Goldman Sachs Global Energy Conference January 2017
Range Today Market Snapshot NYSE Symbol: RRC Market Cap (a): 8.5B Net Debt (b): 3.9B Enterprise Value: 12.4B Headquarters: Fort Worth, TX 3Q16 Highlights High Quality Stacked Pay Position Closed Merger with Memorial Resource Net…
Range Strategy Growth of Reserves and Production on a Per Share Debt Adjusted Basis Southern Marcellus Stacked pay opportunities include the Marcellus, Utica and Upper Devonian. Expand Margins Through Cost Improvements, Capital…
Range Resources Timeline Build and High Grade the Inventory 2012 - 2016 2008 - 2012 2004 - 2008 Sold Permian properties in southeast New Mexico and 2000 - 2004 Sold West Texas Texas for 275 million properties for 182 million…
Preliminary 2017/2018 Plans Projecting Reported 33-35% Y-O-Y Growth in 2017 and 20% Y-O-Y Growth in 2018 3,000 2.5 Bcfe/d 2,500 2.1 Bcfe/d 2,000 Assumes Mmcfe/d 1.5 3.25/mcf Bcfe/d gas and 1,500 60/bbl oil Assumes…
Investment Summary High Quality Large, core acreage position in the Marcellus and North Louisiana Acreage Position Low-risk projects with high rates of return at current prices Improving differentials across all commodities…
High Quality Acreage Position - Appalachia Assets Over 1.5 million net effective acres(a) leads to decades of drilling inventory Gas In Place (GIP) analysis shows the greatest potential is in Southwest Pennsylvania Low risk and…
High Quality Acreage Position Southwest Appalachia PA Increased optionality due to quality of acreage position, gathering system, available locations and existing pads OH Flexibility to drill Dry, Super-Rich and Wet WV areas…
High Quality Acreage Position North Louisiana 220,000(a) net acres of stacked pay potential in North Louisiana Currently focused on Upper Red with optionality for additional targets Acreage favorably located near growing Gulf…
High Quality Acreage Position North Louisiana The over-pressured Lower Cotton Valley (LCV) interval exists across the area and can be seen in the cross sections below A The LCV is gas charged as you move south from the Terryville…
Diversified Marketing Strategy Appalachian Production Has Ability to Reach Multiple Markets Currently selling natural gas in the Gulf Coast, Midwest, Southeast and Northeast markets Ability to export ethane and propane internationally…
Natural Gas Marketing Appalachian Takeaway Capacity First-mover advantage allowed Range to secure capacity on low-cost expansion projects out of Appalachia Total Appalachian Takeaway Capacity Gross Mmcf/d 2,000,000…
Innovative NGL Marketing Agreements Enhance Pricing Mariner East ethane sent to INEOS for export in Europe Mariner East propane can be sold internationally or into premium NE winter markets Mariner West ethane sent to Nova Chemical…
Near-Term Price Enhancements Natural Gas Differential(a) NGL as a % of WTI Condensate Differential - 30% - (0.10) (3.00) (6.00)- (6.00)- (0.30)- 26%- 26%- (0.20) 25% (7.00) (7.00) (0.35) 28% 28% (6.00) (0.30) 25% (0.46) (9.00)…
Cost Improvements Remain a Focus Driving Down Operating Costs Corporate margins improving as cash costs have declined 40% since 2011 0.40 0.35 54% Lower debt per mcfe of production from growth 0.30 Decline at or near cash flow…
Margin Expansion Drives Strong Unhedged Recycle Ratio Corporate Margin Improvement Expected Margins set to expand due to improved unit costs and realized pricing 45% 40% Unhedged Cash Margin Unhedged recycle ratio of 2.6x…
Existing Marcellus Pads Improve Capital Efficiency Expansive inventory of over 200 pads in Appalachia 124 pads with 5 or fewer wells, 59 pads with 6-9 wells and new pads in progress Pads accommodate 20 wells with the flexibility…
Strong, Simple Balance Sheet 4 Billion credit facility unanimously reaffirmed by bank group (3B borrowing base, 2B committed) Strong Capital Structure(a) Liquidity of 800 million at the end of 3Q16 (millio ns) 2Q16 3Q16 Bank Debt 3…
Long-Term Value Creation High-quality, large-scale acreage position containing repeatable projects with high rates of return Low cost structure with ability to continue driving costs lower Margin improvements expected to drive…
Contact Information Range Resources Corporation 100 Throckmorton St., Suite 1200 Fort Worth, Texas 76102 Laith Sando, Vice President Investor Relations (817) 869-4267 lsandorangeresources.com David Amend, Investor Relations…
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