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BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp

Range Resources Corp · Jun 19, 2012 · 77 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. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 1
    INFLECTION POINT An event that results in a significant change in the progress of a company. -Investopedia Bank of America Merrill Lynch NGL Conference Chad Stephens SVP Corporate Development June 19, 2012
  2. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 2
    Range Resources Strategy Proven track record of performance Marcellus Shale 24 to 32 Tcfe resource potential Focus on PER SHARE Upper Devonian Shale 10 to 14 Tcfe resource potential GROWTH of production Utica Shale and reserves…
  3. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 3
    2012 An Inflection Point As a result of our multi-year strategy of per-share growth at low cost, coupled with building and high grading our inventory, Range is at an inflection point in its history. 2012 organic growth rate is…
  4. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 4
    Higher Quality / Lower Cost Wells Driving Capital Efficiency Drill bit Reserve Replacement over 800%, while F&D under 1.00 900% 2.00 840% 850% Drill bit Replacement 1.80 800% Drill bit Reserve Replacement, % 1.60 Drill…
  5. BAML 2012 Natural Gas Liquids Mini 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 1.4 35 30 1.2 25 1.0 Mcfe Mcfe 20 0.8 15 0.6 10 0.4 5 2006 2007 2008 2009 2010 2011 2006 2007…
  6. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 6
    2012 Capital Budget 2012 Capital Budget Equal to 2011 Spending Budget = 1.6 Billion Budget by Area Drilling Pipelines, Facilities & Other Southwest Marcellus Northeast Marcellus Acreage & Seismic Permian Appalachia / Nora…
  7. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 7
    2012 Capital Spending Funding Plan 2012 capital spending planned to be funded with cash flow, proceeds from newly issued 600 million of subordinated notes and debt. Borrowings will stay comfortably within BB credit rating. Due to…
  8. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 8
    Nine Years of Double-Digit Production Growth 2012 Growth Target 2x Past Years 800 30% - 35% Growth Target for 2012 700 600 Mmcfe/d 500 400 300 200 100 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012E Includes…
  9. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 9
    Ranges Reserve Base and Upside are Growing Size = Resource Potential Placement = Proved Reserves Proved Reserves (Tcfe) 60.0 52.0 31.7 28.2 21.9 9.2 (Tcfe) YE 2006 YE 2007 YE 2008 YE 2009 YE 2010 YE 2011 Proved 1.8 2.2…
  10. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 10
    Resource Potential Contains Significant Liquid Component Net Unproven Gas Resource Area Liquids (Mmbbls) Resource (Tcf) Potential (Tcfe) Marcellus Shale 21 29 434 559 24 32 Upper Devonian Shale 8 12 253 368 10 14 Midcontinent,…
  11. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 11
    Ethane Substantially Increases Liquids Resource Potential Net Unproven Gas Liquids with Resource Area Resource (Tcf) Ethane (Mmbbls) Potential (Tcfe) Marcellus Shale 20 27 940 1,159 25 34 Upper Devonian Shale 8 12 604 940 12 18…
  12. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 12
    Enhancements to Portfolio Range has five enhancements to the existing portfolio for 2012 1. Super-rich Marcellus 1,350 Btu or higher wet gas 2. Super-rich Upper Devonian 3. Wet Utica Shale 4. Horizontal Mississippian oil play…
  13. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 13
    Over 1 Million Net Acres Prospective for Shale in PA Lake Erie New York Northwest 330,000 net acres(1) 83% HBP Crawford Warren Venango Lycoming Mercer Clinton OH Clearfield Lawrence Northeast Butler Centre 180,000 net…
  14. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 14
    Southwest Pennsylvania SW Marcellus Super-Rich Wet Gas resource potential of 125,000 acres 210,000 acres 19-25 Tcfe is composed of 434-559 OH Butler million barrels of Armstrong liquids and 16.1-21.6 Beaver Indiana Tcf of gas…
  15. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 15
    Southwest PA Wet Marcellus Super-Rich 188 wells placed on 125,000 acres Wet Gas production in 2009, 2010 210,000 acres and 2011 generally in the circled wet area of the Marcellus Shale: Average lateral length of WV 2,981 feet…
  16. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 16
    SW PA Wet Marcellus Projected Development Mode Economics Southwestern PA (wet gas case) with Pennsylvania State Impact Fee 2,981 lateral length & 10 stages EUR 281 MBBLs & 4.2 BCF (Based on 188 160% wells completed in 2009, 2010 &…
  17. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 17
    Wet Gas Provides Excellent Economics Based on 12/2011 Gas Quality and Volumes 1,266 Processing Plant Inlet Btu (12/11) Higher Btus, more ethane and liquids are 1,040 Btu assumed dry gas 0.55 per gallon ethane price assumed (Mt. Belvieu)…
  18. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 18
    Southwest PA Super-Rich Marcellus Super-Rich 8 Super-Rich wells: 125,000 acres Wet Gas 210,000 acres Average lateral length of 3,742 feet Average of 14 frac stages WV Average 400 Mbbls (95 Mbbls condensate and 305 Mbbls NGLs)…
  19. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 19
    SW PA Super-Rich Area Marcellus Projected Development Mode Economics Southwestern PA (High BTU case) with Pennsylvania State Impact Fee 3,742 lateral length & 14 stages EUR 400 MBBLs & 3.9 BCF (Based on 8 160% wells completed in 2010…
  20. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 20
    Southwest PA Upper Devonian Super-Rich Upper Devonian 125,000 acres prospective in Super- Wet Gas 210,000 acres Rich, Wet and Dry areas Two wells drilled to date with average IP 3.8 WV Mmcfe/day Houston Plant Best well 4.7 Bcfe…
  21. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 21
    Northwest PA Utica/Point Pleasant Potential POINT PLEASANT CHESAPEAKE RANGE 1st SENECA Geatches David - 1 Location Mt Jewett Dry Gas RANGE 2nd HUNT DEVON Location Zimmer -1 Richman Farms - 1H Medina Drilling CHESAPEAKE Producer…
  22. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 22
    Target is Point Pleasant Carbonate Section CHK Area RANGE Carroll Co., OH Location NE OH PA SW RHOZ [G/C3] RHOZ [G/C3] NE 2.3 3 2.3 3 DPHZ [CFCF] DPHZ [CFCF] RHOB [G/C3] RHOB [G/C3] 0.3 -0.1 0.3 -0.1 2.5 3 2.5 3 10…
  23. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 23
    Midcontinent Resource Potential Kansas Kay Oklahoma St. Louis Horizontal Noble Mississippian Hansford Ochiltree Cana Major Lipscomb Woodford Blaine Kingfisher Hutchison Roberts Hemphill Canadian Carson Gray Wheeler…
  24. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 24
    % of Mississippian Wells Classified as Oil Source: Industry data using active well counts. 25
  25. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 25
    Horizontal Mississippian Cross Section West East NEMAHA RIDGE (Uplift) Location is Important Our location on the Nemaha Uplift offers Chat enhanced Chat development, as well as a Pennsylvania Formations favorable structural…
  26. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 26
    Horizontal Mississippian Projected Development Mode Economics 120% EUR 400 Mboe and 500 Mboe Drill and Complete Capital 3.1MM 100% Includes 200 M for SWD 80% F&D 9.78/boe (400 Mboe) 7.89/boe (500 Mboe) 60% IRR (1) 40% NYMEX…
  27. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 27
    Mississippian Horizontal Type Curve 500 450 - 8 wells average EUR is 485 Mboe - 2,197' Laterals and 12 stages 400 - 70% of EUR comprised of liquids - EUR equates to only 4-9% recovery 350 of the original oil in place 300 Gross…
  28. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 28
    Midland Basin Cline Oil Shale & Wolfberry RANGE MIDLAND Apache GLASSCOCK COUNTY BASIN STERLING COUNTY 100,000 net acres Devon Currently Drilling 91% HBP Laredo Laredo Apache Devon Laredo RANGE 2012 Activity Cline…
  29. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 29
    Conger Field Cline & Wolfberry RANGE RESOURCES EDMONDSON A Time Strat. Units 37-19 42173334980000 Formations RANGE CONGER PROPERTIES I LM USBY 0. 2 2000 GR I LD 0 150 0. 2 2000 M_CLFK 5500 Legacy Conger Field Pays…
  30. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 30
    West Texas Oil Cline Shale Projected Development Mode Economics 3000 lateral length and 10 stages EUR 340 Mboe (1 well) 50% Drill and Complete Capital 4.3MM F&D 12.68/boe 40% 30% IRR (1) NYMEX 340 Oil Price Mboe 20%…
  31. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 31
    Strong Financial Position Strong, Simple Balance Sheet Bank debt, subordinated notes and common stock No debt maturity until 2016 (bank) and 2017 (notes) Available liquidity of 1.3 billion as of December 31, 2011 Well Structured…
  32. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 32
    Safety and Environmental Safety and Environmental is a part of every aspect of our business. As such, protecting our employees, contractors, the public and the environment is held as a core value. Range has established a leadership…
  33. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 33
    Why Invest in Range Proven Track Record of Growth at Low Cost 6 consecutive years of double-digit production and reserve growth per share One of the lowest cost structures in the industry 1.00/mcfe or less finding and development…
  34. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 34
    Appendix 35
  35. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 35
    Shale Wells Drilled and Permitted LegendLegend RANGE ANADARKO CHEVRON/CHIEF SW Super-Rich Area CABOT CHESAPEAKE CHIEF CONSOL ECA EOG EQT Wet Area EXCO REX SHELL TALISMAN ULTRA XTO/EXXON/PHILLIPS OTHERS LARGER DOTS…
  36. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 36
    Shale Wells Drilled and Permitted SW PA LegendLegend RANGE ANADARKO CHEVRON/CHIEF SW CABOT CHESAPEAKE CHIEF CONSOL ECA EOG EQT EXCO REX SHELL TALISMAN ULTRA XTO/EXXON/PHILLIPS OTHERS LARGER DOTS DRILLED SMALLER…
  37. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 37
    Shale Wells Drilled and Permitted NE PA Tioga Broom Steuben Chemung Range/Talisman - Area of Mutual Interest Tioga Susquehanna Bradford LegendLegend RANGE ANADARKO CHEVRON/CHIEF SW Potter CABOT CHESAPEAKE Wyoming…
  38. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 38
    Ranges Marcellus Shale Net Production 750 700 21 Anticipate 600 Mmcfe/d by YE 2012 650 600 18 550 400+ Mmcfe/d exit rate at YE 2011 500 15 450 Net Mmcf/d Net Mbbls/d 400 200+ Mmcfe/d exit rate at YE 2010 12 350 300…
  39. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 39
    SW PA Wet Area Marcellus Type Curve 7000 250 2009 - 2011 wells average 281 Mbbls (24 Mbbls condensate & 257 Mbbls NGLs) & 4.2 Bcf Lateral Length Stages 6000 2,981 ft. 10 200 5000 Residue Gas (mcf/d) LIQUIDS (BBLS/DAY) 150…
  40. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 40
    SW PA Super-Rich Area Marcellus Type Curve 10,000 2010 - 2011 wells average 400 Mbbls (95 Mbbls condensate & 305 Mbbls NGLs) & 3.9 Bcf Lateral Length Stages mcf/day (residue gas) 3,742 ft. 14 1,000 bbls/day 100 10 1…
  41. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 41
    Northeast PA Update New York New Developments: Pennsylvania Northeast 180,000 First test with 4,900 ft. net acres IP 23 Mmcf/d lateral and 17 frac stages results in 10 10 Bcf EUR well Bcf EUR IP 10 Mmcf/day In addition to IP 8…
  42. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 42
    Upper Devonian and Utica Shale UPPER DEVONIAN Formation Current Status First 2 wells average IP of 3.8 Mmcfe/d. Best well 4.7 Bcfe Thermal maturity similar to Upper Devonian Shales Marcellus Plan to drill two thick, super-…
  43. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 43
    NE PA Dry Marcellus Projected Development Mode Economics Northeastern PA (dry gas case) with 2,566 lateral length and 9 stages Pennsylvania State Impact Fee 120% EUR 6.5 Bcf (Based on 25 wells in NE PA) 100% Drill and Complete…
  44. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 44
    NE PA Dry Area Marcellus Type Curve 10,000 9,000 8,000 2011 wells average 6.5 Bcf (25 wells) Lateral Length Stages 7,000 2,566 ft. 9 Gross Gas (mcf/d) 6,000 5,000 4,000 3,000 2,000 1,000 - 0 20 40 60 80…
  45. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 45
    NE PA Dry Long Lateral Projected Development Mode Economics Northeastern PA (dry gas case) with 4,900 lateral length and 17 stages Pennsylvania State Impact Fee 140% EUR 10 Bcf (Based on 1 well in NE PA) 120% Drill and Complete…
  46. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 46
    NE PA Dry Area Long Lateral Marcellus Type Curve 10,000 2011 well average 10 BCF 9,000 Lateral Length Stages 8,000 4,900 ft. 17 7,000 Gross Gas (mcf/d) 6,000 5,000 4,000 3,000 2,000 1,000 0 0 20 40 60 80…
  47. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 47
    Marcellus NGL Pricing Currently all ethane sold with the Realized Marcellus NGL Prices (2) natural gas as additional Btus Marcellus NGL as % WTI Oil Price NGL Price of WTI 1Q 2009 43.20 24.20 56% Wt. Avg. Composite Barrel (1) 2Q…
  48. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 48
    Proposed Gross Capacity Additions Cryogenic Processing Installed by MarkWest Liberty Capacity Committed to Range Houston, PA Majorsville, WV & Other Third Party Total (Mmcf/day) Volume Volume Volumes Volume April 2009 35 35…
  49. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 49
    Liberty Marcellus Project Schedule MarkWest Liberty is developing integrated and scalable gathering, processing, fractionation, and marketing infrastructure to support production in excess of 1.7 Bcf/d Houston Processing and…
  50. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 50
    MarkWest Liberty Propane Supply and Distribution Bbls/d Winter Propane Market vs MarkWest Production MarkWest Liberty has invested 120,000 Long Haul significant capital to develop a 100,000 Markets world-class NGL fractionation,…
  51. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 51
    MarkWest Liberty Isobutane and Natural Gasoline Supply and Distribution Bbls/d Isobutane Refinery Market vs MarkWest Liberty continues to develop pipeline, 90,000 MarkWest Production rail, and truck markets to further optimize NGL…
  52. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 52
    Liquid-Rich Area Infrastructure The key ingredient for success in the liquid-rich area is not building processing plants but how to market the liquids. 60,000 Bbl/day C3+ fractionator currently operating at Houston, PA. Allows…
  53. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 53
    Ethane Now an Opportunity Rather Than a Challenge Ranges liquid resource potential in SW PA is almost 1 billion barrels. This does not include ethane volumes, as they are currently blended into the gas stream. When ethane is…
  54. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 54
    Project Mariner Overview Export Capabilities Will Open Up Foreign Markets Source: MarkWest Energy Partners, March, 2012 55
  55. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 55
    The Mariner Project West & East Mariner West Sarnia, Ontario New Connection to Existing Targeted service by 2H2013 Sunoco Pipelines 40 mile 10 pipe to existing Sunoco Logistics Sunoco pipeline Existing Pipeline Sunoco Philadelphia…
  56. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 56
    Mariner East Update Mariner East includes two ships to allow for weather contingencies, optimization of offloading schedules and volume increases The ships can be modified easily to transport ethane, consume ethane as fuel and…
  57. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 57
    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. Published expected commencement 1Q 2014. 1,230 mile pipeline with capacity…
  58. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 58
    Lycoming County Developments First 33 wells on production Available capacity Phase I 50 Mmcf/day - 1Q2011 Phase II 150 Mmcf/day - 4Q2011 Phase III 150 Mmcf/day - TBD 350 Mmcf/day Phase IV Could be added based on Phase III…
  59. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 59
    Marcellus Area Pipelines Great Take-Away Capacity Firm Transport & Sales with Firm Transport 2012 2014 SW Firm Transport 355 Mmcf/day 450 Mmcf/day Firm Sales 200 Mmcf/day 200 Mmcf/day NE Firm Transport -- -- Firm Sales 80 Mmcf/day 150…
  60. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 60
    Marcellus Net Backs After Transportation Millennium NYMEX Flat Tennessee 300 NYMEX Less 0.05 to 1.50 TCO Columbia NYMEX Less 0.20 Transco NYMEX Flat TRANSMISSION PIPELINES COLUMBIA DOMINION MILLENIUM NATIONAL…
  61. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 61
    2011 Reserve Performance Proved Reserves Walk Forward Bcfe 2011 Performance Balance at December 31, 2010 4,442 14% year-over-year increase Discoveries and extensions 1,493 43% increase adjusted for Purchases - asset sales Revisions…
  62. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 62
    2011 Reserves Impact of Asset Sales 43% Proforma Reserve Growth 12/31/2010 12/31/2010 12/31/2011 12/31/2011 As Reported As Reported 12/31/2010 Pro forma after Barnett Sale 12/31/2010 As Reported Pro forma after Barnett Sale…
  63. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 63
    Five Year Reserve Growth Summary Bcfe 64
  64. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 64
    Marcellus PA & WV Production Growth Marcellus dry gas production now over 6 Bcf per day TN 300 showing the most regional growth while the other pipelines show displacement of gas from other regions. Source: BENTEK Pipeline…
  65. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 65
    Range Virginia Assets 353,000 gross, 231,000 net acres Interest in over 3,000 producing wells 6,000+ additional wells to drill F&D < 1.00/mcf LOE 0.60/mcf Proven 60 year track record in the field First horizontal wells…
  66. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 66
    Unit Costs Are a Key Focus 5.00 4.50 4.00 3.50 3.00 /mcfe 2.50 2.00 1.50 1.00 0.50 0.00 - 2007 2008 2009 2010 2011 2012E Reserve 1.59 1.64 1.25 0.83 0.68 0.75 Replacement(1) LOE (2) 0.92 0.99 0.82 0.72 0.60 0.54…
  67. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 67
    Margins are a Key Focus 7.00 6.00 5.00 4.00 /mcfe 3.00 2.00 1.00 - 0.00 2007 2008 2009 2010 2011 2012E Realized Prices 8.11 8.66 6.76 5.72 6.20 5.25 Cash Costs 2.47 2.66 2.59 2.59 2.61 2.60(2) Cash Margin 5.64…
  68. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 68
    Two of Ranges Focus Areas are Among Four Highest Rates of Return Source: Credit Suisse Research Report, April 10, 2012 Based on strip pricing on date of report 69
  69. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 69
    Growth at Low Cost Top quartile growth at top quartile cost 3 Year 5 Year 2007 2008 2009(4) 2010 2011 Average Average Reserve growth 27% 19% 18% 42% 14% 24% 24% Drill bit replacement (1) 400% 386% 540% 840% 850% 756% 638% All…
  70. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 70
    Strong, Simple Balance Sheet Year-End Year-End Year-End Year-End Year-End 1st Quarter 2007 2008 2009 2010 2011 2012 ( in millions) Bank borrowings 304 693 324 274 187 0 Sr. Sub. Notes 847 1,098 1,384 1,686 1,788 2,388 Less:…
  71. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 71
    Debt Maturities Range maintains an orderly debt maturity ladder 700 600 600 500 500 500 ( Millions ) 400 300 300 250 250 200 100 0 0 Senior Secured Revolving Credit Facility paid off after February 2012…
  72. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 72
    Ranges Outstanding Bonds Corporate Rating: BB / Ba2 Outlook: Stable Senior Subordinated Notes Amount Rating Current YTW 7.50% due 2017 250 BB / Ba3 4.34 % 7.25% due 2018 250 BB / Ba3 4.65 % 8.00% due 2019 300 BB / Ba3 4.71 %…
  73. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 73
    Gas Hedging Status Hedges Insulate Cash Flow Volumes Average Average Premium Hedged Floor Price Cap Price Paid (Mmbtu/day) ( / Mmbtu) ( / Mmbtu) ( / Mmbtu) 2Q 2012 Swaps 213,297 3.92 (0.01) 2Q 2012 Collars 189, 641 5.32 5.91…
  74. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 74
    Oil Hedging Status Hedges Insulate Cash Flow Volumes Average Average Premium Hedged Floor Price Cap Price Received (Bbls/day) ( / Bbl) ( / Bbl) ( / Bbl) 2Q 2012 Calls 2,200 85.00 13.71 2Q 2012 Collars 4,500 75.56 82.78 10.18 3Q…
  75. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 75
    Natural Gas Liquids Hedging Status Hedges Insulate Cash Flow (a) Hedged Volumes Hedged Price Natural (Bbls/day) (/Gal) Gasoline (C5) 2Q 2012 Swaps 10,681 2.2923 3Q 2012 Swaps 7,000 2.2923 4Q 2012 Swaps 7,000 2.2923 2013 Swaps…
  76. BAML 2012 Natural Gas Liquids Mini Conference – Range Resources Corp – slide 76
    Green Completion Objectives Continue treatment design advancement with service provider partnerships with focus on water re-use (recycling) Develop fluid systems in line with 12 principles of Green Chemistry We continue to share best…
  77. BAML 2012 Natural Gas Liquids Mini Conference – 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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