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RAYMOND JAMES 36TH ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Range Resources Corp

Range Resources Corp · Mar 2, 2015 · 19 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. RAYMOND JAMES 36TH ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Range Resources Corp – slide 1
    Raymond James 36th Annual Institutional Investors Conference Company Presentation Jeff Ventura Chairman, President & CEO March 2, 2015 1
  2. RAYMOND JAMES 36TH ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Range Resources Corp – slide 2
    Large Scale Growth Story with Low Cost and Low Risk Focused on PER SHARE GROWTH of production and reserves at top-quartile or better cost structure 1. Largest acreage position in core of Marcellus, Upper Devonian and Utica 2. Unit…
  3. RAYMOND JAMES 36TH ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Range Resources Corp – slide 3
    Range is Focused on Per Share Growth, on a Debt-Adjusted Basis Production/share debt adjusted Reserves/share debt adjusted 3.00 70.00 2.50 60.00 Mcfe/share 50.00 Mcfe/share 2.00 40.00 1.50 30.00 1.00 20.00 0.50…
  4. RAYMOND JAMES 36TH ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Range Resources Corp – slide 4
    SW/NE Pennsylvania Stacked Pays Total (1) Wet Dry Net Acreage Acreage Acreage Upper Devonian 330,000 195,000 525,000 Marcellus 330,000 310,000 640,000 Utica/Point Pleasant - 400,000 400,000 660,000 905,000 1,565,000…
  5. RAYMOND JAMES 36TH ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Range Resources Corp – slide 5
    Driving Down Unit Costs 4.50 4.00 3.50 3.00 /mcfe 2.50 2.00 1.50 1.00 0.50 0.00 - 2008 2009 2010 2011 2012 2013 2014 2015E Reserve 1.64 1.25 0.83 0.68 0.68 0.66 0.59 0.56 Replacement(1) LOE (2) 0.99 0.82…
  6. RAYMOND JAMES 36TH ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Range Resources Corp – slide 6
    Capital Efficiencies Driving Growth Budget = 870 Million Capital Efficiencies Driving Growth with less Capital 83% Completed lateral lengths in Marcellus 4% 13% expected to be 6,000 ft. in 2015 92% Drilling Acreage & Seismic…
  7. RAYMOND JAMES 36TH ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Range Resources Corp – slide 7
    Cost & Efficiency Improvements SW Pennsylvania Average Lateral Length Well Cost/Lateral Length 2,500 6,500 2,200 5,500 1,900 4,500 1,600 3,500 1,300 2,500 1,000 700 1,500 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015…
  8. RAYMOND JAMES 36TH ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Range Resources Corp – slide 8
    Cost & Efficiency Improvements NE Pennsylvania Average Lateral Length Well Cost / Lateral Length 6,000 2,400 2,100 5,000 1,800 4,000 1,500 3,000 1,200 2,000 900 1,000 600 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015…
  9. RAYMOND JAMES 36TH ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Range Resources Corp – slide 9
    Disciplined Financial Approach Strong, Simple Balance Sheet Bank debt, subordinated notes and common stock No debt maturity until 2019 (bank) and 2020 (notes) Immediate liquidity of 1.2 billion under commitment amount; 2.2 billion…
  10. RAYMOND JAMES 36TH ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Range Resources Corp – slide 10
    A History of Strong Credit Metrics EBITDAX / Interest 8.0x Range has a long history of 7.0x disciplined financial 6.0x management 5.0x 4.0x Strong EBITDAX coverage of 3.0x interest expense evidences 2.0x the low cost structure…
  11. RAYMOND JAMES 36TH ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Range Resources Corp – slide 11
    Long Life Reserves Enhances Credit Profile Proved Developed Reserves / Production With a best-in-class reserve life 18.0x index, Ranges low production 16.0x Range well above the average decline provides more stable 14.0x 12.0x…
  12. RAYMOND JAMES 36TH ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Range Resources Corp – slide 12
    Gas In Place (GIP) Analysis Shows Greatest Potential in SW PA When GIP analysis from the Marcellus, Upper Devonian and Point Pleasant are combined, the largest stacked pay resource is located in SW PA where Range has concentrated…
  13. RAYMOND JAMES 36TH ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Range Resources Corp – slide 13
    Additional Upside Utica/Point Pleasant OH PA Record 24 hour IP of 59.0 Mmcf/d at Claysville Sportsmans Club Confirms Ranges geological interpretation Currently producing 20 Mmcf/day under designed conditions 2 wells planned…
  14. RAYMOND JAMES 36TH ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Range Resources Corp – slide 14
    Range Marcellus/Utica Acreage Top Tier (Assumes 10% Return) 15 15
  15. RAYMOND JAMES 36TH ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Range Resources Corp – slide 15
    Marcellus has Low Break Even Costs From Credit Suisse Report Exploration Production US Upstream Deep Dive dated February 12, 2015, covers only liquids rich projects 16 16
  16. RAYMOND JAMES 36TH ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Range Resources Corp – slide 16
    Range Marcellus 2015 Well Economic Summary The different Marcellus areas provide optionality and a balanced approach to developing acreage and growing overall Marcellus production in 2015 SW Super-Rich SW Wet SW Dry NE Dry 12.9…
  17. RAYMOND JAMES 36TH ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Range Resources Corp – slide 17
    Range NGLs - Now a Global Market As the largest producer of NGLs in Appalachia, Range has seen high interest from international customers, resulting in advantaged long-term contracts Mariner West 15,000 bbls/day of ethane -…
  18. RAYMOND JAMES 36TH ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Range Resources Corp – slide 18
    Significant Natural Gas Demand Growth Projected Beginning in 2015 LONG TERM US NATURAL GAS DEMAND ROADMAP (BCF/D) Cumulative 2015 2016 2017 2018 2019 2020 2015-2020 LNG Exports Sabine Pass 1.2 1.2 0.6 3.0 Freeport 0.5 1.0 0.4 1.9…
  19. RAYMOND JAMES 36TH ANNUAL INSTITUTIONAL INVESTORS CONFERENCE – Range Resources Corp – slide 19
    Range Resources Concluding Summary 1. Largest acreage position in core of Marcellus, Upper Devonian and Utica 2. Marcellus development has driven down unit costs over 40%; capital costs down 57% or more on a per lateral foot…

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