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Enercom 2014 Oil Gas Conference – Range Resources Corp

Range Resources Corp · Aug 17, 2014 · 32 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. Enercom 2014 Oil Gas Conference – Range Resources Corp – slide 1
    EnerComs Oil & Gas Conference Jeff Ventura President & CEO August 18, 2014 1
  2. Enercom 2014 Oil Gas Conference – Range Resources Corp – slide 2
    Range Resources Strategy Marcellus Shale 1 million net acres 41 to 51 Tcfe resource potential Proven track record of performance Upper Devonian Shale 12 to 18 Tcfe resource potential Focus on PER SHARE Utica/Point Pleasant Shale…
  3. Enercom 2014 Oil Gas Conference – Range Resources Corp – slide 3
    Ranges Planned Growth to 3 Bcfe Per Day 20%-25% growth for many years Wells identified, infrastructure planned with the contracted takeaway capacity to profitably grow production to 3 Bcfe/d Assuming current strip pricing, Range is…
  4. Enercom 2014 Oil Gas Conference – Range Resources Corp – slide 4
    20% - 25% Growth Trajectory 3,000 Growth trajectory to 3 Bcfe net per day: Corporate production at 25% growth rate 2,500 Wells identified Compression and processing plants scheduled 2,000 Required takeaway capacity contracted…
  5. Enercom 2014 Oil Gas 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 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…
  6. Enercom 2014 Oil Gas Conference – Range Resources Corp – slide 6
    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 2014E Reserve 1.64 1.25 0.83 0.68 0.68 0.66 0.63 Replacement(1) LOE (2) 0.99 0.82 0.72 0.60 0.41…
  7. Enercom 2014 Oil Gas Conference – 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 2020 (notes) Available liquidity of 1.1 billion under commitment amount Well Structured Bank Credit…
  8. Enercom 2014 Oil Gas Conference – 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) 65 86(4)…
  9. Enercom 2014 Oil Gas Conference – Range Resources Corp – slide 9
    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…
  10. Enercom 2014 Oil Gas Conference – Range Resources Corp – slide 10
    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…
  11. Enercom 2014 Oil Gas Conference – Range Resources Corp – slide 11
    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 been developed in the Marcellus Condensate and NGLs are…
  12. Enercom 2014 Oil Gas Conference – Range Resources Corp – slide 12
    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…
  13. Enercom 2014 Oil Gas Conference – Range Resources Corp – slide 13
    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…
  14. Enercom 2014 Oil Gas Conference – Range Resources Corp – slide 14
    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…
  15. Enercom 2014 Oil Gas Conference – Range Resources Corp – slide 15
    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…
  16. Enercom 2014 Oil Gas Conference – Range Resources Corp – slide 16
    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 581 Drilled wells divided by…
  17. Enercom 2014 Oil Gas Conference – Range Resources Corp – slide 17
    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 0.40 Mmboe EUR/1,000 ft lateral (2.4 Bcfe equivalent) 2.93 Bcfe 2.58 Bcf…
  18. Enercom 2014 Oil Gas Conference – Range Resources Corp – slide 18
    Appalachia Gas Transportation Arrangements Projected 2014 Projected 2016 Projected 2018 Mmbtu/day Transport Cost Mmbtu/day Transport Cost Mmbtu/day Transport Cost Regional Direction (Gross) per Mmbtu (Gross) per Mmbtu (Gross) per…
  19. Enercom 2014 Oil Gas Conference – Range Resources Corp – slide 19
    Natural Gas Transportation Arrangements 2,500,000 Ranges Firm Transportation Strategy: Firm Sales/Released Add firm transport to good markets at a reasonable cost Capacity Time transportation commitments with expected production…
  20. Enercom 2014 Oil Gas Conference – Range Resources Corp – slide 20
    2014 Diversified Portfolio by Major Indices 2Q 2014 Corporate Differential Estimated Appalachia Gas Sales Portfolio By to NYMEX: (0.58) Major Indices - 2014 Southeast Calculated 3Q 2014 and 4Q 2014 Corporate Differential to NYMEX:…
  21. Enercom 2014 Oil Gas Conference – Range Resources Corp – slide 21
    2018 Diversified Portfolio by Major Indices Interaction of NYMEX and Estimated Appalachia Gas Sales Portfolio By Differentials Major Indices - 2018 Generally, basis will compress when Southeast NYMEX declines and will widen when…
  22. Enercom 2014 Oil Gas Conference – Range Resources Corp – slide 22
    Innovative Gas and NGL Marketing 2016 Firm transportation volumes shown above exclude 380,000 Mmbtu/d of firm sales/released capacity 23 23
  23. Enercom 2014 Oil Gas Conference – Range Resources Corp – slide 23
    Extracting Ethane Improves Ranges Cash Flow Range Resources SW Marcellus - Second Quarter 2014 2Q Pro-forma 2Q Actual 2Q Pro-forma Transportation and 2Q 2014 assuming full ethane processing costs shown as recovery and utilization of…
  24. Enercom 2014 Oil Gas Conference – Range Resources Corp – slide 24
    Range NGLs- Now a Global Market As the largest producer of NGLs in Appalachia, Range will continue to see high interest from international customers Shipments of ethane from Marcus Hook to Norway begin in second half of 2015.…
  25. Enercom 2014 Oil Gas Conference – Range Resources Corp – slide 25
    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…
  26. Enercom 2014 Oil Gas Conference – Range Resources Corp – slide 26
    Nora Area Recompletion Activity Next 18 Months Recompletion returns projected of up to 100% CBM Plan to perform up to 75 CBM recompletions in next 18 months 35 recompletions completed with over 4 years of history de-risks…
  27. Enercom 2014 Oil Gas Conference – Range Resources Corp – slide 27
    Nora Area Drilling Plans Next 18 Months Drilling project returns projected of up to 100% CBM Up to 50 wells with EURs up to 1 bcf and well costs of 400K New high rate frac design ensures all coals effectively treated Large…
  28. Enercom 2014 Oil Gas Conference – Range Resources Corp – slide 28
    Nora Area Strategic Marketing Advantages Nora is strategically positioned to provide Nora gas to southeast markets 3.0 Bcf/d of new demand in VA, NC, SC, TN, GA, AL with 1 Bcf/d of new demand in Virginia alone Contracts in…
  29. Enercom 2014 Oil Gas Conference – Range Resources Corp – slide 29
    Midcontinent Division Highlights 360,000 net acres Currently drilling Mississippian Chat and St. Louis Recently drilled highest rate Mississippian Chat oil well to date with 1,263 boe per day (1,062 barrels of oil) 2nd Quarter…
  30. Enercom 2014 Oil Gas Conference – Range Resources Corp – slide 30
    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…
  31. Enercom 2014 Oil Gas Conference – Range Resources Corp – slide 31
    Range Significant Growth Potential for Many Years Projected 20%-25% growth for many years Wells identified, infrastructure planned with the contracted takeaway capacity to profitability grow production to 3 Bcfe/d Assuming current…
  32. Enercom 2014 Oil Gas Conference – Range Resources Corp – slide 32
    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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