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Cowen and Company Ultimate Energy Conference – Range Resources Corp

Range Resources Corp · Dec 2, 2015 · 32 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. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 1
    Range Resources and the Appalachian Basin Cowen & Co. 5th Annual Energy Conference Joe Frantz Jr., VP - Engineering Technology 1 December 2, 2015 1
  2. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 2
    Presentation Outline Range Pioneers the Marcellus, Upper Devonian, and Utica plays Technology Trends Supply/Demand Drivers 2
  3. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 3
    Range Marcellus Timeline 2003 Ranges Geological team looks for the next Barnett Shale Early 2004 Range geologist, Bill Zagorski evaluates a Neal shale opportunity later concludes the Marcellus Shale has better characteristics and is…
  4. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 4
    Marcellus Shale Now the 5th Largest Global Gas Producer Source = BP Statistical Review 2015, EIA 4
  5. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 5
    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…
  6. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 6
    Technological Trends Over Last 5 Years Increased Productivity & Capital Efficiency: Multiple wells on one pad and walking rigs Core analysis results used to select landing targets Drilling efficiency gains Completion advancements…
  7. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 7
    Range Cost & Efficiency Improvements SW PA 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. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 8
    Staggered Landing Example 8
  9. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 9
    Drilling Improvements Reduce Well Cost Slider tool rotates pipe at surface Agitator tool is placed downhole to vibrate drill string Shorter bit to bend allowed curve and lateral to be drilled in one trip Salt water mud is more…
  10. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 10
    Technology Improvements in Vertical and Lateral to Steer Wellbore Electromagnetic (EM) Measurement While Drilling (MWD) technology is faster to communicate with bit than mud pulse method 10 10
  11. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 11
    Air Hammer Drill Bit Improvements Decrease Cost of Vertical Section Tapered exhaust blow tubes improve longevity of bit Blow tube-less hammers removes the risk of failure from blow tube 11
  12. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 12
    Vertical Section Drilling Efficiencies Using Monitoring System EDGE drilling monitor to optimize weight on bit and rotations per minute based on air hammer frequency and cycles per minute Wireless or * Source- Atlas Copco 12…
  13. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 13
    Floating in Casing Improves Efficiency While Running Casing Allowing Air/Fluid to Swap * Source- Sperry/Halliburton- BACE Tool Flier After air has been evacuated and chamber filled with fluid, the drilling fluid is…
  14. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 14
    Increased Capital Efficiency from Completions Both Technology and New Procedures Contribute to Increased Capital Efficiency Frac Manifold Reduces rental equipment fees and eliminates equipment movement between stages Reduces days on…
  15. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 15
    Completions Environmental Awareness Containment & Rig Mats Currently use separate 40 mil liners for air rig, deep rig, and frac crew Testing one Roboliner system with stronger material to use in all operations Roboliner…
  16. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 16
    Near-Wellbore Tomographic Fracture Imaging New technology strives to locate productive propped fractures Near Well TFI (view from above) 16 24
  17. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 17
    University of Texas Consortium on Proppant Placement Combining hydraulic fracture and reservoir simulation software Evaluating transport strategies to prop formation better New project funded by DOE to build logging tool to image…
  18. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 18
    Water Storage & Transfer Has Improved Handling & Reduced Costs Reuse 100% of produced and flowback water Minimize trucking and handling by piping and storing water More efficient trucking process via 24 hour tracking, staging…
  19. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 19
    Facility Improvements Reduce Vapor Emissions Range Follows a Zero Vapor Protocol Range furnished technology to industry to reduce emissions in PA 19
  20. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 20
    Big Data Integration New Integration of G&G + Drilling + Completion + Production Data Objectives Multi-Variate Analysis, Neural Networks, Machine Learning Systems Better completion strategies Drivers of success within…
  21. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 21
    Presentation Outline Range Starts the Marcellus, Upper Devonian, and Utica plays Technology Trends Supply/Demand Drivers 21
  22. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 22
    U.S. Natural Gas Production Growth is Slowing 7 major regions account for 95% of domestic natural 50 gas production growth Significant reduction in Capital spending in the 7 regions would suggest continuation of this 45 downward…
  23. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 23
    U.S. Oil Production Appears to Have Peaked 7 major regions account for 95% of domestic oil production growth Production appears to have peaked in 2nd Qtr. 2015 6,000 Significant reduction in Capital spending in the 7 regions would…
  24. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 24
    Marcellus and Utica Historical Gas Production 25.00 EIA November production report indicates Marcellus production should decline in November and December Historical legacy production in basin was only 2 BCFD 20.00 in 2009 15.00…
  25. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 25
    Appalachian Rig Counts Declining Utica / Point Pleasant Rig Count 60 50 Utica/Point Pleasant 40 rig count down 55% 30 from the peak in 2014 20 10 0 Marcellus Rig Count 140 120 Marcellus rig count 100 down 66% from the…
  26. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 26
    Takeaway Largely Overbuilt by 2016-2017 50 LNG exports starting in late 2015 40 Appears to have sufficient takeaway capacity by 2016 30 Bcf/d 20 10 0 Appalcahia Consumption Regional Storage Injections Announced…
  27. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 27
    Northeast Pipeline Transportation Projects 33.5 Bcf/d of Northeast Pipeline Takeaway projects have been proposed and are scheduled to be completed by the end of 2018 5-6 Bcf/d of the NORTHEAST = 7.1 Bcf/d projects can be…
  28. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 28
    Two Near-Term Pricing Enhancements for Range Spectra Uniontown to Gas City Pipeline Moves 200 Mmcf per day of Range gas production as anchor shipper from local Appalachia M2 to Midwest markets effective September 1 Added 5.7…
  29. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 29
    New Ethane Ships Recently Built for INEOS & Range Resources Ethane shipped via pipeline from SW Pennsylvania to Marcus Hook facilities in Philadelphia Ethane will be used to supply INEOS petrochemical crackers in Europe…
  30. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 30
    Significant U.S. Natural Gas Demand Growth Projected Additional 20 Bcfd of demand by 2020, plus an additional 15 Bcfd by 2025 * Source: EIA, Bernstein estimates * Exports include LNG and exports to Mexico 30
  31. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 31
    8 Bcf/d LNG Exports by 2020 LNG Exports by Facility - Bcf/d 14 12 Based on operator 10 announced dates 8 6 4 2 0 Sabine Pass Elba Island Cove Point Freeport Cameron Corpus Christi Lake Charles Golden Pass Our…
  32. Cowen and Company Ultimate Energy Conference – Range Resources Corp – slide 32
    Range Resources Quality, Efficiency, Strength at Low Cost 1. Largest acreage position in core of Marcellus, Upper Devonian and Utica; one of the best EUR/1,000 ft. recoveries and cost/1,000 ft. in the basin 2. Marcellus development…

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