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FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp

Range Resources Corp · Feb 4, 2014 · 81 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. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 1
    Range Resources Corporation Company Presentation February 4, 2014 1
  2. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 2
    Range Resources Strategy Proven track record of performance Marcellus Shale 41 to 51Tcfe resource potential Upper Devonian Shale Focus on PER SHARE 12 to 18 Tcfe resource potential Utica Shale GROWTH of production and reserves at…
  3. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 3
    Range Significant Growth Model for Many Years 2014 production growth expected to be 20%-25% High rate of return, high growth, large scale assets Solid track record of execution, planning, marketing and logistics Low cost…
  4. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 4
    Range is Focused on Per Share Growth, on a Debt-Adjusted Basis Production/share debt adjusted Reserves/share debt adjusted 1.8 50 45 1.6 Mcfe/share 40 Mcfe/share 1.4 35 1.2 30 1.0 25 20 0.8 15 0.6 10 0.4…
  5. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 5
    Outstanding 2013 Reserve Performance Proved Reserves Walk Forward Bcfe Balance at December 31, 2012 6,506 2013 Performance Discoveries and extensions 1,733 26% year-over-year increase Purchases - Crude oil/condensate and NGL reserve…
  6. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 6
    Moved 6.4 Tcfe of resource potential into proved reserves in the last four years Tcfe YE 2007 YE 2008 YE 2009 YE 2010 YE 2011 YE 2012 YE 2013 Proved 2.2 2.7 3.1 4.4(1) 5.1 6.5 8.2 Reserves Resource 16 - 22 21 - 29 24 - 32 35 - 52…
  7. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 7
    Resource Potential is 8 to 10 Times Proved Reserves Net Unproven Gas Liquids Resource Area Resource (Tcf) (Mmbbls) Potential (Tcfe) Marcellus Shale 27 35 2,250 2,740 41 51 Upper Devonian Shale 8 12 600 940 12 18 Midcontinent,…
  8. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 8
    Financial Position Strong, Simple Balance Sheet Bank debt, subordinated notes and common stock No debt maturity until 2016 (bank) and 2019 (notes) Available liquidity of 1.2 billion under commitment amount Well Structured Bank…
  9. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 9
    1 Million Net Acres Prospective for Shales in PA Northwest 305,000 net acres(1) (Legacy acreage is largely held by shallow production) Northeast 120,000 net acres (One rig is projected to hold all blocked up acreage being…
  10. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 10
    Pennsylvania Stacked Pays Net Acreage Wet Dry Total Acreage Acreage Acreage Upper Devonian 330,000 230,000 560,000 Marcellus 470,000 320,000 790,000 Utica/Point Pleasant 175,000 400,000 575,000 975,000 950,000…
  11. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 11
    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 developed in the Marcellus Condensate and NGLs are in…
  12. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 12
    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…
  13. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 13
    Gas In Place (GIP) Utica/Point Pleasant Shale The greatest GIP in the Utica/Point Pleasant is in the dry gas window in SW PA Note: Townships where Range holds 3,000 or more acres (as of 12/31/2013), and estimated as…
  14. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 14
    Gas In Place (GIP) Analysis Shows Greatest Potential in SW PA When GIP analysis from the Marcellus, Upper Devonian and Utica/Point Pleasant are combined, the largest stacked pay resource is located in SW PA where Range has…
  15. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 15
    Southwest PA Ranges 530,000 Net Acres Approximately 2,300 industry wells (1,700 horizontal & 600 vertical) have defined the productive boundaries of the Marcellus Ranges acreage is highly prospective for Marcellus, with low…
  16. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 16
    Southwest PA Large Upside Potential Small Percentage of Acreage Drilled Prospective acreage 530,000 Assumed spacing 80 acres Potential Marcellus Shale locations 6,625 Producing horizontal wells 520 Drilled wells divided by…
  17. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 17
    Southwest PA Development Mode Economic Summary Super-Rich Wet Dry 1.82 Mmboe (10.9 Bcfe) 12.3 Bcfe EUR 1,038 Mbbls & 4.7 Bcf 978 Mbbls & 6.4 Bcf 12.2 Bcf 0.40 Mmboe EUR/1,000 ft lateral (2.41 Bcfe equivalent) 2.93 Bcfe 2.44…
  18. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 18
    Innovative Gas Marketing Range is establishing markets in the West, Midwest, South and Southeast while utilizing the existing infrastructure already located in Appalachia 19 19
  19. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 19
    Innovative NGL Marketing Mariner East & West have access to international markets and premium export Propane/Ethane can be tied into NE markets or be pricing for future contracts Ethane export to exported internationally Canada 2013…
  20. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 20
    Current Capability of Ranges Marcellus Area Processing Plant 1.4 Bcf/d gas 1.8 Bcf/d of wet inlet gas 55,000 bbls/d ethane Inlet gas needed to produce 140,000 bbls/d 55,000 bbls ethane per day, assuming minimum extraction…
  21. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 21
    Additional Upside Appalachia Stacked Pays As Marcellus drilling holds all depths, industry activity is proving up our SW PA Utica/Point Pleasant and Upper Devonian acreage Utica/Point Pleasant Shale Significant acreage positions in…
  22. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 22
    Additional Upside Oil Component Two Potentially Large Scale, Repeatable Oil Projects are being tested Horizontal Mississippian 160,000 net acres along the Nemaha Uplift Successfully drilled the southern width of the Nemaha Uplift…
  23. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 23
    New Markets Increasing Demand for Natural Gas Power Generation Sector Utilities using more gas versus coal, by 2035 Natural gas will surpass coal as leading electricity source(1) Demand for natural gas could increase up to 20 Bcf per…
  24. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 24
    Environment, Health and Safety - A Core Value at Range Environmental, Health and Safety issues can affect many aspects of our business. Range feels a deep responsibility to protect our employees, contractors, the public and the…
  25. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 25
    Range Significant Growth Potential for Many Years 2014 production growth expected to be 20%-25% High rate of return, high growth, large scale assets, and low reinvestment risk Large net acreage position, with stacked pay…
  26. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 26
    Appendix 27 27
  27. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 27
    Marcellus and Appalachia Section 28 28
  28. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 28
    Shale Wells Drilled and Permitted LegendLegend RANGE Super-Rich Area ANADARKO CHEVRON/CHIEF SW CABOT CHESAPEAKE CHIEF CONSOL ECA EOG Wet Area EQT EXCO REX SHELL TALISMAN ULTRA XTO/EXXON/PHILLIPS OTHERS LARGER DOTS…
  29. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 29
    Marcellus Shale Ranges Top 10 Liquids Rich Wells 24-hr IP (Boe/d) Production Mix 24-hr IP Lateral Frac Well Name County per 1,000 (Boe/d) Length Stages lateral foot Oil NGLs Gas Kresic Unit 3H Washington 5,727 1,126 5,085 26 15%…
  30. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 30
    Southwest PA Super-Rich Marcellus Acreage provides the Super-Rich opportunity for condensate 110,000 acres Wet Gas growth 220,000 acres During the first three quarters of 2013, Range turned to sales 63 super-rich wells with an…
  31. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 31
    Southwest PA Super-Rich Marcellus 20103 Well Performance Original 17 wells performing 37% over type curve and later 22 wells performing 75% over type curve 10,000 Subsequent 22 Mmcf/day 2013 Super Rich Wells 2013 Super Rich…
  32. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 32
    SW PA Super-Rich Area Marcellus Projected Development Mode Economics Southwestern PA (high Btu case) Reserves and economics based on EUR 1.82 Mmboe (10.9 Bcfe) planned future activity of 4,500 foot lateral length with 22 frac…
  33. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 33
    Southwest PA Super-Rich Marcellus Horizontal Length Average Number of Stages 5,000 25 4,500 20 4,000 Stages Feet 3,500 15 3,000 10 2,500 2,000 5 2010-2012* 2013 2014+ 2010-2012* 2013 2014+ EUR per 1,000 ft.…
  34. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 34
    Southwest PA Super-Rich Marcellus Well Projection 10,000 EUR 1,038 Mbbls & 4.7 BCF (1.82 Mmboe) 4,500 foot lateral length 22 frac stages Mcf/d 1,000 100 Bbls/d Estimated Cumulative Recoveries Condensate Residue NGL…
  35. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 35
    Southwest PA Wet Marcellus Over 200 Range wells placed Super-Rich Wet Gas on production in wet gas 110,000 acres area over the last four years 220,000 acres with varying lateral lengths and frac stages During the first three…
  36. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 36
    SW PA Wet Marcellus Projected Development Mode Economics Southwestern PA (wet gas case) Reserves and economics based on planned future activity of 4,200 EUR 12.3 Bcfe (27 Mbbls condensate, 951 foot lateral length with 21 frac Mbbls…
  37. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 37
    Southwest PA Wet Marcellus Horizontal Length Average Number of Stages 4,500 25 23 4,000 21 19 Stages 3,500 17 Feet 15 3,000 13 11 2,500 9 7 2,000 5 2007-2012* 2013 2014+ 2007-2012* 2013 2014+ EUR per 1,000 ft.…
  38. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 38
    Southwest PA Wet Marcellus Well Projection 10,000 EUR 978 Mbbls & 6.4 BCF (12.3 Bcfe) 4,200 foot lateral length 21 frac stages Mcf/d 1,000 100 Estimated Cumulative Recoveries Bbls/d Condensate Residue NGL w/ Ethane…
  39. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 39
    Ethane Ship Currently Being Used by Evergas Photo Courtesy of Evergas 40 40
  40. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 40
    Marcellus Wet Gas Provides Significant Price Uplift /Wellhead Mcf 8.00 7.70- 7.80 7.40 7.00 1.95 2.97 - NGLs (C3+) 3.07 NGLs (C2+) 6.00 5.00 1.53 Condensate 4.16 4.00 1.53 Condensate 3.00 Gas Gas 2.00 4.16 3.92 Gas…
  41. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 41
    Marcellus NGL Pricing Realized Marcellus NGL Prices (2) Wt. Avg. Composite Barrel (1) WTI Oil Marcellus NGL as % Price NGL Price of WTI 6% 1Q 2010 78.81 44.79 57% 17% Ethane 2Q 2010 77.72 39.09 50% Propane C3 3Q 2010 76.18…
  42. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 42
    Marcellus Condensate Pricing Ranges condensate pricing in Realized Marcellus Condensate Prices Appalachia has improved each year since 2010 Condensate WTI Oil Marcellus Condensate as bbls/d Price Condensate Price % of WTI…
  43. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 43
    Proposed Gross Capacity Additions Cryogenic Processing Installed by MarkWest Liberty Capacity Committed to Range Houston, PA Majorsville, WV Third Party Total (Mmcf/day) Volume Volume Volumes* Volume Current Capacity - 2Q 2009 35…
  44. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 44
    Processing Capacity Development Source: MarkWest Energy Partners, December 2013 45 45
  45. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 45
    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 in 2016. Published expected commencement 1Q 2014. 1,230 mile pipeline with…
  46. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 46
    Southwest PA Industry Activity in Dry Gas Acreage 56% of horizontal dry gas Marcellus wells drilled by industry in SW PA have projected recoveries from 5 to over 20 Bcf per well Ranges SW Pennsylvania dry gas acreage is…
  47. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 47
    SW PA Dry Marcellus Projected Development Mode Economics Southwestern PA (dry gas) Reserves and economics based on EUR 12.2 Bcf planned future activity of 5,000 foot lateral length with 25 frac stages, Drill and Complete Capital 6.0…
  48. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 48
    Southwest PA Dry Marcellus Horizontal Length Average Number of Stages 5,500 30 5,000 25 4,500 Stages 4,000 20 Feet 3,500 15 3,000 10 2,500 2,000 5 2011-2012* 2013 2014+ 2011-2012* 2013 2014+ EUR per 1,000 ft.…
  49. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 49
    Southwest PA Dry Marcellus Well Projection 100,000 EUR 12.2 BCF 5,000 foot lateral length 25 frac stages 10,000 1,000 Mcf/d Estimated Cumulative 100 Recoveries Residue (Mmcf) 1 Year 2,576 2 Years 3,699 10 3 Years…
  50. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 50
    Northeast PA Running 1-2 rigs in 2014 to hold acreage Northeast 120,000 net acres In addition to Lycoming County wells, wells tested in Clinton and Centre counties One rig is designed to hold all blocked up acreage being…
  51. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 51
    Marcellus Area Pipelines Take-Away Capacity Firm Transport & Sales with Firm Transport YE 2013 YE 2015 SW (1) (2) Firm Transport 650 Mmcf/day 980 Mmcf/day Firm Sales 225 Mmcf/day 300 Mmcf/day NE Firm Transport -- -- Firm Sales 120…
  52. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 52
    Marcellus - Proposed Infrastructure Projects through 2016 Incremental capacity: +7.1 Bcfd North & Northeast Constitution Pipeline Williams NE Supply Link Spectra AIM Project +1.3 Bcfd West & Northwest TETCO/DTE/Enbridge NEXUS…
  53. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 53
    Tighter Spacing Adds 12 to 15 Tcfe in Super-Rich and Wet Areas Range has completed two 500 foot spaced pilot projects in the super-rich and wet areas of the Marcellus Shale in Washington County PA that have been online for three and…
  54. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 54
    Results of Marcellus Tighter Spacing Pilot Projects Projects conducted in the Super-Rich and Wet areas of the Marcellus 3,000 500 foot spaced wells produced 80% 2,500 of 1,000 foot spaced wells over a three and a half year period…
  55. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 55
    Range is 4 for 4 in the Upper Devonian Super-Rich Latest Super-Rich UD well (24 hour test rate) 10.0 Wet Gas Mmcfe/d recovery composed of: 4.0 Mmcf/d gas, 172 bbls condensate and 826 bbls NGLs Completion method and landing…
  56. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 56
    Industry Well Activity in the Upper Devonian is Increasing Note: Townships where Range holds 3,000 or more acres are shown in yellow (As of 12/31/2013) 57 57
  57. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 57
    Western PA Wet and Dry Utica/Point Pleasant POINT PLEASANT ABSENT Range has significant acreage positions in the Utica shale play 400,000 net acres are prospective for dry Utica 175,000 net acres are prospective for wet Utica…
  58. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 58
    Range Virginia Assets 230,000 net acres 72 Mmcf/day very low decline rate Interest in over 3,000 producing wells 7,000+ additional wells to drill Stacked pay area F&D < 1.00/mcf LOE 0.60/mcf Location is strategic to…
  59. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 59
    Midcontinent Section 60 60
  60. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 60
    Oklahoma / Kansas - Horizontal Mississippian Ranges 160,000 net acres * appear prospective based on vertical well control Over 4,500 Mississippian wells have defined the productive boundaries On 80 acre spacing Range has the…
  61. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 61
    Range has 160,000 Net Acres on or in Close Proximity to the Nemaha Ridge West East NEMAHA RIDGE (Uplift) Location is Important Chat Our location on the Nemaha Uplift offers Pennsylvania Formations enhanced Chat development, as…
  62. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 62
    Avg. Cum. Oil Production per Well from Mississippian * Highest average cumulative oil production from vertical wells are located in Kay County Based on industry reporting sources *Internal estimates indicate 64 MBO cumulative…
  63. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 63
    Horizontal Mississippian Development Mode Economics Based on recent completion designed wells 140% EUR 485 Mboe - 600 Mboe Drill & Complete Capital 3.7 MM 120% All cases include 200K for SWD 100% F&D 9.86/boe (485 Mboe) 80%…
  64. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 64
    Mississippian Type Curves By Product Larger Frac 1,000 Larger Stimulation Design - 6 wells average EUR is 600 Mboe - 3,800 foot laterals and 19 stages Mmcf/day - 70% of EUR comprised of Crude Oil and NGL with full Cryo…
  65. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 65
    Concentrated Position Allows Low Cost Future Development Range has 160,000 net acres largely Bellmon Plant Superior Capacity: 30 Mmcf/d and expanding blocked up for Residue Pipeline: Southern Star economy of scale Gas processing…
  66. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 66
    Financial and Reserve Section 67 67
  67. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 67
    Eleven Years of Double-Digit Production Growth 20%-25% Growth Projected for 2014 1,200 1,000 800 Mmcfe/d 600 400 200 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014E Includes impact of acquisitions…
  68. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 68
    Range 2 Low Cost Producer in 2012 1st, 2nd, or 3rd in the Bank of America Study for Each of the Last 9 Years ** 16.00 Lease Operating Expense G&A Expense Interest Expense PUD Adjustment 3-Year Reserve Replacement 14.00…
  69. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 69
    Unit Costs Are a Key Focus 4.50 4.00 3.50 /mcfe 3.00 2.50 2.00 1.50 1.00 0.50 - 0.00 2008 2009 2010 2011 2012 YTD 2013 (3Q) Reserve 1.64 1.25 0.83 0.68 0.68 0.66 Replacement(1) LOE (2) 0.99 0.82 0.72 0.60 0.41…
  70. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 70
    Growth at Low Cost Top quartile growth at top quartile cost 3 Year 5 Year 2009(3) 2010 2011 2012 2013 Average Average Reserve growth 18% 42% 14% 29% 26% 23%(4) 25%(4) Drill bit replacement (1) 540% 840% 850% 773% 612% 725% 718%…
  71. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 71
    Strong, Simple Balance Sheet Year-End Year-End Year-End Year-End 1st Quarter 2nd Quarter 3rd Quarter 2009 2010 2011 2012 2013 2013 2013 ( in millions) Bank borrowings 324 274 187 739 47 309 427 Sr. Sub. Notes 1,384 1,686 1,788…
  72. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 72
    Debt Maturities Range maintains an orderly debt maturity ladder 800 750 700 600 600 500 500 500 427 ( Millions ) 400 Credit Facility 3Q13 300 300 200 100 0 Senior Secured Revolving Credit Facility (as of…
  73. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 73
    Ranges Outstanding Bonds Corporate Rating: Ba1 / BB Outlook: Stable Senior Subordinated Notes Amount Current YTW 8.00% due 2019 300 1.52% 6.75% due 2020 500 3.25% 5.75% due 2021 500 4.20% 5.00% due 2022 600 5.13% 5.00% due 2023…
  74. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 74
    Resilient Credit Metrics Driven by Low Cost Growth Debt / EBITDAX Debt / Total Proved (/mcfe) 4.5x 1.00 Covenant 0.90 4.0x BB / Ba2 Peer Average for 2012 0.80 3.5x 0.70 3.0x 0.60 0.50 2.5x 0.40 2.0x 0.30 1.5x 0.20 0.10…
  75. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 75
    2013 Capital Budget Budget = 1.3 Billion Budget by Area Drilling Pipelines, Facilities & Other Marcellus Midcontinent Acreage & Seismic Permian Appalachia / Nora 82% 79% 8% 2% 10% 2% 17% 85% of capital spending directed…
  76. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 76
    Gas Hedging Status Volumes Average Average Hedged Floor Price Cap Price (Mmbtu/day) ( / Mmbtu) ( / Mmbtu) 4Q 2013 Swaps 293,370 3.82 4Q 2013 Collars 280,000 4.59 5.05 2014 Swaps 228,548 4.17 2014 Collars 447,500 3.84…
  77. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 77
    Oil Hedging Status Volumes Average Average Hedged Floor Price Cap Price (bbls/day) (/bbl) (/bbl) 4Q 2013 Swaps 6,825 96.79 4Q 2013 Collars 3,000 90.60 100.00 2014 Swaps 9,004 94.43 2014 Collars 2,000 85.55 100.00 2015…
  78. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 78
    Natural Gas Liquids Hedging Status Volumes Hedged (1) Hedged Price (bbls/day) (/gal) Natural Gasoline (C5) 4Q 2013 Swaps 6,500 2.13 2014 Swaps 496 2.11 Normal Butane (NC4) 4Q 2013 Swaps 2,000 1.32 2014 Swaps 3,915 1.34…
  79. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 79
    Why Natural Gas Consumer Savings Shale production could save U.S. households up to as much as 113 billion a year per through 2015(1) Average US household will save up to 725 each year, savings could potentially rise to as much as…
  80. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 80
    Natural Gas Less Environmental Impact Water Usage: Least water consumptive energy resources per MMBTU at 0.6-5.8 gallons(1) Nuclear: 8-14 Oil: 8-20 gallons Coal: 13-32 gallons Biodiesel from soy: 14,000-75,000 gallons Surface…
  81. FEBRUARY 2014 INVESTOR PRESENTATION – Range Resources Corp – slide 81
    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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