Range Today Market Snapshot NYSE Symbol: RRC Market Cap (a): 7.7B Net Debt (b): 3.8B Enterprise Value: 11.5B Overview 2016 Year-End Proved Reserves of 12.1 Tcfe Net Surface Acreage(c) 2016 Production Per Day of 1,542 Mmcfe SW…
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 Sold Permian properties in 2004 - 2008 southeast New Mexico and Sold West Texas Texas for 275 million 2000 - 2004 properties for 182 million…
Capital Efficient Growth Continues After two consecutive years of capital spending reductions, 2017 capital sets Range up well for 2017, 2018 and beyond 1,400 2,500 2,300 1,200 2,100 D&C Spending in Millions 1,000 1,900…
2017 Capital Budget 2017 Capital Budget of 1.15B 2017 Capital Budget by Area Seismic, 2% Pipelines, Facilities Other, 1% and Other, 2% Leasehold, 4% North Louisiana, 34% Marcellus, 65% D&C, 93% Marcellus activity…
Investment Summary High Quality Large, core acreage positions 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 1.5 million net effective acres (a) in SW PA leads to decades of drilling inventory Gas In Place (GIP) analysis shows the greatest potential is in Southwest Pennsylvania Low risk…
High Quality Acreage Position Southwest Appalachia PA Longer laterals and existing pads in 2017 provide low-risk efficiency gains OH Increased optionality due to quality of acreage position, gathering system, WV Over 200…
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 Lowered well costs in Terryville to 7.7 million…
High Quality Acreage Position North Louisiana Recent well results support that the Lower Cotton Valley (LCV) gets thicker and higher pressured as you move south from the Terryville field Recent results also support gas in place of…
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) 28%- (5.00)- (3.00) (0.20) 30% (6.00) (0.30) 25% 26% (6.00) (0.30) (9.13) (0.45) (9.00) (0.40) 20% 22% (0.52)…
Cost Improvements Remain a Focus Driving Down Operating Costs Corporate margins improving as cash costs 0.40 have declined substantially since 2011 0.35 54% Lower debt per mcfe of production from growth 0.30 Decline 0.25 at or…
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 2.8x…
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 from a 29 member bank group (3B borrowing base, 2B committed) Strong Capital Structure(a) Liquidity of 850 million at the end of 2016 (millio ns) 3Q16 4Q16 Bank Debt 937 882 No…
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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