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August 2018 Enercom Conference – Range Resources Corp

Range Resources Corp · Aug 19, 2018 · 22 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. August 2018 Enercom Conference – Range Resources Corp – slide 1
    EnerCom - The Oil & Gas Conference Jeff Ventura Chairman, President & CEO August 17, 12015
  2. August 2018 Enercom Conference – Range Resources Corp – slide 2
    Investor Concerns in Energy Sector Today A challenging 2Q earnings season for the sector with lower commodity prices but continued production growth raised key questions: When will supply and demand balance How will capital…
  3. August 2018 Enercom Conference – Range Resources Corp – slide 3
    Ranges Disciplined Approach Lowered cost structure 43% since 2008 to be able to preserve value through a down cycle Anticipate continued cost reductions Hedged production to lock in value and reduce downside risk Have 630,000 Mmbtu…
  4. August 2018 Enercom Conference – Range Resources Corp – slide 4
    How has Range Set Up Activity for 2016 Optionality of drilling wet, super-rich or dry locations at superior rates of return Near-term infrastructure projects enhance netbacks Uniontown to Gas City project started early August…
  5. August 2018 Enercom Conference – Range Resources Corp – slide 5
    Current Outlook for 2016 Capital Budget 20% Growth % Y-O-Y Production Growth 20% 15% 10% Growth 10% 5% 0% 550 Million 890 Million 2016 range of estimates 270 million capital budget is estimated to maintain the…
  6. August 2018 Enercom Conference – Range Resources Corp – slide 6
    2016 Leverage and Liquidity Outlook No debt covenant issues EBITDAX to interest minimum of 2.5x (latest 6.8x) PV9 proved reserves value to debt minimum of 1.5x (latest 2.4x) Range has 2 billion liquidity under the 3 billion…
  7. August 2018 Enercom Conference – Range Resources Corp – slide 7
    Sustained Growth with Improving Capital Efficiency Growth achieved despite reducing capital, demonstrating improved efficiency 1,500 30 Capex per Incremental mcfe Production 1,250 25 Production (Mmcfepd) 1,000 20 750…
  8. August 2018 Enercom Conference – Range Resources Corp – slide 8
    Drilling Efficiencies/Competitive Advantages Average lateral lengths expected to increase to SWPA Average Lateral Length 6,900 ft. in 2016 7,000 6,900 Lateral lengths expected 6,000 to continue to increase in 6,000 the future…
  9. August 2018 Enercom Conference – Range Resources Corp – slide 9
    Cost & Efficiency Improvements SW Pennsylvania 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…
  10. August 2018 Enercom Conference – Range Resources Corp – slide 10
    Cost & Efficiency Improvements NE Pennsylvania Average Lateral Length Well Cost / Lateral Length 6,000 2,400 2,100 5,000 1,800 4,000 1,500 3,000 1,200 2,000 900 1,000 600 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015…
  11. August 2018 Enercom Conference – Range Resources Corp – slide 11
    Range Marcellus 2015 Well Economic Summary SW Super-Rich SW Wet SW Dry NE Dry 12.9 Bcfe 17.6 Bcfe EUR 17.1 Bcf 15.2 Bcf 1,169 Mbbls & 5.9 Bcf 1,501 Mbbls & 8.6 Bcf EUR/1,000 ft. lateral 2.40 Bcfe 2.95 Bcfe 2.52 Bcf 2.67 Bcf…
  12. August 2018 Enercom Conference – Range Resources Corp – slide 12
    Range: Low-Cost, Large Scale Company Total Reserves Breakeven Positions (tcfe) (US/mcf) Range 30.00 2.62 Range has both highest net risked Rex 3.19 2.66 resource and lowest breakeven price in Cabot 18.18 2.71 EQT 15.84 2.74 the…
  13. August 2018 Enercom Conference – Range Resources Corp – slide 13
    SW/NE Pennsylvania Stacked Pays Total (1) Wet Dry Net Acreage Acreage Acreage Upper Devonian 330,000 195,000 525,000 Marcellus 330,000 310,000 640,000 Utica/Point Pleasant - 400,000 400,000 660,000 905,000 1,565,000…
  14. August 2018 Enercom Conference – Range Resources Corp – slide 14
    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…
  15. August 2018 Enercom Conference – Range Resources Corp – slide 15
    Utica/Point Pleasant Update OH PA 1st well produced 2.01 Bcf in 158 days as of July 31 on an interruptible basis 1st well expected to be a top 10 Utica well based on wells with 158 days of production Infrastructure projected…
  16. August 2018 Enercom Conference – Range Resources Corp – slide 16
    Two Near-Term Pricing Enhancements Spectra Uniontown to Gas City Pipeline Moves 200 Mmcf/day of Range gas production as anchor shipper from local Appalachia M2 to Midwest markets Under current strip prices this project is expected to…
  17. August 2018 Enercom Conference – Range Resources Corp – slide 17
    Ranges Natural Gas Liquids Provide Revenue Uplift 4.00 /Wellhead Gas Range is one of the largest 3.70 - 3.80 NGL producers in 3.50 Appalachia, (56,000 bpd in 2Q15) with the highest Btu 3.00 inlet gas 1.70 - 1.80 Higher Btu gas…
  18. August 2018 Enercom Conference – Range Resources Corp – slide 18
    Significant Natural Gas Demand Growth Projected Beginning in 2015 LONG TERM US NATURAL GAS DEMAND ROADMAP (BCF/D) Cumulative 2015 2016 2017 2018 2019 2020 2015-2020 LNG Exports Sabine Pass 1.2 1.2 0.6 3.0 Freeport 0.5 1.0 0.4 1.9…
  19. August 2018 Enercom Conference – Range Resources Corp – slide 19
    Appalachian Rig Counts Declining Utica / Point Pleasant Rig Count 60 50 Utica/Point Pleasant rig count down 66% from the 40 peak in 2014 30 20 10 0 Marcellus Rig Count 140 120 Marcellus rig count down 100 80 55%…
  20. August 2018 Enercom Conference – Range Resources Corp – slide 20
    Year-to-Date Natural Gas Production Flattening Lower 48 gas leveling out Marcellus production flat Estimated Total L48 Gas Pipeline Flows Marcellus Pipeline Flows 74 18 72 16 70 14 12 68 10 66 Bcf/d 8 BCF/d 64…
  21. August 2018 Enercom Conference – Range Resources Corp – slide 21
    Range Resources Quality, Efficiency, Strength at Low Cost 1. Largest acreage position in core of Marcellus, Upper Devonian and Utica 2. Marcellus development has driven down unit costs over 40%; capital costs down 57% or more on a…
  22. August 2018 Enercom Conference – Range Resources Corp – slide 22
    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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