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MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp

Range Resources Corp · Mar 31, 2012 · 74 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. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 1
    INFLECTION POINT An event that results in a significant change in the progress of a company. -Investopedia Range Resources Corporation Company Presentation March 2012
  2. MARCH 2012 INVESTOR PRESENTATION – 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. MARCH 2012 INVESTOR PRESENTATION – 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. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 4
    2011 Reserve Performance 2011 Performance Proved Reserves Walk Forward 14% year-over-year increase Balance at December 31, 2010 4,442 Discoveries and extensions 1,493 43% increase adjusted for asset sales Purchases - Revisions -…
  5. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 5
    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…
  6. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 6
    Five Year Reserve Growth Summary Bcfe 7
  7. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 7
    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…
  8. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 8
    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…
  9. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 9
    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…
  10. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 10
    2012 Capital Spending Funding Plan 2012 capital spending will be funded with cash flow and debt. Borrowings will stay comfortably within BB credit rating. Due to asset sales, liquidity under bank facility as of year-end 2011 was 1.3…
  11. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 11
    Nine Years of Double-Digit Production Growth 2012 Growth Target 2x Past Years 800 30% - 35% Growth Target for 2012 700 600 500 Mmcfe/d 400 300 200 100 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012E Includes…
  12. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 12
    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…
  13. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 13
    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,…
  14. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 14
    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…
  15. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 15
    Enhancements to Portfolio Range has five new 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…
  16. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 16
    Over 1 Million Net Acres Prospective for Shale in PA New York Northwest 330,000 net acres(1) 83% HBP Crawford Warren Venango Lycoming Clinton Mercer OH Clearfield Northeast Butler Centre 180,000 net acres Armstrong 51%…
  17. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 17
    Southwest Pennsylvania SW Marcellus Super-Rich Wet Gas resource potential of OH 125,000 acres 210,000 acres 19-25 Tcfe is composed of 434-559 OH Butler million barrels of Armstrong Beaver Indiana liquids and 16.1-21.6 Tcf of…
  18. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 18
    Southwest PA Wet Marcellus Super-Rich Drilled 188 wells in 2009, Wet Gas 2010 and 2011 generally Beaver in the circled wet area of the Marcellus Shale: Average lateral length of Dry Gas 2,981 feet WV Average of 10 frac stages…
  19. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 19
    SW PA Wet Marcellus 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 oil, 257 Mbbls NGLs) & 4.2 Bcf (Based on 188 wells…
  20. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 20
    SW PA Wet Area Marcellus Type Curve 7000 250 2009 - 2011 wells average 281 Mbbls (24 Mbbls oil & 257 Mbbls NGLs) & 4.2 Bcf 6000 Lateral Length Stages 2,981 ft. 10 200 5000 Residue Gas MMCF/day LIQUIDS (BBLS/DAY) 150…
  21. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 21
    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)…
  22. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 22
    Southwest PA Super-Rich Marcellus 8 Super-Rich wells: Super-Rich Beaver Wet Gas Average lateral length of 3,742 feet Average of 14 frac stages Dry Gas Average 400 Mbbls (95 WV Mbbls condensate and 305 Mbbls NGLs) and 3.9…
  23. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 23
    SW PA Super-Rich Area Marcellus 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) & 3.9 BCF…
  24. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 24
    SW PA Super-Rich Area Marcellus Type Curve 10000 2010 - 2011 wells average 400 Mbbls (95 Mbo & 305 MBNGL) & 3.9 BCF Lateral Length Stages 3,742 ft. 14 mcf/day (residue gas) 1000 bbls/day 100 10 1 51 101 151 201 251…
  25. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 25
    Southwest PA Upper Devonian Upper Devonian Super-Rich prospective in Super- Beaver Wet Gas Rich, Wet and Dry areas Dry Gas Two wells drilled to date with average IP WV 3.8 Mmcfe/day Houston Plant Best well 4.7 Bcfe EUR Two…
  26. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 26
    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 Upper Devonian Shales Thermal maturity similar to Rhinestreet / Middlesex Marcellus Genessee /…
  27. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 27
    Northeast PA Update New York New Developments: Northeast First test with 4,900 ft. 180,000 net acres lateral and 17 frac IP 23 Mmcf/d stages results in 10 Bcf EUR 10 Bcf EUR well IP 10 Mmcf/day In addition to Clinton Lycoming…
  28. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 28
    NE PA Dry Marcellus 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 4.3MM 100%…
  29. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 29
    NE PA Dry Area Marcellus Type Curve 10,000 9,000 2011 wells average 6.5 BCF (25 wells) 8,000 Lateral Length Stages 7,000 2,566 ft. 9 Gross Gas (MCFPD) 6,000 5,000 4,000 3,000 2,000 1,000 - 0 20 40 60 80…
  30. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 30
    NE PA Dry Long Lateral 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 Capital…
  31. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 31
    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 (MCFPD) 6,000 5,000 4,000 3,000 2,000 1,000 0 0 20 40 60 80…
  32. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 32
    Northwest PA Emerging Stacked Pay Area Northwest PA is New York prospective for Medina, Erie Marcellus and Utica Warren Approximately 150,000 net acres are prospective for Crawford Marcellus Approximately 115,000 net…
  33. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 33
    Midcontinent Resource Potential St. Louis Horizontal Mississippian Cana Woodford Granite Wash Ardmore Basin Woodford 2,000+ locations and 6 9 Tcfe resource potential 479,819 gross acres (338,992 net acres) 34
  34. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 34
    % of Mississippian Wells Classified as Oil Oil Percentage Increases to the East Range Focus Area Range Acreage Increased to 125,000 Net Acres Source: Industry data using active well counts. 35
  35. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 35
    Horizontal Mississippian Cross Section West East Nemaha Uplift Cherokee NEMAHA RIDGE (Uplift) Platform Anadarko Shelf Location is Important Chat Higher structure Pennsylvania Formations provides access to more chat Chat…
  36. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 36
    Horizontal Mississippian Development Mode Economics EUR 400 Mboe (99 Mbbl condensate, 168 Mbbl NGLs, 797 Mmcf) 500 Mboe (123 Mbbl condensate, 211 Mbbl 120% NGLs, 996 Mmcf) 100% Drill and Complete Capital 3.1MM Includes 200M for…
  37. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 37
    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 4-9% recovery of the 350 original oil in place 300 Gross…
  38. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 38
    Midland Basin Cline Oil Shale RANGE MIDLAND BASIN DEVON CHESAPEAKE 100,000 net acres 91% HBP APACHE CONCHO LAREDO RANGE ENERGEN PIONEER Laredo EXCO 39
  39. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 39
    West Texas Oil Cline Shale Development Mode Economics 3,000 lateral length and 10 stages EUR 340 Mboe (1 well) (210 Mboe oil, 71 Mboe liquids, 353 Mmcf gas) 50% Drill and Complete Capital 4.3MM F&D 12.68/Boe 40% NYMEX 340…
  40. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 40
    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…
  41. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 41
    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…
  42. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 42
    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…
  43. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 43
    Appendix 44
  44. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 44
    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…
  45. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 45
    Shale Wells Drilled and Permitted SW PA Beaver Indiana Allegheny Westmoreland Jefferson Washington LegendLegend RANGE ANADARKO CHEVRON/CHIEF SW CABOT CHESAPEAKE CHIEF CONSOL ECA EOG Fayette EQT EXCO Marshall Green…
  46. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 46
    Shale Wells Drilled and Permitted NE PA Steuben Tioga Broom Chemung Range/Talisman - Area of Mutual Interest Tioga Bradford Susquehanna LegendLegend RANGE ANADARKO CHEVRON/CHIEF SW Potter CABOT CHESAPEAKE Lycoming…
  47. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 47
    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 Net Mmcf/d or Net Mmcfe/d 500 15 Net MBBLS/Day 450 400 200+ Mmcfe/d exit rate at YE…
  48. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 48
    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…
  49. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 49
    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…
  50. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 50
    Liberty Marcellus Project Schedule MarkWest Liberty is developing integrated and scalable gathering, processing, fractionation, and marketing infrastructure to support production in excess of 1 Bcf/d Houston Processing Complex…
  51. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 51
    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,…
  52. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 52
    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…
  53. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 53
    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…
  54. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 54
    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. Once ethane is…
  55. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 55
    Project Mariner Overview Export Capabilities Sarnia Will Open Up Foreign Markets Mariner West Mariner East Pittsburgh Existing Sunoco Pipeline Philadelphia New MarkWest Liberty Pipeline Houston Fractionator…
  56. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 56
    The Mariner Project West & East Mariner West Sarnia, Ontario New Connection to Mariner West to Sarnia Targeted service by 2H2013 40 mile 8 pipe to existing Sunoco Logistics Sunoco pipeline Existing Pipeline Sunoco Philadelphia…
  57. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 57
    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…
  58. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 58
    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 commencement 1Q 2014. 1,230 mile pipeline with capacity to…
  59. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 59
    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…
  60. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 60
    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 0 0 Firm Sales 80 Mmcf/day…
  61. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 61
    Marcellus Net Backs After Transportation Millennium NYMEX Flat Tennessee 300 NYMEX Less 0.05 to 1.00 TCO Columbia NYMEX Less 0.20 Transco NYMEX Flat TRANSMISSION PIPELINES COLUMBIA DOMINION MILLENIUM NATIONAL…
  62. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 62
    Marcellus PA Production Growth Marcellus production now over 5 Bcf per day of dry gas 5.0 4.5 4.0 TN 300 showing the most regional 3.5 growth while the other pipelines show displacement of gas from other regions. 3.0 Bcf/d…
  63. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 63
    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…
  64. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 64
    Unit Costs Are a Key Focus 5.00 4.00 3.00 /mcfe 2.00 1.00 0.00 2006 2007 2008 2009 2010 2011 Reserve Replacement (1) 1.45 1.59 1.64 1.25 0.83 0.68 LOE (2) 0.90 0.92 0.99 0.82 0.72 0.60 Production Taxes 0.37 0.36…
  65. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 65
    Margins are a Key Focus 7.00 6.00 5.00 4.00 /mcfe 3.00 2.00 1.00 0.00 2006 2007 2008 2009 2010 2011 Realized Prices 6.79 8.11 8.66 6.76 5.72 6.20 Cash Costs 2.19 2.47 2.66 2.59 2.59 2.61 Cash Margin 4.60 5.64 6.00…
  66. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 66
    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…
  67. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 67
    Strong, Simple Balance Sheet Year-End Year-End Year-End Year-End Year-End 2007 2008 2009 2010 2011 ( in millions) Bank borrowings 304 693 324 274 187 Sr. Sub. Notes 847 1,098 1,384 1,686 1,788 Less: Cash (4) (1) (1) (3) (0)…
  68. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 68
    Debt Maturities Range maintains an even, manageable debt maturity profile 600 500 500 500 400 ( Millions ) 300 300 250 250 187 200 100 - - - - - - 0 Senior Secured Revolving Credit Facility Senior…
  69. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 69
    Ranges Outstanding Bonds Corporate Rating: BB / Ba2 Outlook: Stable Senior Subordinated Notes Amount Rating Current YTW 7.5% due 2017 250 BB / Ba3 3.15 % 7.25% due 2018 250 BB / Ba3 3.94 % 8.0% due 2019 300 BB / Ba3 4.03 % 6.75%…
  70. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 70
    Gas Hedging Status Hedges Insulate Cash Flow Volumes Average Average Premium Hedged Floor Price Cap Price Paid (Mmbtu/day) ( / Mmbtu) 1Q 2012 Swaps 160,000 4.10 (0.02) 1Q 2012 Collars 189,641 5.32 5.91 (0.28) 2Q 2012 Swaps…
  71. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 71
    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…
  72. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 72
    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…
  73. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 73
    Green Completion Objectives Continue treatment design advancement with service provider partnerships with focus on salt water use (recycling) Develop fluid systems in line with 12 principles of Green Chemistry We continue to share…
  74. MARCH 2012 INVESTOR PRESENTATION – Range Resources Corp – slide 74
    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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