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Howard Weil 40th Annual Energy Conference – Range Resources Corp

Range Resources Corp · Mar 25, 2012 · 75 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. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 1
    INFLECTION POINT An event that results in a significant change in the progress of a company. -Investopedia Howard Weil Energy Conference Jeff Ventura President & Chief Executive Officer March 27, 2012
  2. Howard Weil 40th Annual Energy 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. Howard Weil 40th Annual Energy 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. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 4
    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…
  5. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 5
    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…
  6. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 6
    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…
  7. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 7
    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…
  8. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 8
    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…
  9. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 9
    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…
  10. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 10
    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…
  11. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 11
    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,…
  12. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 12
    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…
  13. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 13
    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…
  14. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 14
    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…
  15. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 15
    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…
  16. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 16
    Southwest PA Wet Marcellus Super-Rich 188 wells placed on Wet Gas production in 2009, 2010 and 2011 generally in the circled wet area of the Marcellus Shale: Dry Gas Average lateral length of WV 2,981 feet Average of 10 frac…
  17. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 17
    SW PA Wet Marcellus Projected Development Mode Economics Southwestern PA (wet gas case) with 2,981 lateral length & 10 stages Pennsylvania State Impact Fee 160% EUR 281 Mbbls (24 Mbbls condensate, 257 Mbbls NGLs) & 4.2 Bcf (Based…
  18. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 18
    Wet Gas Provides Excellent Economics Based on 12/2011 Gas Quality and Volumes 3.46 NYMEX Henry Hub Price (12/11) Higher Btus, more ethane and liquids are 98.56 NYMEX WTI Index Price (12/11) 1,266 Processing Plant Inlet Btu (12/11)…
  19. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 19
    Southwest PA Super-Rich Marcellus Super-Rich 8 Super-Rich wells: Wet Gas Average lateral length of 3,742 feet Dry Gas Average of 14 frac stages WV Average 400 Mbbls (95 Mbbls condensate and 305 Mbbls NGLs) and 3.9 Houston…
  20. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 20
    SW PA Super-Rich Area Marcellus Projected Development Mode Economics Southwestern PA (High BTU case) with 3,742 lateral length & 14 stages Pennsylvania State Impact Fee 160% EUR 400 Mbbls (95 Mbbls condensate & 305 Mbbls NGLs) &…
  21. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 21
    Southwest PA Upper Devonian Super-Rich Upper Devonian Wet Gas prospective in Super- Rich, Wet and Dry areas Dry Gas Two wells drilled to WV date with average IP 3.8 Mmcfe/day Houston Plant Best well 4.7 Bcfe EUR Two tests…
  22. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 22
    Northwest PA Utica/Point Pleasant Potential NY UTICA / POINT PLEASANT RESERVOIR NET THICKNESS = 150 - 250 FEET ORGANIC CONTENT = 1.3 - 7.0% DRILL DEPTH = 6,000 8,000 FT. TVD MATURITY = WET GAS RRC LEASEHOLD = 190K ACRES Note:…
  23. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 23
    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…
  24. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 24
    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…
  25. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 25
    % of Mississippian Wells Classified as Oil Oil Percentage Increases to the East 47% 53% 95% Barber 57% 86% Cowley Comanche Summer Harper Kansas Oklahoma Range Focus Area 38% 74% 82% 92% 95% Grant Kay Harper Woods Alfalfa…
  26. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 26
    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…
  27. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 27
    Horizontal Mississippian Projected Development Mode Economics EUR 400 Mboe (99 Mbbls oil, 168 Mbbls NGLs, 797 Mmcf) 120% 500 Mboe (123 Mbbls oil, 211 Mbbls NGLs, 996 Mmcf) 100% Drill and Complete Capital 3.1MM Includes 200M for…
  28. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 28
    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…
  29. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 29
    Midland Basin Cline Oil Shale RANGE MIDLAND BASIN DEVON CHESAPEAKE 100,000 net acres 91% HBP APACHE CONCHO LAREDO RANGE ENERGEN OXY PIONEER LAREDO EXCO 30
  30. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 30
    West Texas Oil Cline Shale Projected Development Mode Economics 3,000 lateral length and 10 stages EUR 340 Mboe (1 well) (210 Mbbls oil, 71 Mbbls NGLs, 353 Mmcf gas) 50% Drill and Complete Capital 4.3MM F&D 16.86/Boe 40% NYMEX…
  31. Howard Weil 40th Annual Energy 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. Howard Weil 40th Annual Energy 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. Howard Weil 40th Annual Energy 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. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 34
    Appendix 35
  35. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 35
    Shale Wells Drilled and Permitted Wet Gas 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…
  36. Howard Weil 40th Annual Energy 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. Howard Weil 40th Annual Energy 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. Howard Weil 40th Annual Energy 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. Howard Weil 40th Annual Energy 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 6000 Lateral Length Stages 2,981 ft. 10 200 5000 Residue Gas (mcf/d) LIQUIDS (BBLS/DAY) 150…
  40. Howard Weil 40th Annual Energy 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…
  41. Howard Weil 40th Annual Energy 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. Howard Weil 40th Annual Energy 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. Howard Weil 40th Annual Energy 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) Drill and Complete Capital…
  44. Howard Weil 40th Annual Energy 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. Howard Weil 40th Annual Energy 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. Howard Weil 40th Annual Energy 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. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 47
    Marcellus NGL Pricing Currently all ethane sold with the natural gas as additional Btus Realized Marcellus NGL Prices (2) Marcellus NGL as % WTI Oil Price NGL Price of WTI Wt. Avg. Composite Barrel (1) 1Q 2009 43.20 24.20 56% 2Q…
  48. Howard Weil 40th Annual Energy 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. Howard Weil 40th Annual Energy 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. Howard Weil 40th Annual Energy 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. Howard Weil 40th Annual Energy 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. Howard Weil 40th Annual Energy 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. Howard Weil 40th Annual Energy 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. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 54
    Project Mariner Overview Export Capabilities Will Open Up Foreign Markets Source: MarkWest Energy Partners, March, 2012 55
  55. Howard Weil 40th Annual Energy 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. Howard Weil 40th Annual Energy 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. Howard Weil 40th Annual Energy 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. Howard Weil 40th Annual Energy 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. Howard Weil 40th Annual Energy 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. Howard Weil 40th Annual Energy 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. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 61
    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…
  62. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 62
    Five Year Reserve Growth Summary Bcfe 63
  63. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 63
    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…
  64. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 64
    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 LOE 0.60/mcfe Proven 60 year track record in the field First horizontal wells…
  65. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 65
    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 0.55…
  66. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 66
    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 5.50 Cash Costs 2.47 2.66 2.59 2.59 2.61 2.60(2) Cash Margin…
  67. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 67
    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…
  68. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 68
    Strong, Simple Balance Sheet Proforma Year-End Year-End Year-End Year-End Year-End Note 2007 2008 2009 2010 2011 Issuance YE 2011 ( in millions) Bank borrowings 304 693 324 274 187 0 Sr. Sub. Notes 847 1,098 1,384 1,686 1,788…
  69. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 69
    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…
  70. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 70
    Ranges Outstanding Bonds Corporate Rating: BB / Ba2 Outlook: Stable Senior Subordinated Notes Amount Rating Current YTW 7.50% due 2017 250 BB / Ba3 4.59 % 7.25% due 2018 250 BB / Ba3 4.06 % 8.00% due 2019 300 BB / Ba3 4.87 %…
  71. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 71
    Gas Hedging Status Hedges Insulate Cash Flow Volumes Average Average Premium Hedged Floor Price Cap Price Paid (Mmbtu/day) ( / Mmbtu) ( / Mmbtu) ( / Mmbtu) 1Q 2012 Swaps 160,000 4.10 (0.02) 1Q 2012 Collars 189,641 5.32 5.91…
  72. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 72
    Oil Hedging Status Hedges Insulate Cash Flow Volumes Average Average Premium Hedged Floor Price Cap Price Received (Bbls/day) ( / Bbl) ( / Bbl) ( / Bbl) 1Q 2012 Calls 4,700 85.00 13.71 1Q 2012 Collars 2,000 70.00 80.00 7.50 2Q…
  73. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 73
    Natural Gas Liquids Hedging Status Hedges Insulate Cash Flow Volumes Hedged Hedged Price (1) (Bbls/day) ( / Bbl) 1Q 2012 Swaps 12,000 96.28 2Q 2012 Swaps 12,000 96.28 3Q 2012 Swaps 12,000 96.28 4Q 2012 Swaps 12,000 96.28 2012…
  74. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 74
    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…
  75. Howard Weil 40th Annual Energy Conference – Range Resources Corp – slide 75
    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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