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Range Resources Corp
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April 2024 Company Presentation
| Jeffrey L. Ventura | Page 10 of 11 |
May 07, 2024
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$22 $25 $45 $65 Standardized Measure $3.00 $4.00 $5.00 NYMEX Natural Gas Valuation of proved reserves only includes 3.1 million lateral feet (~11%) of Range’s ~28 million lateral feet of undeveloped core Marcellus inventory Compelling Free Cash Flow and Valuation Range Offers Durable Free Cash Flow and Attractive Relative Trading Multiple and Yield versus Other Sectors 2024 FCF Yield (b) 2025 EV/EBITDA (b) 10 RRC at $4.00 NG RRC at $3.00 NG RRC at $2.00 NG (a) TPH&Co. Equity Research estimates assuming $75 WTI. Calculated as Henry Hub price required to generate positive free cash flow, including hedges and excluding returns of capital. Peers include AR, CHK, CNX, CRK, EQT, SWN. (b) Bloomberg sector estimates as of 4/19/24. RRC FCF assumes $2.00 NG/$75 WTI, $3.00 NG/$80 WTI, $4.00 NG/$85 WTI, and NGL realizations at 32.5% of WTI. RRC EV/EBITDA is Bloomberg consensus. 2024 Free Cash Flow Breakevens (a) ($/MMBtu) ATAX PV-10 (c) of Proved Reserves per Share, Net of Debt c) ATAX PV-10 for $3/$4/$5 cases use $70/$80/$90 WTI, respectively. Assumes 21% tax rate in all cases, without accounting for expected NOL benefit. Year-end 2023 standardized measure value of $6.8 billion uses SEC- defined pricing of $2.62 natural gas/$78.10 WTI. ( $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 RRC Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 2.8% 3.5% 3.6% 4.1% 4.2% 4.4% 5.0% 5.1% ~11% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Tech Telecom Real Estate Con. Discretionary Russell 3000 Con. Staples Materials Healthcare RRC 6.6x 10.0x 10.6x 12.0x 12.3x 12.3x 12.6x 13.0x 17.6x 18.3x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x 18.0x 20.0x RRC Materials Telecom Russell 3000 Con. Discretionary Industrials Healthcare Con. Staples Real Estate Tech