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Range Resources Company Presentation Oct 29, 2013
 

Range Resources Company Presentation Oct 29, 2013

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A fantastic presentation loaded with useful charts, maps, bullet points and more. Much of it focuses on Range's Marcellus (and northeast) shale drilling program, although other resource plays are ...

A fantastic presentation loaded with useful charts, maps, bullet points and more. Much of it focuses on Range's Marcellus (and northeast) shale drilling program, although other resource plays are covered as well. Range has done the industry (and their investors) a great service in releasing this presentation. Don't miss it!

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    Range Resources Company Presentation Oct 29, 2013 Range Resources Company Presentation Oct 29, 2013 Presentation Transcript

    • Range Resources Corporation Company Presentation October 29, 2013
    • 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 extraction, number of development and exploration projects, finding costs, operating costs, overhead costs, cash flow, NPV10, EUR and earnings are forward-looking statements. Our forward looking statements, including those listed in the previous sentence are based on our assumptions concerning a number of unknown future factors including commodity prices, recompletion and drilling results, lease operating expenses, administrative expenses, interest expense, financing costs, and other costs and estimates we believe are reasonable based on information currently available to us; however, our assumptions and the Company’s future performance are both subject to a wide range of risks including, the volatility of oil and gas prices, the results of our hedging transactions, the costs and results of drilling and operations, the timing of production, mechanical and other inherent risks associated with oil and gas production, weather, the availability of drilling equipment, changes in interest rates, litigation, uncertainties about reserve estimates, environmental risks and regulatory changes, and there is no assurance that our projected results, goals and financial projections can or will be met. This presentation includes certain non-GAAP financial measures. Reconciliation and calculation schedules for the non-GAAP financial measures can be found on our website at www.rangeresources.com. The SEC permits oil and gas companies, in filings made with the SEC, to disclose proved reserves, which are estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions as well as the option to disclose probable and possible reserves. Range has elected not to disclose the Company’s probable and possible reserves in its filings with the SEC. Range uses certain broader terms such as "resource potential," or "unproved resource potential,” "upside" and “EURs per well” or other descriptions of volumes of resources potentially recoverable through additional drilling or recovery techniques that may include probable and possible reserves as defined by the SEC's guidelines. Range has not attempted to distinguish probable and possible reserves from these broader classifications. The SEC’s rules prohibit us from including in filings with the SEC these broader classifications of reserves. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized. Unproved resource potential refers to Range's internal estimates of hydrocarbon quantities that may be potentially discovered through exploratory drilling or recovered with additional drilling or recovery techniques and have not been reviewed by independent engineers. Unproved resource potential does not constitute reserves within the meaning of the Society of Petroleum Engineer's Petroleum Resource Management System and does not include proved reserves. Area wide unproven, unrisked resource potential has not been fully risked by Range's management. “EUR,” or estimated ultimate recovery, refers to our management’s estimates of hydrocarbon quantities that may be recovered from a well completed as a producer in the area. These quantities may not necessarily constitute or represent reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management System or the SEC’s oil and natural gas disclosure rules. Actual quantities that may be recovered from Range's interests could differ substantially. Factors affecting recovery include the scope of Range's drilling program, which will be directly affected by the availability of capital, drilling and production costs, commodity prices, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals, field spacing rules, recoveries of gas in place, length of horizontal laterals, actual drilling results, including geological and mechanical factors affecting recovery rates and other factors. Estimates of resource potential may change significantly as development of our resource plays provides additional data. In addition, our production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price declines or drilling cost increases. Investors are urged to consider closely the disclosure in our most recent Annual Report on Form 10-K, available from our website at www.rangeresources.com or by written request to 100 Throckmorton Street, Suite 1200, Fort Worth, Texas 76102. You can also obtain this Form 10-K by calling the SEC at 1-800SEC-0330. 2 2
    • Range Resources Strategy Proven track record of performance  Focus on PER SHARE GROWTH of production and reserves at top-quartile or better cost structure Midcontinent while high grading the Mississippian, St. Louis, Cana Woodford, Granite Wash 7 to 11 Tcfe resource potential inventory Marcellus Shale 38 to 49Tcfe resource potential Upper Devonian Shale 12 to 18 Tcfe resource potential Utica Shale  Maintain simple, strong financial position  Operate safely and be a good steward of the environment West Texas Cline Shale, Wolfcamp, Wolfberry 1.1 to 1.9 Tcfe resource potential Nora Area Berea, Big Lime, Huron Shale, CBM 2.6 to 3.2 Tcfe resource potential Total Resource Potential 60 to 83 Tcfe without Utica Shale 3 3
    • Range – Significant Growth Model for Many Years  20%-25% line-of-sight production growth for many years  Cash flow growth is expected to outpace production growth depending on commodity prices  High rate of return, high growth, large scale assets  Low cost structure  Resource potential 9-13 times proved reserves*  Excellent technical and support teams  Strong financial position *Without quantifying Utica Potential 4 4
    • Financial Position  Strong, Simple Balance Sheet – Bank debt, subordinated notes and common stock – No debt maturity until 2016 (bank) and 2019 (notes) – Available liquidity of $1.2 billion under commitment amount  Well Structured Bank Credit Facility – 28 banks with no bank holding more than 9% of total – Current borrowing base of $2.0 billion; commitment amount of $1.75 billion – Expect to maintain or improve Ba1/BB corporate rating during growth  Solid Hedge Position – Range typically hedges a significant portion of upcoming 12 months of production – For 2013, over 75% of projected production is hedged – For 2014, over 50% of projected production is hedged – Hedging in 2015 has started 5 5
    • Range is Focused on Per Share Growth, on a Debt-Adjusted Basis Production/share – debt adjusted Reserves/share – debt adjusted 35 1.4 30 Mcfe 40 1.6 Mcfe 1.8 1.2 1.0 25 20 0.8 15 0.6 10 0.4 2007 2008 2009 2010 2011 2012 increase of 29% 2012 5 2007 2008 2009 2010 2011 2012 2012 increase of 22%  Production/share = annual production divided by debt-adjusted year-end diluted shares outstanding  Reserves/share = year-end proven reserves divided by debt-adjusted year-end diluted shares outstanding 6 6
    • Ten Years of Double-Digit Production Growth 20%-25% Growth Projected for 2013 1000 900 800 Mmcfe/d 700 600 500 400 300 200 100 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013E Includes impact of acquisitions and asset sales 7 7
    • Range’s Reserve Base and Upside are Growing Tcfe Proved Reserves Resource Potential (2) YE 2007 YE 2008 YE 2009 YE 2010 YE 2011 YE 2012 2.2 2.7 3.1 4.4(1) 5.1 6.5 16 - 22 21 - 29 24 - 32 35 - 52 44 - 60 60 - 83  Proved reserves have increased by 23% per year on a compounded basis  Resource potential is 9-13 times proved reserves as of year-end 2012  Added 12 – 15 Tcfe for tighter spaced drilling in the wet and super-rich Marcellus(3)  Moved 4.7 Tcfe of resource potential into proved reserves in last three years (1) (2) (3) Proforma 3.5 Tcfe after Barnett sale Net unproved resource potential. Added to YE 2012 resource potential at mid-year 2013 8 8
    • ~1 Million Net Acres Prospective for Shale in PA Northwest 315,000 net acres(1) (Legacy acreage is largely held by shallow production) Northeast 145,000 net acres (One rig is projected to hold all blocked up acreage being targeted for development) Southwest 540,000 net acres(2) (93% of acreage is HBP or projected to be drilled under existing lease terms. Expect to renew or extend the majority of the remaining 7%) Note: Townships where Range holds ~3,000+ acres are shown in yellow (As of 12/31/2012) (1) Approximately 150,000 acres prospective for Marcellus; ~180,000 acres prospective for wet Utica. (2) Extends partially into WV. 9 9
    • Pennsylvania Stacked Pays – Net Acreage Wet Acreage Dry Acreage Total Acreage Upper Devonian 330,000 235,000 565,000 Marcellus 480,000 355,000 835,000 Utica 180,000 400,000 580,000 990,000 990,000 1,980,000 Stacked pays allow for multiple development opportunities at 1,000 foot spacing between wells and later with 500 foot spacing prospective on most acreage 10 10
    • Gas In Place (GIP) – Marcellus Shale • GIP is a function of pressure, temperature, thermal maturity, porosity, hydrocarbon saturation and net thickness • Two core areas have developed in the Marcellus • Condensate and NGLs are in gaseous form in the reservoir Note: Townships where Range holds ~3,000 or more acres (as of 12/31/2012), and estimated as prospective, are highlighted. GIP – Range estimates. 11
    • Gas In Place (GIP) – Upper Devonian Shale • The greatest GIP in the Upper Devonian is found in SW PA • A significant portion of the GIP in the Upper Devonian is located in the wet gas window Note: Townships where Range holds ~3,000 or more acres (as of 12/31/2012), and estimated as prospective, are highlighted. GIP – Range estimates. 12
    • Gas In Place (GIP) – Utica/Point Pleasant Shale The greatest GIP in the Utica/Point Pleasant is in the dry gas window in SW PA Note: Townships where Range holds ~3,000 or more acres (as of 12/31/2012), and estimated as prospective, are highlighted. GIP – Range estimates. 13
    • Gas In Place (GIP) Analysis Shows Greatest Potential in SW PA Range has concentrated its acreage position in SW PA, where all three shales give the greatest GIP in the region When GIP analysis from the Marcellus, Upper Devonian and Utica/Point Pleasant are combined, the largest stacked pay resource is located in SW PA 14
    • Southwest PA – Range’s 540,000 Net Acres  Approximately 2,100 industry wells (1,550 horizontal & 550 vertical) likely have defined the productive boundaries of the Marcellus Greater Pittsburgh  Range’s acreage is highly prospective for Marcellus, with low reinvestment risk and high rates of return  Up to eight years of production history from this area Note: Townships where Range holds ~3,000 or more acres are shown in yellow (As of 12/31/2012) 15 15
    • Southwest PA – Large Upside Potential Small Percentage of Acreage Drilled ▪ Prospective acreage ▪ Assumed spacing (1,000 foot) 540,000 ~80 acres ▪ Potential Marcellus Shale locations 6,750 ▪ Producing horizontal wells ~500 ▪ Drilled wells divided by potential locations ~7% ~570 Mmcfe/d net being produced from ~7% of Range’s acreage in SW PA 16 16
    • Marcellus Shale – Range’s Top 10 Liquids Rich Wells Well Name County 24-hr IP (Boe/d) 24-hr IP (Boe/d) per 1,000 lateral foot Lateral Length Frac Stages Production Mix Oil NGLs Gas Kresic Unit #3H Washington 5,727 1,126 5,085 26 15% 48% 37% Kresic Unit #4H Washington 4,251 1,038 4,095 21 14% 49% 37% Zappi, Edward Unit #1H Washington 3,810 757 5,030 26 24% 43% 33% Paris, Alex Unit #3H Washington 3,670 892 4,115 21 30% 42% 28% Kresic Unit #1H Washington 3,362 1,001 3,357 21 13% 49% 38% Bare, Warren Unit #14H Washington 3,286 995 3,303 17 12% 48% 40% Georgetti, Eugene Unit #2H Washington 3,270 710 4,603 23 25% 44% 31% Kresic Unit #2H Washington 3,249 1,006 3,231 21 12% 50% 38% Zappi, Edward Unit #6H Washington 3,099 851 3,643 19 17% 47% 36% Zappi, Edward Unit #3H Washington 2,992 878 3,409 18 19% 46% 35% Range has industry leading liquids rich results in Appalachia – Drilled 5 of the top 10 wells as ranked by 24-hr IP rates in the Appalachian Basin – Drilled 8 of the top 10 wells as ranked by normalized lateral length in the Appalachian Basin “Liquids Rich” - Based on wells with 60% or greater liquids Assumes 80% ethane extraction 17 17
    • Southwest PA – Super-Rich Marcellus 2013 Well Performance After 240 days, wells are still performing above the 1.32 Mmboe type curve 10,000 Mmcf/day 1Q-2013 Avg Residue Gas Gas Type Curve Bbls/day 1,000 1Q-2013 Avg Liquids 100 Liquids Type Curve • Moved EUR from 1.32 Mmboe to 1.82 Mmboe to track production performance • 17 Super Rich wells turned to sales in 1Q 2013 • Avg Lateral Length = 3,532 ft • Avg number of Stages = 18 10 1 51 101 DAYS 151 201 2013 AVG RESIDUE GAS W/ ETHANE 2013 AVG LIQS W/ ETHANE 1.32 Mmboe GAS TYPE W/ ETHANE 1.32 Mmboe LIQS TYPE W/ ETHANE *Type curve based upon 2012 results of 51 wells with an average EUR of 1.32 Mmboe 18
    • Southwest PA – Super-Rich Marcellus Super-Rich 110,000 acres Wet Gas 220,000 acres  During 2012, Range turned to sales 51 Super-Rich wells with an average lateral length of 3,895 feet and 15 frac stages  17 wells turned to sales in the first quarter of 2013, utilizing reduced cluster spacing (RCS), have outperformed the 1.32 Mboe type curve by 43% (including ethane) during the first 240 days Dry Gas 210,000 acres • 1Q 2013 well • Previously drilled well  Range’s current plans are to drill approximately 4,500 foot laterals and RCS completions with expected recoveries of 1.82 Mmboe (10.9 Bcfe) (including ethane) Note: Townships where Range holds ~3,000+ acres are shown in yellow (As of 12/31/2012) 19 19
    • Southwest PA – Super-Rich Marcellus Horizontal Length Average Number of Stages 5,000 4,500 Stages Feet 4,000 3,500 3,000 2,500 2,000 2010-2012* 2013 23 21 19 17 15 13 11 9 7 5 2014+ 2010-2012* 2014+ EUR by Year 0.5 2.0 EUR (Mmboe) EUR (Mmboe)/1,000 ft. EUR per 1,000 ft. 2013 0.4 0.3 0.2 0.1 1.7 1.4 1.1 0.8 0.5 2010-2012* 2013 2014+ 2010-2012* 2013 2014+ *Super Rich area defined as 51 High BTU wells drilled prior to 2013 with laterals > 3,000 ft 20 20
    • SW PA Super-Rich Area Marcellus Projected Development Mode Economics  Southwestern PA – (high Btu case)  EUR – 1.82 Mmboe (10.9 Bcfe) Reserves and economics based on planned future activity of 4,500 foot lateral length with 22 frac stages, 500 klbs/stage (112 Mbbls condensate, 926 Mbbls NGLs, and 4.7 Bcf gas)  Drill and Complete Capital $6.4 MM  F&D – $4.21/boe 140% 120% Strip - 105% $5.00 -  82% $4.00 -  105% $3.00 -    1.82 Mmboe 131% 100% IRR NYMEX Gas Price Includes gathering, pipeline and processing costs Oil price assumed to be $90.00/bbl with no escalation NGL price (except for ethane) assumed to be 40% of WTI with escalation Ethane price tied to ethane contracts plus same comparable escalation as gas price Strip dated 06/28/13 with 10 year average $83/bbl and $4.85/mcf 80% 60% 40% $3.00 $4.00 $5.00 Gas Price, $/Mmbtu NYMEX Strip pricing NPV10 = $14.7 MM 21 21
    • Southwest PA – Wet Marcellus Super-Rich 110,000 acres Wet Gas 220,000 acres  Over 200 Range wells placed on production in wet gas area over the last four years with varying lateral lengths and frac stages  During 2012, Range placed 62 wells on production with an average lateral length of 3,200 feet and 13 frac stages  Planned activity in the wet area is expected to be 4,200 foot laterals with RCS completions resulting in anticipated recoveries of 12.3 Bcfe (including ethane) Dry Gas 210,000 acres • Drilled well Note: Townships where Range holds ~3,000+ acres are shown in yellow (As of 12/31/2012) 22 22
    • Southwest PA – Wet Marcellus Horizontal Length Average Number of Stages 4,500 25 20 Stages Feet 4,000 3,500 3,000 15 10 2,500 2,000 5 2007-2012* 2013 2014+ 2007-2012* EUR per 1,000 ft. 2014+ EUR by Year 14 3.0 12 EUR (Bcfe) 3.5 EUR (Bcfe)/1,000 ft. 2013 2.5 2.0 1.5 10 8 6 4 1.0 2 2007-2012* 2013 2014+ 2007-2012* 2013 2014+ *Wet area defined as 62 medium and low BTU wells drilled prior to 2013 with laterals > 3,000 ft and number of stages ≥ 10 23 23
    • SW PA Wet Marcellus Projected Development Mode Economics  Southwestern PA – (wet gas case)  EUR –12.3 Bcfe Reserves and economics based on planned future activity of 4,200 foot lateral length with 21 frac stages, 400 klbs/stage (27 Mbbls condensate, 951 Mbbls NGLs, and 6.4 Bcf gas)  Drill and Complete Capital $6.1 MM  F&D – $0.60/mcfe 160% 140% NYMEX Gas Price 12.3 Bcfe Strip - 106% $3.00 - 70% $4.00 - 106% 60% $5.00 - 148% 40% IRR 120% 100% 80% $3.00      Includes gathering, pipeline and processing costs Oil price assumed to be $90.00/bbl with no escalation NGL price (except for ethane) assumed to be 40% of WTI with escalation Ethane price tied to ethane contracts plus gas price escalation Strip dated 06/28/13 with 10 year average $83/bbl and $4.85/mcf $4.00 $5.00 Gas Price, $/Mmbtu NYMEX Strip pricing NPV10 = $14.7 MM 24
    • Southwest PA – Industry Activity in Dry Gas Acreage  56% of horizontal dry gas Marcellus wells drilled by industry in SW PA have projected recoveries from 5 to over 20 Bcf per well  Range’s SW Pennsylvania dry gas acreage is predominantly held by production 210,000 net acres Represent a 10+ Bcf well  Range’s future wells are expected to be 5,000 foot laterals with RCS completions and anticipated recoveries of 12.2 Bcf Represent a 5-10 Bcf well Note: Townships where Range holds ~3,000 or more acres are shown in yellow (As of 12/31/2012) 25 25
    • Southwest PA – Dry Marcellus Horizontal Length Average Number of Stages 5,500 30 5,000 25 Stages Feet 4,500 4,000 3,500 20 15 3,000 10 2,500 2,000 5 2011-2012* 2013 2014+ 2011-2012* EUR per 1,000 ft. 2014+ EUR by Year 3.0 14.0 12.0 2.5 EUR (Bcfe) EUR (Bcfe)/1,000 ft. 2013 2.0 1.5 10.0 8.0 6.0 4.0 1.0 2.0 2011-2012* 2013 2014+ 2011-2012* 2013 2014+ *Dry area defined as 16 wells drilled prior to 2013 with 2,900 ft laterals and 10 stages 26 26
    • SW PA Dry Marcellus Projected Development Mode Economics     Southwestern PA – (dry gas) EUR – 12.2 Bcf Drill and Complete Capital $6.0 MM F&D – $0.59/mcf – (12.2 Bcf) Reserves and economics based on planned future activity of 5,000 foot lateral length with 25 frac stages, 300 klbs/stage 200% 180% 160% 12.2 Bcf Strip - 97% 100% $3.00 - 36% 80% $4.00 - 96% 60% $5.00 - IRR NYMEX Gas Price 180% 140% 120% 40% 20% $3.00 $4.00 $5.00 Gas Price, $/Mmbtu NYMEX   Includes gathering, pipeline and processing costs Strip dated 06/28/13 with 10 year average $83/bbl and $4.85/mcf Strip pricing NPV10 = $12.7 MM 27 27
    • Southwest PA - Economic Summary Super-Rich EUR EUR/1,000 ft lateral Wet 1.82 Mmboe (10.9 Bcfe) 12.3 Bcfe 1,038 Mbbls & 4.7 Bcf 978 Mbbls & 6.4 Bcf 0.40 Mmboe Dry 12.2 Bcf 2.93 Bcfe 2.44 Bcfe 586 Mmcfe 488 Mmcfe $6.4 MM $6.1 MM $6.0 MM 22 21 25 4,500 ft 4,200 ft 5,000 ft IRR – Strip 105% 106% 97% IRR – $4.00 105% 106% 96% EUR/stage Well Cost Stages Lateral Length (2.41 Bcfe equivalent) 82.7 Mboe (497 Mmcfe equivalent) With the robust returns from all SW PA areas, Range will be taking a balanced approach to developing acreage and growing overall production at 20% to 25% each year while increasing cash flow at a higher percentage 28 28
    • Innovative NGL Marketing Mariner East & West have access to international markets and premium export pricing for future contracts Ethane export to Canada 2013 Propane/Ethane can be tied into NE markets or be exported internationally 2013/2015 ATEX gives access to largest ethane market and storage in the U.S. All of the markets are scalable Current pricing indexes at contract volumes would equate to $4.13 gas price plus $0.40-$0.50 in added propane recoveries Mariner West ATEX Mariner East With existing ethane arrangements and minimum ethane extraction to meet pipeline quality, Range can grow wet gas in the Marcellus to 1.8 Bcf/d Ethane pipeline to Mont Belvieu markets 2014 Existing Contractual Agreements:  Mariner West – 15,000 bbl/d of ethane (Commissioning)  ATEX – 20,000 bbl/d of ethane  Mariner East – 20,000 bbl/d of ethane – 20,000 bbl/d of propane 29 29
    • Current Capability of Range’s Marcellus Area Processing Plant 1.4 Bcf/d gas 1.8 Bcf/d of wet inlet gas 55,000 bbls/d ethane 140,000 bbls/d condensate and C3+ Inlet gas needed to produce 55,000 bbls ethane per day, assuming minimum extraction 2.6 Bcfe/d Additional dry gas: > 1.0 Bcf/d Ethane contracts have cleared a path, allowing Range to produce over 3 Bcfe per day net from the Marcellus alone > 3.6 Bcfe/d from the Marcellus (> 3.0 Bcfe/d net) 30 30
    • Additional Upside – Appalachia Stacked Pays As Marcellus drilling holds all depths, industry activity is proving up our SW PA Utica/Point Pleasant and Upper Devonian acreage Utica/Point Pleasant Shale   Significant acreage positions in two areas SW PA – dry gas (400,000 net acres) NW PA – wet gas (180,000 net acres) CHK Hubbard-3H, ~1 mile west of Range’s acreage, tested at 11.1 Mmcf/d with a lateral length of 2,900 feet and 8 frac stages Upper Devonian Shale    Note: Townships where Range holds ~3,000 or more acres are shown in yellow (As of 12/31/2012) Stacked Pay Enhances Project Economics Upper Devonian acreage significantly derisked Latest Super-Rich well – 24 hour test rate 10.0 Mmcfe/d (4.0 Mmcf/d gas, 172 bbls condensate, 826 bbls NGLs) Co-development of Upper Devonian & Marcellus may result in enhanced Marcellus wells 31 31
    • Additional Upside – Oil Component Two Potentially Large Scale, Repeatable Oil Projects are being tested Horizontal Mississippian  ~160,000 net acres along the Nemaha Uplift  Successfully drilled the southern width of the Nemaha Uplift  Trying larger frac treatments; first four wells 45% above 600 Mboe type curve during the first 65 days  Successfully drilled 12 mile northern step out well; 30 day production rate of 330 boe/d with 94% liquids (85% oil, 9% NGLs)  Assuming 80 acre spacing would result in over 2,000 well locations Permian     ~100,000 net acres prospective Stacked pay potential: Cline, Upper Wolfcamp and Lower Wolfcamp Assuming 50 acre spacing would result in over 2,000 well locations Surrounding industry activity is successfully drilling offset acreage with multiple targeted horizons  Drilled two 7,000 foot laterals in Cline and Upper Wolfcamp. Cline well flowing back now. Upper Wolfcamp will be fraced in November 32 32
    • 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, representing 6% of current U.S natural gas demand  The EIA estimates that natural gas fired power plants will supply 46% of all new power plant additions through 2035- compared to 37% for renewables, 12% for coal and 3% for nuclear  Manufacturing/Petrochemical    Due to the large price difference in naptha (oil-based) versus ethane (gas-based), U.S. international petrochemical companies are converting their feedstocks from naptha to ethane A study from the American Chemistry Council titled, “Shale Gas and New Petrochemicals Investment”, estimates investment of $16.2 billion in petrochemical plants & equipment over the next several years Large number of proposed projects in gas-to-liquids, methanol, ethylene crackers and fertilizers  Natural Gas Exports  In just a few years, the outlook has changed from the U.S. being a net importer of natural gas to becoming a net exporter  A Department of Energy Study in December 2012 concluded that natural gas exports would be beneficial for the U.S. under any pricing scenario. “Across all these scenarios, the U.S. was projected to gain net economic benefits from allowing LNG exports”  Current proposed and announced export projects total 27 Bcf/day  Transportation Sector  With natural gas vehicles (NGV’s) being 25% cleaner, fuel costs 50% less and new refueling stations being added across the U.S., the number of U.S. NGV’s is expected to increase significantly  Fleet managers at AT&T, UPS, and Waste Management are converting all or parts of their fleets to natural gas as are transit agencies, municipalities and state governments  The three largest U.S. truck manufacturers are now producing dual-fuel CNG trucks  Range now has 184 CNG vehicles in its own corporate fleet 33 33
    • Environment, Health and Safety - A Core Value at Range  Environmental, Health and Safety issues can affect many aspects 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 leader − In 2008, Range recommended improved standards for well cementing and casing to the DEP that are now being widely used. − In 2009, Range announced 100% water recycling in the Marcellus. − In 2010, Range was the first company to voluntarily disclose hydraulic fracturing fluid contents. − In 2011, Range’s zero vapor protocol and emission reduction and elimination program was shared with the industry and regulators.  Range provides training to its employees to create a culture of safe performance and regulatory compliance. Our Contractor Management protocol requires that work be performed at its highest standard.  Range remains active in incident management and response planning by working with local community government and first responders to identify roles and responsibilities for a robust unified management approach to unique situations.  Range’s goal is to maintain a safe and secure working environment for our employees and communities in which we work. 34 34
    • 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 depending on commodity prices  High rate of return, high growth, large scale assets, and low reinvestment risk  Resource potential 9-13 times proved reserves 35 35
    • Appendix 36 36
    • Marcellus and Appalachia Section 37 37
    • Shale Wells Drilled and Permitted Legend Legend RANGE Super-Rich Area ANADARKO CHEVRON/CHIEF SW CABOT CHESAPEAKE CHIEF CONSOL ECA Wet Area EOG EQT EXCO REX SHELL TALISMAN ULTRA XTO/EXXON/PHILLIPS OTHERS LARGER DOTS – DRILLED SMALLER DOTS – PERMITS 38
    • Southwest PA – Super-Rich Marcellus Well Projection Mcf/d 10,000 • EUR – 1,038 Mbbls & 4.7 BCF (1.82 Mmboe) • 4,500’ lateral length • 22 frac stages 1,000 Bbls/d 100 Estimated Cumulative Recoveries Condensate Residue NGL w/ Ethane (Mbbls) (Mmcf) (Mbbls) 1 Year 36 657 129 2 Years 53 1,070 211 3 Years 63 1,390 274 5 Years 76 1,879 370 10 Years 92 2,693 531 20 Years 103 3,669 723 EUR 112 4,700 926 10 1 1 6 11 Residue Gas 16 Months OIL 21 26 31 36 NGL (INCLUDES ETHANE) 39 39
    • Southwest PA – Wet Marcellus Well Projection 10,000 Mcf/d • EUR – 978 Mbbls & 6.4 BCF (12.3 Bcfe) • 4,200’ lateral length • 21 frac stages 1,000 100 Bbls/d Estimated Cumulative Recoveries 1 Year 2 Years 3 Years 5 Years 10 Years 20 Years EUR 10 Condensate Residue NGL w/ Ethane (Mbbls) (Mmcf) (Mbbls) 11 1,082 161 14 1,674 249 17 2,117 315 19 2,775 412 23 3,841 571 25 5,095 757 27 6,400 951 1 1 6 11 16 21 26 31 36 Months Residue Gas OIL NGL (INCLUDES ETHANE) 40 40
    • Southwest PA – Dry Marcellus Well Projection • EUR – 12.2 BCF • 5,000’ lateral length • 25 frac stages 100,000 Mcf/d 10,000 1,000 Estimated Cumulative Recoveries 100 Residue (Mmcf) 2,576 3,699 4,503 5,668 7,510 9,641 12,200 1 Year 2 Years 3 Years 5 Years 10 Years 20 Years EUR 10 1 1 6 11 16 21 26 31 36 Months Residue Gas 41 41
    • Marcellus Wet Gas Provides Significant Price Uplift $/Wellhead Mcf $7.70- $7.80 $8.00 $7.40 $7.00 $1.95 $6.00 NGLs (C3+) $2.97 $3.07 NGLs (C2+) $5.00 $1.53 $4.16 Condensate $4.00 $1.53 Condensate $3.00 $2.00 $4.16 Gas (1040 Btu) $1.00 $3.92 Gas (1140 Btu) 14% shrink $3.20 Gas (1055 Btu) 24% shrink $0.00 Dry Gas Wet Gas - Ethane Rejection Current Wet Gas - Ethane Extraction Projected - 2015 Assumptions: $4.00 NG, $90.00 WTI, 40% WTI (C3+), 2.27 GPM (ethane rejection), 5.60 GPM (ethane extraction), all processing, shrink, fuel & ethane transport included. Based on SWPA wet gas quality (1,275 processing plant inlet btu). Wet Gas (Ethane Extraction) based on full utilization of current ethane/propane agreements. NOTE: Wet Gas (Ethane Rejection) equals 1.3 mcfe post-processing and Wet Gas (Ethane Extraction) equals 1.68 mcfe. 42
    • Ethane Ship Currently Being Used by Evergas Photo Courtesy of Evergas 43 43
    • Marcellus NGL Pricing Wt. Avg. Composite Barrel Realized Marcellus NGL Prices (2) (1) WTI Oil Price Marcellus NGL Price NGL as % of WTI 1Q 2010 $78.81 $44.79 57% Ethane 2Q 2010 $77.72 $39.09 50% Propane C3 3Q 2010 $76.18 $35.97 47% Iso Butane iC4 4Q 2010 $85.24 $45.96 54% Normal Butane nC4 1Q 2011 $94.65 $53.60 57% Natural Gasoline C5+ 2Q 2011 $102.34 $53.02 52% 3Q 2011 $89.54 $48.29 54% 4Q 2011 $94.56 $52.98 56% 1Q 2012 $103.13 $51.10 50% 2Q 2012 $92.27 $36.89 40% 3Q 2012 $92.58 $30.46 33% 4Q 2012 $88.17 $37.78 43% 1Q 2013 $94.25 $34.96 37% 2Q 2013 $94.20 $30.87 33% 3Q 2013 $105.87 $32.12 30% 6% 17% 18% 52% 7% 2009 – 2012 NGL as % of WTI = 50% YTD 2013 NGL average price = 33%  Since NGL composite barrel is over 50% propane, NGLs should follow propane seasonal prices during heating season. (1) Based on NGL volumes for August 2013 (2) Net of MarkWest-Liberty processing, compression and trucking fees 44 44
    • Marcellus Condensate Pricing Range’s condensate pricing in Appalachia has improved each year since 2010 Realized Marcellus Condensate Prices 2010 63% 2011 79% 2012 84%  As condensate volumes increase, better pricing is available  Growing demand from Canada  Greater use as blending agent with refiners and petrochemical users WTI Oil Price Marcellus Condensate Price Condensate as % of WTI 1Q 2010 1,152 $78.81 $46.88 60% 2Q 2010 1,451 $77.72 $49.95 64% 3Q 2010 1,346 $76.18 $48.59 64% 4Q 2010 1,741 $85.24 $53.64 63% 1Q 2011 Condensate Price as % of WTI Condensate bbls/d 1,573 $94.65 $68.79 73% 2Q 2011 1,825 $102.34 $77.20 75% 3Q 2011 2,061 $89.54 $73.06 82% 4Q 2011 2,421 $94.56 $80.00 85% 1Q 2012 3,395 $103.13 $83.54 81% 2Q 2012 3,434 $92.27 $77.51 84% 3Q 2012 4,422 $92.58 $79.05 85% 4Q 2012 6,047 $88.17 $76.57 87% 1Q 2013 6,457 $94.25 $82.56 88% 2Q 2013 6,216 $94.20 $80.41 85% 3Q 2013 7,368 $105.87 $86.54 82% 45 45
    • Proposed Gross Capacity Additions Cryogenic Processing Installed by MarkWest Liberty (Mmcf/day) Current Capacity 2Q 2009 4Q 2009 3Q 2010 2Q 2011 2Q 2011 Other Capacity Committed to Range Houston, PA Majorsville, WV Volume Volume Total Volume 35 120 30 35 120 135 200 135 400 1,025 Houston I Houston II Majorsville I Houston III Majorsville II Mobley I, Sherwood I Majorsville III-VI Houston IV Location TBD 70 105 10 95 400 610 200 600 800 200 200 270 320 400 1,930 320 400 2,945 190 40 345 Future Expansions 1Q 2014 3Q 2015 TBD Third Party Volumes* 200 200 Other WV 2013 2013 745 Mobley II-III Sherwood II-III *Unused capacity can be used by Range on an interruptible basis Wet Gas - SW  Currently 415 Mmcf/d firm cryo processing capacity plus unutilized third party capacity; processing capacity increases to 615 Mmcf/d by 1Q 2014 Dry Gas - SW  Currently 150 Mmcf/d gathering and compression capacity in SW  Currently 350 Mmcf/d pipeline tap capacity in SW 46 46
    • The Mariner Project – West & East Mariner West – Sarnia, Ontario  Project commenced in 3Q2013  40 mile 10” pipe to existing Sunoco New Connection to Existing Sunoco Pipelines Sunoco Logistics Existing Pipeline pipeline  De-ethanization 3Q13 Sunoco Philadelphia Storage and Docks  Other potential ethane customers Mariner East – Philadelphia Docks  Targeted ethane service in 1H2015, targeted propane service in mid-2014  Ethane chilling plant and storage constructed at Sunoco dock Houston Processing Plant / Fractionator  Transfer to LPG carriers  Gulf Coast, Mid-Atlantic and international markets 47 47
    • 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” pipe from Pennsylvania to Indiana Reverse existing EPD 16” pipe from Indiana to Beaumont Build 55 miles of new 16” pipe from Beaumont to Mont Belvieu Ethane production would have direct or indirect access to ~95% of ethylene plants in the U.S. Source: Enterprise Product Partners L.P., February 5, 2013 48 48
    • Marcellus Area Pipelines – Take-Away Capacity Firm Transport & Sales with Firm Transport YE 2013 SW YE 2015 (1) (2) Firm Transport 650 Mmcf/day 980 Mmcf/day Firm Sales 225 Mmcf/day 300 Mmcf/day -- -- 120 Mmcf/day 200 Mmcf/day NE Firm Transport Firm Sales TOTAL (1) (2) Firm Transport 650 Mmcf/day 980 Mmcf/day Firm Sales 345 Mmcf/day 500 Mmcf/day 995 Mmcf/day 1,480 Mmcf/day Columbia Gas Transmission/Columbia Gulf Marcellus Fairway Texas Eastern Transmission Tennessee Gas Pipeline Areas under development Dominion Transmission Transcontinental Gas Pipeline (1) – Excludes 300 Mmcf/d of regional firm gathering to interstate pipelines (2) – Excludes 490 Mmcf/d of regional firm gathering to interstate pipelines Range will continue to layer on new firm transportation to meet our expected growth in gas production 49 49
    • Marcellus - Proposed Infrastructure Projects through 2016 Incremental capacity: +7.1 Bcfd West & Northwest TETCO/DTE/Enbridge NEXUS Pipeline ANR Lebanon Lateral +1.4 Bcfd North & Northeast Constitution Pipeline Williams NE Supply Link Spectra AIM Project +1.3 Bcfd Metropolitan NY Area Texas Eastern NJ-NY Expansion Williams Rockaway Lateral +1.4 Bcfd Mid-Atlantic & Southeast NiSource (TCO) East Side Expansion Williams Leidy SE Expansion Williams Atlantic Sunrise Texas Eastern Team 2014 +1.9 Bcfd South & Southwest NiSource (TCO) West Side Expansion TETCO OPEN Project +1.1 Bcfd *Data as of September 2013 *Capacities and timing may vary *May not include all current projects 50 50
    • Tighter Spacing Adds 12 to 15 Tcfe in Super-Rich and Wet Areas  Range has completed two 500 foot spaced pilot projects in the super-rich and wet areas of the Marcellus Shale in Washington County PA that have been online for three years  Results from these projects have been very promising with EURs for 500 foot spaced wells averaging 80% of EURs for 1,000 foot spaced wells  Assuming full development of the super-rich and wet areas of the Marcellus, tighter spacing adds an incremental 12 to 15 Tcfe of resource potential (including ethane extraction)  Dry gas areas also have tighter spacing potential 51 51
    • Results of Marcellus Tighter Spacing Pilot Projects Projects conducted in the Super-Rich and Wet areas of the Marcellus 3,000 500 foot spaced wells produced 80% of 1,000 foot spaced wells over a three year period 2,500 Mcfed/1,000 ft 2,000 1,500 1,000 500 0 1 Year 1 365 Year 2 729 500 ft Wells Year 3 1,000 ft Wells Production includes residue gas, condensate and NGLs 52 52
    • Northeast PA  Running 1-2 rigs in 2013 to hold acreage Northeast 145,000 net acres  In addition to Lycoming County wells, wells tested in Clinton and Centre counties  One rig is designed to hold all blocked up acreage being targeted for development Note: Townships where Range holds ~3,000+ acres are shown in yellow (As of 12/31/2012) 53 53
    • Range is “4 for 4” in the Upper Devonian Super-Rich 110,000 acres Wet Gas 220,000 acres Latest Super-Rich well – (24 hour test rate) 10.0 Mmcfe/d recovery composed of: 4.0 Mmcf/d gas 172 bbls condensate 826 bbls NGLs   • Drilled well Hydrocarbon in place and thermal maturity of SW PA Upper Devonian appears similar to Marcellus  Dry Gas 210,000 acres Completion method and landing significantly improved results from the first test First four Upper Devonian are ahead of first four Marcellus wells Note: Townships where Range holds ~3,000+ acres are shown in yellow (As of 12/31/2012) 54 54
    • Industry Well Activity in the Upper Devonian is Increasing Note: Townships where Range holds ~3,000 or more acres are shown in yellow (As of 12/31/2012) 55 55
    • Western PA – Wet and Dry Utica/Point Pleasant Range has significant acreage positions in the Utica shale play POINT PLEASANT ABSENT  ~400,000 net acres are prospective for dry Utica  ~180,000 net acres are prospective for wet Utica in Northwest PA OH PA  Recently, industry activity has picked up in both wet and dry areas offsetting Range acreage Note: Townships where Range holds ~3,000+ acres are shown in yellow (As of 12/31/2012) 56 56
    • Range Virginia Assets  ~231,000 net acres – 72 Mmcf/day – very low decline rate  Interest in over 3,000 producing wells  7,000+ additional wells to drill  Stacked pay area  F&D < $1.00/mcf  LOE ~ $0.60/mcf  Location is strategic to expanding markets  2.6 to 3.2 Tcf resource potential Mineral Rights HBP HBP + Royalty Note: Acreage shown (As of 12/31/2012) 57 57
    • Midcontinent Section 58 58
    • Oklahoma / Kansas - Horizontal Mississippian * Range’s ~160,000 net acres appear prospective based on vertical well control  Over 4,500 Mississippian wells have defined the productive boundaries  On 80 acre spacing (4,000 foot laterals) Range has the opportunity to drill ~2,000 potential horizontal wells  Mississippian could equate to almost a billion barrel equivalent field net for Range  Highest average cumulative oil production from vertical wells are located in Kay County; Cowley & Sumner counties are also high • Represent historic vertical Mississippian wells Note: Sections where Range has acreage are shown in yellow (As of 12/31/2012), and average cumulative oil production per vertical well shown in maroon text *Internal estimates indicate 64 MBO cumulative production for Cowley County wells. Based on data from 598 wells with first production prior to 12/31/1985. 59 59
    • Range has ~160,000 Net Acres on or in Close Proximity to the Nemaha Ridge West East Chat Pennsylvania Formations NEMAHA RIDGE (Uplift) Location is Important  Our location on the Nemaha Uplift offers enhanced Chat development, as well as a favorable structural position  Chat porosity ranges up to 30% - 40% while Mississippi Lime porosity falls in the 3% - 5% range on average  Higher structurally, generally giving way to better oil cuts  Reserves per lateral foot on the first 24 wells indicate that Range has core acreage in the Mississippian 60 60
    • 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 first production prior to 12/31/1985. 61 61
    • Horizontal Mississippian Development Mode Economics  Based on 25 wells (2009-2012) 160%  EUR – 485 Mboe (2009-2011 wells) 140% 600 Mboe (2012 wells) 120%  Drill & Complete Capital $3.4 MM − All cases include $200K for SWD IRR (1)(2)(3) 100%  F&D – $8.91/boe – (485 Mboe) $7.27/boe – (600 Mboe) 80% 60% NYMEX 485 Mboe 600 Mboe 40% Oil Price (2009-2011) (2012) 20% - 91% 133% $ 80.00 - 65% 96% $ 90.00 - 81% 118% Strip Pricing NPV10 = $4.8 MM (485 Mboe) $100.00 - 98% 142% Strip Pricing NPV10 = $7.5 MM (600 Mboe) Strip(2) 0% $80.00 $90.00 $100.00 Oil Price, $/bbl NYMEX (1) Includes gathering, pipeline and processing costs (2) Strip dated 03/28/13 with 10 year average $86.86/bbl and $4.79/mcf (3) Gas price assumed to be $4.00/mcf in all scenarios 62 62
    • 2009 - 2011 Horizontal Mississippian Type Curves By Product 2009-2011 Development Program - 8 wells average EUR is 485 Mboe - 2,197 ft. laterals and 12 stages (averages) - ~67% of EUR comprised of liquids - EUR equates to 4-9% recovery of the original oil in place Gross Residue Gas (MCFD) Gross Oil and NGL (BOPD) 1,000 100 10 1 31 61 91 121 151 181 211 241 271 301 331 361 391 421 451 481 511 541 571 601 631 661 691 721 751 781 Production 2009-2011 Gas Average 2009-2011 NGL Average 2009-2011 Oil Average 2009-2011 Equiv Average Type Curve 2009-2011 Gas Type 2009-2011 NGL Type 2009-2011 Oil Type 2009-2011 Equiv Type (485 Mboe) 63 63 63
    • 2012 Horizontal Mississippian Type Curves By Product 2012 Development Program - 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) 1000 100 Note: Fewer number of wells included in data set moving left to right *Excludes 5 wells with operational/mechanical issues 1 16 31 46 61 76 91 106 121 136 151 166 181 196 211 226 241 256 271 286 301 316 331 346 361 376 391 406 421 436 451 466 481 496 511 526 541 556 571 586 601 616 631 646 661 676 691 706 721 736 751 766 781 796 10 Days 2012 Gas Average 2012 NGL Average 2012 Oil Average 2012 Equiv Average 600 MBOE Gas Type 600 MBOE NGL Type 600 MBOE Oil Type 600 MBOE Equiv Type 485 MBOE Gas Type 485 MBOE NGL Type 485 MBOE Oil Type 485 MBOE Equiv Type 64 64
    • Concentrated Position Allows Low Cost Future Development  Range has ~160,000 net acres largely blocked up for economy of scale Bellmon Plant – Superior Capacity: 30 Mmcf/d and expanding Residue Pipeline: Southern Star  Gas processing and crude oil refining are all adjacent to acreage Rodman Plant – Mustang Capacity: 70 Mmcf/d; up to 140 Mmcf/d with offloads to other Mustang Plants Residue Pipelines: OK-Tex (connected to OGT, Enogex, CEGT, PEPL and Southern Star) Conoco Phillips crude oil refinery Capacity: 200,000 Bbls/d  Capacity is scalable as production grows  Firm transport provided in connection with processing agreements Note: Acreage shown (As of 12/31/2012) 65 65
    • Permian Section 66 66
    • Midland Basin – Cline and Wolfcamp Oil Shales Range has ~100,000 net acres; 91% HBP Range – Edmondson A 24-hr IP: 541 BOE/D (74% liquids) 3250’ lateral and 7 stages  All 100,000 acres appear prospective for Cline Range – Hildebrand 24-hr IP: 452 BOE/D (84% liquids) 3,486’ lateral and 14 stages Range – F. Conger 24-hr IP: 620 BOE/D (77% liquids) 3,984’ lateral and 16 stages Range WolfCamp well – completing Range Cline well - completing  First three Cline wells encouraging  Currently completing two 7,000 foot lateral tests (Cline & Upper Wolfcamp)  Industry activity in the area will help define Range’s acreage at no cost Note: Acreage shown (As of 12/31/2012) 67 67
    • Midland Basin – Vertical Wolfberry Wolfberry Range Wolfberry acreage  Year to date, Range has turned 14 Vertical Wolfberry wells to sales  On average, wells have a 24-hour IP of 370 boe/d Range’s eastern Wolfberry test well (203 bbl/d oil, 88 bbl/d NGLs and 475 mcf/d gas)  Expecting up to 1,000 locations on 20 acres spacing Note: Acreage shown (As of 12/31/2012) 68 68
    • Conger Field – Cline & Wolfberry RANGE RESOURCES EDMONDSON "A" Time Strat. Units 0 Formations 37-19 42173334980000 GR 0. 2 0. 2 150 I LM I LD 2000 2000 USBY RANGE CONGER AREA PROPERTIES M_CLFK 5500 LSBY Spraberry Dean 6000 Leonardian Legacy Conger Field Pays U_LEONARD 6500 DEAN Upper Wolfcamp 7000 Middle Wolfcamp 7500 Lower Wolfcamp 8000 Wolfcampian CONGER_FIELD_PAY Cisco-Canyon Sand Formation 8500 CLINE Pennsylvanian 9000 STRAWN U_MISS Mississippian 9500 Silurian HS=0 PETRA 4/23/2012 3:11:22 PM Cline Shale Member BRNT BWDFD W O L F B E R R Y Cline Horizontal Pay – potential across all 100,000 Net Acres Wolfberry Vertical Pay – Expect up to 1,000 locations on 20 acre spacing Strawn Miss Barnett/Woodford Fusselman 69 69
    • Financial and Reserve Section 70 70
    • Range – #1 Low Cost Producer in 2012 1st, 2nd, or 3rd in the Bank of America Study for Each of the Last 9 Years ** $16.00 Lease Operating Expense G&A Expense Interest Expense PUD Adjustment 3-Year Reserve Replacement $14.00 $/Mcfe $12.00 $10.00 Range Resources $8.00 $6.00 $4.00 $2.00 $0.00 Source: Bank of America Securities 2012 E&P Full-Cycle Margin & Reserve Digest supplemented with Range peer group. * Peer group company added ** Three-year reserve replacement cost not meaningful due to negative reserve revisions, or data extents beyond the graph Note: LOE includes production taxes, gathering, & transportation; Interest includes preferred dividends and capitalized interest; and G&A expense excludes equity-based compensation 71 71
    • Unit Costs Are a Key Focus $4.50 $4.00 $/mcfe $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 $- 2008 2009 2010 2011 2012 YTD 2013 Reserve Replacement(1) $1.64 $1.25 $0.83 $0.68 $0.68 $0.68 LOE (2) $0.99 $0.82 $0.72 $0.60 $0.41 $0.37 Prod. taxes $0.39 $0.20 $0.19 $0.14 $0.15(3) $0.14 G&A (2) $0.49 $0.51 $0.55 $0.56 $0.46 $0.42 Interest $0.71 $0.74 $0.73 $0.69 $0.61 $0.53 Trans. & Gathering $0.08 $0.32 $0.40 $0.62 $0.70 $0.76 Total $4.30 $3.84 $3.42 $3.29 $3.01 $2.90 (1) Three-year average of drill bit F&D costs, excluding acreage (2) Excludes non-cash stock compensation (3) Excludes retroactive payments for PA impact fee in 2012. 72 72
    • Growth at Low Cost Top quartile growth at top quartile cost 2008 2009(4) 2010 2011 2012 3 Year Average 5 Year 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 - without acreage (1) $1.70 $0.69 $0.59 $0.76 $0.67 $0.68 $0.76 Drill bit only - with acreage (1) $2.61 (3) $0.90 $0.70 $0.89 $0.76 $0.78 $0.94 All sources Excluding price revisions $2.77 (3) $0.90 $0.73 $0.89 $0.76 $0.79 $0.98 Including price revisions $3.10 (3) $1.00 $0.71 $0.89 $0.86 $0.82 $1.04 (1) (2) (3) (4) Includes performance revisions only. From all sources, including price and performance revisions, excludes sales. Includes $600 million in acreage costs incurred in 2008, primarily for Marcellus Shale acreage. Beginning in 2009, amounts based upon new SEC rules as to pricing and PUD methodology. 73 73
    • Strong, Simple Balance Sheet 2nd Quarter 2013 3rd Quarter 2013 $47 $309 $427 2,139 2,890 2,640 2,640 (0) (0) (0) (0) (0) 1,957 1,975 2,878 2,937 2,949 3,067 2,379 2,224 2,392 2,357 2,258 2,386 2,391 $4,086 $4,181 $4,367 $5,235 5,195 $5,335 $5,458 42% 47% 45% 55% 57% 55% 56% 2.2x 2.8x 2.3x 3.2x 3.0x 2.8x 2.8x $ 927 $ 971 $ 1,284 $ 927 $1,618 $1,356 $1,238 Year-End 2009 Year-End 2010 Year-End 2011 Year-End 2012 Bank borrowings $324 $274 $187 $739 Sr. Sub. Notes 1,384 1,686 1,788 Less: Cash (1) (3) 1,707 1st Quarter 2013 ($ in millions) Net debt Common equity Total capitalization Debt-tocapitalization(1) Debt/EBITDAX Liquidity (2) (1) (1) Ratios are net of cash balances. (2) Liquidity equals cash available borrowings under the revolving credit facility, as requested. 74 74
    • Debt Maturities Range maintains an orderly debt maturity ladder 800 $750 700 $600 600 $500 $500 ( $ Millions ) 500 $427 400 Credit Facility $300 300 200 100 0 Senior Secured Revolving Credit Facility (as of June 30, 2013) Senior Subordinated Notes 75 75
    • Range’s Outstanding Bonds Corporate Rating: Ba1 / BB Senior Subordinated Notes Outlook: Stable Amount Current YTW 8.00% due 2019 $ 300 1.84% 6.75% due 2020 $ 500 3.51% 5.75% due 2021 $ 500 4.14% 5.00% due 2022 $ 600 5.00% 5.00% due 2023 $ 750 5.03% Total $2,650 7.00% Yield to Worst 6.00% 5.96% 5.84% 7 to 10 Year Maturity Index E&P Index 5.00% 4.00% 4.21% 4.50% 3.00% 2.00% 1.00% 0.00% Range Weighted Average BB Index Range bonds have consistently traded in-line or better than BB rated index Source: Bank of America as of 10/25/13 Note: Range’s weighted average maturity is 8.4 years 76 76
    • Resilient Credit Metrics Driven by Low Cost Growth Debt / EBITDAX Debt / Total Proved 4.5x Covenant 4.0x ($/mcfe) $1.00 $0.90 BB / Ba2 Peer Average for 2012 $0.80 3.5x $0.70 $0.60 3.0x $0.50 2.5x $0.40 2.0x $0.30 $0.20 1.5x $0.10 1.0x 2008 2009 2010 2011 Debt / Production 2012 2008 2012PF ($/boepd) 2009 2011 2012 Debt / Proved Developed $1.50 $35,000 2010 2012PF ($/mcfe) BB / Ba2 Peer Average for 2012 $1.40 $30,000 $1.30 BB / Ba2 Peer Average for 2012 $25,000 $1.20 $1.10 $1.00 $20,000 $0.90 $15,000 $0.80 $0.70 $10,000 2008 2009 2010 2011 2012 2012PF 2008 2009 2010 2011 2012 2012PF Note: 2012PF calculations include proforma adjustments for the ~$275mm Permian asset sale. Moody’s upgraded RRC to Ba1 on August 29, 2013. 77
    • 2013 Capital Budget Budget = $1.3 Billion Budget by Area Pipelines, Facilities & Other Acreage & Seismic Marcellus Midcontinent Permian Drilling Appalachia / Nora 79% 82% 8% 10% 2% 2% 17% 85% of capital spending directed toward liquid areas 78 78
    • Resource Potential is 9 to 13 Times Proved Reserves Gas (Tcf) Liquids (Mmbbls) Net Unproven Resource Potential (Tcfe) 27 – 35 1,800 – 2,400 38 – 49 Upper Devonian Shale 8 – 12 600 – 940 12 – 18 Midcontinent, Nora and Permian 6–8 800 – 1,380 10 – 16 41 – 55 3,200 – 4,720 60 – 83 Resource Area Marcellus Shale TOTAL Does not include Utica or tighter spacing in dry Marcellus areas; Liquids include Ethane As of 12/31/2012 except for Marcellus Shale (updated 6/30/2013) tighter spacing in super-rich and wet Marcellus areas only 79 79
    • Gas Hedging Status Volumes Hedged Average Floor Price Average Cap Price (Mmbtu/day) ( $ / Mmbtu) ( $ / Mmbtu) 4Q 2013 Swaps 293,370 $3.82 4Q 2013 Collars 280,000 $4.59 2014 Swaps 50,000 $4.12 2014 Collars 447,500 $3.84 2015 Swaps 67,500 $4.16 2015 Collars 145,000 $4.07 $5.05 $4.48 $4.56 As of 10/29/2013 80 80
    • Oil Hedging Status Volumes Hedged Average Floor Price Average Cap Price (bbls/day) ($/bbl) ($/bbl) 4Q 2013 Swaps 6,825 $96.79 4Q 2013 Collars 3,000 $90.60 2014 Swaps 7,500 $94.33 2014 Collars 2,000 $85.55 2015 Swaps 3,000 $90.13 $100.00 $100.00 As of 10/29/2013 81 81
    • Natural Gas Liquids Hedging Status Volumes Hedged Hedged Price (bbls/day) ($/gal) 4Q 2013 Swaps 6,500 $2.13 4Q 2013 Swaps 2,000 $1.32 2014 Swaps 3,000 $1.33 4Q 2013 Swaps 11,000 $0.945 2014 Swaps 10,000 $0.989 Natural Gasoline (C5) Normal Butane (NC4) Propane (C3) Conversion Factor: One barrel = 42 gallons (1) NGL hedges have Mont Belvieu as the underlying index. (2) In 2Q 2012, Range effectively closed a portion of its Natural Gasoline (C5) hedges for 2013. As a result, the lockedin gain of $7.3 million for 2013 is reflected in the Hedged Price for Propane (C3). As of 10/29/2013 82 82
    • Why Natural Gas?  Consumer Savings     Manufacturing American Products: Low feedstock and energy prices     1,345,513 direct and indirect jobs created by the U.S. Natural Gas Industry(4) Currently in PA: 239,000 jobs with an average salary of $81,116(5) Natural Gas as a Transportation Fuel: CNG & LNG    1. 2. 3. 4. 5. Could result in 1 million additional American factory jobs by 2025(3) Save U.S. manufacturers as much as $11.6 billion annually(3) Other industries: chemical, pharmaceuticals, etc. Family-Sustaining High-Paying Jobs    Shale production could save U.S. households up to as much as $113 billion a year per through 2015(1) American will likely save on average ~$650 per household in 2013(2) Per EIA, natural gas will supply 46% of all new power plants built through 2035, further increasing savings Cleaner-burning – about 25% lower carbon dioxide emissions Cheaper – Costs about 50% less than gasoline CNG fleet conversions are increasing U.S. Federal Reserve economists TD Bank, November 2012 PricewaterhouseCoopers 2012 Study U.S. Natural Gas Caucus PA Department of Labor and Industry (August 2012) 83 83
    • Natural Gas – Less Environmental Impact  Water Usage: −  Surface Impact: Access to hundreds of acres from one location −  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 Total surface disturbance during drilling, including access road, pad and required pipeline infrastructure is less than 1% Air Quality: 2006-2012: Natural gas grew to provide nearly 25% of electricity in the U.S. − − − − During that time, U.S. has recorded the world’s largest decline in greenhouse-gas emissions, reducing 450 million tons The U.S. has dropped CO2 emissions by 500 megatons – about 2x the entire global reductions over the past 20 years(2) At no cost – rather $100 billion savings in cheaper prices! Total toxic air releases dropped 8% since 2010(3) & Pennsylvania pollution reductions translate to $14 - $37 billion in annual public health benefits. (4) 1. U.S. Federal Reserve economists 2. PricewaterhouseCoopers 2012 Study 3. EPA 4. Pennsylvania DEP 84 84
    • 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, Research Manager lsando@rangeresources.com Michael Freeman, Financial Analyst mfreeman@rangeresources.com www.rangeresources.com 85 85