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DUG EAST CONFERENCE – Range Resources Corp

Range Resources Corp · Jun 24, 2015 · 23 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. DUG EAST CONFERENCE – Range Resources Corp – slide 1
    DUG East Pittsburgh Jeff Ventura Chairman, President & CEO June 24, 12015
  2. DUG EAST CONFERENCE – Range Resources Corp – slide 2
    Large Scale Growth with Low Cost and Low Risk Focused on PER SHARE GROWTH of production and reserves at top- quartile or better cost structure Largest acreage position in core of Marcellus, Upper Devonian and Utica 3
  3. DUG EAST CONFERENCE – Range Resources Corp – slide 3
    Range: Low-Cost, Large Scale Company Total Reserves Breakeven Positions (tcfe) (US/mcf) Marcellus Shale Only Range Rex 30.00 3.19 2.62 2.66 Cabot 18.18 2.71 Source: Wood Mackenzie EQT 15.84 2.74 Antero 23.87 2.88 Resources…
  4. DUG EAST 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. DUG EAST 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 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…
  6. DUG EAST CONFERENCE – Range Resources Corp – slide 6
    Driving Down Unit Costs 4.50 Transport & Gathering Interest 4.00 (2) G&A Prod. taxes 3.50 LOE (2) Reserve Rep (1) 3.00 2.50 /mcfe 2.00 1.50 1.00 0.50 0.00 - 2008 2009 2010 2011 2012 2013 2014 2015E (1)…
  7. DUG EAST CONFERENCE – Range Resources Corp – slide 7
    Sustained Growth with Improving Capital Efficiency Growth achieved despite reducing capital, demonstrating improved efficiency 1,500 30 Capex per Incremental mcfe Production 1,250 25 Production (mmcfepd) 1,000 20 750…
  8. DUG EAST CONFERENCE – Range Resources Corp – slide 8
    Portfolio within a Portfolio 2015 Well Economics SW Super-Rich SW Wet SW Dry NE Dry EUR 12.9 Bcfe 17.6 Bcfe 17.1 Bcf 15.2 Bcf 1,169 Mbbls 1,501 Mbbls & 5.9 Bcf & 8.6 Bcf EUR/1,000 ft lateral 2.40 Bcfe 2.95 Bcfe 2.52 Bcf 2.67 Bcf…
  9. DUG EAST CONFERENCE – Range Resources Corp – slide 9
    Ranges First Washington County Utica Well 5,420 ft. lateral, with 32 stages Initial testing and post completions testing suggests pressure gradient of up to 0.88 psi/ft. 7 days flow test, record 24 hour IP of 59 Mmcf/day Equates…
  10. DUG EAST CONFERENCE – Range Resources Corp – slide 10
    Utica/Point Pleasant, Great First Test Lateral IP/1,000 Well Operator State County IP (Mmcf/d) Length (Ft) LL Claysville Sportsmans Club 11H Range Resources PA Washington 59.0 5,420 10.9 Stewart Winland Unit 1300U Magnum Hunter WV…
  11. DUG EAST CONFERENCE – Range Resources Corp – slide 11
    Additional Upside Utica/Point Pleasant OH PA 2 wells planned in 2015 400,000 net acres in SW PA prospective Core analysis and petrographic analysis show RRC Claysville well has high GIP Range has 20% to 40% more GIP than best…
  12. DUG EAST CONFERENCE – Range Resources Corp – slide 12
    RRC Well, Excellent Reservoir Characteristics Drilled in structurally quiet area defined by 3-D seismic coverage 13
  13. DUG EAST CONFERENCE – Range Resources Corp – slide 13
    Range Well, Excellent Porosity & Permeability BASIC ROCK PROPERTIES (GRI Method) 1E-01 1E-02 1231 Samples 1E-03 Matrix Permeability, md 1E-04 1E-05 1E-06 y = 7E-10x4.0868 1E-07 1E-08 1E-09 1E-10 Crushed Sample (20/35…
  14. DUG EAST CONFERENCE – Range Resources Corp – slide 14
    Regional View Point Pleasant Total Gas in Place GAS IN PLACE ANALYSIS: Claysville Sportsman 11H Bulk Density (g/cc) Gas Content (scf/ton) GIP (scf/acre-ft) GIP (BCF/section) Free Gas 2.64 240.4 863,811 140.9 Utica to Sorbed Gas 2.64…
  15. DUG EAST CONFERENCE – Range Resources Corp – slide 15
    Cross Sections Regional Facies Change Major Play Driver Optimal production rates in play are defined by presence of high porosity/high TOC Point Pleasant (green white) overlain by tight, non organic Utica (blue.) These in turn…
  16. DUG EAST CONFERENCE – Range Resources Corp – slide 16
    Gas In Place (GIP) Point Pleasant Interval Outlined portion represents the area of the highest pressure gradients in the Point Pleasant Note: Townships where Range holds 3,000 or more acres (as of 12/31/2014), and estimated…
  17. DUG EAST CONFERENCE – Range Resources Corp – slide 17
    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…
  18. DUG EAST CONFERENCE – Range Resources Corp – slide 18
    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…
  19. DUG EAST CONFERENCE – Range Resources Corp – slide 19
    Gas In Place (GIP) Point Pleasant/Marcellus/Upper Devonian Note: Townships where Range holds 3,000 or more acres (as of 12/31/2014), and estimated as prospective, are outlined green. GIP Range estimates. 20
  20. DUG EAST CONFERENCE – Range Resources Corp – slide 20
    Solid Financial Position, Disciplined Financial Approach Strong, Simple Balance Sheet Bank debt, long-term bonds and common stock No near term maturities, first bond maturity in 2021, after the expected call of 2020s. Bank credit…
  21. DUG EAST CONFERENCE – Range Resources Corp – slide 21
    Solid Financial Position, Disciplined Financial Approach Debt Metrics Debt trades at or near investment grade Annual borrowing base unanimously approved Debt Covenants with ample flexibility: EBITDAX/Interest expense - minimum of…
  22. DUG EAST CONFERENCE – Range Resources Corp – slide 22
    Two Key Marketing Events Mariner East Range has 20,000 barrels per day of ethane and 20,000 barrels per day of propane transportation to Marcus Hook Access (80%) to 1 million barrels of propane cavern storage at Marcus Hook Net…
  23. DUG EAST CONFERENCE – Range Resources Corp – slide 23
    Thank You 24

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