp – slide 11
    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 460 Drilled wells…
  12. Johnson Rice Companys 2013 Annual Energy Conference – Range Resources Corp – slide 12
    Southwest PA Super-Rich Marcellus Super-Rich As of the end of 2012, Range 110,000 acres Wet Gas has turned to sales 51 Super- 220,000 acres Rich wells with an average lateral length of 3,895 feet and 15 frac stages 17 wells…
  13. Johnson Rice Companys 2013 Annual Energy Conference – Range Resources Corp – slide 13
    Southwest PA Super-Rich Marcellus 2013 Well Performance 10,000 2013 Avg Mmcf/day Residue Gas Gas Type Curve 1,000 2013 Avg Bbls/day Liquids 100 Liquids Type Curve Moved EUR from 1.32 Mmboe to 1.82 Mmboe to…
  14. Johnson Rice Companys 2013 Annual Energy Conference – Range Resources Corp – slide 14
    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…
  15. Johnson Rice Companys 2013 Annual Energy Conference – Range Resources Corp – slide 15
    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,…
  16. Johnson Rice Companys 2013 Annual Energy Conference – Range Resources Corp – slide 16
    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 As of the end of 2012,…
  17. Johnson Rice Companys 2013 Annual Energy Conference – Range Resources Corp – slide 17
    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…
  18. Johnson Rice Companys 2013 Annual Energy Conference – Range Resources Corp – slide 18
    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,…
  19. Johnson Rice Companys 2013 Annual Energy Conference – Range Resources Corp – slide 19
    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…
  20. Johnson Rice Companys 2013 Annual Energy Conference – Range Resources Corp – slide 20
    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…
  21. Johnson Rice Companys 2013 Annual Energy Conference – Range Resources Corp – slide 21
    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…
  22. Johnson Rice Companys 2013 Annual Energy Conference – Range Resources Corp – slide 22
    Southwest PA - 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 Bcfe 82.7 Mboe…
  23. Johnson Rice Companys 2013 Annual Energy Conference – Range Resources Corp – slide 23
    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…
  24. Johnson Rice Companys 2013 Annual Energy Conference – Range Resources Corp – slide 24
    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…
  25. Johnson Rice Companys 2013 Annual Energy Conference – Range Resources Corp – slide 25
    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…
  26. Johnson Rice Companys 2013 Annual Energy Conference – Range Resources Corp – slide 26
    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…
  27. Johnson Rice Companys 2013 Annual Energy Conference – Range Resources Corp – slide 27
    Ethane Ship Currently Being Used by Evergas Photo Courtesy of Evergas 28 28
  28. Johnson Rice Companys 2013 Annual Energy Conference – Range Resources Corp – slide 28
    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…
  29. Johnson Rice Companys 2013 Annual Energy Conference – Range Resources Corp – slide 29
    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…
  30. Johnson Rice Companys 2013 Annual Energy Conference – Range Resources Corp – slide 30
    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…
  31. Johnson Rice Companys 2013 Annual Energy Conference – Range Resources Corp – slide 31
    Ranges Natural Gas Vehicle Fleet 32
  32. Johnson Rice Companys 2013 Annual Energy Conference – Range Resources Corp – slide 32
    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 High rate of return, high growth, large scale assets, and low…
  33. Johnson Rice Companys 2013 Annual Energy Conference – Range Resources Corp – slide 33
    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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