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March 2017
March 2017

Forward Looking Statements

This presentation contains certain “forward-looking statements” within the meaning of federal securities laws, including within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that are not limited to historical facts, but reflect Range’s current beliefs, expectations or intentions regarding future events. Words such as “may,” “will,” “could,” “should,” “expect,” ““plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursue,” “target,” “continue,” and similar expressions are intended to identify such forward- looking statements. The statements in this presentation that are not historical statements, and any other statements regarding Range’s future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts, are forward-looking statements within the meaning of the federal securities laws.

All statements, except for statements of historical fact, made in this presentation regarding activities, events or developments the Company expects, believes or anticipates will or may occur in the future, such as those regarding merger integration, future well costs, expected asset sales, well productivity, future liquidity and financial resilience, anticipated exports and related financial impact, NGL market supply and demand, improving commodity fundamentals and pricing, future capital efficiencies, future shareholder value, emerging plays, capital spending, anticipated drilling and completion activity, acreage prospectivity, expected pipeline utilization and future guidance information are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management's assumptions and Range's future performance are subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements. Further information on risks and uncertainties is available in Range's filings with the Securities and Exchange Commission ("SEC"), which are incorporated by reference. Range undertakes no obligation to publicly update or revise any forward-looking statements.

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,” “unrisked resource potential,” "unproved resource potential" or "upside" 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 actually being 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 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 ultimate 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 on the SEC’s website at www.sec.gov or by calling the SEC at 1-800-SEC-

0330.

Range Today

Market Snapshot

NYSE Symbol:

RRC

Market Cap (a) :

$7.7B

Net Debt (b) :

$3.8B

Enterprise Value:

$11.5B

Overview

2016 Year-End Proved Reserves of 12.1 Tcfe 2016 Production Per Day of 1,542 Mmcfe Resource Potential of ~100 Tcfe 2017 Production YoY Growth of 33-35%

Range Today Market Snapshot NYSE Symbol: RRC Market Cap : $7.7B Net Debt : $3.8B Enterprise
~Net Surface Acreage (c) SW Marcellus (PA): 515,000 N. Louisiana: (d) 220,000 NE Marcellus (PA): 95,000
~Net Surface Acreage (c)
SW Marcellus (PA):
515,000
N.
Louisiana: (d)
220,000
NE Marcellus (PA):
95,000

(a) As of 2/17/2017 (b) As of 12/31/2016 (c) As of December 31, 2016 does not include legacy NW PA and Midcontinent acreage (d) Includes acreage purchase option

Range Today Market Snapshot NYSE Symbol: RRC Market Cap : $7.7B Net Debt : $3.8B Enterprise

3

Range Strategy

Growth of Reserves and Production on a Per Share Debt Adjusted Basis

Expand Margins Through Cost Improvements, Capital Efficiencies and Improved Realizations

Build and High Grade the Inventory

Maintain a Strong, Simple

Financial Position

Be Good Stewards of the Environment and Operate Safely

Southern Marcellus Stacked pay opportunities include the Marcellus, Utica and Upper Devonian. North Louisiana Stacked pay
Southern Marcellus
Stacked pay opportunities include the Marcellus,
Utica and Upper Devonian.
North Louisiana
Stacked pay opportunities include Upper Red,
Lower Red and other zones.
Fort Worth

Range Resources Timeline Build and High Grade the Inventory

Range Resources Timeline – Build and High Grade the Inventory 2012 - 2016 • Sold Permian
2012 - 2016
2012 - 2016
• Sold Permian properties in southeast New Mexico and Texas for $275 million • Sold Conger
• Sold Permian properties in
southeast New Mexico and
Texas for $275 million
• Sold Conger assets in
Texas in exchange for the
other half of Nora plus
$145 million cash
• Sold Nora assets for $876
million
• Sold Bradford County
assets for ~$110 million
• Completed merger with
Memorial Resource
Development valued at
$4.2 billion
Range Resources Timeline – Build and High Grade the Inventory 2012 - 2016 • Sold Permian
2008 - 2012
2008 - 2012
• Sold West Texas properties for $182 million • Sold tight gas sand properties in Ohio
• Sold West Texas
properties for $182 million
• Sold tight gas sand
properties in Ohio for $323
million
• Sold Barnett Shale
properties for $889 million
• Sold Ardmore Woodford
properties in Southern
Oklahoma for $135 million
Range Resources Timeline – Build and High Grade the Inventory 2012 - 2016 • Sold Permian
2004 - 2008
2004 - 2008
• Acquired additional interests in the Nora field • Sold GoM properties for $155 million •
• Acquired additional
interests in the Nora field
• Sold GoM properties for
$155 million
• Acquired Stroud Energy
with interests in the Barnett
• Opened office in 2007 in
Pittsburgh to focus on the
Marcellus
• MarkWest brought into
Appalachia for midstream
Range Resources Timeline – Build and High Grade the Inventory 2012 - 2016 • Sold Permian
2000 - 2004
2000 - 2004

Market Cap of <$400M

Focus was on drilling Clinton/Medina and deep GoM wells

Acquired additional Conger properties (Permian), and the second half of Great Lakes (Appalachia) in 2004

Completed the first successful vertical well in the Marcellus Shale Renz #1 in 2004

2000 2004 2008 2012 2016
2000
2004
2008
2012
2016
Range Resources Timeline – Build and High Grade the Inventory 2012 - 2016 • Sold Permian

5

Capital Efficient Growth Continues

After two consecutive years of capital spending reductions,

2017 capital sets Range up well for 2017, 2018 and beyond

Mmcfepd $1,400 2,500 2,300 $1,200 2,100 $1,000 1,900 1,700 $800 1,500 $600 1,300 1,100 $400 900
Mmcfepd
$1,400
2,500
2,300
$1,200
2,100
$1,000
1,900
1,700
$800
1,500
$600
1,300
1,100
$400
900
$200
700
$-
500
2012
2013
2014
2015
2016
2017E
2018E
D&C
Production
D&C Spending in Millions

Note 1: Capital spending for 2018 expected to be at or near cash flow. At $3.25 gas and $60 oil, expected production growth would be ~20% for 2018.

Note 2: Range does not see an impact to production guidance in 2017 or 2018, should the Rover project (400 Mmcf/d) be delayed.

Capital Efficient Growth Continues After two consecutive years of capital spending reductions, 2017 capital sets Range

6

2017 Capital Budget

2017 Capital Budget of $1.15B

Seismic, 2% Pipelines, Facilities and Other, 2% Leasehold, 4% D&C, 93%
Seismic, 2%
Pipelines, Facilities
and Other, 2%
Leasehold,
4%
D&C, 93%

2017 Capital Budget by Area

Other, 1% North Louisiana, 34% Marcellus, 65%
Other, 1%
North
Louisiana,
34%
Marcellus,
65%
Marcellus activity directed towards liquids-rich area, which has the following benefits: • Large inventory of existing
Marcellus activity directed towards liquids-rich area, which has the following benefits:
Large inventory of existing pads and gathering infrastructure
Existing space in the gathering system enables additional growth at lower costs
Drilling on existing pads reduces well costs
Strengthening NGL market improves returns
Close proximity to existing and future capacity for liquids and natural gas
North Louisiana activity focused in Terryville Field with returns that rival the Marcellus

Investment Summary

High Quality Acreage Position

Diversified

Marketing

Strategy

Continued Cost and Capital Efficiency Improvements

Strong, Simple

Balance Sheet

• Large, core acreage positions in the Marcellus and North Louisiana • Low-risk projects with high
Large, core acreage positions in the Marcellus and North Louisiana
Low-risk projects with high rates of return at current prices
Improving differentials across all commodities resulting from
transportation and marketing agreements and newly acquired North
Louisiana production
First-mover advantage in the Marcellus allowed Range to secure
right-sized transportation capacity on low-cost expansion projects
Margin expansion driven by a low cost structure, improving
realizations and capital efficiency gains
Strong unhedged recycle ratio of ~2.8x
Simplified capital structure following recent debt exchange
Ample liquidity with credit facility maturity in late 2019 and first note
maturity in 2021
Investment Summary High Quality Acreage Position Diversified Marketing Strategy Continued Cost and Capital Efficiency Improvements Strong,

8

High Quality Acreage Position - Appalachia Assets

• ~1.5 million net effective acres (a) in SW PA leads to decades of drilling inventory
• ~1.5 million net effective acres (a) in SW PA
leads to decades of drilling inventory
• Gas In Place (GIP) analysis shows the
greatest potential is in Southwest
Pennsylvania
Low risk and highly repeatable project
inventory
Near-term focus on Marcellus development
in Southwest PA
Stacked pays allow for multiple development
opportunities including the Marcellus, Utica
and Upper Devonian
• Significant inventory of existing pads
enhances future development
Stacked Pay Allows for
Multiple Development
Opportunities
Gas In Place For All Zones
Gas In Place
For All Zones
High Quality Acreage Position - Appalachia Assets • ~1.5 million net effective acres (a) in SW

Upper

Devonian

Marcellus

Utica/Point

Pleasant

High Quality Acreage Position - Appalachia Assets • ~1.5 million net effective acres (a) in SW

* Map acreage as of January 2016; outlined townships hold 2,000 or more acres

(a) Includes stacked pay

High Quality Acreage Position - Appalachia Assets • ~1.5 million net effective acres (a) in SW

9

High Quality Acreage Position Southwest Appalachia

Longer laterals and existing pads in 2017 provide low-risk efficiency gains

Increased optionality due to quality of

acreage position, gathering system, available locations and existing pads

Majority of existing pads are in the liquids- rich areas (map to the right)

Southwest Marcellus Acreage

 

Dry

Wet

Super-Rich

 

EUR

22.3 Bcf

24.6 Bcfe

20.4 Bcfe

 
 

EUR/1,000

         

ft. lateral

2.5 Bcf

3.0 Bcfe

2.4 Bcfe

 

Well Cost

$6.1 MM

$6.8 MM

$7.3 MM

 
 

Cost/1,000

         

ft. lateral

$690 K

$820 K

$856 K

 

Lateral

       

Length

8,850 ft.

8,300 ft.

8,500 ft.

IRR* - $3.00

75%

55%

52%

 
IRR* - $3.00 75% 55% 52%

IRR at Strip as of

104%

56%

51%

12/30/2016

 
PA OH Over 200 WV Existing Pads
PA
OH
Over 200
WV
Existing
Pads
Wet and Super-Rich economics are greater than or equal to Dry gas economics when developed on
Wet and Super-Rich economics are greater than or
equal to Dry gas economics when developed on
existing pads utilizing existing gathering infrastructure

* For flat pricing natural gas case, oil price assumed to be $50/bbl for 2017, $60/bbl for 2018 then $65/bbl to life with no escalation

High Quality Acreage Position – Southwest Appalachia • Longer laterals and existing pads in 2017 provide

10

High Quality Acreage Position North Louisiana

~220,000 (a) net acres of stacked pay potential in North Louisiana

Currently focused on Upper Red with optionality for additional targets

Lowered well costs in Terryville to $7.7 million from $8.7 million previously

Acreage favorably located near growing Gulf Coast demand center with ample infrastructure to grow development Will continue to methodically test extension areas

N. Louisiana Acreage

Terryville Upper Red Terryville Lower Red

 

EUR

17.5 Bcfe

11.8 Bcfe

 
 

EUR/1,000 ft.

2.3 Bcfe

1.6 Bcfe

 

lateral

 

Well Cost

$7.7 MM

$7.7 MM

 

Cost/1,000 ft.

$1,027 K

$1,027 K

lateral

Lateral Length

7,500 ft.

7,500 ft.

 

IRR* - $3.00

105%

36%

 
 

IRR at Strip as of

105%

40%

 

12/30/16

  • (a) Includes acreage purchase option

High Quality Acreage Position – North Louisiana • ~220,000 net acres of stacked pay potential in

Lower Cotton Valley Overpressured

High Quality Acreage Position – North Louisiana • ~220,000 net acres of stacked pay potential in

* For flat pricing natural gas case, oil price assumed to be $50/bbl for 2017, $60/bbl for 2018 then $65/bbl to life with no escalation

High Quality Acreage Position – North Louisiana • ~220,000 net acres of stacked pay potential in

11

High Quality Acreage Position North Louisiana

Recent well results support that the Lower Cotton

Valley (LCV) gets thicker and higher pressured as

you move south from the Terryville field

Recent results also support gas in place of ~400 Bcf per section or 2.5 times Terryville

Will continue to methodically test extension areas

The over-pressured (LCV) interval exists across the area and can be seen in the cross section below

High Quality Acreage Position – North Louisiana • Recent well results support that the Lower Cotton
Vertical Well No IP: IP: 2.33 IP: 2.61 IP: 9.34 IP: 1.0 IP:1.32 IP: 2.55 IP:
Vertical Well
No
IP:
IP: 2.33
IP: 2.61
IP: 9.34
IP: 1.0
IP:1.32
IP: 2.55
IP: 5.18
IP: 3.93
IP: 2.8
LCV
10.16
Rates
Mmcf/d
Mmcf/d
Mmcf/d
Mmcf/d
Mmcf/d
Mmcf/d
Mmcf/d
Mmcf/d
Mmcf/d
Test
Mmcf/d
Upper Red
Lower Red
Note: Gray boxes represent vertical well test rates. Red sections indicate thickness of LCV interval.
High Quality Acreage Position – North Louisiana • Recent well results support that the Lower Cotton

12

Diversified Marketing Strategy

Appalachian Production Has Ability to Reach Multiple Markets • Currently selling natural gas in the Gulf
Appalachian Production Has Ability to Reach Multiple Markets
Currently selling natural gas in the Gulf Coast, Midwest, Southeast and Northeast markets
Ability to export ethane and propane internationally and move ethane to Canada and the Gulf Coast
North Louisiana Production is Close to Growing Demand Centers
Location near benchmark pricing hub provides High Gas Realizations and Minimal Transport Costs
Close proximity to New LNG Export Facilities, Industrial Demand and Exports to Mexico
Ethane
Marcus
Hook
and
Propane
Exports
Exports to
Henry Hub
Mont
Mexico
Belvieu
LNG and NGL Exports
Diversified Marketing Strategy Appalachian Production Has Ability to Reach Multiple Markets • Currently selling natural gas

13

Natural Gas Marketing

Appalachian Takeaway Capacity • First-mover advantage allowed Range to secure capacity on low-cost expansion projects out
Appalachian Takeaway Capacity
• First-mover advantage allowed Range to
secure capacity on low-cost expansion
projects out of Appalachia
2,000,000
Appalachia/Local
Northeast
Midwest
• Anticipated excess infrastructure and right-
sized capacity to support production
Gulf Coast
1,500,000
1,000,000
• Marcellus netbacks continue to improve with
~150 Mmcfpd on Gulf Markets Expansion
that started in early October 2016
500,000
• North Louisiana production receives near
NYMEX pricing with minimal transport costs
-
Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
Jul-18
Market Exposure (a)
100%
8%
90%
27%
10%
80%
13%
Improving Differentials as
More Gas is Sold in
Favorable Markets
70%
13%
60%
17%
50%
40%
>90% in
Favorable
Markets by
End of 2017
69%
30%
43%
20%
10%
0%
YE2016E
YE2017E
Gulf Coast
Midwest/Canada
Northeast
Appalachia/Local
Total Appalachian Takeaway Capacity Gross Mmcf/d
Regional Natural Gas Exposure

(a) Projected exposure at the end of each year. Assumes all contracted projects remain on schedule.

Natural Gas Marketing Appalachian Takeaway Capacity • First-mover advantage allowed Range to secure capacity on low-cost

14

Innovative NGL Marketing Agreements Enhance Pricing

• Mariner East ethane sent to INEOS for export in Europe • Mariner East propane can
Mariner East ethane sent to INEOS for export in Europe
Mariner East propane can be sold internationally or into premium NE
winter markets
Mariner West ethane sent to Nova Chemical in Canada
ATEX moves ethane to the Gulf Coast (Mont Belvieu)
Marcus
Hook
20,000
15,000
Mont
10,000
Belvieu
5,000
0
Mariner East
Mariner East
Atex Ethane
Mariner West
Propane
Ethane
Ethane
Bbls/d

Near-Term Price Enhancements

Natural Gas Differential (a)

NGL as a % of WTI

Condensate Differential

$- $(0.10) $(0.20) $(0.30) $(0.30) $(0.45) $(0.40) $(0.52) $(0.50) $(0.60) 2015 2016 2017E (b)
$-
$(0.10)
$(0.20)
$(0.30)
$(0.30)
$(0.45)
$(0.40)
$(0.52)
$(0.50)
$(0.60)
2015
2016
2017E (b)

Expecting Continued Improvements Into 2018

• Gulf Expansion Phase 1 came on line two weeks early in October which moves ~150
Gulf Expansion Phase 1 came
on line two weeks early in
October which moves ~150
Mmcf/d from local Appalachian
markets to the Gulf Coast
Expect a significant 2017
corporate improvement given
North Louisiana gas is expected
to receive near NYMEX pricing
Further improvements expected
in 2018 as additional projects
come on line
30% 28%- 30% 25% 26% 20% 22% 15% 2015 2016 2017E
30%
28%-
30%
25%
26%
20%
22%
15%
2015
2016
2017E

Expecting Continued Improvements Into 2018

• Only producer with capacity on the Mariner East project to Marcus Hook with 20k bbls/d
Only producer with capacity on
the Mariner East project to
Marcus Hook with 20k bbls/d of
ethane to fulfill contract with
INEOS and 20k bbls/d of
propane with access to
international or Northeast
markets
North Louisiana NGL’s sold
FOB processing plant and
receive Mont Belvieu related
pricing
$- $(5.00)- $(3.00) $(6.00) $(6.00) $(9.13) $(9.00) $(12.00) $(14.93) $(15.00)
$-
$(5.00)-
$(3.00)
$(6.00)
$(6.00)
$(9.13)
$(9.00)
$(12.00)
$(14.93)
$(15.00)
2015 2016 2017E • Initiated new marketing agreements in 2H16 which improves Marcellus condensate realizations •
2015
2016
2017E
Initiated new marketing
agreements in 2H16 which
improves Marcellus condensate
realizations
Expect a significant 2017
corporate improvement given a
full year of new Marcellus
agreements and North
Louisiana condensate that
receives near NYMEX pricing

* All differential estimates based on 2/17/17 strip pricing (a) NG estimate includes basis hedges. (b) Assumes no uplift from Rover pipeline in 2017

Near-Term Price Enhancements Natural Gas Differential (a) NGL as a % of WTI Condensate Differential $-

16

Cost Improvements Remain a Focus

LOE per Mcfe

Corporate margins improving as cash costs

have declined substantially since 2011

Lower debt per mcfe of production from growth at or near cash flow

High-grading the asset base, along with operational efficiencies, has lowered operating

costs through the cycles

Driving Down Operating Costs

$0.40

$0.35

$0.30

$0.25

$0.20

$0.15

$0.10

$0.05

$-

~54% Decline
~54%
Decline
Cost Improvements Remain a Focus LOE per Mcfe • Corporate margins improving as cash costs have
1H14 2H14 1H15 2H15 1H16 2H16 Annual Cash Costs $3.00 Slight Increase In Cash Costs For
1H14
2H14
1H15
2H15
1H16
2H16
Annual Cash Costs
$3.00
Slight Increase In Cash Costs For
Transport More Than Offset By
Higher Realized Pricing
$2.50
$2.00
$1.50
$1.00
$0.50
$-
2011
2012
2013
2014
2015
2016(c)
1Q17E(c)
LOE(a)
Prod. Taxes
G&A(b)
Interest
Trans & Gathering
Combined Cash Costs per Mcfe

(a)(b) Excludes non-cash stock compensation (c) Transport and gathering includes additional NGL & natural gas firm transport agreements, Propane transport costs were previously netted against NGL revenue. Incremental natural gas & NGL revenue, including additional ethane production, will more than offset the increase in transport expense.

Cost Improvements Remain a Focus LOE per Mcfe • Corporate margins improving as cash costs have

17

Margin Expansion Drives Strong Unhedged Recycle Ratio

Unhedged Cash Margin

Margins set to expand due to improved unit

costs and realized pricing

Unhedged recycle ratio of ~2.8x allows for natural deleveraging while spending at or near cash flow

Track record of driving down finding and development costs

Strong Unhedged Recycle Ratio

Unhedged Recycle Ratio

~2.8x

0.42

Expected Future Development Cost for PUD Reserves

Recycle Ratio per Mcfe: (Margin Divided by F&D)

Pre-Hedge Price (Assuming 2017 strip as of 2/17/2017)

2.96

$

All-In Cash Costs (1Q17 Expected)

1.78

Adjusted Margin

~$1.18

Corporate Margin Improvement Expected

45%

40%

35%

30%

25%

20%

15%

10%

5%

0%

2015A 1Q16-3Q16A 4Q16A 2017E(a)
2015A
1Q16-3Q16A
4Q16A
2017E(a)

Peer Leading Finding Costs Drive Returns (b)

$0.70 $0.60 $0.50 $0.40 $0.34 $0.30 $0.20 2012 2013 2014 2015 2016 3 Year Average F&D
$0.70
$0.60
$0.50
$0.40
$0.34
$0.30
$0.20
2012
2013
2014
2015
2016
3 Year Average F&D Costs
(Green Diamond 2016 Only)

(a) Based on midpoint of cost and differential guidance at strip pricing as of 2/17/2017 (b) Drill bit without acreage and with performance revisions

Margin Expansion Drives Strong Unhedged Recycle Ratio Unhedged Cash Margin • Margins set to expand due

18

Existing Marcellus Pads Improve Capital Efficiency

• Expansive inventory of over 200 pads in Appalachia • 124 pads with 5 or fewer
• Expansive inventory of over 200 pads in
Appalachia
• 124 pads with 5 or fewer wells, 59 pads with
6-9 wells and new pads in progress
Pads accommodate ~20 wells with the
flexibility to drill Marcellus, Utica or Upper
Devonian formations
Realization of significant cost savings
• Use existing pads, roads and equipment
(lower capital costs)
• Better utilization of new and existing
infrastructure (lower gathering per mcfe)
Existing Marcellus Pads Improve Capital Efficiency • Expansive inventory of over 200 pads in Appalachia •

Strong, Simple Balance Sheet

$4 billion credit facility from a 29 member bank group ($3B borrowing base, $2B committed)

Liquidity of ~$850 million at the end of 2016

No note maturities until 2021

Recent bond exchange simplifies capital structure

Currently over 75% hedged for projected 2017 natural gas production at an average floor of

~$3.22/mmbtu

Strong Capital Structure (a)

(millions)

3Q16

4Q16

Bank Debt

$

937

$

882

Senior Notes

2,878

2,878

Senior Sub Notes

49

49

Less: Cash

(0)

(0)

Net Debt

3,864

3,809

Debt-to Capitalization

41%

Debt/TTM EBITDAX (b)

3.7x

Debt/Proved Developed Reserves

Debt Maturity Schedule (a)

$3,000 $2.00 $2,500 $1.80 $1.60 $2,000 $1.40 $1.20 $1,500 $1.00 $0.80 $1,000 $0.60 $0.40 $500 $0.20
$3,000
$2.00
$2,500
$1.80
$1.60
$2,000
$1.40
$1.20
$1,500
$1.00
$0.80
$1,000
$0.60
$0.40
$500
$0.20
$-
$-
2012
2013
2014
2015
2016
Total Debt/Proved Developed Reserves
($ Millions)
Strong, Simple Balance Sheet • $4 billion credit facility from a 29 member bank group ($3B

Debt/Proved Developed

Strong, Simple Balance Sheet • $4 billion credit facility from a 29 member bank group ($3B

Peer Average

Strong, Simple Balance Sheet • $4 billion credit facility from a 29 member bank group ($3B

Note: Peer average includes AR, CHK, COG, EQT, GPOR, RICE and SWN. RICE only included for 2014 and 2015

Strong, Simple Balance Sheet • $4 billion credit facility from a 29 member bank group ($3B
Strong, Simple Balance Sheet • $4 billion credit facility from a 29 member bank group ($3B
   

$3 Billion Borrowing Base

$2 Billion Bank Commitment

$882

$929

$749 $498
$749
$498

$750

 
$3 Billion Borrowing Base $2 Billion Bank Commitment $882 $929 $749 $498 $750

2016

2017

2018

2019

2020

2021

2022 2023 2024 Range Notes
2022
2023
2024
Range Notes

2025

Senior Secured Revolving Credit Facility

Interest Rate ~2.4% 5.75% 5.3% (c) 5.0% 4.875%
Interest Rate
~2.4%
5.75%
5.3% (c) 5.0%
4.875%

(a) As of 12/31/2016 (b) Includes MRD EBITDA prior to acquisition close for TTM (c) Weighted-average interest rate of 2022 notes

Strong, Simple Balance Sheet • $4 billion credit facility from a 29 member bank group ($3B

20

Long-Term Value Creation

• High-quality, large-scale acreage position containing repeatable projects with high rates of return • Low cost
• High-quality, large-scale acreage position containing
repeatable projects with high rates of return
• Low cost structure with ability to continue driving
costs lower
• Margin improvements expected to drive
shareholder value
• Low-cost transportation portfolio
with built-in flexibility
• Strong hedges and
balance sheet
Appendix
Appendix

Cost & Efficiency Improvements SW Pennsylvania

9,000

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

-

Average Lateral Length 2012 2013 2014 2015 2016 2017E
Average Lateral Length
2012
2013
2014
2015
2016
2017E

Drilling Cost/Lateral Length (a)

$1,200 $1,000 $800 $600 $400 $200 $- 2012 2013 2014 2015 2016 2017E (a) Includes vertical
$1,200
$1,000
$800
$600
$400
$200
$-
2012
2013
2014
2015
2016
2017E
(a) Includes vertical

$2,500

$2,000

$1,500

$1,000

$500

$-

Well Cost/Lateral Length

2012 2013 2014 2015 2016 2017E
2012
2013
2014
2015
2016
2017E

Completion Cost/Lateral Length

$1,600

$1,400

$1,200

$1,000

$800

$600

$400

$200

$-

2012 2013 2014 2015 2016 2017E
2012
2013
2014
2015
2016
2017E

SW PA Wet Area Marcellus 2017 Well Economics

Southwestern PA (Wet Gas case) 225,000 Net Acres EUR / 1,000 ft. 2.95 Bcfe EUR 24.6 Bcfe

(67 Mbbls condensate, 2,025 Mbbls NGLs & 12.0 Bcf gas)

Drill and Complete Capital $6.8 MM

($820 K per 1,000 ft.)

Average Lateral Length 8,300 ft. F&D - $0.33/mcf

Savings From Existing Pads Not Included
Savings From
Existing Pads Not
Included
 

Estimated Cumulative Recovery for 2017 Production Forecast

     

NGL w/

Condensate

(Mbbls)

Residue

(mmcf)

Ethane

(Mbbls)

1 Year

 
  • 24 1,442

243

2

Years

 
  • 36 2,398

404

3

Years

 
  • 43 3,173

534

5

Years

 
  • 52 4,399

741

10

Years

 
  • 61 6,514

1,097

20

Years

 
  • 65 9,115

1,535

 

EUR

 
  • 67 12,028

2,025

NYMEX

Rate of

Gas Price

Return

Strip -

56%

$3.00 -

55%

Includes current and expected differentials less gathering and transportation costs

For flat pricing natural gas case, oil

price assumed to be $50/bbl for 2017, $60/bbl for 2018 then $65/bbl to life with no escalation

NGL is average price including ethane

with escalation

Ethane price tied to ethane contracts plus same comparable escalation

Strip dated 12/30/16 with 10-year

average $56.49/bbl and $3.14/mcf

SW PA Wet Area Marcellus 2017 Well Economics • • • • Southwestern PA – (Wet

24

SW PA - Wet Area 2017 Turn in Line Forecast

3,000 2,500 2,000 1,500 1,000 500 2016 well count reduced by ~40% 0 0 100 200
3,000
2,500
2,000
1,500
1,000
500
2016 well count reduced by ~40%
0
0
100
200
300
400
500
600
700
800
900
1000
Normalized McfE/Day per 1,000 ft.

2016 Actual Production

2015 Actual Production

Days On

2014 Actual Production

2015-2017 Normalized Mcfe Type Curve

SW PA Wet Marcellus

Horizontal Length (TIL)

9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 2015 2016 2017 Feet
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
2015
2016
2017
Feet

Average Number of Stages

45 40 35 30 25 20 15 10 5 2015 2016 2017 Stages
45
40
35
30
25
20
15
10
5
2015
2016
2017
Stages

EUR per 1,000 ft.

3.5 3.0 2.5 2.0 1.5 1.0 2015 2016 2017 EUR (Bcfe)/1,000 ft.
3.5
3.0
2.5
2.0
1.5
1.0
2015
2016
2017
EUR (Bcfe)/1,000 ft.

EUR by Year

30.0 25.0 20.0 15.0 10.0 5.0 0.0 2015 2016 2017 Gas NGLs Condensate EUR (Bcfe)
30.0
25.0
20.0
15.0
10.0
5.0
0.0
2015
2016
2017
Gas
NGLs
Condensate
EUR (Bcfe)

All comparisons based on Turned in Line (TIL) wells for each year

SW PA Super-Rich Area Marcellus 2017 Well Economics

Southwestern PA (Wet Gas case) 110,000 Net Acres EUR / 1,000 ft. 2.40 Bcfe EUR 20.4 Bcfe

(289 Mbbls condensate, 1,562 Mbbls NGLs & 9.3 Bcf gas)

Drill and Complete Capital $7.3 MM

($856 K per 1,000 ft.)

Average Lateral Length 8,500 ft. F&D - $0.43/mcf

Savings From Existing Pads Not Included
Savings From
Existing Pads Not
Included
 

Estimated Cumulative Recovery for 2017 Production Forecast

     

NGL w/

Condensate

(Mbbls)

Residue

(mmcf)

Ethane

(Mbbls)

1 Year

62

844

142

2

Years

93

1,457

245

3

Years

 
  • 117 1,985

334

5

Years

 
  • 153 2,866

482

10

Years

 
  • 205 4,489

755

20

Years

  • 249 6,603

 

1,110

 

EUR

 
  • 289 9,289

1,562

NYMEX

Rate of

Gas Price

Return

Strip -

51%

$3.00 -

52%

Includes current and expected differentials less gathering and transportation costs

For flat pricing natural gas case, oil

price assumed to be $50/bbl for 2017, $60/bbl for 2018 then $65/bbl to life with no escalation

NGL is average price including ethane

with escalation

Ethane price tied to ethane contracts plus same comparable escalation

Strip dated 12/30/16 with 10-year

average $56.49/bbl and $3.14/mcf

SW PA Super-Rich Area Marcellus 2017 Well Economics • • • • Southwestern PA – (Wet

27

SW PA Super-Rich Area 2017 Turn in Line Forecast

3,500 3,000 2,500 2,000 1,500 1,000 500 0 0 100 200 300 400 500 600 700
3,500
3,000
2,500
2,000
1,500
1,000
500
0
0
100
200
300
400
500
600
700
800
900
1000
Normalized McfE/Day per 1,000 ft.

2016 Actual Production

2015 Actual Production

Days On

2014 Actual Production

2015-2017 Normalized Mcfe Type Curve

SW PA Super-Rich Marcellus

Horizontal Length (TIL)

9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 2015 2016 2017 Feet
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
2015
2016
2017
Feet

Average Number of Stages

45 40 35 30 25 20 15 10 5 2015 2016 2017 Stages
45
40
35
30
25
20
15
10
5
2015
2016
2017
Stages

EUR per 1,000 ft.

3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2015 2016 2017 EUR (Bcfe)/1,000 ft.
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
2015
2016
2017
EUR (Bcfe)/1,000 ft.

EUR by Year

25.0 20.0 15.0 10.0 5.0 0.0 EUR (Bcfe) 2015 2017 2016 Condensate NGLs Gas
25.0
20.0
15.0
10.0
5.0
0.0
EUR (Bcfe)
2015
2017
2016
Condensate
NGLs
Gas

All comparisons based on Turned in Line (TIL) wells for each year

SW PA Dry Area Marcellus 2017 Well Economics

Southwestern PA (Dry Gas case)

($690 K per 1,000 ft.)

180,000 Net Acres

EUR / 1,000 ft. 2.52 Bcf

EUR 22.3 Bcf

Drill and Complete Capital $6.1 MM

Average Lateral Length 8,850 ft.

F&D - $0.33/mcf

Savings From Existing Pads Not Included
Savings From
Existing Pads Not
Included

Estimated Cumulative Recovery for 2017 Production Forecast

 

Residue

(Mmcf)

 

1 Year

3,842

2

Years

5,909

3

Years

7,416

5

Years

9,620

10

Years

13,138

20

Years

17,246

 

EUR

22,301

NYMEX

Rate of

Gas Price

Return

Strip -

104%

$3.00 -

75%

Includes current and expected differentials less gathering and

transportation costs

Strip dated 12/30/16 with 10-year average $56.49/bbl and $3.14/mcf

Based on Washington County well data

SW PA - Dry Area 2017 Turn in Line Forecast

3,500 3,000 2,500 2,000 1,500 1,000 500 Designed Facility Constraints 0 0 100 200 300 400
3,500
3,000
2,500
2,000
1,500
1,000
500
Designed Facility
Constraints
0
0
100
200
300
400
500
600
700
800
900
1000
Normalized Mcf/Day per 1,000 ft.

Days On

2016 Actual Production

2015 Actual Production

2014 Actual Production

2015-2017 Normalized Residue Gas Type Curve

Based on Washington County well data

SW PA - Dry Area 2017 Turn in Line Forecast 3,500 3,000 2,500 2,000 1,500 1,000

31

SW PA Dry Marcellus

Horizontal Length (TIL)

10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 Feet
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
Feet
2015 2016 2017 EUR per 1,000 ft. 3.0 2.5 2.0 1.5 1.0 2015 2016 2017 EUR
2015
2016
2017
EUR per 1,000 ft.
3.0
2.5
2.0
1.5
1.0
2015
2016
2017
EUR (Bcfe)/1,000 ft.

Average Number of Stages

50 45 40 35 30 25 20 15 10 5 Stages
50
45
40
35
30
25
20
15
10
5
Stages
2015 2016 2017 EUR by Year 25.0 20.0 15.0 10.0 5.0 0.0 2015 2016 2017 EUR
2015
2016
2017
EUR by Year
25.0
20.0
15.0
10.0
5.0
0.0
2015
2016
2017
EUR (Bcfe)

Based on Washington County well data

All comparisons based on Turned in Line (TIL) wells for each year

SW PA – Dry Marcellus Horizontal Length (TIL) 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000

32

Normalized Production Results of Marcellus Tighter Spacing

Projects conducted in the Wet and Super Rich areas of the Marcellus

3,000 2,500 • Tighter spaced wells turned to sales in 2009 and 2010 • Average lateral
3,000
2,500
• Tighter spaced wells turned to sales in 2009 and 2010
• Average lateral length of these wells is 2,861’
• Well performance not reflective of improved targeting and
completion designs
• 500 foot spaced wells produced 78% of 1,000 foot spaced wells over a
six year period
2,000
1,500
1,000
500
-
0
Year 1
365
730
Year 2
1095
Year 4
1460
Year
1825
Year 3
5
Year 6
2190
Year 7
2555
500 ft Wells
1,000 ft Wells
Normalized Mcfe/d per 1,000 ft.

Targeting/Downspacing Test Results Encouraging

3500  3000 Optimized targeting shows a ~53% increase in cumulative production after 1,000 days 
3500
3000
Optimized targeting shows a ~53%
increase in cumulative production
after 1,000 days
Normalized well costs were $850M
less for optimized versus original
2500
No detrimental production impact
seen on the original wells
2000
1500
1000
500
0
0
200
400
600
800
1000
1200
DAYS ON
AVERAGE ORIGINAL TARGETING
AVERAGE OPTIMIZED TARGETING
AVERAGE MCFED/1000'

Return to Existing Pads Southwest Wet

100,000 Additional 5 wells Drilled Wells - 2015 10,000 Future Locations 1,000 100 10 Drilled Wells
100,000
Additional 5 wells
Drilled
Wells - 2015
10,000
Future
Locations
1,000
100
10
Drilled
Wells - 2010
1
Oct-12 Mar-13 Sep-13 Mar-14 Sep-14 Feb-15 Aug-15 Feb-16 Aug-16
Jan-17
Wellhead Gas
Ability to target our best areas with 3.6+ Bcfe/1,000 ft.
New wells have EURs 22% higher than the average wet well
Significant cost savings
Wellhead Gas (MCFD)
Return to Existing Pads – Southwest Wet 100,000 Additional 5 wells Drilled Wells - 2015 10,000

35

Return to Existing Pads Southwest Dry

100,000 Drilled Wells - 2015 10,000 Additional 3 wells 1,000 100 Future Locations 10 Drilled Wells
100,000
Drilled
Wells - 2015
10,000
Additional 3 wells
1,000
100
Future
Locations
10
Drilled
Wells - 2014
1
Mar-14
Aug-14
Feb-15
Aug-15
Jan-16
Jul-16
Jan-17
Wellhead Gas
Wellhead Gas (MCFD)

Ability to target our best areas with 3.0+ Bcfe/1,000 ft.

New wells have EURs 20% higher than the average dry well Significant cost savings

Utica/Point Pleasant

Continued improvement in well performance for the 1 st , 2 nd and 3 rd wells due to higher sand concentration and improved targeting

• Range’s third well appears to be one of

the best dry gas Utica wells in the basin

400,000 net acres in SW PA prospective

Low-Risk High-Return Marcellus and N. Louisiana Projects

the Industry Continues Testing

Remain Range’s Focus While

the Dry Utica

Utica/Point Pleasant • Continued improvement in well performance for the 1 , 2 and 3 wells

Note: Townships where Range holds ~2,000+ or more acres are shown outlined above (as January 2016)

Utica/Point Pleasant • Continued improvement in well performance for the 1 , 2 and 3 wells

37

Utica Wells Wellhead Pressure vs. Cumulative Production

~30 Mmcfd 10,000 ~25 Mmcfd 13,200 ft. TVD* ~20 Mmcfd 8,000 13,400 ft. TVD* ~18 Mmcfd
~30 Mmcfd
10,000
~25 Mmcfd
13,200 ft. TVD*
~20 Mmcfd
8,000
13,400 ft. TVD*
~18 Mmcfd
~12 Mmcfd
6,000
11,850 ft. TVD*
9,206 ft. TVD*
4,000
*TVD (total vertical depth) With an average pressure gradient of .85
2,000
to .95 for these wells, greater TVD equals higher cost and higher
pressure
0
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
Wellhead Pressure (psi)

Normalized Gas Cum (Mcf/1000 ft.)

EQT Scotts Run CNX Gaut RRC DMC Properties RICE Bigfoot 9H Range’s DMC Properties well one
EQT Scotts Run
CNX Gaut
RRC DMC Properties
RICE Bigfoot 9H
Range’s DMC Properties well one of the best in the Utica

North Louisiana Upper Red 2017 Well Economics

North Louisiana Upper Red

220,000 Net Acres

EUR / 1,000 ft. 2.30 Bcfe

EUR 17.5 Bcfe

(149 Mbbls condensate, 552 Mbbls NGLs & 13.3 Bcf gas)

Drill and Complete Capital $7.7 MM

($1,027 K per 1,000 ft.)

Average Lateral Length 7,500 ft.

F&D - $0.44/mcfe

 

Estimated Cumulative Recovery for 2017 Production Forecast

     

NGL w/

Condensate

(Mbbls)

Residue

(mmcf)

Ethane

(Mbbls)

1 Year

 
  • 40 3,569

148

2

Years

 
  • 58 5,178

215

3

Years

 
  • 70 6,273

261

5

Years

 
  • 88 7,810

325

10

Years

 
  • 114 10,167

423

20

Years

 
  • 139 12,354

514

 

EUR

 
  • 149 13,283

552

NYMEX

Rate of

Gas Price

Return

Strip -

105%

$3.00 -

105%

Includes current and expected differentials less gathering and transportation costs

For flat pricing natural gas case, oil

price assumed to be $50/bbl for 2017, $60/bbl for 2018 then $65/bbl to life with no escalation

NGL is average price including ethane

with escalation

Strip dated 12/30/16 with 10-year average $56.51/bbl and $3.17/mcf

North Louisiana Upper Red 2017 Well Economics • North Louisiana – Upper Red • 220,000 Net

39

Upper Red - Average Production by Year Time Zero

4500 4000 3500 3000 2500 2000 1500 1000 500 0 1 51 101 151 201 251
4500
4000
3500
3000
2500
2000
1500
1000
500
0
1
51
101
151
201
251
301
351
MCFED / 1,000' LL
Upper Red - Average Production by Year Time Zero 4500 4000 3500 3000 2500 2000 1500

RRC Terryville Upper Red TC

Days

Upper Red - Average Production by Year Time Zero 4500 4000 3500 3000 2500 2000 1500

Upper Red 2015-2016 Actual Production

North Louisiana Lower Red 2017 Well Economics

North Louisiana Lower Red

220,000 Net Acres

EUR / 1,000 ft. 1.58 Bcfe

EUR 11.8 Bcfe

(119 Mbbls condensate, 378 Mbbls NGLs & 8.9 Bcf gas)

Drill and Complete Capital $7.7 MM

($1,027 K per 1,000 ft.)

Average Lateral Length 7,500 ft.

F&D - $0.65/mcfe

 

Estimated Cumulative Recovery for 2017 Production Forecast

     

NGL w/

Condensate

(Mbbls)

Residue

(mmcf)

Ethane

(Mbbls)

1 Year

 
  • 28 2,044

87

2

Years

 
  • 40 2,987

128

3

Years

 
  • 49 3,638

155

5

Years

 
  • 62 4,563

195

10

Years

 
  • 81 6,014

257

20

Years

 
  • 103 7,619

325

 

EUR

 
  • 119 8,862

378

NYMEX

Rate of

Gas Price

Return

Strip -

40%

$3.00 -

36%

Includes current and expected differentials less gathering and transportation costs

For flat pricing natural gas case, oil

price assumed to be $50/bbl for 2017, $60/bbl for 2018 then $65/bbl to life with no escalation

NGL is average price including ethane

with escalation

Strip dated 12/30/16 with 10-year average $56.51/bbl and $3.17/mcf

North Louisiana Lower Red 2017 Well Economics • North Louisiana – Lower Red • 220,000 Net

41

Lower Red Average Production by Year Time Zero

4000 3500 3000 2500 2000 1500 1000 500 0 1 51 101 151 201 251 301
4000
3500
3000
2500
2000
1500
1000
500
0
1
51
101
151
201
251
301
351
401
451
501
551
601
651
701
MCFED / 1,000' LL
Lower Red – Average Production by Year Time Zero 4000 3500 3000 2500 2000 1500 1000

RRC Terryville Lower Red 2017 TC

Days

Lower Red – Average Production by Year Time Zero 4000 3500 3000 2500 2000 1500 1000

Lower Red Actual Production

2016 Reserves and Resource Potential Summary

• Proved reserves of 12.1 Tcfe as of year end 2016 • Proved reserves increased ~11%
• Proved reserves of 12.1 Tcfe as of year
end 2016
• Proved reserves increased ~11% y/y
excluding acquisitions and divestitures
• 292% reserve replacement from drilling
activities
• Future development costs for proved
undeveloped reserves are estimated to be
$0.42 per Mcfe
• Resource potential estimated to be ~100
Tcfe, not including the Utica
• Over 8,000 total drilling locations, not
including the Utica

Track Record of Reserve Growth

14 12 10 8 6 4 2 0 2008 2009 2010 2011 2012 2013 2014 2015
14
12
10
8
6
4
2
0
2008
2009
2010
2011
2012
2013
2014
2015
2016
Total Proved Reserves in Tcfe

2016 Reserve Mix

Condensate, 4% NGL, 31% Natural Gas, 65%
Condensate, 4%
NGL, 31%
Natural Gas, 65%

Track Record of Impressive Reserve Replacement at Low Cost

 

3-Year

5-Year

 

Reserve Replacement

2012

2013

2014

2015

2016

Average (3)

Average (3)

 

All sources excluding PUD removals (1)

680%

745%

793%

436%

563%

585%

509%

 
 

All sources (2)

680%

636%

649%

207%

516%

509%

448%

 

Finding Costs

 
 

Drill bit only

$0.76

$0.47

$0.44

$0.37

$0.30

$0.38

$0.46

 

without

acreage (1)

 

Drill bit only

$0.86

$0.52

$0.51

$0.40

$0.31

$0.42

$0.51

 

with

acreage (1)

All sources

$0.86

$0.52

$0.54

$0.40

$xx

$0.50

$0.61

excluding

PUD removals (2)

All sources (2)

$0.76

$0.61

$0.67

$0.84

$xx

$0.68

$0.75

(1)

Includes performance and price revisions, excludes SEC required PUD removal due to 5-year rule

(2)

From all sources, including price, performance and SEC required PUD removal due to 5-year rule

(3)

Percentages shown are compounded annual growth rate

Track Record of Impressive Reserve Replacement at Low Cost 3-Year 5-Year Reserve Replacement 2012 2013 2014

44

Gas in Place (GIP) Marcellus Shale

• GIP is a function of pressure, temperature, thermal maturity, porosity, hydrocarbon saturation and net thickness
GIP is a function of pressure,
temperature, thermal maturity,
porosity, hydrocarbon
saturation and net thickness
Two core areas have been
developed in the Marcellus
Condensate and NGLs are in
gaseous form in the reservoir

Note: Townships where Range holds ~2,000+ acres (as of January 2017) and estimated as prospective, are outlined green. GIP Range estimates.

Gas in Place (GIP) Marcellus Shale • GIP is a function of pressure, temperature, thermal maturity,

45

Gas in Place (GIP) Utica/Point Pleasant

Bold, outlined portion represents the area of the highest pressure gradients in the Point Pleasant
Bold, outlined portion represents
the area of the highest pressure
gradients in the Point Pleasant

Note: Townships where Range holds ~2,000+ acres (as of January 2017) and estimated as prospective, are outlined green. GIP Range estimates.

Gas in Place (GIP) – Utica/Point Pleasant Bold, outlined portion represents the area of the highest

46

Gas in Place (GIP) Upper Devonian

• The greatest GIP in the Upper Devonian is found in SW PA • A significant
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 ~2,000+ acres (as of January 2017) and estimated as prospective, are outlined green. GIP – Range estimates.
Gas in Place (GIP) – Upper Devonian • The greatest GIP in the Upper Devonian is

47

Announced Appalachian Basin Takeaway Projects 1 of 2

2015

2016

2017

2018

2015

2016

 

Capacity

Fully

Approved or

Northeast PA

Operator

Main Line

Market

Start-up*

Bcf/d

Committed

with FERC

Niagara Expansion

Kinder Morgan

TGP

Canada

Q4'15

0.2

Y

Y

Northern Access 2015

NFG

National Fuel

Canada

Q4'15

0.1

Y

Y

Leidy Southeast

Williams

Transco

Mid-Atlantic/SE

Q4'15

0.5

Y

Y

East Side Expansion

Nisource

Columbia

Mid-Atlantic/SE

Q4'15

0.3

Y

Y

Algonquin AIM

Spectra

Algonquin

NE

Q4'16

0.4

Y

Y

Northern Access 2016

NFG

National Fuel

Canada

H2'17

0.4

Y

Y

Atlantic Bridge

Spectra

Algonquin

NE

H2'17

0.7

N

Y

Atlantic Sunrise

Williams

Transco

Mid-Atlantic/SE

H1'18

1.7

Y

Y

PennEast

AGT

NE

H2‘18

1.0

Y

Y

Constitution

Williams

Constitution

NE

H2’18

0.7

Y

Y

 
 

Capacity

Fully

Approved or

Southwest

Operator

Main Line

Market

Start-up

Bcf/d

Committed

with FERC

REX Zone 3 Full Reversal

Tall Grass

REX

Midwest

Q2'15

1.2

Y

Y

TGP Backhaul / Broad Run

Kinder Morgan

TGP

Gulf Coast

Q4'15

0.6

Y

Y

TETCO OPEN

Spectra

TETCO

Gulf Coast

Q4'15

0.6

Y

Y

Uniontown to Gas City

Spectra

TETCO

Midwest

Q3'15

0.4

Y

Y

Gulf Expansion Ph1

Spectra

TETCO

Gulf Coast

Q4'16

0.3

Y

Y

Clarington West Expansion

Tall Grass

REX

Midwest

Q4'16

1.6

N

N

Zone 3 Capacity Enhancement

Tall Grass

REX

Midwest

Q4'16

0.8

Y

Y

* Start-up dates reflect announced operator in-service dates

Note: Data subject to change as projects are approved and built. Highlighted projects where Range is participating.

Announced Appalachian Basin Takeaway Projects 2 of 2

   

Capacity

Fully

Approved or

Southwest

Operator

Main Line

Market

Start-up*

Bcf/d

Committed

with FERC

 

Midwest/Canada/

  • 2017 Rover Ph1

ETP

Gulf Coast

Q2'17

1.9

Y

Y

 

Rayne/Leach Xpress

Columbia

Columbia

Gulf Coast

Q3'17

1.5

Y

Y

 

Midwest/Canada/

Rover Ph2

ETP

Gulf Coast

Q3'17

1.3

Y

Y

Adair SW

Spectra

TETCO

Gulf Coast

Q4'17

0.2

Y

Y

Access South

Spectra

TETCO

Gulf Coast

Q4'17

0.3

Y

Y

Gulf Expansion Ph2

Spectra

TETCO

Gulf Coast

Q4'17

0.4

Y

Y

NEXUS

Spectra

Midwest/Canada

Q4'17

1.5

Y

Y

ANR Utica

Transcanada

ANR

Midwest/Canada

Q4'17

0.6

N

N

Cove Point LNG

Dominion

NE

Q4'17

0.7

Y

Y

SW Louisiana

Kinder Morgan

TGP

Gulf Coast

Q1’18

0.9

Y

Y

  • 2018 TGP Backhaul / Broad Run Expansion

Kinder Morgan

TGP

Gulf Coast

Q2’18

0.2

Y

Y

Mountain Valley

NextEra/EQT

Mid-Atlantic/SE

Q4'18

2.0

Y

Y

Western Marcellus

Williams

Transco

Mid-Atlantic/SE

Q4'18

1.5

N

N

Gulf Xpress

Columbia

Columbia

Gulf Coast

Q4’18

0.9

Y

Y

  • 2019 Atlantic Coast

Duke/Dominion

Mid-Atlantic/SE

Q2'19

1.5

Y

Y

Over 14 Bcf/d of Takeaway Projects Post-2016 in SW Marcellus
Over 14 Bcf/d of Takeaway Projects Post-2016 in SW Marcellus

* Start-up dates reflect announced operator in-service dates

Note: Data subject to change as projects are approved and built. Highlighted projects where Range is participating.

Mariner East: Opening New Lanes

• Only producer with current capacity on Mariner East • Historic first shipments of ethane from
Only producer with current capacity on
Mariner East
Historic first shipments of ethane from U.S. to
Europe
Optionality of selling propane internationally
or in local markets
Improved ethane and propane netbacks
Mariner East: Opening New Lanes • Only producer with current capacity on Mariner East • Historic
First VLGC Loading of Range Propane for Export
First VLGC Loading of Range Propane for Export
Mariner East: Opening New Lanes • Only producer with current capacity on Mariner East • Historic

50

Financial Detail
Financial Detail

Range Bonds Continue to Trade Well

Range Bonds Continue to Trade Well Source: Bloomberg as of 2/21/2017 52

Source: Bloomberg as of 2/21/2017

Range Bonds Continue to Trade Well Source: Bloomberg as of 2/21/2017 52

52

Natural Gas Hedging Status

Volumes Average Floor Average Time Period Hedged Price Ceiling Price (Mmbtu/day) ($/Mmbtu) ($/Mmbtu) 1Q17 Swaps 819,167
Volumes
Average Floor
Average
Time Period
Hedged
Price
Ceiling Price
(Mmbtu/day)
($/Mmbtu)
($/Mmbtu)
1Q17 Swaps
819,167
$3.17
$3.17
2Q17 Swaps
818,764
$3.16
$3.16
3Q17 Swaps
841,196
$3.19
$3.19
Gas Swaps
4Q17 Swaps
841,196
$3.19
$3.19
1Q18 Swaps
2Q-4Q18 Swaps
830,000
$3.42
$3.42
220,000
$2.97
$2.97
1Q17
96,667
$3.57
$4.26
2Q17
126,264
$3.47
$4.14
Gas Collars
3Q17
122,609
$3.45
$4.11
4Q17
122,609
$3.45
$4.11
1Q17
166,667
2Q17
164,835
Gas Puts
No Ceiling
3Q17
185,870
$3.47 ($0.31) 1
$3.47 ($0.31) 1
$3.50 ($0.32) 1
$3.50 ($0.32) 1
4Q17
185,870
*As of 2/17/2017
1) Notes deferred premium on puts
Natural Gas Hedging Status Volumes Average Floor Average Time Period Hedged Price Ceiling Price (Mmbtu/day) ($/Mmbtu)

53

Oil Hedging Status

Volumes Average Floor Average Time Period Hedged Price Ceiling Price (bbl/day) ($/bbl) ($/bbl) 1Q17 Swaps 8,833
Volumes
Average Floor
Average
Time Period
Hedged
Price
Ceiling Price
(bbl/day)
($/bbl)
($/bbl)
1Q17 Swaps
8,833
$55.26
$55.26
2Q17 Swaps
8,824
$55.23
$55.23
Oil Swaps
3Q17 Swaps
8,761
$56.38
$56.38
4Q17 Swaps
8,761
$56.38
$56.38
FY18 Swaps
3,000
$54.36
$54.36

*As of 2/17/2017

Natural Gas Liquids Hedging Status

Hedged Price Time Period Volumes Hedged (bbls/day) ($/gal) 1Q17 Swaps 3,000 $0.27 2Q17 Swaps 3,000 $0.27
Hedged Price
Time Period
Volumes Hedged
(bbls/day)
($/gal)
1Q17 Swaps
3,000
$0.27
2Q17 Swaps
3,000
$0.27
Ethane (C2)
3Q17 Swaps
3,000
$0.27
4Q17 Swaps
3,000
$0.27
1Q17 Swaps
14,215
$0.56
2Q17 Swaps
14,036
$0.56
Propane (C3) (a)
3Q17 Swaps
13,826
$0.56
4Q17 Swaps
13,826
$0.56
FY18 Swaps
7,199
$0.61
1Q17 Swaps
7,672
$0.74
2Q17 Swaps
7,750
$0.74
Normal Butane (NC4)
3Q17 Swaps
7,750
$0.74
4Q17 Swaps
7,750
$0.74
FY18 Swaps
4,250
$0.81
1Q17 Swaps
5,250
$1.06
2Q17 Swaps
5,250
$1.06
Natural Gasoline (C5)
3Q17 Swaps
5,250
$1.06
4Q17 Swaps
5,250
$1.06
FY18 Swaps
1,500
$1.19

*As of 2/16/2017 (a) incorporates international propane spreads

Natural Gas Liquids Hedging Status Hedged Price Time Period Volumes Hedged (bbls/day) ($/gal) 1Q17 Swaps 3,000

55

Macro Section
Macro Section

Significant Natural Gas Demand Growth Projected

LONG-TERM US NATURAL GAS DEMAND ROADMAP (BCF/D)

 

2017

2018

2019

2020

LNG Exports

 

Sabine Pass

  • 1.2 0.7

 

Freeport

0.5

1.0

Cove Point

0.8

Cameron

1.2

0.6

Corpus Christi

1.6

LNG Sub-Total

  • 1.2 3.9

2.6