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JULY 2013 INVESTOR PRESENTATION – Range Resources Corp

Range Resources Corp · Jul 24, 2013 · 77 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. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 1
    Range Resources Corporation Company Presentation July 24, 2013
  2. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 2
    Range Resources Strategy Proven track record of performance Marcellus Shale 38 to 49Tcfe resource potential Focus on PER SHARE Upper Devonian Shale 12 to 18 Tcfe resource potential GROWTH of production Utica Shale and reserves at…
  3. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 3
    Range Significant Growth Potential for Many Years 20%-25% line-of-sight production growth for many years Cash flow growth is expected to outpace production growth High rate of return, high growth, large scale assets Low cost…
  4. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 4
    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 1.4 billion under commitment amount Well Structured Bank…
  5. JULY 2013 INVESTOR PRESENTATION – 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 1.8 40 1.6 35 1.4 30 Mcfe Mcfe 1.2 25 1.0 20 0.8 15 0.6 10 0.4 5 2007 2008 2009 2010…
  6. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 6
    Ten Years of Double-Digit Production Growth 20%-25% Growth Projected for 2013 1000 900 800 700 Mmcfe/d 600 500 400 300 200 100 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013E Includes impact of acquisitions…
  7. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 7
    Ranges Reserve Base and Upside are Growing Tcfe YE 2007 YE 2008 YE 2009 YE 2010 YE 2011 YE 2012 Proved 2.2 2.7 3.1 4.4(1) 5.1 6.5 Reserves Resource 16 - 22 21 - 29 24 - 32 35 - 52 44 - 60 60 - 83 Potential (2) Proved…
  8. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 8
    1 Million Net Acres Prospective for Shale in PA Northwest 315,000 net acres(1) 89% HBP Northeast 145,000 net acres 69% HBP Southwest 540,000 net acres(2) 51% HBP Note: Townships where Range holds 3,000+ acres are shown…
  9. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 9
    Pennsylvania Stacked Pays - Net Acreage Wet Dry Total Acreage Acreage Acreage Upper Devonian 330,000 235,000 565,000 Marcellus 480,000 355,000 835,000 Utica 180,000 400,000 580,000 990,000 990,000 1,980,000 Stacked…
  10. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 10
    Southwest PA Ranges 540,000 Net Acres Approximately 1,950 industry wells (1,450 horizontal & 500 vertical) likely have defined the productive boundaries of the Marcellus Ranges acreage is Greater Pittsburgh highly prospective…
  11. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 11
    Southwest PA Large Upside Potential Small Percentage of Acreage Drilled Prospective acreage 540,000 Assumed spacing (1,000 foot) 80 acres Potential Marcellus Shale locations 6,750 Producing horizontal wells 460 Drilled wells…
  12. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 12
    Southwest PA Super-Rich Marcellus Super-Rich As of the end of 2012, Range 110,000 acres Wet Gas has turned to sales 51 Super- 220,000 acres Rich wells with an average lateral length of 3,895 feet and 15 frac stages 17 wells turned…
  13. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 13
    Southwest PA Super-Rich Marcellus 2013 Well Performance 10,000 2013 Avg Mmcf/day Residue Gas Gas Type Curve 1,000 2013 Avg Bbls/day Liquids 100 Liquids Type Curve Moved EUR from 1.32 Mmboe to 1.82 Mmboe to…
  14. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 14
    Southwest PA Super- Rich Marcellus Horizontal Length Average Number of Stages 5,000 23 21 4,500 19 4,000 17 Stages Feet 15 3,500 13 3,000 11 9 2,500 7 2,000 5 2010-2012* 2013 2014+ 2010-2012* 2013 2014+ EUR…
  15. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 15
    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…
  16. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 16
    Southwest PA Wet Marcellus Over 200 Range wells placed Super-Rich on production in wet gas 110,000 acres Wet Gas area over the last four years 220,000 acres with varying lateral lengths and frac stages As of the end of 2012, Range…
  17. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 17
    Southwest PA Wet Marcellus Horizontal Length Average Number of Stages 4,500 25 4,000 20 Stages 3,500 Feet 15 3,000 10 2,500 2,000 5 2007-2012* 2013 2014+ 2007-2012* 2013 2014+ EUR per 1,000 ft. EUR by Year…
  18. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 18
    SW PA Wet Marcellus Projected Development Mode Economics Southwestern PA (wet gas case) Reserves and economics based on planned future activity of 4,200 foot EUR 12.3 Bcfe (27 Mbbls condensate, 951 lateral length with 21 frac…
  19. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 19
    Southwest PA Industry Activity in Dry Gas Acreage Range has 210,000 net acres in the dry gas window 53% of horizontal dry gas Marcellus wells drilled by industry in SW PA have projected recoveries from 5 to over 20 Bcf per well…
  20. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 20
    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.…
  21. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 21
    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…
  22. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 22
    Southwest PA - 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 Bcfe 82.7 Mboe…
  23. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 23
    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…
  24. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 24
    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 2,500 80% of 1,000 foot spaced wells over a three year period. 2,000…
  25. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 25
    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…
  26. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 26
    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…
  27. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 27
    Ethane Ship Currently Being Used by Evergas Photo Courtesy of Evergas 28
  28. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 28
    Additional Upside Horizontal Mississippian Cline Shale - 160,000 net acres in the Horizontal - 100,000 net acres prospective Mississippian along the Nemaha Ridge - First three Cline wells encouraging - Approximately 55 producing…
  29. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 29
    New Markets Increasing Demand for Natural Gas Power Generation Sector Utilities using more gas versus coal due to an increasingly reliable supply, environmental advantages and cost Per EIA, 2012 natural gas used for power generation…
  30. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 30
    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…
  31. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 31
    Range Significant Growth Potential for Many Years 20%-25% line-of-sight production growth for many years Cash flow growth is expected to outpace production growth High rate of return, high growth, large scale assets, and low…
  32. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 32
    Appendix 33
  33. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 33
    Marcellus and Appalachia Section 34
  34. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 34
    Shale Wells Drilled and Permitted LegendLegend RANGE ANADARKO CHEVRON/CHIEF SW Super-Rich Area CABOT CHESAPEAKE CHIEF CONSOL ECA EOG EQT Wet Area EXCO REX SHELL TALISMAN ULTRA XTO/EXXON/PHILLIPS OTHERS LARGER DOTS…
  35. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 35
    Southwest PA Super-Rich Marcellus Well Projection 10,000 EUR 1,038 Mbbls & 4.7 BCF (1.82 Mmboe) 4,500 lateral length 22 frac stages Mcf/d 1,000 100 Bbls/d Estimated Cumulative Recoveries Condensate Residue NGL w/…
  36. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 36
    Southwest PA Wet Marcellus Well Projection 10,000 EUR 978 Mbbls & 6.4 BCF (12.3 Bcfe) 4,200 lateral length 21 frac stages Mcf/d 1,000 100 Estimated Cumulative Recoveries Bbls/d Condensate Residue NGL w/ Ethane…
  37. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 37
    Southwest PA Dry Marcellus Well Projection 100,000 EUR 12.2 BCF 5,000 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 4,503 5…
  38. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 38
    Marcellus NGL Pricing Realized Marcellus NGL Prices (2) Wt. Avg. Composite Barrel (1) WTI Oil Marcellus NGL as % Price NGL Price of WTI 1Q 2010 78.81 44.79 57% 18% 2Q 2010 77.72 39.09 50% Propane C3 Iso Butane iC4 3Q 2010…
  39. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 39
    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…
  40. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 40
    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…
  41. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 41
    The Mariner Project West & East New Connection to Existing Sunoco Pipelines Mariner West Sarnia, Ontario Project commenced in 3Q2013 Sunoco Logistics Existing Pipeline Sunoco 40 mile 10 pipe to existing Philadelphia Sunoco pipeline…
  42. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 42
    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…
  43. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 43
    Marcellus Area Pipelines Take-Away Capacity Firm Transport & Sales with Firm Transport YE 2013 YE 2015 SW Firm Transport 450 Mmcf/day 650 Mmcf/day Firm Sales 225 Mmcf/day 150 Mmcf/day NE Firm Transport -- -- Firm Sales 120 Mmcf/day…
  44. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 44
    Marcellus Take Away Capacity Summary Incremental capacity: +10.7 Bcfd North & Northeast (+900 MMcfd) Empire Tioga Expansion Phase II Constitution Pipeline West & Northwest (+2.7 Bcfd) TETCO/DTE/Enbridge NEXUS Pipeline TETCO U2GC…
  45. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 45
    Northeast PA Running 1-2 rigs in 2013 to hold acreage Northeast In addition to Lycoming 145,000 net acres County wells, wells tested in Clinton and Centre counties 69% of acreage HBP (As of December 31, 2012) There are…
  46. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 46
    Range is 4 for 4 in the Upper Devonian Super-Rich Latest Super-Rich well 110,000 acres (24 hour test rate) 10.0 Wet Gas Mmcfe/d recovery 220,000 acres composed of: 4.0 Mmcf/d gas 172 bbls condensate 826 bbls NGLs Completion…
  47. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 47
    Industry Well Activity in the Upper Devonian is Increasing 48
  48. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 48
    Western PA Wet and Dry Utica/Point Pleasant Range has significant acreage positions in the Utica shale play 400,000 net acres are prospective for dry Utica 180,000 net acres are prospective for wet Utica in Northwest PA…
  49. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 49
    Range Virginia Assets 231,000 net acres 75 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…
  50. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 50
    Midcontinent Section 51
  51. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 51
    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 (4,000 foot…
  52. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 52
    Range has 160,000 Net Acres on or in Close Proximity to the Nemaha Ridge West East NEMAHA RIDGE (Uplift) Location is Important Our location on the Nemaha Chat Uplift offers enhanced Chat development, as well as a Pennsylvania…
  53. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 53
    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…
  54. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 54
    Horizontal Mississippian Development Mode Economics Based on 25 wells (2009-2012) 160% EUR 485 Mboe (2009-2011 wells) 140% 600 Mboe (2012 wells) 120% Drill & Complete Capital 3.4 MM 100% All cases include 200K for SWD IRR…
  55. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 55
    2009 - 2011 Horizontal Mississippian Type Curves By Product 2009-2011 Development Program 1,000 - 8 wells average EUR is 485 Mboe - 2,197 ft. laterals and 12 stages (averages) - 67% of EUR comprised of liquids - EUR equates to 4-9%…
  56. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 56
    2012 Horizontal Mississippian Type Curves By Product 2012 Development Program 1000 - 17 wells average EUR is 600 Mboe - 3,800 ft. laterals and 19 stages - 70% of EUR comprised of liquids - EUR equates to 6-11% recovery of the…
  57. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 57
    Concentrated Position Allows Low Cost Future Development Range has 160,000 net acres largely Bellmon Plant Superior blocked up for Capacity: 30 Mmcf/d and expanding Residue Pipeline: Southern Star economy of scale Gas processing…
  58. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 58
    Permian Section 59
  59. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 59
    Midland Basin Cline and Wolfcamp Oil Shales Range has 100,000 net acres; 91% HBP Range Hildebrand 24-hr IP: 452 BOE/D (84% liquids) All 100,000 acres 3,486 lateral and 14 stages appear prospective for Cline Shale 2,000 possible…
  60. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 60
    Midland Basin Vertical Wolfberry Wolfberry During the second half of 2013, Range expects to turn six wells to sales On average wells have a 24-hour IP of 431 boe/d (226 bbl/d oil, 103 bbl/d NGLs and 613 mcf/d gas.)…
  61. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 61
    Conger Field Cline & Wolfberry RANGE RESOURCES EDMONDSON A Time Strat. Units 37-19 42173334980000 Formations RANGE CONGER AREA PROPERTIES I LM USBY 0. 2 2000 GR I LD 0 150 0. 2 2000 M_CLFK 5500 LSBY Spraberry -…
  62. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 62
    Financial and Reserve Section 63
  63. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 63
    Range 1 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…
  64. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 64
    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 1H 2013 Reserve 1.64 1.25 0.83 0.68 0.68 0.68 Replacement(1) LOE (2) 0.99 0.82 0.72 0.60 0.41…
  65. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 65
    Growth at Low Cost Top quartile growth at top quartile cost 3 Year 5 Year 2008 2009(4) 2010 2011 2012 Average Average Reserve growth 19% 18% 42% 14% 29% 36% 38% Drill bit replacement (1) 386% 540% 840% 850% 773% 815% 706% All…
  66. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 66
    Strong, Simple Balance Sheet Year-End Year-End Year-End Year-End 1st Quarter 2nd Quarter 2009 2010 2011 2012 2013 2013 ( in millions) Bank borrowings 324 274 187 739 47 309 Sr. Sub. Notes 1,384 1,686 1,788 2,139 2,890 2,640…
  67. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 67
    Debt Maturities Range maintains an orderly debt maturity ladder 800 750 700 600 600 500 500 500 ( Millions ) 400 Credit Facility 309 300 300 200 100 0 Senior Secured Revolving Credit Facility (as of June…
  68. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 68
    Ranges Outstanding Bonds Corporate Rating: BB / Ba2 Outlook: Stable Senior Subordinated Notes Amount Current YTW 8.00% due 2019 300 2.93% 6.75% due 2020 500 4.21% 5.75% due 2021 500 4.54% 5.00% due 2022 600 5.07% 5.00% due 2023…
  69. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 69
    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…
  70. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 70
    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…
  71. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 71
    Resource Potential is 9 to 13 Times Proved Reserves Net Unproven Gas Liquids Resource Area Resource (Tcf) (Mmbbls) Potential (Tcfe) Marcellus Shale 27 35 1,800 2,400 38 49 Upper Devonian Shale 8 12 600 940 12 18…
  72. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 72
    Gas Hedging Status Volumes Average Average Hedged Floor Price Cap Price (Mmbtu/day) ( / Mmbtu) ( / Mmbtu) 3Q 2013 Swaps 300,000 3.75 3Q 2013 Collars 280,000 4.59 5.05 4Q 2013 Swaps 293,370 3.82 4Q 2013 Collars 280,000 4.59…
  73. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 73
    Oil Hedging Status Volumes Average Average Hedged Floor Price Cap Price (bbls/day) (/bbl) (/bbl) 3Q 2013 Swaps 5,825 96.74 3Q 2013 Collars 3,000 90.60 100.00 4Q 2013 Swaps 6,825 96.79 4Q 2013 Collars 3,000 90.60 100.00…
  74. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 74
    Natural Gas Liquids Hedging Status Volumes Hedged Hedged Price (bbls/day) (/gal) Natural Gasoline (C5) 3Q 2013 Swaps 6,500 2.13 4Q 2013 Swaps 6,500 2.13 Propane (C3) 3Q 2013 Swaps 9,326 0.94 4Q 2013 Swaps 10,000 0.94…
  75. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 75
    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) American will likely save on average 650 per household in 2013(2) Per EIA, natural gas will supply…
  76. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 76
    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…
  77. JULY 2013 INVESTOR PRESENTATION – Range Resources Corp – slide 77
    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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