Range Who We Are Top 10 U.S. Producer of Natural Gas & NGLs Top NGL Exporter Among Independent E&Ps Pioneered Marcellus Shale in 2004 Pennsylvania Most Capital Efficient Operator in Appalachia Longest Core Inventory Life in…
Range At a Glance Focus on Free Cash Flow Peer-leading well costs and base decline rate drive low sustaining capital requirements Cost structure improvements and marketing strategies have reduced breakeven price Low sustaining…
Delivering on Strategic Objectives Most Capital Efficient Operator in Appalachia(a) 2018-2020 D&C Capex of 280 per Mcfepd versus peer average of 385 per Mcfepd Delivered on operational plans while spending under budget for three…
2021 Outlook All-In Capital Budget of Approximately 415 Million Production to be maintained at 2.12 to 2.13 Bcfe per day 2021 activity sets up capital efficient 2022 development plan Absolute Debt Expected to Be Reduced for Fourth…
Low Maintenance Capital Requirement Appalachia production: 1st year recoveries(a) for SW PA wells: 2.15 Bcfe/d Super Rich = 2.93 Bcfe gross (2.33 Bcfe net) Wet = 3.77 Bcfe gross (3.00 Bcfe net) Dry = 4.17 Bcf gross (3.31 Bcf net)…
Well Cost Reductions Enhance Capital Efficiency Efficiency Gains Have Driven Ranges Best-In-Class Well Costs Even Lower 750 725 Sustainable Cost Reductions: All-In Well Costs per Lateral Foot 700 Extending average lateral length…
Considerable Progress in Reducing Unit Costs Direct Operating Expense (LOE) Direct Operating Expense Declined 0.06 per mcfe, or 35%, from 2018 to 2020 0.18 due to Ranges water management and recycling program, as well as divestment…
Unit Cost Improvement to Continue Gathering & Transport Contracts Structured to Decline Gathering Costs to Decline Annual GP&T Improvement Versus 2021 Certain contracts in Appalachia are 0 structured such that Ranges fees decline…
NGL Margins & Price Uplift Expanding NGL Margins Expanding with Rising Prices NGL Margins Reach Multi-Year High 40 Ranges YTD 2021 NGL realizations increased 35 14/bbl vs. 2020 30 NGL margins increased over 12/bbl YTD per…
Ranges Strong NGL Realizations Driven by Exports Differentiated NGL Sales Arrangements Ability to Export Provides Price Diversification Range exports a larger percentage of propane and Ethane Diversification Propane & Butane butane…
Rapid De-Leveraging at Strip Prices Free Cash Flow Strengthens Balance Sheet 2021 Outlook(a) (3.80 NG / 69 WTI / 31.25 NGL) 3,500 2.5x Free cash flow drives fourth consecutive year of absolute 3,000 2.0x debt reduction 2,500…
Unmatched Position in Southwest Appalachia Significant Marcellus Inventory(a) Range acreage outlined in green 460,000 Net Acres in Southwest Pennsylvania 3,100 Undrilled Marcellus Wells 2,600 liquids rich well inventory 500 dry gas…
Value of Year-End 2020 Proved Reserves Included in SEC Reserves By rule, only 5 years of development activity Proved Developed Proved Developed reserves of 9.8 Tcfe 9.8 Tcfe Proved Undeveloped (PUD) reserves of 7.4 Tcfe Proved…
Natural Gas Macro Has Significantly Improved Natural Gas Supply Has Been Stable Supply Growth Minimal Despite Rising Prices EIA forecasts modest supply growth of 0.7 Bcf/d exit- 100 to-exit in 2021, following 4.9 Bcf/d decline in…
NGL Prices Rising As Macro Improves Supply Forecasted to Be Stable U.S. C3+ Supply Expected to Flatten 3.6 Reduced activity in 2020 and industry focus on capital EIA U.S. C3+ Field Production (MMBL/D) discipline reduce potential…
Natural Gas Plays Critical Role in Energy Transition Emissions Reductions Driven by Natural Gas U.S. Emissions Reductions Driven by Power Gen. Between 2005 and 2019, total U.S. electricity U.S. CO2 Emissions (MMT) generation increased…
Leading in Environmental Practices Continued Success in Reducing Emissions Intensity Commitment to Clean & Efficient Operations 0.80 Over 80% reduction in GHG emissions intensity since 2011 0.70 GHG Intensity (MT CO2e/Mmcfe)…
Governance & Social Responsibility Range Is Committed to Strong Governance and Social Responsibility. Range Views These Objectives as Core to Delivering Long-Term Value for Shareholders. Board Governance Social Responsibility…
Executive Compensation Framework Continued Improvements to Compensation Framework Are Essential to Aligning Incentives with Evolving Shareholder Interests & Long-Term Strategic Initiatives Long-Term Equity Incentive Plan Annual…
Appendix
Multi-Decade Inventory of Capital Efficient Wells = Existing Pad Southwest Pennsylvania Range Has Delineated Its Acreage Position in Southwest Appalachia Since pioneering the Marcellus in 2004, Range has drilled across its SW…
Appalachia Assets Stacked Pay 1.5 million net effective acres(a) in PA leads to decades of drilling inventory Activity led by Core Marcellus development in Southwest PA Over 1,200 producing Marcellus wells demonstrate high…
Southwest Appalachia Marcellus Modeling Data Super-Rich Area Wet Area Dry Area 110,000 Net Acres 240,000 Net Acres 110,000 Net Acres EUR / 1,000 ft. = 2.68 Bcfe EUR / 1,000 ft. = 3.05 Bcfe EUR / 1,000 ft. = 2.41 Bcfe D&C Cost /…
Macro Outlook Natural Gas & NGL
Natural Gas Demand Growth Outlook U.S. Gas Demand Growth Outlook (Bcf/d) 2021-25 Demand Outlook 20 18 Total demand growth of +18 Bcf/d through 2025 16 from LNG and Mexican exports, industrial and 14 electric power demand growth 12…
Natural Gas 40% of U.S. Generation Mix U.S. Power Generation by Source(a) Growing Market Share in Power Gen. 40 48% Gas power demand grew by 12 Bcf/d from 45% 35 44% 2010-2020, while coal declined 20 Bcf/d(a) 42% 38% 40% 39% 39%…
Lower 48 Dry Gas Production Has Declined U.S. Natural Gas Production Has Declined 7% From 2019 Highs, Despite Return of Shut-In Production and DUC drawdowns in 2020 and 2021. 98 Future Supply Expected to Remain Low Due to Reduced…
Natural Gas Supply Less Net Exports U.S. Natural Gas Supply Has Declined 13% From 92 2019 Highs, When Accounting for Significant Growth in U.S. Exports in Recent Years. U.S L48 Gas Production - Net Exports (Bcf/d) 90 88 86 84…
Higher Prices Required to Meet Demand Growth U.S. Natural Gas Supply & Demand Waterfall (Bcf/d) 116 114 112 110 108 106 104 23 102 Bcf/d 100 98 96 94 92 90 88 86 2020 ResComm Industrial Electric Mexico LNG 2025…
NGL Macro Outlook NGL Demand Growth Change in Global Oil Product Demand by Scenario IEA forecasts LPG (propane and butane) and LPG & Ethane Naphtha Gasoline Kerosene Diesel Fuel Oil Other Products ethane to be the fastest growing…
Propane Prices Moving Back to Pre-Shale Norms Balanced Market Average (1993-2011): 71% 120% 100% Propane / WTI Crude Price Ratio Expected Return to Balanced Market 80% 60% 40% 20% Shale Supply Growth & Logistical…
2021 Annual Guidance Full-Year 2021 Guidance Production per Day 2.12 - 2.13 Bcfe Capital Expenditures Drilling & Completion 390 Million Land & Other 25 Million Cash Expense Guidance Direct Operating Expense per mcfe 0.09 - 0.11…
Well-Structured, Resilient Balance Sheet Debt / Proved Developed Reserves 3 billion elected borrowing base reaffirmed in 0.60 September 2021 Net Debt/PD Reserves (/mcfe) 0.50 2.4 billion elected commitment 0.40 Ample cushion…
Natural Gas Hedges As of 10/20/21 Time Period Daily Volumes Hedged Average Hedge Prices 4Q 2021 Swaps 583,152 2.84 4Q 2021 3-Way Collars 339,457 2.26 / 2.62 x 3.04 4Q 2021 Collars 227,391 2.87 x 3.42 Natural Gas 2022 Swaps…
NGL & Oil/Condensate Hedges As of 10/20/21 Time Period Barrels per Day Hedged Average Hedge Prices 4Q 2021 Collars 4,000 1.00 x 1.20/gal C3 Propane 4Q 2021 Swaps 6,000 1.17/gal 4Q 2021 Collars 2,000 1.00 x 1.20/gal nC4…
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 John Durham, Lead Financial…
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