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Scotia Howard Weil 45th Annual Energy Conference – Range Resources Corp

Range Resources Corp · Mar 27, 2017 · 15 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. Scotia Howard Weil 45th Annual Energy Conference – Range Resources Corp – slide 1
    Scotia Howard Weil Energy Conference 2017
  2. Scotia Howard Weil 45th Annual Energy Conference – Range Resources Corp – slide 2
    Range Overview Market Snapshot NYSE Symbol: RRC Market Cap (a): 6.7B Net Debt (b): 3.8B Enterprise Value: 10.5B Overview 2016 Year-End Proved Reserves of 12.1 Tcfe Net Surface Acreage(d) 2016 Production Per Day of 1,542 Mmcfe…
  3. Scotia Howard Weil 45th Annual Energy Conference – Range Resources Corp – slide 3
    Recent Investor Discussions Investor Concerns Reflected in Curve Range Thoughts Growth of Marcellus/Utica natural gas Not enough rigs running in Northeast to fill production expected to fill pipelines pipelines given producers cash…
  4. Scotia Howard Weil 45th Annual Energy Conference – Range Resources Corp – slide 4
    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…
  5. Scotia Howard Weil 45th Annual Energy Conference – Range Resources Corp – slide 5
    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, Over 200 WV…
  6. Scotia Howard Weil 45th Annual Energy Conference – Range Resources Corp – slide 6
    Range Has Highest EUR/Ft and Lowest F&D Costs In SW Appalachia 5.0 1.00 4.5 0.90 4.0 0.80 3.5 0.70 EUR/ft (Mcfe) F&D (/Mcfe) 3.0 0.60 2.5 0.50 2.0 0.40 1.5 0.30 1.0 0.20 0.5 0.10 0.0 0.00 EUR/ft F&D…
  7. Scotia Howard Weil 45th Annual Energy Conference – Range Resources Corp – slide 7
    Range Has Lowest Break-Even in SW Appalachia Operator Specific Breakeven Calculations 4.50 4.00 3.50 3.00 2.43 2.50 2.00 1.50 1.00 0.50 - Lowest Break-Even Cost in SW Appalachia Also Demonstrates the Quality of Ranges…
  8. Scotia Howard Weil 45th Annual Energy Conference – Range Resources Corp – slide 8
    Deep Core Inventory in Appalachia Ranges inventory of high-return locations Ranges Estimated Inventory Count provides for years of efficient growth 5,000 4,700 Range has 4,700 identified locations in the 4,500 4,000 core of the…
  9. Scotia Howard Weil 45th Annual Energy Conference – Range Resources Corp – slide 9
    Range Ranks 1 in SW Appalachia Years to Peak Production 25 Years to Peak Production 20 15 10 5 0 COG RRC EQT AR RICE CHK SWN GPOR ECR Ranges Years to Peak Production Demonstrates Both Asset Quality and Depth of…
  10. Scotia Howard Weil 45th Annual Energy Conference – Range Resources Corp – slide 10
    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…
  11. Scotia Howard Weil 45th Annual Energy Conference – Range Resources Corp – slide 11
    North Louisiana Improvements Since Merger Acquisition Current Assumptions Expectations May 2016 March 2017 Terryville Well Cost 8.7 million 7.7 million Targeting Interval 100 ft. 25-40 ft. Upper Red IRR at 3.00 64% 100+% Lower Red…
  12. Scotia Howard Weil 45th Annual Energy Conference – Range Resources Corp – slide 12
    Differential Improvements Driving Margin Expansion 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)…
  13. Scotia Howard Weil 45th Annual Energy Conference – Range Resources Corp – slide 13
    Unhedged Recycle Ratio Supported by Improving Margins and High Quality Rock Margin improvement expected in 2017 and Margin Improvement Expected beyond due to improved pricing across all products and a low cost structure 45% 40%…
  14. Scotia Howard Weil 45th Annual Energy Conference – Range Resources Corp – slide 14
    Ranges Recycle Ratio Near Head of Class 5.00x EBITDA 2017E Recycle Ratio (Median F&D) 4.50x 4.00x 3.50x 3.00x 2.50x 2.00x 1.50x 1.00x 0.50x 0.00x HES DVN APA CXO APC ECR AR EPE WLL PXD…
  15. Scotia Howard Weil 45th Annual Energy Conference – Range Resources Corp – slide 15
    Why Invest in Range Long Inventory of Core Locations in the Two Most Economic Gas Plays in the U.S. Range discovered the Marcellus in 2004 and leased SWPA core acreage Highest normalized EURs in SWPA reflect quality of acreage…

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