Range Resources Corporation · NYSE:RRC

Range Resources — Investor Presentation (February 2013)

70 slides from Range Resources's investor presentation, Feb 26, 2013

  1. Slide 1: Range Resources Corporation Company Presentation

    Range Resources Corporation Company Presentation February 26, 2013

  2. Slide 2: Range Resources Strategy

    Range Resources Strategy Proven track record of performance Marcellus Shale 26 to 34 Tcfe resource potential  Focus on PER SHARE Upper Devonian Shale 12 to 18 Tcfe resource potential GROWTH of production Utica Shale and reserves at top- quartile or better cost Midcontinent structure while high Miss

  3. Slide 3: Significant Growth Potential for Many Years

    Range – Significant Growth Potential for Many Years • 20%-25% line-of-sight production growth for many years • Cash flow growth is expected to outpace production growth • High rate of return, high growth, large scale assets • Low cost structure • Resource potential 7-10 times proved reserves • Excel

  4. Slide 4: Financial Position

    Financial Position  Strong, Simple Balance Sheet – Bank debt, subordinated notes and common stock – No debt maturity until 2016 (bank) and 2018 (notes) – Available liquidity of $927 million as of December 31, 2012  Well Structured Bank Credit Facility – 28 banks with no bank holding more than 9% o

  5. Slide 5: Resilient Credit Metrics Driven by Low Cost Growth

    Resilient Credit Metrics Driven by Low Cost Growth Debt / EBITDAX Debt / Total Proved ($/mcfe) 4.5x $1.00 Covenant $0.90 BB / Ba2 Peer Average for 2011 4.0x $0.80 3.5x $0.70 3.0x $0.60 $0.50 2.5x $0.40 2.0x $0.30 1.5x $0.20 $0.10 1.0x 2008 2009 2010 2011 2012 2012PF 2008 2009 2010 2011 2012 2012PF D

  6. Slide 6: Focused on Per Share Growth, Debt-Adjusted

    Range is Focused on Per Share Growth, on a Debt-Adjusted Basis Production/share – debt adjusted Reserves/share – debt adjusted 1.8 40 1.6 35 1.4 30 Mcfe Mcfe 1.2 25 1.0 20 0.8 15 0.6 10 0.4 5 2007 2008 2009 2010 2011 2012 2007 2008 2009 2010 2011 2012 2012 increase of 29% 2012 increase of 22%  Prod

  7. Slide 7: Ten Years of Double-Digit Production Growth

    Ten Years of Double-Digit Production Growth 20%-25% Growth Projected for 2013 1000 900 800 700 Mmcfe/d 600 500 400 300 200 100 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013E Includes impact of acquisitions and asset sales 7

  8. Slide 8: Unit Costs Are a Key Focus

    Unit Costs Are a Key Focus $5.00 $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 Reserve $1.64 $1.25 $0.83 $0.68 $0.67 Replacement(1) LOE (2) $0.99 $0.82 $0.72 $0.60 $0.41 Prod. taxes $0.39 $0.20 $0.19 $0.14 $0.15(3) G&A (2) $0.49 $0.51 $0.55 $0.56 $0.4

  9. Slide 9: Range – Low Cost Producer

    Range – Low Cost Producer 1st, 2nd, or 3rd in the Bank of America Study for Each of the Last 8 years Reserve Replacement Costs PUD Adjustment Interest Expense G&A Expense Lease Operating Expense 14 12 10 2011 Average $/Mcfe 8 6 4 2 0 Source: Bank of America Merrill Lynch “2011 E&P Full-Cycle Margin

  10. Slide 10: Range's Reserve Base and Upside are Growing

    Range’s Reserve Base and Upside are Growing Size = Resource Potential Placement = Proved Reserves 9.0 Proved Reserves (Tcfe) 8.0 7.0 68.0 6.0 5.0 60.0 52.0 4.0 3.0 28.2 31.7 2.0 21.9 1.0 0.0 (Tcfe) YE 2007 YE 2008 YE 2009 YE 2010 YE 2011 YE 2012 Proved 2.2 2.7 3.1 4.4(2) 5.1 6.5 Reserves Resource 16

  11. Slide 11: ~1 Million Net Acres Prospective for Shale in PA

    ~1 Million Net Acres Prospective for Shale in PA Northwest 315,000 net acres(1) ~ 89% HBP Northeast 145,000 net acres ~ 69% HBP Greater Pittsburgh Southwest 540,000 net acres(2) ~ 51% HBP Note: Townships where Range holds ~3,000+ acres are shown in yellow (As of 12/31/2012) (1) Approximately 150,000

  12. Slide 12: Southwest PA – 540,000 Net Acres Highly Prospective

    Southwest PA – Range’s 540,000 Net Acres are Highly Prospective  Approximately 1,650 wells likely have Beaver Butler Armstrong Indiana defined the productive Allegheny limits of the Marcellus (1,150 horizontal & 500 vertical) Greater Pittsburgh  All of Range’s acreage appears highly Westmoreland p

  13. Slide 13: Southwest PA – Large Upside Potential

    Southwest PA – Large Upside Potential Calculation of Acreage Drilled ▪ Prospective acreage 540,000 ▪ Assumed spacing 80 acres ▪ Potential Marcellus Shale locations 6,750 ▪ Producing horizontal wells ~400 ▪ Drilled wells divided by potential locations ~6% ~470 Mmcfe/d net being produced from ~6% of R

  14. Slide 14: Southwest PA – Wet Marcellus

    Southwest PA – Wet Marcellus Super-Rich  Over 200 wells placed on 110,000 acres production in wet gas area Wet Gas over the last four years with varying lateral lengths and 220,000 acres frac stages  As of the end of 2012, Range has placed 62 wells on production with an average WV lateral length o

  15. Slide 15: SW PA Wet Marcellus Projected Development Mode Economics

    SW PA Wet Marcellus Projected Development Mode Economics  Southwestern PA – (wet gas case) with Reserves and economics based on planned 2013 activity of 3,200 foot Pennsylvania State Impact Fee lateral length with 13 frac stages  EUR – 712 Mbbls & 4.4 Bcf – (8.7 Bcfe) 120%  Drill and Complete Cap

  16. Slide 16: Southwest PA – Super-Rich Marcellus

    Southwest PA – Super-Rich Marcellus  Range plans to add more frac Super-Rich stages in the super-rich area 110,000 acres in 2013 Wet Gas  As of the end of 2012, Range 220,000 acres has turned to sales 51 super- rich wells with an average lateral length of 3,895 feet and 15 frac stages WV  Histori

  17. Slide 17: SW PA Super-Rich Area Marcellus Economics

    SW PA Super-Rich Area Marcellus Projected Development Mode Economics  Southwestern PA – (High BTU case) with Reserves and economics based on Pennsylvania State Impact Fee planned 2013 activity of ~3,800 foot  EUR – 824 Mbbls & 3.7 Bcf– (1.44 Mmboe) lateral length with 18 frac stages  Drill and Co

  18. Slide 18: Marcellus Wet Gas Provides Significant Uplift

    Marcellus Wet Gas Provides Significant Uplift $/Wellhead Mcf $7.15 - $7.25 $6.80 - $6.90 $7.00 $6.50 $6.00 $3.52 - NGLs NGLs $3.17 - NGLs $3.62 (C2+) $2.19 (C3+) $3.27 (C2+) $5.00 $4.00 Condensate $3.54 $1.01 Condensate Condensate $3.00 $1.01 $1.01 Gas Gas $2.00 (1040 Btu) (1130 Btu) Gas Gas $3.54 $

  19. Slide 19: Innovative NGL Marketing

    Innovative NGL Marketing Mariner East & West have access to international markets and premium export Ethane/Propane can be tied into NE markets or be pricing for future contracts Ethane export to exported internationally Canada 2013 2013/2015 ATEX gives access to largest ethane market and storage in

  20. Slide 20: SW PA Wet Gas Volume Projected to At Least Double by 2016

    SW PA Wet Gas Volume Projected to At Least Double by 2016 Maximum ethane recovery would result in wet gas production of ~800 Mmcf/d by 2016. Minimum ethane recovery would result in wet gas production of ~1.8 Bcf/d. Actual production expected to be within the range. 900,000 100,000 90,000 750,000 Gro

  21. Slide 21: Southwest PA – Industry Activity in Dry Acreage

    Southwest PA – Industry Activity in Dry Acreage  Range has ~210,000 net acres in the dry gas window Beaver Butler Armstrong Indiana  53% of horizontal dry gas Marcellus wells drilled by industry in SW PA have projected recoveries from 5 to over 20 Bcf per well Greater Pittsburgh  Range’s SW Penns

  22. Slide 22: SW PA Dry Gas Marcellus Development Mode Economics

    SW PA Dry Gas Marcellus Development Mode Economics  Southwestern PA – (dry gas) with Pennsylvania State Impact Fee 2,900’ lateral length & 10 stages  EUR – 7.5 Bcf (Based on 16 wells 100% completed in 2012)  Drill and Complete Capital $4.5 MM 80%  F&D – $ 0.74/mcf – (7.5 Bcf) 60% IRR (1)(2)(3) N

  23. Slide 23: Oklahoma/Kansas - Horizontal Mississippian

    Oklahoma/Kansas - Horizontal Mississippian All of Range’s ~160,000 64 MBO* net acres appear prospective based on vertical well control 67 MBO  Over 4,500 Mississippian wells have defined the productive limits  On 80 acre spacing (4,000 foot 85 MBO laterals) Range has the opportunity to drill ~2,00

  24. Slide 24: Horizontal Mississippian Development Mode Economics

    Horizontal Mississippian Development Mode Economics  Based on 25 wells to date 160%  EUR – 485 Mboe , 600 Mboe 140%  Drill & Complete Capital $3.4 MM 120%  All cases include $200 M for SWD 100%  F&D – $ 8.91/boe – (485 Mboe) IRR (1)(2)(3) $ 7.27/boe – (600 Mboe) 80% 60% NYMEX 40% Oil Price 485

  25. Slide 25: New Markets Increasing Demand for Natural Gas

    New Markets Increasing Demand for Natural Gas  Power Generation Sector  Utilities using more gas versus coal due to an increasingly reliable supply, environmental advantages and cost  Per EIA, 2012 natural gas used for power generation in the U.S. increased by 4.3 Bcf/day compared to 2011, repres

  26. Slide 26: Environment, Health and Safety- A Core Value at Range

    Environment, Health and Safety- A Core Value at Range  Environmental, Health and Safety issues affect every aspect of our business. Range feels a deep responsibility to protect our employees, contractors, the public and the environment. It is held as a core value.  Examples where Range has been a

  27. Slide 27: Why Invest in Range?

    Why Invest in Range?  Growth in Production, Reserves, & Cash Flow  20%-25% line-of-sight organic production growth for many years  Cash flow growth is expected to outpace production growth  7 consecutive years of double-digit production and reserve growth per share, debt adjusted  High Return P

  28. Slide 28: Forward-Looking Statements

    Forward-Looking Statements Statements concerning well drilling and completion costs assume a development mode of operation; additionally, estimates of future capital expenditures, production volumes, reserve volumes, reserve values, resource potential, resource potential including future ethane extr

  29. Slide 29: Appendix

    Appendix 29

  30. Slide 30: Shale Wells Drilled and Permitted

    Shale Wells Drilled and Permitted LegendLegend RANGE ANADARKO CHEVRON/CHIEF SW Super-Rich Area CABOT CHESAPEAKE CHIEF CONSOL ECA EOG EQT Wet Area EXCO REX SHELL TALISMAN ULTRA XTO/EXXON/PHILLIPS OTHERS LARGER DOTS – DRILLED SMALLER DOTS – PERMITS 30

  31. Slide 31: SW PA Wet Area Marcellus Type Curve

    SW PA Wet Area Marcellus Type Curve Performance for 3,200 foot lateral, 13 frac stages with projected EUR 8.7 Bcfe 10,000 mmcf/day (residue gas) W/O ETHANE 1,000 W/ ETHANE W/ ETHANE bbls/day Estimated Cumulative Recoveries 100 Condensate Residue NGL w/ Ethane (Mbbls) (Mmcf) (Mbbls) 1 Year 3.4 582.0

  32. Slide 32: SW PA Super-Rich Area Marcellus Type Curve

    SW PA Super-Rich Area Marcellus Type Curve 10,000 Historical 2012 performance for ~3,800 foot laterals and 15 mmcf/day (residue gas) frac stages with projected EUR 1.32 Mmboe W/O ETHANE 1,000 W/ ETHANE W/ ETHANE bbls/day 100 Estimated Cumulative Recoveries Historical Condensate Residue NGL w/ Ethane

  33. Slide 33: SW PA Dry Gas Marcellus Type Curve

    SW PA Dry Gas Marcellus Type Curve 100000 2,900 foot lateral length with 10 stages 10000 mmcf/day (residue gas) 1000 Estimated Cumulative Recoveries Residue (Mmcf) 100 1 Year 1,178.1 2 Years 1,709.3 3 Years 2,126.0 5 Years 2,805.5 10 Years 4,107.6 20 Years 5,876.3 10 1 51 101 151 201 251 DAYS Avg Sa

  34. Slide 34: Marcellus NGL Pricing

    Marcellus NGL Pricing Realized Marcellus NGL Prices (2) Currently all ethane sold with the natural gas as additional Btus WTI Oil Marcellus NGL as % Price NGL Price of WTI 1Q 2009 $43.20 $24.20 $56% 2Q 2009 $59.77 $27.25 46% Wt. Avg. Composite Barrel (1) 3Q 2009 $68.18 $31.91 47% 4Q 2009 $76.12 $40.

  35. Slide 35: Proposed Gross Capacity Additions

    Proposed Gross Capacity Additions Cryogenic Processing Installed by MarkWest Liberty Capacity Committed to Range Houston, PA Majorsville, WV Third Party Total (Mmcf/day) Volume Volume Volumes* Volume Current Capacity - 2Q 2009 35 35 Houston I 4Q 2009 120 120 Houston II 3Q 2010 30 105 135 Majorsville

  36. Slide 36: The Mariner Project – West & East

    The Mariner Project – West & East New Connection to Existing Sunoco Pipelines Mariner West – Sarnia, Ontario  Targeted service by 2H2013 Sunoco Logistics Existing Pipeline Sunoco  40 mile 10” pipe to existing Philadelphia Sunoco pipeline Storage and Docks  De-ethanization 3Q13  Other potential e

  37. Slide 37: ATEX Express Pipeline: Transport Ethane

    ATEX Express Pipeline: Transport Ethane from Marcellus / Utica Shale  Range has up to 20,000 Bbls/day contracted.  Anchor shipper rate of $0.145 per gallon.  Published expected commencement 1Q 2014.  1,230 mile pipeline with capacity to transport up to 190 MBPD  Will include 369 miles of new 20

  38. Slide 38: Marcellus Area Pipelines – Great Take-Away Capacity

    Marcellus Area Pipelines – Great Take-Away Capacity Firm Transport & Sales with Firm Transport YE 2013 YE 2015 SW Firm Transport 450 Mmcf/day 650 Mmcf/day Firm Sales 225 Mmcf/day 150 Mmcf/day NE Firm Transport -- -- Firm Sales 120 Mmcf/day 120 Mmcf/day TOTAL Firm Transport 450 Mmcf/day 650 Mmcf/day

  39. Slide 39: Marcellus Net Backs After Firm Transportation

    Marcellus Net Backs After Firm Transportation Millennium NYMEX Flat Tennessee 300 NYMEX Less $0.20 to $0.50 TCO Columbia NYMEX Less $0.20 Transco NYMEX Flat less $0.30 TRANSMISSION PIPELINES COLUMBIA DOMINION MILLENIUM NATIONAL FUEL TETCO M2 TENNESSEE NYMEX less $0.10 TEXAS EASTERN TRANSCO Approxima

  40. Slide 40: Northeast PA

    Northeast PA Pennsylvania Northeast 145,000  Running 1-2 rigs in net acres IP 23 Mmcf/d 2013 to hold acreage  In addition to Lycoming County IP 10 Mmcf/day wells, wells tested in IP 8 Mmcf/day Clinton and Centre counties  ~ 69% of acreage HBP (As of December 31, 2012) • Drilled well Note: Townshi

  41. Slide 41: NE PA Dry Gas Marcellus Projected Development Mode Economics

    NE PA Dry Gas Marcellus Projected Development Mode Economics  Northeastern PA – (dry gas case) with 4,200’ lateral length and 14 stages Pennsylvania State Impact Fee 100%  EUR – 8.5 Bcf (Based on 20 wells)  Drill and Complete Capital $5.0MM 80%  F&D – $ 0.71/mcf – (8.5 Bcf) IRR (1)(2)(3) 60% NYM

  42. Slide 42: NE PA Dry Area Marcellus Type Curve

    NE PA Dry Area Marcellus Type Curve 100,000 4,200 foot lateral length with 14 stages 10,000 Gas Rate (MCFPD) 1,000 Estimated Cumulative Recoveries Residue 100 (Mmcf) 1 Year 1,215.7 2 Years 1,895.8 3 Years 2,430.1 5 Years 3,263.5 10 Years 4,680.5 20 Years 6,404.0 10 0 20 40 60 80 100 120 140 160 180

  43. Slide 43: Asset Depth – Stacked Pay

    Asset Depth – Stacked Pay Formation Current Status  First four wells successful UPPER DEVONIAN  Latest well – 24 hour test rate 10.0 Mmcfe/d with ethane recovery 4.0 Mmcf/d gas Upper Devonian Shales 172 bbls condensate 826 bbls NGLs  Industry has drilled ~20 wells  Resource in place is similar t

  44. Slide 44: Range is “4 for 4” in the Upper Devonian

    Range is “4 for 4” in the Upper Devonian Super-Rich Latest well – 24 hour test rate 110,000 acres 10.0 Mmcfe/d with ethane Wet Gas recovery composed of: 220,000 acres 4.0 Mmcf/d gas 172 bbls condensate 826 bbls NGLs  Completion method and landing significantly improved results from the first test H

  45. Slide 45: Industry Well Activity in the Upper Devonian is Increasing

    Industry Well Activity in the Upper Devonian is Increasing 45

  46. Slide 46: Northwest PA – Wet Utica/Point Pleasant

    Northwest PA – Wet Utica/Point Pleasant NY Range Lippert Unit 1H test results for Utica/Point Pleasant  Net Utica/Point Pleasant Thickness = 285 feet at a depth of approx. 7,000 ft  Gas Btu of 1200 to 1250 with 63 gravity condensate  Reservoir pressure gradient of approx. 0.55 psi/ft  Initial fl

  47. Slide 47: 2012 Horizontal Mississippian Type Curves By Product

    2012 Horizontal Mississippian Type Curves By Product 2012 Development Program 1000 - 17 wells average EUR is 600 Mboe - 3,800 ft. laterals and 19 stages - ~70% of EUR comprised of liquids - EUR equates to 6-11% recovery of the original oil in place Gross Residue Gas (MCFD)/ Gross Oil and NGL (BOPD)

  48. Slide 48: Avg. Cum. Oil Production per Well from Mississippian

    Avg. Cum. Oil Production per Well from Mississippian * Highest average cumulative oil production from vertical wells are located in Kay County Based on industry reporting sources *Internal estimates indicate 64 MBO cumulative production for Cowley County wells. Based on data from 598 wells with firs

  49. Slide 49: % of Mississippian Wells Classified as Oil

    % of Mississippian Wells Classified as Oil Oilier to the East Over 90% of historical wells drilled on the east side of the play are classified as ‘oil’ wells Based on industry reporting sources 49

  50. Slide 50: ~160,000 Net Acres Near the Nemaha Ridge

    Range has ~160,000 Net Acres on or in Close Proximity to the Nemaha Ridge West East NEMAHA RIDGE (Uplift) Location is Important  Our location on the Nemaha Chat Uplift offers enhanced Chat development, as well as a Pennsylvania Formations favorable structural position  Chat porosity ranges up to 3

  51. Slide 51: Concentrated Position Allows Low Cost Future Development

    Concentrated Position Allows Low Cost Future Development  Range has ~160,000 net acres largely Bellmon Plant – Superior blocked up for Capacity: 15 Mmcf/d; 30 Mmcf/d 1Q13 47 Mcf/d 2Q13; 61 Mmcf/d 3Q13; 115 Mmcf/d 4Q13 economy of scale Residue Pipeline: Southern Star  Gas processing and crude oil r

  52. Slide 52: Efficient Plan to Ramp up Production and Hold Acreage

    Efficient Plan to Ramp up Production and Hold Acreage Horizontal Mississippian • Development design provides for cost efficiencies now and in the section future • Design allows maximum leasehold one mile perpetuation County Road Electric SWD Potential Oil Gas • Anticipates future pad sites for drill

  53. Slide 53: Midland Basin – Cline Oil Shale

    Midland Basin – Cline Oil Shale Clayton Williams Range has ~100,000 Apache – Barracuda 45-2H net acres; 91% HBP Firewheel – (24-hr IP: 810 Horwood-2151H BOE/D, 3,800’ Devon (24-hr IP: 561 lateral and 11 stages) Laredo – Bearkat 904H (30- day IP: 615 BOE/D, 4,800’ Devon – Stroman BOE/D) Cline Shale l

  54. Slide 54: Midland Basin – Vertical Wolfberry

    Midland Basin – Vertical Wolfberry RANGE Expected 2013 Activity Additional 5 Wolfberry Wells Range has ~20,000 net acres Wolfberry  First six wells had Range Wolfberry an average 24-hour wells IP of 513 Boe/d (262 Boe/d oil, 133 Boe/d NGLs and 977 Mcf/d gas.)  200-300 locations on 20 acres spacing

  55. Slide 55: Conger Field – Cline & Wolfberry

    Conger Field – Cline & Wolfberry RANGE RESOURCES EDMONDSON "A" Time Strat. Units 37-19 42173334980000 Formations RANGE CONGER AREA PROPERTIES I LM USBY 0. 2 2000 GR I LD 0 150 0. 2 2000 M_CLFK 5500 LSBY Spraberry - 6000 Dean Legacy Conger Field Pays Leonardian U_LEONARD 6500 DEAN Upper Wolfcamp W 70

  56. Slide 56: Range Virginia Assets

    Range Virginia Assets  ~231,000 net acres – 75 RANGE RESOURCES VIRGINIA ACREAGE POSITION Mmcf/day – very low Range Acreage decline rate Natural Gas Producing Area  Interest in over 3,000 producing wells  6,000+ additional wells to drill  Stacked pay area  F&D < $1.00/mcf  LOE ~ $0.60/mcf  Fir

  57. Slide 57: 2012 Reserve Performance

    2012 Reserve Performance Proved Reserves Walk Forward Bcfe 2012 Performance  29% year-over-year increase Balance at December 31, 2011 5,054 • Crude oil and NGL reserve ▪ Discoveries and extensions 1,767 volumes increased 64% ▪ Purchases -  773% reserve replacement ▪ Revisions - performance 366 ▪ R

  58. Slide 58: Resource Potential is 7 to 10 Times Proved Reserves

    Resource Potential is 7 to 10 Times Proved Reserves Net Unproven Gas Liquids Resource Area Resource (Tcf) (Mmbbls) Potential (Tcfe) Marcellus Shale 21 – 27 900 – 1,200 26 – 34 Upper Devonian Shale 8 – 12 600 – 940 12 – 18 Midcontinent, Nora and Permian 6–8 800 – 1,380 10 – 16 TOTAL 35 – 47 2,300 – 3

  59. Slide 59: 2013 Capital Budget

    2013 Capital Budget Budget = $1.3 Billion Budget by Area Drilling Pipelines, Facilities & Other Marcellus Midcontinent Acreage & Seismic Permian Appalachia / Nora 82% 79% 8% 2% 10% 2% 17% 85% of capital spending directed toward liquid areas 59

  60. Slide 60: Growth at Low Cost

    Growth at Low Cost Top quartile growth at top quartile cost 3 Year 5 Year 2008 2009(4) 2010 2011 2012 Average Average Reserve growth 19% 18% 42% 14% 29% 36% 38% Drill bit replacement (1) 386% 540% 840% 850% 773% 815% 706% All sources replacement (2) 405% 486% 931% 849% 680% 801% 691% Drill bit only

  61. Slide 61: Strong, Simple Balance Sheet

    Strong, Simple Balance Sheet Year-End Year-End Year-End Year-End Year-End 2012 2009 2010 2011 2012 (Pro-forma) (3) ($ in millions) Bank borrowings $324 $274 $187 $739 $739 Sr. Sub. Notes 1,384 1,686 1,788 2,139 2,139 Less: Cash (1) (3) (0) (0) (275) Net debt 1,707 1,957 1,975 2,878 2,603 Common equi

  62. Slide 62: Debt Maturities

    Debt Maturities Range maintains an orderly debt maturity ladder 800 $739 700 $600 600 $500 $500 500 ( $ Millions ) 400 $300 300 $250 200 100 0 Senior Secured Revolving Credit Facility (as of December 31, 2012) Senior Subordinated Notes 62

  63. Slide 63: Range's Outstanding Bonds

    Range’s Outstanding Bonds Corporate Rating: BB / Ba2 Outlook: Stable Senior Subordinated Notes Amount Rating Current YTW 7.25% due 2018 $ 250 BB / Ba3 1.15% 8.00% due 2019 $ 300 BB / Ba3 2.36% 6.75% due 2020 $ 500 BB / Ba3 3.82% 5.75% due 2021 $ 500 BB / Ba3 3.90% 5.00% due 2022 $ 600 BB / Ba3 3.99%

  64. Slide 64: Why Natural Gas?

    Why Natural Gas?  Utility Savings  Could save U.S. households up to as much as $113 billion a year per(1)  Pennsylvania consumers saved more than $600 million  Manufacturing American Products: Low feedstock and energy prices  Could result in 1 million additional American factory jobs by 2025(2)

  65. Slide 65: Natural Gas – Less Environmental Impact

    Natural Gas – Less Environmental Impact  Water Usage:  Least water consumptive energy resources per MMBTU at 0.6-5.8 gallons(1)  Nuclear: 8-14  Oil: 8-20 gallons  Coal: 13-32 gallons  Biodiesel from soy: 14,000-75,000 gallons  Surface Impact: Access to hundreds of acres from one location  To

  66. Slide 66: Natural Gas Has Greatly Reduced Emissions

    Natural Gas Has Greatly Reduced Emissions • Switch from coal to natural gas has singlehandedly caused the United States to reduce its annual CO2 emissions by about 500 metric tons. • This is about twice as much as the entire global reductions from the last 20 years of international climate negotiati

  67. Slide 67: Gas Hedging Status

    Gas Hedging Status Hedges Insulate Cash Flow Volumes Average Average Hedged Floor Price Cap Price (Mmbtu/day) ( $ / Mmbtu) ( $ / Mmbtu) 1Q 2013 Swaps 205,000 $3.24 1Q 2013 Collars 280,000 $4.59 $5.05 2Q 2013 Swaps 215,000 $3.28 2Q 2013 Collars 280,000 $4.59 $5.05 3Q 2013 Swaps 220,000 $3.42 3Q 2013

  68. Slide 68: Oil Hedging Status

    Oil Hedging Status Hedges Insulate Cash Flow Volumes Average Average Hedged Floor Price Cap Price (bbls/day) ($/bbl) ($/bbl) 1Q 2013 Swaps 4,653 $96.52 - 1Q 2013 Collars 3,000 $90.60 $100.00 2Q 2013 Swaps 4,825 $96.64 - 2Q 2013 Collars 3,000 $90.60 $100.00 3Q 2013 Swaps 5,825 $96.74 - 3Q 2013 Collar

  69. Slide 69: Natural Gas Liquids Hedging Status

    Natural Gas Liquids Hedging Status Hedges Insulate Cash Flow (a) Hedged Volumes Hedged Price Natural (bbls/day) ($/gal) Gasoline (C5) 1Q 2013 Swaps 6,500 $2.13 2Q 2013 Swaps 6,500 $2.13 3Q 2013 Swaps 6,500 $2.13 4Q 2013 Swaps 6,500 $2.13 Propane (C3) 1Q 2013 Swaps 5,344 $0.94 2Q 2013 Swaps 6,000 $0.

  70. Slide 70: Contact Information

    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 rwaller@rangeresources.com David Amend, Investor Relations Manager damend@rangeresources.com Laith Sando, Senior Financial An

Range Resources — Investor Presentation (February 2013) on 6ix