Range Who We Are Top 10 U.S. Producer of Natural Gas & NGLs Pure Play Appalachian Producer with 30+ Years of Core Inventory Most Capital Efficient Operator in Appalachia Strong Balance Sheet to Deliver Durable Long-Term Capital…
Range Positioned to Deliver Value Through the Cycles Unmatched Position in Southwest Appalachia 30+ Years of Core Marcellus Inventory Diversified Market Outlets Diverse Access to Multiple End Markets Domestically and Internationally…
Unmatched Core Marcellus Inventory 30+ Years of Core Marcellus Inventory 70,000 Net Acres in Northeast Pennsylvania Marcellus Inventory (/MMbtu…
Inventory and Reserves Support Sustainable Development Plans 2022 Proved Reserves Unmatched Marcellus Inventory(b) /MMbtu Breakeven 3.50 3000 locations 98% total lateral feet 3.00 Proved PUD reserves only account 2500 locations…
Diversified Market Outlets Ranges access to multiple end-markets for natural gas and NGLs provides price diversification Natural Gas End-Markets Local & LNG Northeast Midwest 30% of Natural Gulf Coast Gas to Midwest Propane…
Durable Free Cash Flow Sustainable Free Cash Flow and Capital Returns Supported by Low Capital Intensity, NGL Optionality, and Hedging RRC Free Cash Flow (SMM) 2021-2022 FCF Allocation 2023-2024 FCF Outlook(b) Debt Reduction(a)…
Compelling Free Cash Flow and Valuation Range Offers Durable Free Cash Flow and Attractive Relative Trading Multiple and Yield versus Other Sectors 2023 Free Cash Flow Breakevens(a) (/MMBtu) FCF Yield(b) 3.50 25.0% 23% RRC at 5.50 NG…
Peer-Leading Capital Efficiency Peer-Leading Well Costs and Decline Rate Drive Lowest Capital Intensity and Required Reinvestment Rate Mitigating Service Cost Inflation and Enhancing Ability to Provide Sustainable Long-Term Capital…
Resilient Balance Sheet Strong Balance Sheet Further Enhances Flexibility Through the Cycles and Lower Debt Improves Cost Structure RRC Net Debt and Leverage(a) RRC Net Interest Expense(b) billion per mcfe 5.0 10.0x 0.28 4.5 9.0x…
Future Natural Gas Fundamentals Remain Strong Natural Gas Plays Key Role in Energy Transition, with a Supportive Demand Outlook U.S CO2 Emissions Reductions Driven by Coal U.S. Supply and Demand Outlook (Bcf/d) Displacement (MMT)…
Future NGL Macro Remains Strong U.S. Positioned Well to Meet Global Demand Growth in U.S. LPG Export Capacity Global LPG Supply and Demand Outlook (Mbl/d) 2,500 12,200 12,000 2,250 11,800 11,600 2,000 11,400 1,750 11,200 11,000…
Natural Gas & NGL Macro 13
Natural Gas Macro Trends Natural Gas Supply Remains Flat Near 2H22 Levels Gas Retaining Market Share at Higher Prices(a) EIA forecasts supply to grow 0.8 Bcf/d exit-to-exit in 2023 and 1 Bcf/d 76% Gas Generation as % of Thermal…
Natural Gas Demand Growth Outlook 2023-27 Demand Outlook U.S. LNG Export Demand Outlook Total demand growth of +20 Bcf/d through 2027 from LNG and pipeline Next Wave U.S. LNG Projects of 6 Bcf/d currently under construction. exports…
Natural Gas 38% of U.S. Generation Mix Growing Market Share in Power Generation U.S. Power Generation by Source(a) Gas power demand grew by 11 Bcf/d from 2011-2021, while coal declined 40 48% 16 Bcf/d(a) and renewables grew 7 Bcf/d(a)…
Lower 48 Dry Gas Production Future Supply Growth Expected to be Limited by Infrastructure Constraints and OFS Inflation. 104 102 100 98 96 U.S. L48 Pipeline Flows (Bcf/d) 94 92 90 88 86 84 82 80 78 76 74 72 70 68…
Lower 48 Storage Days of Supply U.S. Natural Gas Days of Supply Remain In Line with the Five-Year Average. 70 65 60 U.S L48 Gas Storage Days of Supply 55 50 45 40 35 30 25 20 15 10 1-Jan 15-Jan 29-Jan 12-…
NGL Macro Outlook NGL Demand Drivers Growing U.S. LPG Market Share with Rising Exports 5,000 50% IEA forecasts LPG (propane and butane) and ethane to be among the fastest 4,500 45% growing global oil products over medium and long…
Propane Prices Projected to Improve Towards Pre-Shale Norms Balanced Market Average (1993-2011): 71% 120% LPG Export Capacity Growth Supports Return to Balanced Market. 100% Recent Discount to WTI Provides Upside Propane / WTI…
ESG 21
Leading in Environmental Practices Commitment to Clean & Efficient Operations Industry-Low Emissions Intensity(a) 1.50 Over 80% reduction in GHG emissions intensity since 2011 GHG Intensity (MT CO2e/Mmcfe) Class-leading GHG…
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 Average…
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 25
Multi-Decade Inventory of Capital Efficient Wells = Existing Pad Southwest Pennsylvania Range Has Delineated Its Entire Acreage Position Since pioneering the Marcellus in 2004, Range has drilled across its Appalachian position Over…
Southwest Pennsylvania 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 1,250 producing Marcellus wells demonstrate high…
Northeast Pennsylvania = Existing Pad Northeast Pennsylvania Approximately 70,000 net acres prospective for Marcellus development 2022 Northeast PA production averaged over 90 Mmcf per day Utilizing existing infrastructure to…
Northwest Pennsylvania Utica/Point Pleasant Northwest Pennsylvania Range has approximately 220,000 net acres with Utica/Point Pleasant potential 190,000 net acres have similar thermal maturity and liquids potential as EOGs new…
Southwest Appalachia Marcellus Modeling Data Super-Rich Area Wet Area Dry Area 110,000 Net Acres 240,000 Net Acres 100,000 Net Acres EUR / 1,000 ft. = 2.70 Bcfe EUR / 1,000 ft. = 3.26 Bcfe EUR / 1,000 ft. = 2.32 Bcfe 2023 D&C Cost /…
Gathering Contracts to Drive Unit Costs Lower Gathering Contracts Structured to Decline Gathering Costs to Decline Contractual Gathering Cost Declines Versus 2022 Certain contracts in Appalachia are structured such 0 that Ranges…
NGL Price Calculation Example % of RRC Barrel Mont Belvieu (/gal) Avg. 2022 1Q 2023E 2Q 2023E 3Q 2023E 4Q 2023E Avg. 2023E Additional Considerations 53% Ethane 0.48 0.25 0.22 0.21 0.23 0.22 Range NGL differential can be 27% Propane…
Range 2023 Guidance 2023 Guidance Production per Day 2.12 - 2.16 Bcfe Capital Expenditures Drilling & Completion 540 - 565 Million Land & Other 30 - 50 Million Cash Expense Guidance Direct Operating Expense per mcfe 0.11 - 0.13…
Differentiated Hedge Results Ranges Hedging Strategy, Marketing 2023 2024 Contracts, and Diversified Production Mix Avg. Floor Avg. Ceiling Avg. Floor Avg. Ceiling Natural Gas 3.57 4.21 3.75 5.34 Support Operational Plans, Balance…
Contact Information Range Resources Corporation 100 Throckmorton St., Suite 1200 Fort Worth, Texas 76102 Laith Sando, CPA Vice President Investor Relations (817) 869-4267 lsandorangeresources.com Matt Schmid Lead Financial…
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