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Jefferies Company web posting – Range Resources Corp

Range Resources Corp · Nov 11, 2014 · 78 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. Jefferies Company web posting – Range Resources Corp – slide 1
    Jefferies 2014 Global Energy Conference Ray Walker, Jr. Executive Vice President & COO November 11, 2014 1
  2. Jefferies Company web posting – Range Resources Corp – slide 2
    Range is a Simple Story 1. Owns largest acreage position in core of Marcellus with additional stacked pay horizons 2. Wells, gathering, processing and markets planned or contracted to grow to 3 Bcfe per day and beyond 3. 20% to 25%…
  3. Jefferies Company web posting – Range Resources Corp – slide 3
    Near-term Catalysts 1. Unit costs expected to continue to decline 2. Utica well test to potentially add another growth opportunity 3. Continuing significant reserve growth 4. Uplift in cash flow in 2015 with Mariner East NGL exports…
  4. Jefferies Company web posting – Range Resources Corp – slide 4
    Range Resources Strategy Marcellus Shale 1 million net acres 41 to 51 Tcfe resource potential Proven track record of performance Upper Devonian Shale 12 to 18 Tcfe resource potential Focus on PER SHARE Utica/Point Pleasant Shale…
  5. Jefferies Company web posting – Range Resources Corp – slide 5
    Ranges Planned Growth to 3 Bcfe Per Day 20%-25% growth for many years Wells identified, infrastructure planned with the contracted takeaway capacity to profitably grow production to 3 Bcfe/d Assuming current strip pricing, Range is…
  6. Jefferies Company web posting – Range Resources Corp – slide 6
    20% - 25% Growth Trajectory 3,000 Growth trajectory to 3 Bcfe net per day: Corporate production at 25% growth rate 2,500 Wells identified Compression and processing plants scheduled 2,000 Required takeaway capacity contracted…
  7. Jefferies Company web posting – Range Resources Corp – slide 7
    Range is Focused on Per Share Growth, on a Debt-Adjusted Basis Production/share debt adjusted Reserves/share debt adjusted 2.0 50 45 1.8 Mcfe/share 40 Mcfe/share 1.6 35 1.4 30 1.2 25 1.0 20 0.8 15 0.6 10…
  8. Jefferies Company web posting – Range Resources Corp – slide 8
    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 2013 2014E Reserve 1.64 1.25 0.83 0.68 0.68 0.66 0.63 Replacement(1) LOE (2) 0.99 0.82 0.72 0.60 0.41…
  9. Jefferies Company web posting – Range Resources Corp – slide 9
    Financial Position Strong, Simple Balance Sheet Bank debt, subordinated notes and common stock No debt maturity until 2019 (bank) and 2020 (notes) Available liquidity of 1.2 billion under commitment amount Well Structured Bank Credit…
  10. Jefferies Company web posting – Range Resources Corp – slide 10
    Moved 6.4 Tcfe of Resource Potential into Proved Reserves in the Last Four Years Tcfe YE 2009 YE 2010 YE 2011 YE 2012 YE 2013 Proved 3.1 4.4(1) 5.1 6.5 8.2 Reserves Resource 24 - 32 35 - 52 44 - 60 48 68(3) 65 86(4)…
  11. Jefferies Company web posting – Range Resources Corp – slide 11
    1 Million Net Acres Prospective for Shales in PA Northwest 305,000 net acres(1) (Legacy acreage is largely held by shallow production) Northeast 120,000 net acres (One rig is projected to hold all blocked up acreage being…
  12. Jefferies Company web posting – Range Resources Corp – slide 12
    Pennsylvania Stacked Pays Net Acreage Wet Dry Total Acreage Acreage Acreage Upper Devonian 330,000 230,000 560,000 Marcellus 470,000 320,000 790,000 Utica/Point Pleasant 175,000 400,000 575,000 975,000 950,000…
  13. Jefferies Company web posting – Range Resources Corp – slide 13
    Gas In Place (GIP) Marcellus Shale GIP is a function of pressure, temperature, thermal maturity, porosity, hydrocarbon saturation and net thickness Two core areas have been developed in the Marcellus Condensate and NGLs are…
  14. Jefferies Company web posting – Range Resources Corp – slide 14
    Gas In Place (GIP) Upper Devonian Shale The greatest GIP in the Upper Devonian is found in SW PA A significant portion of the GIP in the Upper Devonian is located in the wet gas window Note: Townships where Range holds 3,000…
  15. Jefferies Company web posting – Range Resources Corp – slide 15
    Gas In Place (GIP) Point Pleasant Outlined portion represents the area of the highest pressure gradients in the Point Pleasant Note: Townships where Range holds 3,000 or more acres (as of 12/31/2013), and estimated as…
  16. Jefferies Company web posting – Range Resources Corp – slide 16
    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…
  17. Jefferies Company web posting – Range Resources Corp – slide 17
    Range Acreage Strategically Located Near Highest GIP & Infrastructure Note: Townships where Range holds 3,000 or more acres (as of 12/31/2013), and estimated as prospective, are shown green. GIP Range estimates. 18
  18. Jefferies Company web posting – Range Resources Corp – slide 18
    Southwest PA Ranges 530,000 Net Acres Approximately 2,900 industry wells (2,300 horizontal & 600 vertical) have defined the productive boundaries of the Marcellus Ranges acreage is highly prospective for Marcellus, with low…
  19. Jefferies Company web posting – Range Resources Corp – slide 19
    Southwest PA Large Upside Potential Small Percentage of Acreage Drilled Prospective acreage 530,000 Assumed spacing 80 acres Potential Marcellus Shale locations 6,625 Producing horizontal wells 605 Drilled wells divided by…
  20. Jefferies Company web posting – Range Resources Corp – slide 20
    Southwest PA Development Mode Economic Summary Targeting Average Lateral Length in 2015 to be over 6,200 feet Super-Rich Wet Dry 2.05 Mmboe (12.3 Bcfe) 12.3 Bcfe EUR 1,172 Mbbls & 5.3 Bcf 978 Mbbls & 6.4 Bcf 13.4 Bcf 0.40…
  21. Jefferies Company web posting – Range Resources Corp – slide 21
    Appalachia Gas Transportation Arrangements Projected 2014 Projected 2016 Projected 2018 Mmbtu/day Transport Cost Mmbtu/day Transport Cost Mmbtu/day Transport Cost Regional Direction (Gross) per Mmbtu (Gross) per Mmbtu (Gross) per…
  22. Jefferies Company web posting – Range Resources Corp – slide 22
    Natural Gas Transportation Arrangements 2,500,000 Ranges Firm Transportation Strategy: Firm Sales/Released Add firm transport to good markets at a reasonable cost Capacity Time transportation commitments with expected production…
  23. Jefferies Company web posting – Range Resources Corp – slide 23
    Appalachia Supply & Demand LNG exports starting in late 2015 Appears to have sufficient takeaway capacity by 2016 Appalachia Consumption Regional Storage Injections Announced Takeaway Additions Appalachia Production 2013 2014…
  24. Jefferies Company web posting – Range Resources Corp – slide 24
    2014 Diversified Portfolio by Major Indices 3Q 2014 Corporate Differential Estimated Appalachia Gas Sales Portfolio By to NYMEX: (0.49) Major Indices - 2014 Calculated 4Q 2014 and 1Q 2015 Southeast Corporate Differential to NYMEX:…
  25. Jefferies Company web posting – Range Resources Corp – slide 25
    2018 Diversified Portfolio by Major Indices Estimated Appalachia Gas Sales Portfolio By Major Indices - 2018 70% of Ranges gas Southeast volumes are expected to be priced off of Northeast indices outside of Transco Z5 Non- FGT…
  26. Jefferies Company web posting – Range Resources Corp – slide 26
    Innovative Gas and NGL Marketing 2016 Firm transportation volumes shown above exclude 380,000 Mmbtu/d of firm sales/released capacity 27 27
  27. Jefferies Company web posting – Range Resources Corp – slide 27
    Extracting Ethane Improves Ranges Cash Flow Range Resources SW Marcellus Third Quarter 2014 3Q Pro-forma 3Q Actual 3Q Pro-forma Transportation and 3Q 2014 assuming full ethane processing costs shown as recovery and utilization of…
  28. Jefferies Company web posting – Range Resources Corp – slide 28
    Range NGLs- Now a Global Market As the largest producer of NGLs in Appalachia, Range will continue to see high interest from international customers Shipments of ethane from Marcus Hook to Norway begin in second half of 2015.…
  29. Jefferies Company web posting – Range Resources Corp – slide 29
    Additional Upside Point Pleasant Nearby industry activity is approaching our SW PA Point Pleasant acreage 400,000 net acres in SW PA RRC Claysville Sportsmans Club Range 2014 Point Pleasant test positioned in area of highest…
  30. Jefferies Company web posting – Range Resources Corp – slide 30
    Southern Appalachian Division 475,000 net acres- Range owns minerals on most of the acreage Recent completion technology advances result in substantially higher returns for CBM and tight gas wells Recent CBM results are 100%…
  31. Jefferies Company web posting – Range Resources Corp – slide 31
    Nora Area Strategic Marketing Advantages Nora is strategically positioned to provide Nora gas to southeast markets 3.0 Bcf/d of new demand in VA, NC, SC, TN, GA, AL with 1 Bcf/d of new demand in Virginia alone Contracts in…
  32. Jefferies Company web posting – Range Resources Corp – slide 32
    Midcontinent Division Highlights 360,000 net acres Currently drilling Mississippian Chat and St. Louis Results are encouraging, as the last two quarters had the two highest average 24-hour IP rates achieved to date. 3rd Quarter…
  33. Jefferies Company web posting – Range Resources Corp – slide 33
    New Markets Increasing Demand for Natural Gas Demand for natural gas could increase up to 20 Bcf per day by 2018(2) Power Generation Sector Utilities using more gas versus coal, by 2035 natural gas will surpass coal as leading…
  34. Jefferies Company web posting – Range Resources Corp – slide 34
    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…
  35. Jefferies Company web posting – Range Resources Corp – slide 35
    Range Significant Growth Potential for Many Years Projected 20%-25% growth for many years Wells identified, infrastructure planned with the contracted takeaway capacity to profitability grow production to 3 Bcfe/d Assuming current…
  36. Jefferies Company web posting – Range Resources Corp – slide 36
    Appendix Marcellus and Utica Detail 37 37
  37. Jefferies Company web posting – Range Resources Corp – slide 37
    Shale Wells Drilled and Permitted LegendLegend RANGE ANADARKO Super-Rich Area CHEVRON/CHIEF SW CABOT CHESAPEAKE CHIEF CONSOL ECA EOG Wet Area EQT EXCO REX SHELL TALISMAN ULTRA XTO/EXXON/PHILLIPS OTHERS LARGER DOTS…
  38. Jefferies Company web posting – Range Resources Corp – slide 38
    Southwest PA Super-Rich Marcellus Acreage provides the opportunity for condensate growth Super-Rich 110,000 acres In Q1 2014, Range drilled our highest rate Marcellus well to date - 24 hr IP of 6,357 boe/d (38.1 Mmcfe/d) with 65%…
  39. Jefferies Company web posting – Range Resources Corp – slide 39
    SW PA Super-Rich Area Marcellus Projected Development Mode Economics Southwestern PA (high Btu case) Reserves and economics based on EUR / 1,000 ft. 0.4 Mmboe (2.3 Mmcfe) planned 2014 activity of 5,300 foot lateral length with 26…
  40. Jefferies Company web posting – Range Resources Corp – slide 40
    Southwest PA Super-Rich Marcellus Currently estimating average lateral length across SW PA to be over 6,200 feet in 2015 Average Number of Stages 6,000 35 5,500 30 5,000 25 Feet 4,500 Stages 4,000 20 3,500 15 3,000…
  41. Jefferies Company web posting – Range Resources Corp – slide 41
    Southwest PA Super-Rich Marcellus Well Projection 10,000 EUR 1,172 Mbbls & 5.3 BCF (2.05 Mmboe) 5,300 foot lateral length 26 frac stages 1,000 Mcf/d 100 Estimated Cumulative Recoveries Condensate Residue NGL w/ Ethane…
  42. Jefferies Company web posting – Range Resources Corp – slide 42
    Southwest PA Wet Marcellus Over 200 Range wells placed Super-Rich on production in wet gas area 110,000 acres Wet Gas over the last four years with 220,000 acres varying lateral lengths and frac stages Planned 2014 activity in…
  43. Jefferies Company web posting – Range Resources Corp – slide 43
    SW PA Wet Marcellus Projected Development Mode Economics Southwestern PA (wet gas case) Reserves and economics based on planned 2014 activity of 4,200 foot EUR / 1,000 ft. 2.9 Bcfe lateral length with 21 frac stages, EUR 12.3 Bcfe (27…
  44. Jefferies Company web posting – Range Resources Corp – slide 44
    Southwest PA Wet Marcellus Currently estimating average lateral length across SW PA to be over 6,200 feet in 2015 Horizontal Length Average Number of Stages 5,000 30 4,500 25 4,000 Feet 20 Stages 3,500 15 3,000 10…
  45. Jefferies Company web posting – Range Resources Corp – slide 45
    Southwest PA Wet Marcellus Well Projection 10,000 EUR 978 Mbbls & 6.4 BCF (12.3 Bcfe) 4,200 foot lateral length 21 frac stages Mcf/d 1,000 100 Estimated Cumulative Recoveries Bbls/d Condensate Residue NGL w/ Ethane…
  46. Jefferies Company web posting – Range Resources Corp – slide 46
    Southwest PA Industry Activity in Dry Gas Acreage 56% of horizontal dry gas Marcellus wells drilled by industry in SW PA have projected recoveries from 5 to over 20 Bcf per well Ranges SW Pennsylvania dry gas acreage is…
  47. Jefferies Company web posting – Range Resources Corp – slide 47
    SW PA Dry Marcellus Projected Development Mode Economics Southwestern PA (dry gas) Reserves and economics based on EUR / 1,000 ft. 2.6 Bcf planned 2014 activity of 5,200 foot lateral length with 26 frac stages, EUR 13.4 Bcf 300…
  48. Jefferies Company web posting – Range Resources Corp – slide 48
    Southwest PA Dry Marcellus Currently estimating average lateral length across SW PA to be over 6,200 feet in 2015 Horizontal Length Average Number of Stages 6,000 35 5,500 30 5,000 25 4,500 Stages Feet 4,000 20 3,500…
  49. Jefferies Company web posting – Range Resources Corp – slide 49
    Southwest PA Dry Marcellus Well Projection 100,000 EUR 13.4 BCF 5,200 foot lateral length 26 frac stages 10,000 1,000 Mcf/d Estimated Cumulative Recoveries 100 Residue (Mmcf) 1 Year 2,951 2 Years 4,218 3 Years…
  50. Jefferies Company web posting – Range Resources Corp – slide 50
    Additional Upside Upper Devonian 560,000 Net Acres Prospective for Upper Devonian Hydrocarbon in place and Super-Rich Wet Gas thermal maturity of SW PA 110,000 acres 220,000 acres Upper Devonian similar to Marcellus Able to…
  51. Jefferies Company web posting – Range Resources Corp – slide 51
    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…
  52. Jefferies Company web posting – Range Resources Corp – slide 52
    Marcellus NGL Pricing Weighted Avg. Composite Barrel (1) Realized Marcellus NGL Prices 2013 2014 3Q 4Q 1Q 2Q 3Q 8% NYMEX WTI (per 105.87 97.48 98.61 102.97 96.99 bbl) 8% Mont Belvieu 52.63 47.78 37.22 33.43 31.81 4% Weighted…
  53. Jefferies Company web posting – Range Resources Corp – slide 53
    Processing Capacity Development 54 Source: MarkWest Energy Partners, September 2014 54
  54. Jefferies Company web posting – Range Resources Corp – slide 54
    Current Capability of Ranges Marcellus Area Processing Plant 1.4 Bcf/d gas 1.8 Bcf/d of wet inlet gas 55,000 bbls/d ethane Inlet gas needed to produce 140,000 bbls/d 55,000 bbls ethane per day, assuming minimum extraction…
  55. Jefferies Company web posting – Range Resources Corp – slide 55
    Northeast PA A 1-2 rig program is designed to hold all blocked up acreage being targeted for Northeast development 120,000 net acres Planned 2014 activity in area is expected to use 4,800 foot laterals and 24 frac stages…
  56. Jefferies Company web posting – Range Resources Corp – slide 56
    NE PA Dry Marcellus Projected Development Mode Economics Northeastern PA (dry gas) Reserves and economics based on EUR / 1,000 ft. 2.7 Bcf planned 2014 activity of 4,800 foot lateral length with 24 frac stages, EUR 13.1 Bcf 200…
  57. Jefferies Company web posting – Range Resources Corp – slide 57
    Northeast PA Currently estimating average lateral length across NE PA to be 6,000 feet in 2015 Horizontal Length Average Number of Stages 6,000 30 5,500 25 5,000 20 4,500 Stages Feet 4,000 15 3,500 10 3,000 5 2,500…
  58. Jefferies Company web posting – Range Resources Corp – slide 58
    Northeast PA Well Projection 100,000 EUR 2.7 Bcf / 1,000 ft. 4,800 foot lateral length 24 frac stages 10,000 1,000 Mcf/d Estimated Cumulative Recoveries 100 Residue (Mmcf) 1 Year 3,152 2 Years 4,440 3 Years 5,302…
  59. Jefferies Company web posting – Range Resources Corp – slide 59
    Announced Appalachian Basin Takeaway Projects 1 of 2 NORTH EAST PA Operator Main Line Market Start-up Capacity - Bcf/d 2014 Northeast Connector Williams Transco NE Q4'14 0.1 Iroquois Access Dominion Iroquois NE Q4'14 0.3 Rose Lake…
  60. Jefferies Company web posting – Range Resources Corp – slide 60
    Announced Appalachian Basin Takeaway Projects 2 of 2 SOUTH WEST Operator Main Line Market Start-up Capacity - Bcf/d 2016 Gulf Expansion Ph1 Spectra TETCO Gulf Coast Q4'16 0.3 Clarington West Expansion Tall Grass REX Midwest Q4'16 2.4…
  61. Jefferies Company web posting – Range Resources Corp – slide 61
    Planned and proposed pipeline projects through 2018 Moving gas out of the basin should balance supply & demand North & Northeast Williams Constitution Pipeline Estimated incremental capacity: +25.2 Bcfd Spectra Algonquin Expansion…
  62. Jefferies Company web posting – Range Resources Corp – slide 62
    Peer Group Transport Capacity Comparison Average Capacity (1) Gross Production (2) Calculated Utilization 2015 2016 2017 2015 2016 2017 2015 2016 2017 Calculated Utilization Labels RRC (3) 1,200 1,520 1,820 1,145 1,386 1,651 95% 91%…
  63. Jefferies Company web posting – Range Resources Corp – slide 63
    Effective Cost of Transport Assuming No Released Capacity Calculated Trans. Cost w/ Average Capacity (1) Calculated Utilization Transport Cost (2) Utilization % (3) 2015 2016 2017 2015 2016 2017 2015 2016 2017 2015 2016 2017 RRC…
  64. Jefferies Company web posting – Range Resources Corp – slide 64
    LNG Exports Developing Projects To-Date Based on operator announced dates Our analysis suggests at least 8 of the 38 proposed export facilities are likely to proceed by 2022, representing 12 Bcf/d of capacity out of the proposed…
  65. Jefferies Company web posting – Range Resources Corp – slide 65
    Point Pleasant Porosity Cross Section RRC Well 66
  66. Jefferies Company web posting – Range Resources Corp – slide 66
    Horizontal Mississippi Chat wells concentrated along Nemaha Ridge Range has 160,000 net acres largely blocked up for economy of scale Development concentrated in Kay and Noble counties Expected rate of return is 71% with cost…
  67. Jefferies Company web posting – Range Resources Corp – slide 67
    Financial and Reserve Detail 68 68
  68. Jefferies Company web posting – Range Resources Corp – slide 68
    Resource Potential is 8 to 10 Times Proved Reserves Net Unproven Gas Liquids Resource Area Resource (Tcf) (Mmbbls) Potential (Tcfe) Marcellus Shale 27 35 2,250 2,740 41 51 Upper Devonian Shale 8 12 600 940 12 18 Midcontinent 34…
  69. Jefferies Company web posting – Range Resources Corp – slide 69
    Strong, Simple Balance Sheet 1st 2nd 3rd YE YE YE YE Quarter Quarter Quarter 2010 2011 2012 2013 2014 2014 2014 ( in millions) Bank borrowings 274 187 739 500 594 480 649 Sr. Sub. Notes 1,686 1,788 2,139 2,641 2,641 2,350…
  70. Jefferies Company web posting – Range Resources Corp – slide 70
    Debt Maturities Range maintains an orderly debt maturity ladder 800 750 700 649 600 600 500 500 500 Credit Facility ( Millions ) 3Q14 400 300 200 100 0 Senior Secured Revolving Credit Facility (as of…
  71. Jefferies Company web posting – Range Resources Corp – slide 71
    Ranges Outstanding Bonds Corporate Rating: Ba1 (Positive) / BB+ (Stable) Senior Subordinated Notes Amount Current YTW 6.75% due 2020 500 4.51% 5.75% due 2021 500 4.42% 5.00% due 2022 600 4.63% 5.00% due 2023 750 4.55% Total…
  72. Jefferies Company web posting – Range Resources Corp – slide 72
    Resilient Credit Metrics Driven by Low Cost Growth Debt / EBITDAX Debt / Total Proved (/mcfe) 4.5x 1.00 Covenant 4.0x 0.80 3.5x BB / Ba Peer Average for 2013 3.0x 0.60 2.5x 0.40 2.0x 0.20 1.5x 1.0x - 2008 2009 2010 2011 2012 2013…
  73. Jefferies Company web posting – Range Resources Corp – slide 73
    Gas Hedging Status Volumes Average Average Hedged Floor Price Cap Price (Mmbtu/day) ( / Mmbtu) ( / Mmbtu) 4Q 2014 Swaps 260,000 4.18 4Q 2014 Collars 447,500 3.84 4.48 2015 Swaps 307,432 4.21 2015 Collars 145,000 4.07…
  74. Jefferies Company web posting – Range Resources Corp – slide 74
    Oil Hedging Status Volumes Average Average Hedged Floor Price Cap Price (bbls/day) (/bbl) (/bbl) 4Q 2014 Swaps 9,500 94.35 4Q 2014 Collars 2,000 85.55 100.00 2015 Swaps 9,626 90.57 2016 Swaps 1,000 91.43 As of…
  75. Jefferies Company web posting – Range Resources Corp – slide 75
    Natural Gas Liquids Hedging Status Volumes Hedged (1) Volumes Hedged (1) Hedged Price Hedged Price (bbls/day) (/gal) (bbls/day) (/gal) Natural Gasoline (C5) Propane (C3) 4Q 2014 Swaps 3,500 2.168 4Q 2014 Swaps 12,000 1.018 2015…
  76. Jefferies Company web posting – Range Resources Corp – slide 76
    2014 Capital Budget Budget = 1.52 Billion Budget by Area Drilling Pipelines, Facilities & Other Marcellus Midcontinent Acreage & Seismic Permian S. Appalachia / Nora 78% 87% 6% 16% 8% 77 77
  77. Jefferies Company web posting – Range Resources Corp – slide 77
    Growth at Low Cost Top quartile growth at top quartile cost 3 Year 5 Year 2009 2010 2011 2012 2013 Average Average Reserve growth 18% 42% 14% 29% 26% 23%(3) 25%(3) Drill bit replacement (1) 540% 840% 850% 773% 612% 725% 718%…
  78. Jefferies Company web posting – Range Resources Corp – slide 78
    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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