Stock Pitch. Westen Koorbusch, Travis Wolf, Zachary Dukoff, Udit Agrawal, Isaac Fraynd

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1 Stock Pitch Westen Koorbusch, Travis Wolf, Zachary Dukoff, Udit Agrawal, Isaac Fraynd

2 Table of Contents I. Investment Thesis & Company Overview II. Industry Overview III. IV. Natural Gas Holdings & Pipeline Infrastructure Catalysts V. Financials & ValuaMon 2

3 I. Investment Thesis & Company Overview

4 Range Resources CorporaMon BUSINESS OVERVIEW Range Resources CorporaMon is an independent natural gas, natural gas liquids and oil company based in Fort Worth, Texas They operate in the upstream and midstream sectors of the oil & gas industry, and own and operate many of their own pipelines One of the only companies that has released the list of chemicals it uses for hydraulic fracturing Stellar track record of consistent returns in a tradimonally volamle industry COMPETITIVE ADVANTAGES First- mover advantage in the Marcellus Shale region Was one of the first companies to recognize the scope of the Marcellus Shale, and quickly moved to buy real estate and construct pipelines in that region Very low unit costs Range Resources CorporaMon has some of the lowest unit costs of extracmon in the industry, giving them higher profit margins and be\er access to capital Can survive low oil prices In the event of conmnued oil price declines, many of Range Resource CorporaMon s compemtors would be squeezed out of the market MANAGEMENT Jeffrey L. Ventura (President & CEO) Previously President & COO of Matador Petroleum CorporaMon Recipient of 2014 Chief Roughneck Award Roger S. Manny (EVP & CFO) Previously CFO of Matador Petroleum CorporaMon with Ventura Served as Senior VP of energy group at Bank of America Ray N. Walker, Jr. (EVP & COO) Worked previously at Halliburton in various technical and management roles Led RRC s Marcellus Shale division before becoming COO John K. Applegath (Marcellus Shale) Former President & COO of Basic Resources Served in the army as a Warrant Officer while a helicopter pilot in Vietnam Alan W. Farquharson (Reservoir Engineer) Previously managed engineering division at Union Pacific Resources Focuses mainly on strategic allocamon of capital 4

5 Range Resources CorporaMon (NYSE: RRC) Range Resource CorporaSon s recent selloff with oil prices gives us an auracsve buying opportunity for a company with low unit costs and first mover advantage in the Marcellus Shale region RecommendaMon: Buy Current Price: $71.92 Price Target: $92.05 (28.0% Upside) CATALYSTS Low oil prices have led to a selloff in the stock, which is unjusmfied in our opinion Low unit costs mean they can outlast many compemtors in their sector Predicted cold weather for this winter is not yet reflected in the stock price Republican- controlled congress may move faster in allowing exportamon of NGLs RISKS Winter may not be as cold as last winter, which could keep natural gas prices low Oil will conmnue its selloff, and all players in the industry will suffer as a result RegulaMon concerning hydraulic fracturing and other unconvenmonal drilling methods 5

6 II. Industry Overview

7 The Fracking RevoluMon What is Fracking Hydraulic Fracking in which rock is fractured by hydraulically pressurized liquid Production in trillion cubic feet US Shale Gas ProducSon from 1999 to Year 9.35 trillion cubic feet of shale gas predicted for % growth since 2008 Environmental Concerns 2 Began as experiment in 1947, first became commercially feasible in 1997 in Barne\ Shale of North Texas Fluid is injected and cracks the rock bed, allowing natural gas, petroleum and brine to flow out freely Commonly applied to shale gas, Mght gas, Mght oil, and coal seam gas 45% of domesmc natural gas producmon and 17% of oil producmon would halt without fracking Source: 1. United States EIA 2. University of Texas, AusMn Fracking is ssll an environmental controversy and this is ssll a major risk to the advances in fracking 7

8 DRILL BABY DRILL but where? US Shale Reserves US Shale Output 1 Marcellus and USca FormaSon 2 95,000 square miles across the Appalachian Basin Second largest natural gas accumulamon on the planet, with up to 500 trillion cubic feet of recoverable reserves Accounts for 85% of all natural gas produced in the Northeast US 7,000 feet under Marcellus is the USca Shale, which is even more geographically expansive than the Marcellus Shale. Exact size is unknown, but it already is producing natural gas, natural gas liquids, and crude oil. Source: 1. US EIA 2. US EIA 8

9 Natural Gas Prices 21% 13% 6% U.S. Natural Gas Uses 29% 31% Natural Gas Price History 1 Power GeneraMon Industrial OperaMons Use in Homes Commercial Seqngs Natural gas supplies 25% of energy in the U.S New Uses 1 The bridge to a low- carbon future Produces 30% less CO 2 than petroleum and 45% less than coal Natural gas sets the benchmark for which other clean power sources must compete against Increased industrial use will lead to greater compemmveness for US manufacturing CNG (compressed natural gas) used in transportamon million currently vehicles run on CNG Pricing Mechanics Henry Hub Spot Price ($) Although prices have dropped recently, the EIA expects prices to steadily rise in the future. Source: 1. MIT, The Future of Natural Gas 2. United States EIA Benchmarked on the Henry Hub Index. Like all commodimes, price is driven by supply and demand Main drivers of demand Weather, economic growth, fuel compemmon, storage, exports Main drivers of supply; Storage, producmon rates, pipeline capacity, technical issues Approval to trade is needed for countries which do not have exismng US Free- Trade agreements including major countries in Asia and Europe. The US government is likely to consnue to approve exports, leading to an increase in natural gas prices. 9

10 III. Natural Gas Holdings & Pipeline Infrastructure

11 Holdings Reserves Appalachian Reserve Breakdown 92% of reserves are in the Appalachian Region (PA, WV) Marcellus, Upper Devonian, UMca Natural Gas NGL Crude Oil 83% of PA posimon is in Marcellus 6% 0.5% 8% in the Southwest (TX, OK) Texas Panhandle Nemaha Upliu Mississippi Basin 93.5% Target reserve increases of 25% per year Nearly half of holdings are wetà focus on NGL market ProducSon Well Size Range was first to the Marcellus formamon in 2004 Gain expermse in extracmon Output has increased by 22% the past 5 years Currently produce 939 mcf per day, expected 3 bcf by 2018 Adding more wells and increasing lateral size are two major goals for RRC Close to 3,000 wells in Marcellus region Lifespan of 9 years Over 200 new wells were placed in % of producmon comes from the Appalachian region Target goal of 6,200 lateral feet in well size Natural Gas (95%) Currently, dry wells have a lateral size of 5,200 u Heat homes, fuel cars Wet wells 4,200 u Petrochemicals Enables more producmon Natural Gas Liquids (4%) More cost efficient Petrochemicals Crude Oil (1%) Shows expermse in PA area 11

12 Natural Gas Types Wet vs Dry Gas Marcellus NGL Dry Gas (100% methane) Used to heat homes Only shipped within North America Sells for $4.10 mcf at wellhead Wet Gas (<85% methane) Separated into NGL and Natural Gas ImpuriMes (propane, ethane, butane) give a liquid feel 4% 4% 9% 30% 53% Ethane Propane Isobutane Normal Butane Natural Gasoline Used for petrochemicals Sells for $7.40 mcf at wellhead NGL Market Gas Type per Region NGLs are allowed to be exported out of the country Dry Natural Gas cannot leave North America NGLs are priced more expensively in Europe Europe receives 30% of NGLs from Russia Russia and China recently to a $400 billion natural gas agreement Put pressure on prices to Western Europe Would have to import from Qatar High transportamon costs due to areas temperature and distance Only 5% of tankers move through Suez Canal 41% 41% 70% 59% 59% 30% Upper Devonian Marcellus UMca Wet Dry 12

13 Infrastructure Current Issues Costs A lack of pipelines to ports has impeded producmon Forced RRC to ship by trucks and rail TransportaMon costs rise (i,e) New England umlity companies rely 46% on natural gas $1.20 $1.00 $0.80 $0.60 LOE Raised electric prices 30-50% due to import needs $0.40 TransportaMon Not enough expormng terminals Ironically, there are too many import terminals Lake Charles and $0.20 $ Geographic LocaSon Facility Expansion Prime posimon in PA, gives access to Northeast markets and Europe Northeast power plants shiuing from coal to natural gas Marcellus Shale s proximity to Philadelphia allows for fast transportamon from wells to export centers Easily accessible to mid west markets No real geographic barriers ExisMng pipelines to Gulf Coast Tennessee Gas Pipeline Proposed pipelines total a 25 bcf expansion of liquid flow Mariner East is expected to be completed by early 2015 Expected to increase cash flow by $100 mm Transport NGL to Marcus Hook plant in Philadelphia Sunoco LogisMcs announced its plan to build a second pipeline to Mariner East 2 to Marcus Hook Quadruple liquid flow 6 new NGL export facilimes have been approved and will be completed by 2022 Transport to Gulf Coast expormng facilimes once open Allow market supply to increase by 10 bcf Lake Charles and Golden Pass, Louisiana 13

14 IV. Catalysts

15 Prime Real Estate Gas In Place (GIP) Analysis Shows Greatest Potential in SW PA When GIP analysis from the Marcellus, Upper Devonian and Point Pleasant are combined, the largest stacked pay resource is located in SW PA where Range has concentrated its acreage position Note: Townships where Range holds ~3,000 or more acres (as of 12/31/2013), and estimated as prospective, are outlined green. GIP Range estimates. Range Resources has a lot of company specific catalysts that dismnguish it from compemtors Range has high quality acreage in Southwest Pennsylvania This area has the highest potenmal for shale producmon using the Gas In Place(GIP) analysis Only 9% of potenmal Marcellus shale locamons have been drilled thus far leaving large upside potenmal Entry into UMca shale gives further opportunimes for growth 17 Source: Company PresentaMon 15

16 High ProducMon Growth 20% - 25% Growth Trajectory Mmcfe/d Net 3,000 2,500 2,000 1,500 Growth trajectory to 3 Bcfe net per day: Wells identified Compression and processing plants scheduled Required takeaway capacity contracted Corporate production at 25% growth rate Corporate production at 20% growth rate 1, Their unit costs are expected to keep decreasing due to lower well costs in the SW PA region as well as decreasing reserve replacement costs Ownership of pipes and the Mariner projects allows Range to streamline TransportaMon and accommodate weather conmngencies giving them an advantage over compemtors Company expects producmon to grow at % for years to come Note: Includes impact of historical acquisitions and asset sales 7 7 Source: Company PresentaMon 16

17 Unit Costs Are a Key Focus Low Unit Costs $4.50 $4.00 $3.50 $/mcfe $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $- $ E Reserve Replacement (1) $1.64 $1.25 $0.83 $0.68 $0.68 $0.66 $0.63 LOE (2) $0.99 $0.82 $0.72 $0.60 $0.41 $0.37 $0.34 Prod. taxes $0.39 $0.20 $0.19 $0.14 $0.15 (3) $0.13 $0.12 G&A (2) $0.49 $0.51 $0.55 $0.56 $0.46 $0.42 $0.37 Interest $0.71 $0.74 $0.73 $0.69 $0.61 $0.51 $0.41 Trans. & Gathering $0.08 $0.32 $0.40 $0.62 $0.70 $0.75 $0.77 Total $4.30 $3.84 $3.42 $3.29 $3.01 $2.84 $2.64 (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 17 in Source: Company PresentaMon 9 9

18 Natural Gas Prices Natural Gas Range is the largest producer of Natural Gas Liquids in Appalachia A harsh winter would increase demand for Nat Gas impacmng prices Range has reached Ethane and Propane export agreements that will increase annualized cash flow by ~ $100 MM starmng 2015 Source: EIA, Short- Term Energy Outlook, November

19 V. Financials & ValuaSon

20 ValuaMon Net Asset Value (ConservaMve) ($ in millions, except per share data) Revenue ($ in Millions) ProducSon & Development Expenses: Cash Flows ($ in Millions) Total Total Natural Total Annual ProducSon ProducSon Development Pre- Tax Cash Aler- Tax Oil & NGL Gas Revenue MMBOE Per BOE Expenses Expenses Cash Flows Tax Rate Cash Flows Year 2014 $ 786 $ 1,270 $ 2, $ 2.22 $ 152 $ 94 $ 1, % $ 1,400 Year ,524 2, , % 1,694 Year ,131 1,828 2, , % 2,047 Year ,357 2,194 3, , % 2,471 Year ,629 2,633 4, , % 2,980 Year ,955 3,159 5, , % 3,591 Year ,373 3,791 5, , % 3,590 Year ,400 4,549 5, , % 4,136 Year ,680 1,717 3, , % 2,350 Year ,680-1, , % 1,144 Year ,680-1, , % 1,217 Year ,621-1, , % 1,175 AssumpSons Reserve Development Rate Development Years $ Per Bbl Oil (Hedged) $ Per Bbl NGL (Hedged) $ Per MCF Nat. Gas (Hedged) EffecMve Tax Rate Discount Rate 20.0% 10 YR $ $ $ % 10.0% Share Price CalculaSon PV of Proven Res $15, Cash + Equity Inv Debt (2,999) + Undeveloped Acreage Asset ReMrement Oblig (254.0) Equity Value Diluted Shares Out. Share Price $13, $83.12 Source: 10K, 10Q. Bloomberg 20

21 ValuaMon Net Asset Value (OpMmisMc) ($ in millions, except per share data) Revenue ($ in Millions) ProducSon & Development Expenses: Cash Flows ($ in Millions) Total Total Natural Total Annual ProducSon ProducSon Development Pre- Tax Cash Aler- Tax Oil & NGL Gas Revenue MMBOE Per BOE Expenses Expenses Cash Flows Tax Rate Cash Flows Year 2014 $ 818 $ 1,323 $ 2, $ 2.22 $ 159 $ 94 $ 1, % $ 1,461 Year ,023 1,653 2, , % 1,844 Year ,279 2,066 3, , % 2,323 Year ,598 2,583 4, , % 2,922 Year ,998 3,229 5, , % 3,671 Year ,993 4,036 6, , % 4,227 Year ,552 5,045 6, , % 4,594 Year ,940 2,729 4, , % 3,250 Year ,425-2, , % 1,685 Year ,425-2, , % 1,685 Year % 131 Year % - AssumpSons Reserve Development Rate Development Years $ Per Bbl Oil (Hedged) $ Per Bbl NGL (Hedged) $ Per MCF Nat. Gas (Hedged) EffecMve Tax Rate Discount Rate 25.0% 10 YR $ $ $ % 8.5% Share Price CalculaSon PV of Proven Res $17, Cash + Equity Inv Debt (2,999) + Undeveloped Acreage Asset ReMrement Oblig (254.0) Equity Value Diluted Shares Out. Share Price $18, $95.03 Source: 10K, 10Q. Bloomberg 21

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