Investor Presentation TPH Hotter N Hell Energy Conference June 15, 2016

Transcription

1 Investor Presentation TPH Hotter N Hell Energy Conference June 15, 2016

2 Recent Company Updates 2 RMH 3 rd Party Percentage Slide 6 RMP Leverage and Liquidity Slide 12

3 Rice Energy Strategy 3 Allocate 100% of Capital to Core Assets with Attractive Returns Maintain a Strong Balance Sheet Protect Returns and Balance Sheet through FT Portfolio and Systematic Hedging Strategically Position Midstream to Maximize Value Promote Operational Excellence through Innovation, Safety and Environmental Stewardship Long-Term Shareholder Value Creation

4 Company Overview: More Than Just an E&P Company NYSE: RICE NYSE: RMP Upstream Marcellus + Utica Shale Development Rice Midstream Holdings Ohio Gathering System & Strike Force JV GP Holdings RMP Units and IDRs Rice Midstream Partners Pennsylvania Gathering System + PA and OH Water Services EIG Managed Funds 91.75% 8.25% Strike Force AMI (GPOR Midstream JV) GP Holdings 35% of LP Units (3) 100% IDRs 200,000 effective stacked acres (1) in the core of SW Appalachia 94,000 PA Marcellus 49,000 PA Deep Utica 57,000 OH Utica 675 MMcfe/d 1Q16 net production 55-75% single well returns at strip prices (2) One of the largest gathering footprints in Ohio s Dry Gas Utica Core 146,000 dedicated acres, primarily from two of the most active dry gas operators (RICE/ GPOR) 454 MMcfe/d 1Q16 average throughput, 63% 3 rd party RICE owns 91.75% of the common equity of GP Holdings GP Holdings owns 35% of all outstanding RMP LP units (3) and 100% of IDRs Long-term, we believe GP Holdings value will be > $1B 114,000 dedicated Pennsylvania Marcellus acres from RICE and third parties 835 MDth/d 1Q16 average throughput, 26% 3 rd party 2016E Distribution Growth: 20% Ideal assets for future drop downs to RMP 1. Stacked acreage as of 3/31/16. Surface acreage of 151,000 net acres. 2. Strip pricing as of 4/21/16, leading edge well costs. 3. Pro forma for 9.2 million RMP unit equity offering, resulting in $164 million net proceeds. 4

5 Concentrated Core Upstream Assets Premier E&P Company in the Lowest Cost Gas Shale Plays 100% of assets located in the cores of the Marcellus and Utica Valuable production base of 675 MMcfe/d ($1.2B PD + Hedge PV10) (1) 55-75% single well returns (2) and average F&D cost of ~$0.55/Mcf Strong hedge and FT portfolio provides protection from downcycles Marcellus OH Utica PA Utica Utica Core Marcellus Core Washington Net Acres 200,000 49,000 * Net Drilling Locations (3) Developed Belmont 57, Greene ,000 Deep PA Utica Core * Stacked Pay on PA Acreage 1. Strip pricing as of 1/4/ Strip pricing as of 4/21/16, leading edge well costs. 3. Net undeveloped locations as of 12/31/15. See slide entitled Additional Disclosures on detail regarding RICE s methodology for the calculation of locations. 10+ Year Inventory from Marcellus and OH Utica with upside from PA Utica 5

6 Strategic Midstream Assets RICE MIDSTREAM HOLDINGS ( RMH ) RICE MIDSTREAM PARTNERS ( RMP ) PENNSYLVANIA 146,000 dedicated acres in the core of dry gas Utica Primary customers: RICE, GPOR & CNX 75% ownership of Strike Force JV (GPOR 25%) RMH owns 33% of RMP LP units outstanding (1) and 91.75% of IDRs 114,000 acres dedicated in core of dry gas Marcellus Primary customers: RICE and EQT 20% distribution growth and x coverage in 2016 $ million of 2016E EBITDA OHIO Belmont Washington Monongahela River Withdrawal $40-$45 million of 2016E EBITDA Monroe Ohio River Withdrawal Greene GATHERING SYSTEM INFORMATION Dedicated Gross Acreage 1Q 2016 Throughput (MDth/d) 2016E Throughput (MDth/d) 2016E Capex ($MM) 2016E EBITDA ($MM) RMH 146, $ 155 $40 $45 % 3 rd Party ~75% 63% 60% n/a 40% 45% RMP 114, $ 150 $110 $120 % 3 rd Party ~20% 26% 25% n/a 20% 25% Total 260,000 1,289 1,400 $ 305 $150 - $165 RMH LEGEND RICE Ohio Gathering Pipeline RICE Ohio Gathering Pipeline to be Constructed Strike Force JV RICE Dedicated to 3 rd Parties GPOR Dedicated to RICE RICE Acreage RMP LEGEND RMP Gathering Pipeline RMP Gathering Pipeline to be Constructed 3 rd Party Dedications RMP Water Pipeline RMP Water Pipeline to be Constructed RICE Acreage 1. Pro forma for 9.2 million RMP unit equity offering, resulting in $164 million net proceeds. 6

7 Recent RICE Highlights Strong First Quarter Results Net production 675 MMcfe/d; 53% increase over prior year quarter Increased Adjusted EBITDAX to $109MM; 30% increase over prior year quarter Continued efficiency gains and service cost reductions lead to lower well costs of $925 and $1,380 per lateral foot in the Marcellus and Utica, respectively, for wells drilled and completed in 1Q % single well returns at strip pricing (1) and average F&D of ~$0.55/Mcf Reduced E&P cost structure by 10% over prior year quarter to $1.23/Mcfe driven by reductions in G&A and LOE 83% of 1Q16 production received favorable non-appalachia pricing which drove 1Q16 avg. differential of ($0.21)/MMBtu, a ~$0.63/MMBtu premium over local markets 78% of 1Q16 production hedged at $3.37/MMBtu with avg. post-hedge realized price of $2.88/Mcf Prolific Midstream Growth Increased RMH 1Q16 gathering throughput to 454 MDth/d; 309% increase over prior year quarter Completed Strike Force midstream JV with GPOR including ~75,000 Utica acreage dedication from GPOR in Feb RMH entered into gas gathering agreement with CNX to support their dry gas Utica development on ~13,000 core acres in Monroe County, OH Strong Liquidity and Healthy Balance Sheet In February 2016, completed a $375MM preferred equity investment by EIG In April 2016, completed primary equity offering of 20MM shares providing $312MM net proceeds Strong pro forma 1Q16 liquidity position of $1.5B (2)(3) and low LTM consolidated leverage of 1.2x (2)(4)(5) 88% of rem production hedged at $3.25/MMBtu and majority of 2017 hedged at $3.13/MMBtu 1. Strip pricing as of 4/21/16, leading edge well costs. 2. Pro forma for 20 million RICE share equity offering, resulting in $312 million net proceeds. 3. Excludes Rice Midstream Partners LP. 4. Pro forma for 9.2 million RMP unit equity offering, resulting in $164 million net proceeds. 5. Please see Adjusted EBITDAX Reconciliation for a description of Adjusted EBITDAX and Further Adjusted EBITDAX. 7

8 Track Record of Low-Cost Growth MARCELLUS D&C COSTS ($/FT.) UTICA D&C COSTS ($/FT.) E&P PER UNIT CASH COSTS ($/MCFE) (1) $1,507 $2,588 $1.80 $1,269 $1,218 $1,150 $925 $1,715 $1,450 $1,380 $0.44 $0.38 $1.50 $0.43 $1.34 $1.23 $0.34 $0.23 $0.55 $0.38 $0.38 $0.40 $0.38 $0.36 $ E Leading Edge NET WELLS TURNED TO SALES (2) E Leading Edge NET PRODUCTION (MMCFE/D) $0.43 $0.31 $0.26 $ Q16 LOE and Taxes FT Gathering G&A MIDSTREAM THROUGHPUT (MDTH/D) 6,320 7,272 7,310 7,700 7,151-8,238 9,759 9,300-1,400 1, E 1Q16 PA OH E 1Q16 1. RICE gathering agreements in OH and PA began in Gathering fee per Mcfe applied to 2013 and 2014 to show a relevant year over year comparison. 2. Net wells turned to sales with corresponding horizontal lateral lengths E 1Q16 RMP RMH 8

9 Attractive Single Well Economics RICE continues to drive down D&C and operating costs to maximize returns Inventory currently generates ~65% returns at strip; HHUB PV10 breakevens of ~$2.00 HHUB (1) DRY GAS SINGLE WELL ECONOMICS IRR 150% 125% 100% Leading Edge D&C costs generate 55-75% single well returns at strip pricing (1) 83% 124% 114% 75% 77% 50% 49% 47% 25% 25% 23% NYMEX ($/MMBtu) $2.50 $3.00 $3.50 $4.00 Marcellus Utica Leading Edge Returns at Strip Pricing Net Locations (2) HHUB PV-10 Breakeven ($/MMBtu) $2.08 $2.18 Note: See appendix for summary of assumptions used to generate single well IRRs. Marcellus and Utica economics assume E&P is burdened by 50% of the gathering and compression fee and 50% of water completion fees (RICE owns a 33% LP interest in RMP, 100% of Rice Ohio Midstream and 100% of RMP IDRs). Assumes long-term wells costs of $1,150 per lateral foot and $1,450 per lateral foot in the Marcellus and Utica, respectively. 1. Strip as of 4/21/16, leading edge well costs of $925 per lateral foot and $1,380 per lateral foot in the Marcellus and Utica, respectively. 2. Excludes ~47 wet OH Utica net undeveloped locations and ~105 dry gas PA Utica net undeveloped locations. 9

10 RICE trades at Attractive Valuation Relative to Peers RICE trades at a 3.3x discount to peers despite a strong financial position, core assets and growing cash flow The median EBITDA multiple implies a $31.91 RICE stock price, a 53% premium to current price (1) 25.0 x EV/2016E EBITDA Net Debt/2016E EBITDA Peer Median 12.3x Peer Median 3.5x 9.0 x 8.0 x EV / 2016E EBITDA 20.0 x 15.0 x 10.0 x 5.0 x 7.0 x 6.0 x 5.0 x 4.0 x 3.0 x 2.0 x 1.0 x Net Debt / 2016E EBITDA 0.0 x RICE Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer E EBITDA Growth Positive Positive Negative Positive Positive Negative Negative Negative % Hedged in % 100% 60% 42% 68% 5% 71% 14% 0.0 x Note: Peer group includes AR, CNX, COG, EQT, GPOR, RRC, and SWN. 1. Figures based on Factset consensus EBITDA and YE 2016 net debt, pro forma for equity offerings. Stock price as of 6/8/

11 First Quarter 2016 Operational Highlights MARCELLUS OPERATIONAL HIGHLIGHTS Turned to sales 9 gross (9 net) Marcellus wells in 1Q16 Avg. lateral length of ~7,200 feet and average D&C costs of $1,131 per lateral foot (drilled and completed in 2015) Leading edge Marcellus costs of $925 per lateral foot for 11 net wells drilled and 10 net wells completed in 1Q16 20% under 2016 target costs Company record: Drilled 11,500 foot lateral in 2.5 days In April, turned to sales 9 gross (9 net) Marcellus wells Average lateral length of ~8,200 feet and in line with leading edge costs UTICA OPERATIONAL HIGHLIGHTS Leading edge Utica costs of $1,380 per lateral foot for 8 net wells drilled and 8 net wells completed in 1Q16 5% under 2016 target costs Participated in 16 gross (7 net) non-operated Utica wells turned to sales in 1Q16 In April, turned to sales 9 gross (6 net) operated Ohio Utica wells Average lateral length of ~9,100 feet and in line with leading edge costs Net Wells Drilled Net Wells Completed Net Wells Online Operated Marcellus Operated Ohio Utica Non-operated Ohio Utica Strong Execution Drives Leading Edge D&C Costs and Well Results 11

12 Healthy Balance Sheet Protected by Strong Hedge Book $1,500 $1,000 $500 $1,398 $540 $858 SUMMARY Ample Liquidity: $1.5B of total liquidity (1)(3) consisting of $1.2B of E&P liquidity and $330MM of RMH liquidity Increased borrowing base 17% to $875MM with commitment amounts of $750MM, underscoring asset base value Strong Balance Sheet and Financing: E&P between 2.0x-3.0x levered throughout 2016 with no dependence on drop downs Attractive Hedge Book 88% hedged for rem at wtd. avg. floor of $3.25/MMBtu 576 MMBtu/d hedged in 2017 at wtd. avg. floor of $3.13/MMBtu 2016 FUNDING & CAPITAL EXPENDITURES (1)(2) $360 Remaining 2016 CapEx Available Credit Facility 1Q16 Cash & Rem. 2016E CFO $486 $435 $290 $450 $70 $126 $36 $118 Rice E&P RMH RMP 1. Pro forma for 20 million RICE share equity offering, resulting in $312 million net proceeds. 2. Pro forma for 9.2 million RMP unit equity offering, resulting in $164 million net proceeds. 3. Excluding Rice Midstream Partners LP. 4. Please see Adjusted EBITDAX Reconciliation for a description of Further Adjusted EBITDAX. BBtu/d x 3.0x 2.5x 2.0x 1.5x 1.0x 0.5x HEDGE SUMMARY Hedged Volume Avg. Wtd. Fixed Price HHUB Strip $3.25 $3.13 $3.11 $ $ x 576 $2.92 $2.96 $2.99 $/MMBtu Q16 Net Debt / LTM EBITDA 3.0x 2.0x LEVERAGE (1)(2) 1.75x 1.25x 0.5x 1.2x $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $ Net Debt / LTM EBITDA 1.0x 2.25x 1.75x Rice E&P RMH RMP Consolidated (4)

13 Executing the Most Efficient Program in Appalachia: 1 Bcf/d From 180 Wells Our unmatched efficiency is a byproduct of focusing on maximizing the value of every well we drill Gross Operated Production vs. Well Count Operator Gross Operated Production (Mcfe/d) # Wells Gross Operated Production (Mcf/d) RICE ENERGY 1 Bcf/d from 180 Wells RICE RICE Bcf/d Gross Operated Production 6 1 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 RICE ENERGY Peer 8 Peer 9 Peer 10 3,865,874 1,824,309 1,629,948 1,551,548 1,334,249 1,246,033 1,002, , , ,095 1, Total Operated Well Count Peer-Leading Production Growth Driven by a Focus on Quality, Not Quantity Source: Data based on Pennsylvania Department of Environmental Protection, Ohio Department of Natural Resources and West Virginia Department of Environmental Protection production reports. Peers include CHK, COG, AR, EQT, SWN, RRC, CHIEF, GPOR and APC. 13

14 Differentiated Long-Term Production Differentiation of RICE wells is evident in 1-3 year cumulative production per well. 100% of RICE future activity is focused within our proven concentrated acreage positions in the Marcellus + Utica where we have consistently demonstrated industry leading results. 12,000,000 RICE Program 180 Wells - 1 Bcf/d Rest of Industry 8,700 Wells - 20 Bcf/d RICE Utica RICE Marcellus Industry Marcellus + Utica Cumulative Production (Mcfe) 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 Long-term Focus + Outperformance RICE Utica RICE Marcellus ,000 1,500 2,000 Days Online 1. Data for RICE based on actuals through 3/31/16, peer data based on Pennsylvania Department of Environmental Protection production reports through 3/31/ Data for RICE based on actuals through 3/31/16, peer data based on Ohio Department of Natural Resources report through 12/31/

15 Well Positioned to Navigate Environment Financial Strength Healthy balance sheet, ample liquidity and robust hedges 2016 budget focused on balance sheet and E&P returns while creating significant future midstream value Healthy Balance Sheet: Expect to exit 2016 between 2.0x-3.0x E&P leverage with no dependence on drop downs Ample Liquidity: $1.5B of 1Q16 liquidity (1) : $1.2B E&P and $330MM RMH Robust & Attractive Hedges: 88% of rem production hedged at $3.25/MMBtu; majority of 2017 production hedged at $3.13/MMBtu Highly concentrated acreage position in the most economic areas of the Marcellus and Utica Shale Core Locations (2) : 487 net undeveloped Marcellus wells net undeveloped OH Utica wells net undeveloped PA Utica wells Resilient Economics: development and operating cost declines have driven avg. PV-10 breakeven to ~$2.00/MMBtu HHUB (3) Compelling Returns in Challenging Market: ~65% Pre-Hedge IRRs at strip pricing (3) Midstream is a valuable and differentiated element of the RICE story #1 Gatherer in the Dry Gas Core: 260,000 acres (4) dedicated from 3 of the 5 most active operators in SW Appalachia Unique Financial Advantages: ~$1.0B of midstream monetizations and financings to date with ~$1.3B of estimated remaining drop down inventory and GP Holdings with expected future value of $1.0B+ High Growth MLP: RMP expects 20% distribution growth with current asset base while maintaining 1.3x-1.5x coverage in 2016 Firm Transportation (FT) Portfolio is right-sized for RICE s production growth and basis outlook Right-Sized: FT covers >80% of 2016 production and decreases to ~60% by 2020 Right Exposure: Expect local basis to improve from $0.83 in 2016 (30% of production) to $0.46 in 2020 (~40% of production) 1. Pro forma for 20 million RICE share equity offering, resulting in $312 million net proceeds. 2. Net undeveloped locations as of 12/31/15. See slide entitled Additional Disclosures on detail regarding RICE s methodology for the calculation of locations. 3. Strip pricing as of 4/21/16, leading edge costs. 4. Excludes ~49K net PA Utica acres dedicated to RMP from RICE and additional PA Utica acreage dedicated to RMP from EQT. 15

16 Asset Detail 16

17 Marcellus and Utica Single Well Type Curves MMcf/d Restricted Rate Cumulative Production 1 Year Year Year Year 10.6 EUR 15.1 MARCELLUS SINGLE WELL TYPE CURVE Years OHIO UTICA SINGLE WELL TYPE CURVE Marcellus EUR (Bcf / 1,000') 2.16 Lateral Length 7,000 EUR (Bcf) 15.1 Interwell Spacing (ft) 750 Choke (MMcf/d per 1,000') 1.50 Flat Time (days) Year Cum. (Bcf) Year Cum. (Bcf) Year Cum. (Bcf) Year Cum. (Bcf) 10.6 IRR ($3.50 HHUB) 77% PV-10 ($ mm) ($3.50 HHUB) $10.1 MMcf/d Restricted Rate Cumulative Production 1 Year Year Year Year 15.2 EUR Years Note: See appendix for summary of assumptions used to generate single well IRRs. Current OH Utica EUR (Bcf / 1,000') 2.33 Lateral Length 9,000 EUR (Bcf) 21.0 Interwell Spacing (ft) 1,000 Choke (MMcf/d per 1,000') 1.80 Flat Time (days) Year Cum. (Bcf) Year Cum. (Bcf) Year Cum. (Bcf) Year Cum. (Bcf) 15.2 IRR ($3.50 HHUB) 83% PV-10 ($ mm) ($3.50 HHUB) $

18 Economics IRR 90% 80% 70% 60% 50% 40% 30% 20% 10% 77% $10.1 PV10 & IRRS (1) Economics Adjusted for Gathering Ownership at $3.50 HHUB and $27/bbl NGLs 83% $ % $4.7 $16.0 $14.0 $12.0 $10.0 $8.0 $6.0 $4.0 $2.0 PV10 ($MM) ECONOMIC ASSUMPTIONS Marcellus Utica Dry Utica Wet Type Well Assumptions Spacing 750 1,000 1,000 Lateral Length 7,000 9,000 9,000 EUR (Bcf/1,000') NGL Yield (bbls/mmcf) 26 Gas Shrink 11% Pre-Processed EUR (Bcfe) Post-Processed EUR (Bcfe) % Gas 100% 100% 85% Heat Content (Btu/Scf) 1,050 1,080 1,159 Initial Choke (MMcf/d per 1,000') Flat Period (days) D&C Assumptions(2) D&C ($MM) $8.0 $13.0 $13.0 D&C per Lateral ($ per foot) $1,150 $1,450 $1,450 Operating Expenses (NRI Gas) Fixed Operating Expenses ($/well/month) $6,692 $6,692 $6,692 Variable Operating Expenses ($/Mcf) $0.11 $0.11 $0.11 Other Costs/Expenses (NRI Gas) Well Impact Fee? Yes No No Severance Taxes ($/Mcf) $0.04 $0.04 Avg. Royalty 18% 20% 20% Gathering, Processing and Compression (NRI Gas) Gathering, Compression, Processing Fees ($/Dth) $0.45 $0.46 $1.00 NGL Fractionation and Transport ($/bbl) $5.80 Adjusted Gathering and Compression Fees ($/Dth) $0.23 $0.23 $1.00 Midstream Adjustment 50% 50% Firm Transportation and Basis (NRI Gas) Basis + Fuel (Variable) % of Gas Price (9%) Wtd. Avg Reservation Fee + Commodity Fee (Fixed) $/Dth ($0.42) All-In Assuming $3.50 HHUB (NRI) ($0.75) Inventory Net Undeveloped Locations NRI Undeveloped Horizontal Feet (MM ft) % Economics Summary (Adj. for Midstream Ownership In Each Area, $3.50 HHUB, $27/bbl NGLs) PV-10 Single Well $10.1 $13.7 $4.7 Marcellus OH Utica Dry OH Utica Wet IRR 77% 83% 25% IRR PV10 Payback (Months) Breakeven Realized ($/Dth) $2.08 $2.18 $ Economics assume E&P is burdened by 50% of the gathering and compression fee and 50% of water completion fees (RICE owns a 33% LP interest in RMP, 100% of RMH and 100% of RMP IDRs). 2. D&C costs are fully burdened by water completion fees of ~$50 per lateral foot in the Marcellus and ~$65 per lateral foot in the Utica. 18

19 Right-Sized Firm Transport Portfolio Growing Exposure to an Improving Local Basis Market Right-Sized: FT covers >80% of 2016 takeaway volumes. FT coverage decreases to ~60% in Right Exposure: 30% of 2016 gas exposed to local markets when differentials are expected to be $0.83, growing to 40%+ in 2020 when differentials are expected to tighten to ~$0.46 (1) RICE S RIGHT-SIZED FT PORTFOLIO & ILLUSTRATIVE TAKEAWAY VOLUME GROWTH MDth/d 3,000 2,500 Base Case Details % Exposed to App. 25% 30% 30% 15% 25% 40% M2 Basis (2) ($1.22) ($0.83) ($0.77) ($0.60) ($0.56) ($0.46) Increasing Exposure to Improving Local Markets 2,000 1,500 1, /1/15 7/1/15 1/1/16 7/1/16 1/1/17 7/1/17 1/1/18 7/1/18 1/1/19 7/1/19 1/1/20 7/1/20 1/1/21 Illustrative Takeaway Volume Range Takeaway Capacity 1. Illustrative takeaway volumes assume 2016 growth in-line with guidance. In 2017+, low and high volume range grow at 7% and 20%, respectively. Volumes beyond 2016 are for illustrative purposes only and do not constitute guidance. Takeaway volumes = gross PA and working interest OH volumes. 2. Strip pricing as of 4/21/16. (1) 19

20 Why Invest in Rice? % of Leasehold in Core of Marcellus and Utica Differentiated Technical Approach Has Led to Industry Leading Well Results Create Significant Midstream Value through RICE and 3rd Party Core Dedications Firm Transportation Contracts De-risk Production Growth, Ensure Takeaway and Limit Appalachian Basis Exposure Conservative Financial and Hedging Approach to Protect Downside and Lock-In Attractive Returns Nimble and Incentivized Management and Technical Teams Top-Tier Growth With Attractive Risk-Adjusted Return Profile

21 Appendix 21

22 RICE and RMP Market Snapshot Rice Energy Inc. (1)(2) (NYSE: RICE) $ millions, except per share data Management Ownership 25% Shares Outstanding (MM) 156 Price $20.84 Market Capitalization $3,251 Cash 657 Preferred Equity 375 Revolving credit facilities % Senior notes due % Senior notes due Enterprise Value $4, Week Price Range High $23.67 Low $7.92 Rice Midstream Partners LP (1)(3) (NYSE: RMP) $ millions, except per unit data Common Units 52 Subordinated Units 29 Total Units Outstanding (MM) 81 Price $18.75 Market Capitalization $1,520 Cash 15 Revolving credit facility - Enterprise Value $1,505 Distribution / Unit $ Yield 4.48% 52 Week Price Range High $20.50 Low $8.40 Website: Investor Contact: Julie Danvers Julie.Danvers@RiceEnergy.com 1. As of 3/31/16, except share and unit price as of 6/8/ Pro forma for 20 million RICE share equity offering, resulting in $312 million net proceeds. 3. Pro forma for 9.2 million RMP unit equity offering, resulting in $164 million net proceeds. Website: Investor Contact: Julie Danvers Julie.Danvers@RiceMidstream.com 22

23 RICE First Quarter 2016 Consolidated Financial Summary Solid first quarter results supported by well-capitalized balance sheet and ample liquidity QUARTERLY HIGHLIGHTS Net production averaged 675 MMcfe/d; 53% increase from 1Q15 83% of 1Q16 production sold to premium, non-appalachian markets LOE of $0.18/Mcfe, 18% reduction from 2015 LOE of $0.22/Mcfe Adjusted quarterly EBITDAX of $109MM Three Months Ended March 31, 2016 Total net production (MMcfe/d) 675 % Gas 99% % Operated 88% % Marcellus 70% Actual ($MM) $ / Mcfe NYMEX Henry Hub price ($/MMBtu) $2.09 Average basis impact ($/MMBtu) ($0.21) Firm transportation fuel & variables ($/MMBtu) ($0.14) Btu uplift (MMBtu/Mcf) $0.09 Pre-hedge realized price ($/Mcf) $1.83 Realized hedging gain ($/Mcf) $1.05 Post-hedge realized price ($/Mcf) $2.88 Total operating revenues $140 $2.28 Realized hedging gain $64 $1.05 Total operating revenues and hedging gain $204 $3.33 Lease operating $11 $0.18 Gathering, compression and transportation $28 $0.46 Production taxes and impact fees $2 $0.03 General and administrative $20 $0.33 Depletion, depreciation and amortization $79 $1.29 Adjusted EBITDAX $109 Further Adjusted EBITDAX (1) $ Please see Adjusted EBITDAX Reconciliation for a description of Further Adjusted EBITDAX. 2. Pro forma for 20 million RICE share equity offering, resulting in $312 million net proceeds. 3. Pro forma for 9.2 million RMP unit equity offering, resulting in $164 million net proceeds. CAPITALIZATION AT 3/31/2016 Three Months Ended ($ in millions) March 31, 2016 Cash Rice Energy $306 Rice Midstream Holdings $39 Rice Midstream Partners $10 Total consolidated cash $355 Mezzanine Equity $370 Long-term debt Rice Energy E&P credit facility % Senior notes due 2022 $ % Senior notes due 2023 $397 Total Rice Energy debt $1,297 Rice Midstream Holdings credit facility $10 Rice Midstream Partners credit facility $159 Total consolidated debt $1,466 Net debt $1,111 (2)(3) Pro forma net debt $635 Leverage (2)(3) 1Q16 Net Debt / LTM EBITDA Rice Energy E&P 1.7x Rice Midstream Holdings 0.0x Rice Midstream Partners 0.0x (1) Consolidated 1.2x Capex Incurred D&C $188 Land $17 RMH $29 RMP $

24 2016 D&C Budget Maintains Clean Balance Sheet while Investing in production guidance achieved with $355 million of capex Incremental $205 million of capex in 2016 sets the table for 2017 production with 35 DUCs at year-end $560 MM 2016 Budget Build pads and drill wells to be completed in $ spending funded by cash and cash flow with exit E&P leverage between x A reduced 2016 capital plan could generate similar 2016 production and better 2016 leverage but would exit the year with no DUC s and be poorly positioned for 2017 Minimal completions $80 Additional completion activity, minimal drilling $200 $120 Drilling and completing wells that come online in 2016 $355 $155 $205 $205MM drives 2017 production $355MM drives 2016 production $80 0% YoY YoY Growth Growth 15% 15%YoY Growth % 30% YoY Growth 30% 30% YoY Growth Flat Exit to to Exit Exit YE DUCS None None None Production, MMcfe/d YE 2016 E&P Debt / LQA EBITDAX 3.0x 2.6x 2.5x 3.0x 24

25 2016 Guidance $MM $MM D&C & Land Capital Expenditures $225 $545 $830 $250 $740 $115 $200 $285 $640 $80 $275 $380 $340 $ E PA D&C OH D&C Land Note: 2014 Pro Forma for ASR transaction. 1. As of February 24, 2016, unless otherwise noted. 2. Does not include wells from the Greene County Acquisition. 3. As of May 4, Wells Net Wells Turned to Sales (2) E PA OH Average Net Daily Production MMcfe/d E Midstream Capital Expenditures Daily Throughput (3) Midstream EBITDA $45 $50 $45 $300 $150 $420 $250 $305 $155 $150 $170 $ E RMP Rice Midstream Holdings MDth/d 1,400 1,200 1, E&P (1) MIDSTREAM (1) , E RMP Rice Midstream Holdings Published Guidance $MM $106 $42 $64 $158 $43 $ E RMP Rice Midstream Holdings

26 2016 Detailed Guidance RICE 2016 GUIDANCE (1) Guidance Guidance Net Wells Spud Online Total Net Production (MMcfe/d) Operated Marcellus % Natural gas 100 % Operated Ohio Utica % Operated 85 % Non-operated Ohio Utica 5 14 % Marcellus 65 % Total Net Wells Pricing FT Fuel & Variable (Deduction) ($0.14) - ($0.16) Lateral Length (ft.) of Wells Turned Online Heat Content (Btu/Scf) Operated Marcellus 7,700 Marcellus 1050 Operated Ohio Utica 9,300 Utica 1080 Non-operated Ohio Utica 8,200 Cash Operating Costs ($/Mcfe) Lease Operating Expense $ $0.25 Gathering and Compression $ $ Capital Budget ($ in millions) Firm Transportation Expense $ $0.40 E&P Production Taxes and Impact Fees $ $0.06 Operated Marcellus $ 285 Total Cash Operating Costs $ $1.21 Operated Ohio Utica $ 175 Non-operated Ohio Utica $ 100 Cash G&A ($ in millions) Total Drilling & Completion $ 560 E&P $ 85 - $ 90 Land $ 80 Midstream $ 25 - $ 28 Total E&P $ 640 Total Cash G&A $ $ 118 RMP 2016 GUIDANCE (1) Guidance 2016 Capital Budget ($ in millions) Gas Gathering and Compression $ 140 Water Services $ 10 Total RMP $ 150 Estimated Maintenance Capital $ 11 Cash G&A ($ in millions) $ 15 - $ 18 Adjusted EBITDA ($ in millions) Gas Gathering and Compression $ 85 - $ 90 Water Services $ 25 - $ 30 Total Adjusted EBITDA $ $ 120 % Third Party 20% - 25% Distributable Cash Flow ($ in millions) $ 90 - $ 100 Average DCF Coverage Ratio 1.3x - 1.5x % Distribution Growth 20% Midstream Midstream Adjusted EBITDA ($ in millions) Rice Midstream Holdings $ 155 Rice Midstream Holdings $ 40 - $ 45 Rice Midstream Partners $ 150 Rice Midstream Partners $ $ 120 Total Midstream $ 305 Total Midstream EBITDA $ $ As of February 24,

27 RICE and RMP Organizational Structure EIG Managed Funds 100% Series A Common Equity $875MM Borrowing Base (1) 8.25% common equity interest 100% Series B Preferred Equity ($375MM invested) DE Rice Midstream Holdings LLC $300MM Credit Facility + $100MM Accordion Feature GP Holdings (IDRs and LP Interest) 91.75% common equity interest 100% ownership RMP GP (non-economic) 100% equity interest Rice Olympus Midstream (OH Gathering) 75% equity interest Strike Force Midstream (GPOR JV) Public Unitholders 65% LP interest (2) 35% LP interest (2) 100% of IDRs ROFO Assets $450MM Credit Facility PA Gathering PA Water OH Water 1. $750MM of elected commitments. 2. Pro forma for 9.2 million RMP unit equity offering, resulting in $164 million net proceeds. 27

28 Meaningful Value Derived from Developed Drilling Locations 156 net proved developed wells + hedge value are worth ~$9 / share at strip pricing (1), with ~800 net undeveloped Marcellus & Utica locations remaining to drive future growth in proved reserves and proved value. Proved Reserves, Bcf ~100% natural gas Proved Undeveloped (Bcf) Proved Developed (Bcf) 1,700 PD + Hedge PV10: $1.2B 2015 Reserves at Strip Pricing Hedge Uplift Total PDP PV10/Share Net Drilling Locations 10% developed at 12/31/15 Undeveloped Wells Proved Developed Wells 1, Strip $1.94 Marcellus 20% developed ,015 $6.85 $8.80 Utica (OH) 5% developed Utica (PA) <1% developed Strip pricing as of 1/4/16. YE2015 Reserve Report 1/4/2016 Total 10% developed % 25% 50% 75% 100%

29 Asset Quality Industry High Grading to Quality RICE s footprint is located in the epicenter of remaining activity in Appalachia due to best in class economics Appalachia Rig Counts (1) : Early 2012 Peak of 175 Rigs May 2016: 29 Rigs # of Rigs Aug Rigs May Rigs Ohio Pennsylvania PA Marcellus & PA Utica RICE Acreage West Virginia Current Rig Peer 1 Peer 2 Rice Energy Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 0 Rig Count Top Ten Active Operators Laid Down From Peak Active 1. RigData + Baker Hughes Rig Reports. 29

30 Diverse Market Exposure FT portfolio includes 1.2 MMDth/d (1.1 Bcf/d) of firm capacity to premium North American markets (1) CANADA (MDTH/D) Canadian Markets Gulf Coast demand growth will be ~3x larger than NE demand growth (2) MIDWEST (MDTH/D) Midwest Markets RICE Acreage TCO (MDTH/D) Appalachian Markets NORTHEAST (MDTH/D) Industry +1.0 Power +2.5 Mexico +2.0 LNG +8.0 Gulf Coast Demand/Exports by 2020: +12 to 15 Bcf/d (2) Gulf Coast Markets GULF COAST (MDTH/D) RICE FIRM CAPACITY COMMITMENTS(MDTH/D) Project Pipeline Start Date Volume Market TEAM South TETCO Sept Gulf Coast Westside Expansion CGT/TCO Nov TCO, Gulf Coast Rockies Express REX Aug Midwest/Canada/Gulf Coast Union Town to Gas City TETCO Sept Midwest/Gulf Coast OPEN TETCO Sept Gulf Coast ET Rover Rover Nov Canada Access South TETCO Nov Gulf Coast 1. Conversion of Dth to Mcf assumes 1,050 Btu factor. 2. Source: Company Filings, TPH Estimates. 30

31 Western Greene County Midstream Update Renegotiated midstream agreement substantially improves RICE well economics in Greene County Development area located in western Greene County, PA in the heart of the Marcellus dry gas core and the emerging super-deep dry gas Utica core WV PA Washington Rice Western Greene Area RMP Proposed Gathering Trunkline RMP will now gather all production above 40 MDth/d Greene Williams will provide RICE with gathering and compression services for the first ~40 MDth/d of production from this area Improvement to RICE s single well economics ~45% increase in Marcellus PV10/well (1) : ~$7MM ~$10MM RICE also benefits economically from RMP distribution growth associated with the organic growth opportunity Strategically accretive to RMP Increases RMP s acreage dedication from RICE by 19,000 Marcellus acres (25% increase, ~110 undeveloped net Marcellus wells) and 17,000 PA Utica acres (~40 undeveloped Utica wells) RMP has acquired the necessary right-of-ways and has submitted permits in order to construct the header system 1. Increase PV10 due to assumed gathering and compression fee of $0.30/Dth and $0.07/Dth versus previous historical fees of $0.45/Dth and $0.12/Dth. Actual midstream fees for this area to be determined. Assumes $3.50 HHUB. See appendix for single well return assumptions. 31

32 Pennsylvania Utica: A Natural Extension for Rice The Utica core extends directly underneath RICE s Pennsylvania assets. Initial RICE and Industry wells point to massive resource potential. RICE Acreage Current Rig Deep Test Report RRC Test 59 MMcfe/d CNX Test 61 MMcfe/d OH Guernsey Belmont Marshall Washington / Greene 7,500 9,500 10,500 12,000 13,000 WV PA CNX Test 61 MMcfe/d Washington RICE PA Utica: RICE Deep Utica Well In Sales, 12 MMcfe/d choked Expect flat production for 700+ days Greene EQT Tests MMcfe/d One well placed online in August 2015 Lateral Length: 5,800 Initial Pressure: 10,000 psi Expect to be competitive with Marcellus/OH Utica returns at $15MM well costs Porosity 12% 6% 0% Peer Results MMcfe/d RICE Belmont County, OH RICE OHIO UTICA 16 Producing Wells RICE OH Utica >40 MMcfe/d Point Pleasant Core Peer Results MMcfe/d RICE PA Utica Peer Results MMcfe/d Wet Gas Dry Gas Dry Gas Dry Gas RICE PENNSYLVANIA UTICA 1 Producing Well RICE Greene County, PA Source: RigData January 2016 Report. 32

33 Ohio Q Production Summary Top 100 Wells RICE s Top-Tier Well Results and Midstream Footprint Located in Prolific Appalachian Core 1,236 Utica Shale wells producing in Q (1) RICE upstream & midstream assets positioned in the core of Belmont and Monroe Counties Quality over Quantity: RICE s 16 operated wells accounted for 7% of the Utica Shale s total gas production Top 100 Wells ~75% located RICE s Midstream Footprint (Belmont and Monroe) Q Cumulative Production (Mcfe) 2,000,000 1,800,000 1,600,000 1,400,000 1,200,000 1,000, , , , ,000 RICE OH Utica Acreage RICE Controls RICE Midstream 15 of Top 21 Wells Footprint RICE Operated Other Belmont/Monroe Other Counties Belmont/Monroe 0 Source: ODNR 4 th Quarter 2015 Horizontal Shale Production Report. 33

34 Basis Exposure & Realized Pricing PRICING COMMENTARY HHUB is increasingly challenged RICE is 88% hedged in rem. 2016; >50%+ in 2017 Appalachian basis has tightened Market opportunity to hedge at attractive levels ($0.50) relative to green-field FT projects ($1.00) BASIS EXPOSURE 100% 90% 80% 70% 60% 50% 40% 30% 20% $17% 26% 32% As new FT projects come online, our diverse FT portfolio and interconnected gathering system will allow RICE to take advantage of arbitrage and optimization opportunities $(0.05) 32% $(0.10) 19% 16% 16% (0.21) 48% 11% (0.26) 10% 47% 0% 1Q16 2Q16 Gulf Coast TCO 12% 8% 10% 13% 10% FT portfolio diversifies markets 30% 32% 45% 50% (0.34) (0.34) 3Q16 4Q16 Midwest / Dawn $(0.15) 10% 9% 9% (0.29) (0.29) $(0.25) 48% 50% $(0.20) $(0.30) $(0.35) $(0.40) 2016 DTI / M2 / M Average Basis Impact REALIZED PRICING 1Q16 2Q16 3Q16 4Q NYMEX Henry Hub Strip ($/MMBTU)(1) Plus/Less: Average Basis Impact Less: Firm Transportation Fuel & Variables Plus: BTU Uplift (MMBtu/Mcf) $2.09 (0.21) (0.14) 0.09 $2.04 (0.26) (0.12) 0.11 $2.38 (0.34) (0.12) 0.13 $2.70 (0.34) (0.13) 0.15 $2.29 (0.29) (0.12) 0.12 $2.92 (0.29) (0.14) 0.17 Pre-Hedge Realized Price ($/Mcf) Plus: Realized Hedging Gain/Loss ($/Mcf) $ $ $ $ $ $ Adjusted Post-Hedge Realized Price ($/Mcf) FT Demand Expense $2.88 ($0.39) $2.78 ($0.36) $2.83 ($0.33) $2.89 ($0.34) $2.82 ($0.35) $2.80 ($0.37) FT Expense (Fuel & Variables + Demand) FT Expense + Basis + BTU Uplift ($0.53) ($0.65) ($0.48) ($0.63) ($0.45) ($0.66) ($0.46) ($0.66) ($0.48) ($0.64) ($0.51) ($0.63) 1. Strip pricing as of 4/21/

35 Hedging Summary 35 HEDGE SUMMARY RICE s gas will be marketed into 4 areas (1) Gulf Coast (ELA, M1) (2) TCO (3) Midwest (Chicago, Dawn) (4) Appalachia (M2, M3, & Dominion) ~75% of second quarter 2016 production transported out of Appalachian basin Our Gulf Coast firm transportation contracts deliver to markets in the Gulf Coast (ELA, M1) We hedge our Gulf Coast basis exposure opportunistically, but believe our Henry Hub NYMEX derivatives serve as a hedge against these indices which have historically traded within a narrow band of $0.05-$0.15 below Henry Hub 2Q - 4Q Hedged M2 / Dominion Volumes (BBtu/d) Wtd Avg Floor Price ($/MMBtu) $2.33 $2.18 $2.44 $2.48 % of Basis Hedged 86% n.a. n.a. n.a. n.a. Hedged TCO Volumes (BBtu/d) Wtd Avg Floor Price ($/MMBtu) $3.01 $2.87 $2.71 $2.71 % of Basis Hedged 56% n.a. n.a. n.a. n.a. Hedged Gulf Coast Volumes (BBtu/d) Wtd Avg Floor Price ($/MMBtu) $3.19 $3.06 $2.97 % of Basis Hedged 65% n.a. n.a. n.a. n.a. Hedged Chicago/Dawn Volumes (BBtu/d) Wtd Avg Floor Price ($/MMBtu) $3.25 $3.08 $3.03 $2.97 % of Basis Hedged 67% n.a. n.a. n.a. n.a. Total Hedged Volumes (BBtu/d) Wtd Avg Floor Price ($/MMBtu) $3.25 $3.13 $3.11 $3.09 n.a. % Hedged 88% n.a. n.a. n.a. n.a. ~88% of rem production hedged at weighted avg. fixed price floor of $3.25/MMBtu

36 Hedging Detail FIXED PRICE HEDGES All-In Fixed Price Derivatives 2Q - 4Q NYMEX Natural Gas Swaps Volume Hedged (BBtu/d) Wtd. Avg. Swap Price ($/MMbtu) $3.30 $3.25 $2.99 $3.18 NYMEX Natural Gas Collars Volume Hedged (BBtu/d) Wtd. Avg. Call Price ($/MMbtu) $3.59 $3.61 $3.62 $3.58 Wtd. Avg. Floor Price ($/MMbtu) $2.90 $3.13 $3.16 $3.06 NYMEX Natural Gas Calls Volume Hedged (BBtu/d) Wtd. Avg. Call Price ($/MMbtu) $3.60 $3.50 $3.55 $3.46 NYMEX Natural Gas Deferred Puts Volume Hedged (BBtu/d) Wtd. Avg. Net Floor Price ($/MMbtu) $2.50 $2.75 Total NYMEX Price Derivatives NYMEX Volume Hedged (BBtu/d) NYMEX Volume Hedged Incl. Calls (BBtu/d) Swap, Collar & Put Floor ($/MMbtu) $3.27 $3.13 $3.11 $3.09 Dominion Natural Gas Swaps Volume Hedged (BBtu/d) 25 Wtd. Avg. Swap Price ($/MMbtu) $2.62 Total Fixed Price Derivatives Total Fixed Volume Hedged (BBtu/d) Total Fixed Volume Hedged Incl. Calls (BBtu/d) Swap, Collar & Put Floor ($/MMbtu) $3.25 $3.13 $3.11 $3.09 BASIS HEDGES Basis Contract Derivatives 2Q - 4Q TCO Basis Swaps Volume Hedged (BBtu/d) Wtd. Avg. Swap Price ($/MMbtu) ($0.26) ($0.26) ($0.40) ($0.38) DOM Basis Swaps Volume Hedged (BBtu/d) Wtd. Avg. Swap Price ($/MMbtu) ($0.97) ($0.90) ($0.67) ($0.63) ($0.64) M2 Basis Swaps Volume Hedged (BBtu/d) Wtd. Avg. Swap Price ($/MMbtu) ($1.10) ($1.03) ($0.55) ($0.55) ELA Basis Swaps Volume Hedged (BBtu/d) Wtd. Avg. Swap Price ($/MMbtu) ($0.10) ($0.09) ($0.08) ($0.10) MichCon Basis Swaps Volume Hedged (BBtu/d) Wtd. Avg. Swap Price ($/MMbtu) ($0.01) ($0.04) ($0.04) ($0.12) ($0.12) Chicago Basis Swaps Volume Hedged (BBtu/d) Wtd. Avg. Swap Price ($/MMbtu) ($0.05) ($0.16) ($0.19) ANR SE Basis Swaps Volume Hedged (BBtu/d) 35 Wtd. Avg. Swap Price ($/MMbtu) ($0.10) Physical Triggered Basis 2Q - 4Q Appalachian Fixed Basis (Physical) Volume Hedged (BBtu/d) Wtd. Avg. Swap Price ($/MMbtu) ($0.79) ($0.58) ($0.58) ($0.61) MichCon Fixed Basis (Physical) Volume Hedged (BBtu/d) Wtd. Avg. Swap Price ($/MMbtu) $0.05 $0.05 $0.05 Gulf Coast Fixed Basis (Physical) Volume Hedged (BBtu/d) Wtd. Avg. Swap Price ($/MMbtu) ($0.16) ($0.14) ($0.15) ($0.16) ($0.15) Total Basis Hedges App Gulf Coast MichCon Total Basis

37 Significant Unrealized Midstream Value Embedded Within RICE Track record of crystallizing midstream value Significant value creation on the horizon ~$1B of midstream monetizations and financings executed to date $MM RMH Current and Future Value ($ in millions) 2016E 2018E $3,000 $2,500 $2,000 $1,500 $1,000 $500 Growth in value driven by RICE and GPOR, two of the lowest cost gas operators with clean balance sheets, hedges and FT to execute plan $915 $490 $ E OH Midstream LP Units IDRs $2,670 $550 $860 $1, E IDRs Cash Flow $20 Multiple 30.0x 30.0x Ownership 91.75% 91.75% Value $550 LP Units Unit Price (1) $18.75 $29.62 Current Yield 4.5% 4.5% Units Held Distributions thru 2018 $80 Value $490 $860 OH Midstream (Incl Strike Force JV) EBITDA $40-$45 $120-$160 Hypothetical Multiple 8x-12x 8x-10x Value $425 $1,260 Total RMH Value $915 $2, Unit price as of 6/8/16. Estimated 2018 unit price based on 2018 estimated distribution (assuming 20% distribution growth) assuming current yield held flat. 37

38 GP Holdings Value Driven through the Drill-Bit RICE s best-in-class E&P development plus a growing 3 rd party midstream business positions RMP for top-tier distribution growth RMP s low-risk growth begins to generate IDR cash flows to RICE in 2016, which could reach $55MM in the next 5 years $125 $100 $75 IDR and LP Distribution Potential ($MM) (1) $82 $115 $65 $50 $25 $0 $22 $25 $1 $34 $5 $22 $24 $ Pennsylvania Dry Gas Gathering System RMP IPO Dec LP Distributions $55 $20 $35 IDR Distributions Highly Productive, Economically Resilient E&P Assets Support RMP s 20% Annual Distribution Growth Target Dedication from RICE, EQT and other producers for Marcellus development in Washington and Greene Counties, PA $40 $42 $50 Pennsylvania & Ohio Water Services Business Sold to RMP for $200 million Dedication from RICE and GPOR for Marcellus and Utica water services in PA and OH Ohio Dry Gas Gathering System Drop Down Candidate Dedication covering RICE and GPOR s Utica acreage in central Belmont County, OH 1. Assumes 20% distribution growth and units outstanding remain flat. In each case, amounts reflect distributions net to RICE. Strike Force JV Drop Down Candidate Dedication covering GPOR Utica acreage in eastern OH 38

39 RMP: High Growth MLP in Prolific Appalachian Basin DRY NATURAL GAS GATHERING & COMPRESSION SERVICES Strategically located midstream assets 100% of acreage dedications are located within the core of the Marcellus Shale Rapid organic growth driven by active customers Significant 1Q16 throughput growth of 50% over prior year quarter driven by high quality sponsor and top-tier 3 rd party producers Premier E&P sponsor RICE generates attractive single well returns of ~65% at strip pricing (1) with 88% rem production hedged at $3.25/MMBtu Attractive Drop Down Potential RICE s OH gathering system consists of ~71,000 core acres dedicated from RICE, GPOR and CNX Strike Force JV supports development on ~75,000 core dedicated acres from GPOR GATHERING SYSTEM INFORMATION Dedicated Gross Acreage (2) 1Q 2016 Throughput (MDth/d) 2016E Capex ($MM) Legend RMP Gathering Pipeline RMP Gathering Pipeline Beaver to be Constructed RICE Acreage 3 rd Party Dedicated to RMP OHIO Brooke Belmont WEST VIRGINIA PENNSYLVANIA Washington Greene OH WV PA RMP 114, $150 WEST VIRGINIA Concentrated, Prolific Position to Drive Targeted 20% Distribution Growth 1. As of 4/21/16, leading edge well costs. 2. The agreement between RICE and RMP covers approximately 93,000 gross acres of RICE s acreage position in the dry gas core of the Marcellus Shale in southwestern Pennsylvania as of December 31, 2015 and any future acreage it acquires within these counties, excluding the first 40.0 MDth/d of RICE s production from approximately 19,000 gross acres subject to a pre-existing third-party dedication. Excludes ~49K net PA Utica acres dedicated to RMP from RICE and additional PA Utica acreage dedicated to RMP from EQT. 39

40 Integrated Water Services Business MIDSTREAM FRESH WATER SERVICES Fresh water distribution systems & related facilities servicing Marcellus and Utica completion operations in PA and OH Access to >18 MMGPD of fresh water Collects, recycles or disposes of flowback and produced water for RICE and 3 rd parties Volumetric fee structure provides revenue & cash flow stability Carroll Harrison Jefferson Beaver Washington Allegheny Water distribution systems are a faster, more efficient and reliable method of water transportation versus trucking Reduced emissions, noise, road repairs and safety incidents 1Q16 freshwater delivery volumes of 463 MMGal Belmont Brooke Ohio WATER SERVICES AGREEMENTS OVERVIEW Tiered Fresh Water Fee Pennsylvania Ohio Monongahela River Withdrawal Fresh Water Volumes (MMGal / Well) Tier I <8.25 <12.5 Ohio River Withdrawal Greene Tier II Monroe Marshall Thereafter >13.25 >20 Fee ($ / Gallon) Wetzel O H P A Tier I $0.07 $0.08 Tier II $0.03 $0.04 Thereafter $0.01 $0.02 Expected Weighted Average Fee (1)(2) $0.06 $0.07 Water Pipeline GPOR Water Dedication Water Pipeline to be Constructed RICE Acreage OH WV PA Produced Water Services Fee 2% of cost 2% of cost 1. Assumes fee of $0.06 per gallon and operating expense of $0.013 per gallon in Pennsylvania and 11,000,000 gallons of water per well that utilize the fresh water delivery system based on a 7,000 lateral. 2. Assumes fee of $0.07 per gallon and operating expense of $0.013 per gallon in Ohio and 16,900,000 gallons of water per well that utilize the fresh water delivery system based on a 9,000 lateral. 40

41 Attractive Drop Down Potential Ohio Utica 41 LARGE SCALE GATHERINGSYSTEMS TO SUPPORT UTICADEVELOPMENT 146,000 dedicated core gross acres in Belmont and Monroe ~75% 3 rd party acreage dedications Attractive drop down candidates provide visible LT growth RICE s OH gathering system consists of ~71,000 core acres dedicated from RICE, GPOR and CNX >2.0 MMDth/d design capacity Strike Force JV consists of ~75,000 core acres dedicated from GPOR with ~1.8 MMDth/d design capacity RICE owns 75% and GPOR owns 25% 319,000 acre AMI where Strike Force will pursue add l 3 rd party opportunities Gathering throughput driven by SE OH technical leaders RICE, GPOR and CNX remain 3 of the most active operators in Appalachia to drive significant throughput growth Diverse Market Access Will access TETCO, REX, ET Rover and DEO to deliver gas to Gulf Coast and Midwest markets GATHERING SYSTEM INFORMATION Dedicated Gross Acreage 1Q 2016 Throughput (MDth/d) 2016E Capex ($MM) RMH 146, $155 Premier Midstream Systems in Prolific Dry Gas Utica Core Adds to Inventory of Drop Down Candidates Legend Ohio Gathering Pipeline Ohio Gathering Pipeline to be Constructed Strike Force JV AMI GPOR Dedicated to RICE RICE Acreage Dedicated to 3 rd Party OHIO Belmont Monroe WEST VIRGINIA OH WV PA

42 Midstream System Statistics RMP Assets Pennsylvania Gathering and Compression Statistics Ohio Gathering and Compression Statistics Design Gathering Capacity (MMDth/d) > 4.0 Design Gathering Capacity (MMDth/d) > 2.0 YE15 YE16 YE15 YE16 Gas Gathering Pipeline Mileage (miles) OH Gas Gathering Pipeline Mileage (miles) Strike Force Gas Gathering Pipeline Mileage (miles) 7 29 Acreage Dedications Acreage Dedications RICE (1) 93,000 RICE 38,000 3rd Party 21,000 3rd Party 108,000 Total Acreage Dedications 114,000 Total Acreage Dedications 146,000 Strike Force AMI Acreage 319,000 Midstream Fees Paid by RICE to RMP ($/Dth) (2) Midstream Fees Paid by RICE to RMH ($/Dth) (2) Gathering $0.30 Gathering $0.30 Compression (per stage of compression) $0.07 Compression (per stage of compression) $0.07 3rd Party Midstream Fees ($/Dth) 3rd Party Midstream Fees ($/Dth) Gathering (3) $0.43 Gathering undisclosed Compression varies Compression undisclosed Water Distribution System Statistics Water Distribution System Statistics YE15 YE15 Connected Water Sources (MMGPD) >8.0 Connected Water Sources (MMGPD) >10.0 Water Services Fee Paid by RICE ($/gallon) (4) $0.06 Water Services Fee Paid by RICE ($/gallon) (4) $ The agreement between RICE and RMP covers approximately 93,000 gross acres of the RICE s acreage position in the dry gas core of the Marcellus Shale in southwestern Pennsylvania as of December 31, 2015 and any future acreage it acquires within these counties, excluding the first 40.0 MDth/d of RICE s production from approximately 19,000 gross acres subject to a pre-existing third-party dedication. 2. Fees will be annually escalated based upon changes in the Consumer Price Index. Compression fees are derived on a per stage basis. 3. Certain of RMP s third-party contracts provided for an increase in the gathering fee RMP will receive upon completion of construction of an 18-mile, 30 inch pipeline connecting its gathering system to TETCO, which was completed in November Represents weighted average based on historical throughput. 4. Assumes fee of $0.06 per gallon in Pennsylvania and 11,000,000 gallons of water per well that utilize the fresh water delivery system based on a 7,000 lateral. Assumes fee of $0.07 per gallon in Ohio and 16,900,000 gallons of water per well that utilize the fresh water delivery system based on a 9,000 lateral. 42