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 Peer-Leading Capital Efficiency Large Contiguous Acreage Position Supports Efficient Operations and…
Unmatched Core Marcellus Inventory 30+ Years of Core Marcellus Inventory 70,000 Net Acres in 3,000+ Locations that Break Even Under 3.00 per MMbtu(a) Northeast Pennsylvania /MMbtu Breakeven 3.50 3000 locations 98% total…
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…
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 ATAX PV-10(a) of Proved Reserves per Share, Net of Debt FCF Yield(b) 95 25.0%…
Resilient Balance Sheet Strong Balance Sheet Provides Flexibility Through the Cycles and Lower Debt Improves Cost Structure RRC Net Debt(a) RRC Net Interest Expense(b) billion per mcfe 5.00 10.0x 0.28 4.50 4.1 9.8x 0.26 4.00 3.9…
Why Invest in Range Large Contiguous Southwest Appalachia Acreage Position Provides 30+ Years of Low- Breakeven Marcellus Inventory Peer-Leading Well Costs and Decline Rate Drive Lowest Capital Intensity and Required Reinvestment…
Natural Gas & NGL Macro 12
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)…
Natural Gas Macro Trends Natural Gas Supply Expected to Remain Near Current Levels Gas Continues to Gain Market Share versus Coal EIA forecasts supply to remain relatively flat through 3Q 2024 due to 80% 2016-19 2020 2021-22 2023…
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 11 Bcf/d currently under construction exports…
Natural Gas 40% of U.S. Generation Mix Growing Market Share in Power Generation U.S. Power Generation by Source(a) Gas power demand grew by 13 Bcf/d from 2010-2022, while coal declined 40 48% 19 Bcf/d(a) and renewables grew 9 Bcf/d(a)…
Lower 48 Dry Gas Production Future Supply Growth Expected to be Limited by Infrastructure Constraints and Productivity Declines 104 102 100 98 96 U.S. L48 Pipeline Flows (Bcf/d) 94 92 90 88 86 84 82 80 78 76 74 72…
Lower 48 Storage Days of Supply U.S. Natural Gas Days of Supply Remain Below Average 75 70 65 U.S L48 Gas Storage Days of Supply 60 55 50 45 40 35 30 25 20 15 10 1-Jan 15-Jan 29-Jan 12- 26- 11- 25- 8-Apr 22- 6-May…
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 2,000 11,600 11,400 1,750 11,200…
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% 100% LPG Export Capacity Growth Supports Propane / WTI Crude Price Ratio Return to Balanced Market: 60% 80% 60%…
ESG 22
Leading in Environmental Practices Low Emissions Intensity Commitment to Clean & Efficient Operations 900,000 0.80 Over 83% reduction in GHG emissions intensity since 2011 800,000 0.66 0.67 Production GHG Emissions Intensity…
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 26
Appalachia Stacked Pay Gas in Place Analysis Shows the Greatest Potential is in Southwest Pennsylvania 1.5 million net effective acres(a) in PA leads to decades of drilling inventory Activity led by Core Marcellus development in…
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 1,500…
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 2023 2Q 2023 3Q 2023 4Q 2023E Avg. 2023E Additional Considerations 53% Ethane 0.48 0.25 0.21 0.30 0.27 0.26 Range NGL differential can be influenced by…
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…
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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