Bank of America Merrill Lynch 2013 Global Energy Conference Jeff Ventura President & Chief Executive Officer November 21, 2013
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…
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…
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…
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…
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…
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…
1 Million Net Acres Prospective for Shale 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…
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…
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…
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…
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…
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…
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…
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…
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%…
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…
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…
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…
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…
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…
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…
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…
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,…
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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