Rice Energy Investor Presentation -...

Investor PresentationFebruary 2016

2 wwwriceenergycom

Rice Energy Strategy

Allocate 100 of Capital to Core Assets with Attractive Returns

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

Maintain a Strong Balance Sheet

3 wwwriceenergycom

Company Overview More Than Just an EampP Company

Upstream EampPMarcellus + Utica Shale Development

Rice Midstream HoldingsOhio Gathering System

197000 effective stacked acres(1) in the core of SW Appalachia 92000 PA Marcellus 49000 PA Deep Utica 56000 OH Utica

624 MMcfed 4Q15 net production

2015 Production 552 MMcfed

PD + Hedge PV10(2) $12BN

10+ years of inventory remaining

30 returns at current strip prices

One of the largest gathering footprint in Ohiorsquos Dry Gas Utica Core

133000 dedicated acres primarily from two of the most active dry gas operators (RICEGPOR)

323 MMcfed of current throughput 40 3rd party volumes

gt 20 MMdthd design gas gathering capacity at YE15

Ideal assets for future drop downs to RMP

Rice Midstream Partners

bull 114000 dedicated Pennsylvania Marcellus acres from RICE and third parties

bull 2016E throughput of 800 MDthd

bull gt 40 MMDthd design gas gathering capacity at YE15

bull 703 MDthd 4Q15 average throughput 18 3rd party volumes

bull Access to 184 MMgald of fresh water for completion operations

bull 2016E Distribution Growth 20

GP HoldingsRMP Units and IDRs

RICE owns 9175 of the common equity of GP Holdings pro forma for EIG Investment

GP Holdings owns 41 of all outstanding RMP LP units and 100 of IDRs

Estimate $18mm of net IDR cash flow in 2018 assuming 20 distribution growth at RMP

Long-term we believe GP Holdings value will be gt $1B

NYSE RICE

41 of LP Units 100 IDRs

NYSE RMP

__________________________1 Stacked acreage as of 123115 Surface acreage of 148000 net acres2 Strip pricing as of 1416

EIG Managed Funds

9175 825

GP Holdings

4 wwwriceenergycom

Concentrated Core Upstream Assets

__________________________1 Net undeveloped locations as of 123115 See slide entitled ldquoAdditional Disclosuresrdquo on detail regarding RICErsquos methodology for the calculation of locations2 Strip as of 1416

92000

56000

449

175

Net Acres Daily ProductionUtica Core Marcellus Core

197000

Marcellus OH Utica

624 MMcfed

Washington

Greene

Belmont

PA Utica

Deep PA Utica Core

Premier EampP Company in the Lowest Cost Gas Shale Plays

100 of assets located in the cores of the Marcellus and Utica

Valuable production base of 624 MMcfed ($12bn PD + Hedge PV10)(2)

Low breakevens of $215MMBtu across Marcellus and dry-gas OH Utica

Strong hedge and FT portfolio provides protection from downcycles

Inventory (Wells)

10 Year Inventory from Marcellus and OH Utica with

upside from PA Utica

487

215

105 143

Developed

121

18

Producing Wells

143 Wells3 Geneseo1 PA Utica

Stacked Pay on PA Acreage

49000PA Utica

5 wwwriceenergycom

Strategic Midstream Assets

__________________________1 As of December 31 20152 As of February 24 20163 The agreement between RICE and RMP covers approximately 93000 gross acres of the RICErsquos 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 MDthd of RICErsquos production from approximately 19000 gross acres subject to a pre-existing third-party dedication See slide titled Western Greene County Midstream Update for more details Excludes ~49K net PA Utica acres dedicated to RMP from RICE and additional PA Utica acreage dedicated to RMP from EQT

GATHERING SYSTEM INFORMATION

DedicatedGross

Acreage(1)

4Q 2015 Throughput

(MDthd)

2016E Throughput(MDthd)(2)

2016E Capex

($MM)(2)

2016E EBITDA($MM)(2)

RMH 133000 323 400 $ 155 $40 - $45

RMP 114000(3) 703 800 $ 150 $110 - $120

3rd Party 50 25 30 na 20 - 25

Total 247000 1026 1200 $ 305 $150 - $165

RICE MIDSTREAM HOLDINGS(ldquoRMHrdquo)

133000 dedicated acres in core of dry gas Utica

Primary customers RICE amp GPOR

75 ownership of Strike Force JV (GPOR 25)

RMH owns 9175 of GP Holdings which owns 41 of RMP LP units outstanding and 100 of IDRs

$40-$45 million of 2016E EBITDA

RICE MIDSTREAM PARTNERS(ldquoRMPrdquo)

114000 acres dedicated in core of dry gas Marcellus

Primary customers RICE and EQT

20 distribution growth and 13-15x coverage in 2016

$110-120 million of 2016E EBITDA

RICE Dedicated to 3rd Parties

GPOR Dedicated to RICE

RMH LEGEND

RICE Acreage

RICE Ohio Gathering Pipeline RICE Ohio Gathering Pipeline to be Constructed

Strike Force JV

RMP LEGEND

RMP Gathering Pipeline to be Constructed

RICE Acreage

RMP Gathering Pipeline

3rd PartyDedications

RMP Water PipelineRMP Water Pipeline to be ConstructedRICE Western Greene Area

Ohio RiverWithdrawal

Monongahela River

Withdrawal

PENNSYLVANIA

OHIO

Monroe Greene

WashingtonBelmont

6 wwwriceenergycom

Western Greene County Midstream Update

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

RMP will now gather all production above 40 MDthd

ndash Williams will provide Rice with gathering and compression services for the first ~40 MDthd of production from this area

Improvement to Ricersquos single well economicsndash ~45 increase in Marcellus PV10well(1) ~$7MM ~$10MMndash Rice also benefits economically from RMP distribution growth associated

with the organic growth opportunity

Strategically accretive to RMPndash Increases RMPrsquos acreage dedication from Rice Energy by 19000 Marcellus

acres (25 increase ~110 undeveloped net Marcellus wells) and 17000 Utica acres (~40 undeveloped Utica wells)

ndash RMP has acquired the necessary right-of-ways and has submitted permits in order to construct the header system

Renegotiated midstream agreement substantially improves RICE well economics in Greene County

__________________________1 Increase PV10 due to assumed gathering and compression fee of $030dth and $007dth versus previous historical fees of $045dth and $012dth Actual midstream fees for this area to be determined Assumes $350 HHUB See appendix for single well return assumptions

PAWV

Washington

Greene

Rice Western Greene Area

RMP Proposed Gathering Trunkline

7 wwwriceenergycom

647 800

247

400

175

401

894

1200

2013 2014 2015 2016E

PA OH

$043 $031 $026

$055 $038 $036

$038

$038 $038

$044

$043 $034

$180

$150 $134

2013 2014 2015LOE and Taxes FT Gathering GampA

127 274

552 720

2013 2014 2015 2016E

249 644

1015 350

662

685

599

1306

1700

2013 2014 2015

PD PUD

$2457

$1651 $1450

2014 2015 2016E

$1439 $1237 $1181 $1150

2013 2014 2015 2016E

Track Record of Low-Cost GrowthPER UNIT CASH COSTS ($MCFE) (1)UTICA DampC COSTS ($FT)MARCELLUS DampC COSTS ($FT)

MIDSTREAM THROUGHPUT (MDTHD)NET PRODUCTION (MMCFED)PROVED RESERVES (BCFE)

__________________________1 EampP segment costs RICE gathering agreements in OH and PA began in 2015 Gathering fee per Mcfe applied to 2013 and 2014 to show a comparison on apples to apples basis

8 wwwriceenergycom

2016 budget positions RICE for success in 2016 and beyondndash Focused on balance sheet and EampP returns while creating significant future midstream valuendash 2016 DampC budget maintains clean balance sheet while investing in 2017

Financial Strength ndash Healthy balance sheet ample liquidity and robust hedgesndash Healthy Balance Sheet Expect to exit 2016 at 30x leverage with no dependence on drop downs or capital marketsndash Ample Liquidity $14bn of liquidity(1) $11B EampP and $300MM RMHndash Robust amp Attractive Hedges 87 of 2016 production hedged at $326MMBtu majority of 2017 production hedged at $314MMBtu

Highly concentrated acreage position in the most economic areas of the Marcellus and Utica Shalendash Core Locations 134 net producing wells (624 MMcfed in Q4rsquo15) + 487 net undeveloped Marcellus wells + 215 net undeveloped OH Utica

wells + 105 net undeveloped PA Utica wellsndash Resilient Economics Development and operating cost declines have driven avg breakeven PV-10 to ~$215MMBtu (~15 lower than 2015) ndash Compelling Returns in Challenging Market ~30 Pre-Hedge IRRs at strip pricing(2)

Midstream is a valuable and differentiated element of the RICE storyndash 1 Gatherer in the Dry Gas Core 247000 acres(3) dedicated from 3 of the 5 most active operators in SW Appalachiandash Unique Financial Advantages ~$10B of midstream monetizations and financings to date with ~$13B of estimated remaining drop down

inventory and GP Holdings with expected future value of $10B+ndash High Growth MLP RMP expects 20 distribution growth with current asset base while maintaining 13x-15x coverage in 2016

Firm Transportation (FT) Portfolio is right-sized for Ricersquos production growth and basis outlookndash Right-Sized FT covers gt80 of 2016 production and decreases to ~60 by 2020ndash Right Exposure Expect local basis to improve from $075 in 2016 (30 of production) to $050 in 2020 (~40 of production)

Well Positioned to Navigate Environment

__________________________1 As of 12312015 pro forma for the preferred equity transaction of $375 million2 Strip pricing as of 21916 See Economics slide for more detailed assumptions used to generate single well economics3 Excludes ~49K net PA Utica acres dedicated to RMP from RICE and additional PA Utica acreage dedicated to RMP from EQT

9 wwwriceenergycom

2016 Capital Budget OverviewBudget Goals 1) Healthy Balance Sheet 2) Attractive EampP Returns 3) Growing Midstream Value

EampP - $640MM (~30 YOY production growth)

2016 EampP budget funded with cash and expected cash flow and will exit 2016 with an undrawn revolver and leverage at 30x

~35 of DampC budget contributes to 2017 production

Wells generate ~30 returns at strip(1)

DampC activity has a byproduct of enhancing midstream value at RMH and maintaining strong distribution growth of RMP thereby catalyzing further financing opportunities

RMH - $155MM (~100 YOY Gathering and Compression EBITDA growth)

Gathering construction in advance of continued rapid throughput growth from RICE and GPOR

Majority of budget allocated to building out trunklines of Strike Force JV

RMH funded with cash flow and $300MM revolver (undrawn today)

ndash Expect to exit 2016 at ~15x leverage

RMP - $150MM (~80 YOY EBITDA growth)

Compression capex is majority of budget and will result in compression revenues along with increased throughput in mid- 2016

RICE and EQT remain highly active in driving growth

RMP well positioned with 20 distribution growth and 13x-15x coverage


~15 reduction from 2015



Pennsylvania Marcellus

$285Ohio

Operated Utica $175

Ohio Non-operated Utica

$100

Land $80

EampP Capex $640MM

$155

RMH Capex $155MM

Gas Gathering and

Compression $140

Water Services

$10

RMP Capex $150MM

__________________________1 Strip pricing as of 21916 See Economics slide for more detailed assumptions used to generate single well economics

Gas Gathering compression and

water $155

10 wwwriceenergycom

$80

$120

$155

$205

$80

$200

$355

$560

0 YoY Growth 15 YoY Growth -Flat Exit to Exit

30 YoY Growth 30 YoY Growth

2016 DampC Budget Maintains Clean Balance Sheet while Investing in 2017

YE DUCS None None None 352016 Production MMcfed 555 630 720 720 YE 2016 DebtEBITDAX 30x 26x 25x 30x

$205mm drives 2017 production


$560 mm 2016 Budget

2016 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

2016 spending funded by cash and cash flow with exit leverage of ~30x

A reduced 2016 capital plan could generate similar 2016 production and better 2016 leverage but would exit the year with no DUCrsquos and be poorly positioned for 2017 Minimal

completions

Additional completion activity

minimal drilling

Drilling and completing wells that come online in 2016

Build pads and drill wells to be completed

in 2017+

11 wwwriceenergycom

$380 $340 $285

$200 $285 $275

$250 $115

$80

$225

$545

$830 $740

$640

0100200300400500600700800900

2012 2013 2014 2015 2016E

$MM

PA DampC OH DampC Land

36 37 27

ndash

ndash

7 12 27

10

21

43 49

54

0

10

20

30

40

50

2012 2013 2014 2015 2016E

Wells

PA OH

2016 Guidance

_______________________Note 2014 Pro Forma for ASR transaction1 As of February 24 20162 Does not include wells from the Greene County Acquisition3 Consolidated midstream includes Rice Midstream Holdings and Rice Midstream Partners

47 127

274

552

720

ndash

ndash

0

100

200

300

400

500

600

700

800

2012 2013 2014 2015 2016E

MMcfed

Average Net Daily ProductionNet Wells Turned to Sales(2)

Midstream Capital Expenditures Daily Throughput 2016E Midstream EBITDA

$45 $150 $170 150

$150

$250

155

$45 $50

$300

$420

305

0

100

200

300

400

500

2012 2013 2014 2015 2016E

$MM

RMP Rice Midstream Holdings

61

647 800

247

400

175

401

894

1200

0

150

300

450

600

750

900

1050

1200

2012 2013 2014 2015 2016E

MDthd


$115

$43

0

20

40

60

80

100

120

RMP Rice MidstreamHoldings

$MM

Published Guidance

DampC amp Land Capital Expenditures

2016E EampP GUIDANCE(1)

2016E CONSOLIDATED MIDSTREAM GUIDANCE(1)(3)

12 wwwriceenergycom

Healthy Balance Sheet Protected by Strong Hedge BookSUMMARY

LIQUIDITY

Ample Liquidity $14B of total liquidity YE15(1) consisting of $11bn of EampP liquidity and $300MM of RMH liquidity

Strong Balance Sheet and Financing EampP budget fully funded with cash flow and cash on hand (no dependence on drop-downs or capital markets) and ~30x levered throughout 2016

Attractive Hedge Bookndash 87 hedged in 2016 at wtd avg floor of $326MMBtundash 563 MMBtud hedged in 2017 at wtd avg floor of

$314MMBtu

__________________________1 As of 12312015 pro forma for the preferred equity transaction of $375 million

$720

$30 $50

$650

$300 $310 $640

$155 $150

$1370

$330 $360

ndash

$200

$400

$600

$800

$1000

$1200

$1400

$1600YE15 Cash amp 2016E CFO

Undrawn Facility

CapEx

Rice EampP RMH RMP

662

563

285

150

$325

$314 $316 $311

$211

$253 $261 $266

ndash

$050

$100

$150

$200

$250

$300

$350

ndash

100

200

300

400

500

600

700

2016 2017 2018 2019

Hedged Volume Avg Wtd Fixed Price HHUB Strip

HEDGE SUMMARY

LEVERAGE

BBtud $MMBtu

20x

ndash

20x 20x

30x

15x

25x 25x

ndash

05x

10x

15x

20x

25x

30x

35x

Rice EampP MidstreamHoldings

RMP Consolidated

2015 Net Debt LQA EBITDA 2016 Net Debt LQA EBITDA

RMH

18x 18x 17x

13 wwwriceenergycom

825 common

equity interest

Strategic Preferred Investment

DE

Rice Olympus

Midstream (OH

Gathering)

100 Series B Preferred Equity

($375MM invested)

75 equity interest

9175 common equity interest

41 LP Interest100 of IDRs

RMP GP(non-economic)

100 Series A Common Equity

EIG Managed Funds

Rice Midstream Holdings LLC

Strike Force Midstream(GPOR JV)

GP Holdings(IDRs and LPs)

Transaction Highlightsndash Attractive cost of capital attributable to RMHrsquos midstream

assets and future GP Valuendash RICE cash flow + preferred proceeds fully fund 2016 EampP

budget with no additional debt incurredndash Highlights significant value of embedded midstreamndash Highlights symbiotic structure of upstream and midstream

Healthy Upstream Healthy Midstream Healthy Upstream

Key Investment Termsndash $375MM preferred equity in RMH and 825 LP interest in

GP Holdings (LPs amp IDRs)ndash 8 preferred distribution 2 yrs of PIKndash Remaining return will come from 825 common equity

interest in GP Holdingsndash Use of proceeds $75MM to repay RMH outstanding

borrowings and pay related transaction fees and $300MM distributed to RICE to fund 2016 EampP budget

ndash Flexibility to execute drop strategy and make distributions to RICE

$375MM equity investment fortifies balance sheet and illuminates significant embedded midstream value

100 equity interest

100 ownership

14 wwwriceenergycom

25

47

77

114

159

23

49

83

124

173

ndash

25

50

75

100

125

150

175

200

$250 $300 $350 $400 $450Marcellus 750 Utica Dry 1000

Attractive Single Well Economics

Net Locations (3) 487 168

HHUB PV-10 Breakeven ($MMBtu) $208 $218

DRY GAS SINGLE WELL ECONOMICS

Rice continues to drive down DampC and operating costs to maximize returns Inventory currently generates ~30 returns at strip(1) HHUB PV10 breakevens of $208-$218 HHUB

__________________________Note See appendix for summary of assumptions used to generate single well IRRs 750rsquo and Utica 1000rsquo economics assume EampP is burdened by 50 of the gathering and compression fee and 50 of water completion fees (RICE owns a 41 LP interest in RMP 100 of Rice Ohio Midstream and 100 of RMP IDRs)1 Strip as of 219162 See slide titled Western Greene County Midstream Update3 Excludes ~47 wet Utica net undeveloped locations and ~105 dry-gas PA Utica net undeveloped locations

Marcellus ChangesEconomicsbull DampCft decreased by 8bull Operating amp FT costs decreased by 25bull EURft increased by 9bull 30 Pre-Hedge Single Well IRRs at StripLocationsbull Pro forma for amended gathering

agreement reclassified ~110 net locations to ldquoMarcellusrdquo given change to economics(2)

Dry Gas Utica ChangesEconomicsbull DampCft decreased by 3bull Operating amp FT costs decreased by 25bull EURft decreased by 7bull 30 Pre-Hedge Single Well IRRs at StripLocationsbull Avg lateral length increased 1Krsquo and increased

well spacing to 1Krsquo results in fewer locations

Dotted lines represent previously reported economics

NYMEX ($MMBtu)

IRR

15 wwwriceenergycom

Right-Sized Firm Transport PortfolioGrowing Exposure to an Improving Local Basis Market Right-Sized FT covers gt80 of 2016 takeaway volumes FT coverage decreases to ~60 in 2020 Right Exposure 30 of 2016 gas exposed to local markets when differentials are expected to be $075 growing to 40+ in 2020

when differentials are expected to tighten to ~$050 (1)

RICErsquoS RIGHT-SIZED FT PORTFOLIO amp ILLUSTRATIVE TAKEAWAY VOLUME GROWTH

ndash

500

1000

1500

2000

2500

3000

1115 7115 1116 7116 1117 7117 1118 7118 1119 7119 1120 7120 1121

$ MMbtuMdthd

Illustrative Takeaway Volume Range Takeaway Capacity

Base Case Details2015 2016 2017 2018 2019 2020

Exposed to App 25 30 30 15 25 40 M2 Basis ($122) ($075) ($062) ($056) ($055) ($052)

Takeaway volumes = Volumes that fill firm transportation (2)

__________________________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 guidance2 Takeaway volumes = gross PA and working interest OH volumes

(1)

16 wwwriceenergycom

Meaningful Value Derived from Developed Drilling Locations156 net proved developed wells + hedge value are worth ~$9 per share at strip pricing with approximately 800 net undeveloped Marcellus amp Utica locations remaining to drive future growth in proved reserves and proved value

PD + Hedge PV10 $12B2015 Reserves at Strip Pricing

Proved Reserves Bcf~100 natural gas

Net Drilling Locations10 developed at 123115

249

645

1015 350

662

685

599

1307

1700

2013 2014 2015

$685

$880

$194

Proved Developed (Bcf)

Proved Undeveloped (Bcf)

PV10Share Strip

Hedge Uplift

Total PDP PV10Share

YE2015 Reserve ReportStrip 142016

Marcellus20 developed

Utica (OH)5 developed

Utica (PA)lt1 developed

Total1 developed

Proved Developed Wells

Undeveloped Wells

139

127

807

105

215

487

0 25 50 75 100

17 wwwriceenergycom

$425

$1260 $290

$500

ndash

$500

$715

$2260

ndash

$500

$1000

$1500

$2000

$2500

2016 2018E

RMH Current and Future Value

OH Midstream LP Units IDRs

Significant Unrealized Midstream Value Embedded Within RICE

__________________________1 Pro forma for preferred equity investment Rice retained 9175 interest in GP Holdings which owns RMHrsquos LP units and IDRs in RMP2 Current unit price as of 222 close Estimated 2018 unit price based on 2018 estimated distribution (assuming 20 distribution growth) assuming current yield held flat

Track record of ldquocrystalizingrdquo midstream value Significant value creation on the horizonbull ~$1B of midstream monetizations and financings executed to date

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

($ in millions) 2016 2018E

IDRsCash Flow ndash $18Multiple 300x 300xOwnership (1) 9175 9175Value ndash $500

LP UnitsUnit Price(2) $1106 $1867Current Yield 71 71Units Held (1) 264 264Value $290 $500

OH Midstream (Incl Strike Force JV)EBITDA $40-$45 $120-$160Hypothetical Multiple 8x-12x 8x-10xValue $425 $1260

Total RMH Value $715 $2260

$mm

18 wwwriceenergycom

RICErsquos best-in-class EampP development plus a growing 3rd party midstream business positions RMP for top-tier distribution growth RMPrsquos low-risk growth begins to generate IDR cash flows to RICE in 2016 which could reach $55MM in the next 5 years

IDR Value Driven through the Drill-Bit

Pennsylvania Dry Gas Gathering System Dedication from Rice EQT and other producers for Marcellus development in Washington and Greene Counties PA

Ohio Dry Gas Gathering System Dedication covering RICE and GPORrsquos Utica acreage in central Belmont County OH

Pennsylvania amp Ohio Fresh Water Systems Dedication covering Rice for Marcellus amp Utica water services in southwest PA and southeast OH

Strike Force JV Dedication covering GPOR Utica acreage in eastern OH

RMP IPO Dec 2014

Sold to RMP for $200 million

Dropdown Candidate

Dropdown Candidate

IDR Potential ($ millions)

Highly Productive Economically Resilient EampP Assets Support RMPrsquos 20 Annual Distribution Growth Target

ndash$1

$5

$18

$35

$55

$0

$15

$30

$45

$60

2015 2016 2017 2018 2019 2020

Assuming 20 LP Distribution Growth

19 wwwriceenergycom

Why Invest in Rice

100 of Leasehold in Core of Marcellus and Utica

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 andLock-In Attractive Returns

Top-Tier Growth With Attractive Risk-Adjusted Return Profile

Differentiated Technical Approach Has Led to Industry Leading Well Results

Nimble and Incentivized Management and Technical Teams

20 wwwriceenergycom

Asset Update

21 wwwriceenergycom

ndash

20

40

60

80

100

120

140

ndash 050 100 150 200 250 300 350 400 450

MM

cfd

YearsRevised Marcellus 750 Type Well Previous Marcellus Type Well

Marcellus Type Curve ndash Updated

Restricted Rate

__________________________Note See appendix for summary of assumptions used to generate single well IRRs

MARCELLUS SINGLE WELL TYPE CURVE

Cumulative ProductionCurrent Prior Var

1 Year 34 38 (05)2 Year 52 56 (05)5 Year 81 82 (02)10 Year 106 103 04 EUR 151 139 12

TYPE CURVE UPDATES

Rice revised Marcellus type well to reflect latest production history which resulted in an increase to EURs

ndash 136 operated wells online

Updated choke management program to maximize long-term production amp PV-10

Updated economic assumptions including DampC operating and FT costs

Type curve reflects more aggressive choke management program to drive

increased EURs on longer laterals

MarcellusCurrent Prior Var ()

EUR (Bcf 1000) 216 198 9Lateral Legnth 7000 7000 ndashEUR (Bcf) 151 139 9Interwell Spacing (ft) 750 750 ndash

Choke (MMcfd per 1000) 150 185 (19)Flat Time (days) 180 150 201-Year Cum (Bcf) 34 38 (12)2-Year Cum (Bcf) 52 56 (8)

5-Year Cum (Bcf) 81 82 (2)10-Year Cum (Bcf) 106 103 4

IRR ($350 HHUB) 77 46 67PV-10 ($ mm) ($350 HHUB) $101 $58 74

22 wwwriceenergycom

ndash

50

100

150

200

ndash 050 100 150 200 250 300 350 400

MMcf

d

YearsOhio Utica 1000 Type Well Previous Utica Type Well

Utica Type Curve ndash Updated

Restricted Rate


UTICA SINGLE WELL TYPE CURVE

TYPE CURVE UPDATES

Rice revised Utica type well to reflect latest production history


Rice has observed interference between wells spaced at 750rsquo and believe 1000rsquo spacing may be the optimal development spacing to maximize PV-10 in the current environment

ndash Rice will continue to collect data from spacing trials and seek to maximize full-field value


Choke management extends flat time from 9 months to 12 months

Incorporated historical decline data


1 Year 58 52 06 2 Year 90 78 12 5 Year 125 113 12 10 Year 152 142 10 EUR 210 199 10

UticaCurrent Prior Var ()

EUR (Bcf 1000) 233 250 (7)Lateral Legnth 9000 8000 13EUR (Bcf) 210 200 5Interwell Spacing (ft) 1000 750 33

Choke (MMcfd per 1000) 180 187 (4)Flat Time (days) 365 270 351-Year Cum (Bcf) 58 52 122-Year Cum (Bcf) 90 78 16

5-Year Cum (Bcf) 125 113 1110-Year Cum (Bcf) 152 142 7


23 wwwriceenergycom

56

49

Previous TCDecline

Current TCndash

2000

4000

6000

8000

10000

12000

14000

16000

18000

- 100 200 300 400

Utica Returns Are Driven by Flat-Time Production Ricersquos single well returns are driven by flat-time production and are resilient to post-flat

period decline curve assumptionsndash Ricersquos Utica wells produce 6 Bcf during 12 month flat period = ~28 of total EURndash Decline curves are less impactful to returns for wells that produce a meaningful portion of

total EUR (gt20) during flat period

Type Curve at Previous v Updated Decline RateMcfd

Previous TC Decline

Returns at Previous v Updated Decline Rate$300 NYMEX

Current TC

Years

24 wwwriceenergycom

487

168

47

77

83

25

56 58

22

ndash

10

20

30

40

50

60

70

80

90

100

ndash

100

200

300

400

500

600

Marcellus Utica Dry Utica Wet

Net Locations IRR (adj mistream fees) IRR (full mistream fees)

Inventory Update

__________________________1 Excludes the first 40 MDthd of RICErsquos production from approximately 19000 gross acres subject to a pre-existing third-party dedication2 Strip as of 219163 Economics assume EampP is burdened by 50 of the gathering and compression fee and 50 of water completion fees (RICE owns a 41 LP interest in RMP 100 of Rice Ohio Midstream and 100 of RMP IDRs)

RICE MAINTAINS ~10+ YEAR INVENTORY OF DRY GAS LOCATIONS

Marcellus Rice reclassified ~110 net locations to ldquoMarcellusrdquo from ldquoWest Greenerdquo

ndash Locations previously dedicated under a legacy gathering agreement inherited with the acreage acquisition

Rice has renegotiated the agreement and substantially all of the associated locations are expected to be gathered by RMP (1)

Ohio Utica Rice has updated interwell spacing to 1000rsquo from 750rsquo given pricing

environment and increased average lateral length from 8000rsquo to 9000rsquo Net undeveloped wells decreased by ~140 wells (90 from increased

spacing 40 from increased lateral length 10 from wells turned online during 2015)

Rice has spacing tests planned for 2016 and will continue to evaluate optimal interwell spacing to maximize full-field value

DRY GAS LOCATIONS GENERATE 30 RETURNS AT STRIP(2)

$350 HHUB and 27bbl NGLs

(3)

25 wwwriceenergycom

77

83

25

$101

$137

$47

ndash

$20

$40

$60

$80

$100

$120

$140

$160

0

10

20

30

40

50

60

70

80

90

Marcellus OH Utica Dry OH Utica Wet

PV10

($mm

)

IRR

Economics Adjusted for Gathering Ownership at $350 HHUB

IRR PV10

EconomicsECONOMIC ASSUMPTIONSPV10 amp IRRS (1)

DampC costs revised lower

Operating costs reduced ~25

Average demand fee updated for royalty charge-back

West Greene locations included in Marcellus Utica interwell spacing increased to 1000rsquo

__________________________1 Economics assume EampP is burdened by 50 of the gathering and compression fee and 50 of water completion fees (RICE owns a 41 LP interest in RMP 100 of Rice Ohio Midstream and 100 of RMP IDRs)

and $27bbl NGLsMarcellus Utica Dry Utica Wet

Type Well AssumptionsSpacing 750 1000 1000Lateral Length 7000 9000 9000EUR (Bcf1000) 216 233 183NGL Yield (bblsmmcf) ndash ndash 26Gas Shrink ndash ndash 11Pre-Processed EUR (Bcfe) 151 210 165Post-Processed EUR (Bcfe) 151 210 172 Gas 100 100 85Heat Content (BtuScf) 1050 1080 1159Initial Choke (MMcfd per 1000) 150 180 141Flat Period (days) 180 365 180DampC AssumptionsDampC ($mm) $80 $130 $130DampC per Lateral ($ per foot) $1150 $1450 $1450Operating Expenses (NRI Gas)Fixed Operating Expenses ($wellmonth) $6692 $6692 $6692Variable Operating Expenses ($mcf) $011 $011 $011Other CostsExpenses (NRI Gas)Well Impact Fee Yes No NoSeverance Taxes ($mcf) ndash $004 $004Avg Royalty 18 20 20Gathering Processing and Compression (NRI Gas)Gathering Compression Processing Fees ($dth) $045 $046 $100NGL Fractionation and Transport ($bbl) ndash ndash $580Adj Gathering and Compression Fees ($dth) $023 $023 $100Midstream Adjustment 50 50 ndash

Firm Transportation and Basis (NRI Gas)Basis + Fuel (Variable) of Gas Price (9)Wtd Avg Reservation Fee + Commodity Fee (Fixed) $dth ($042)All-In Assuming $350 HHUB (NRI) ($075)

InventoryNet Undeveloped Locations 487 168 47NRI Undeveloped Horizontal Feet (mm ft) 28 12 03Economics Summary (Adjusted for Ownership of Midstream In Each Area $350 HHUB $27bbl NGLs)PV-10 Single Well $101 $163 $47IRR 77 91 25Payback (Months) 16 14 35Breakeven Realized ($dth) $208 $218 $285

26 wwwriceenergycom

Appendix

27 wwwriceenergycom

Increasing premium market exposure and narrowing differentials 91 of 4Q15 production transported outside of Appalachia Non-Appalachia exposure ~80 during 1Q16 Low FT expense of $042Mcf in 4Q15 that allows for continued

economic development

Initiated production from 6 Marcellus wells 5 wells ahead of schedulendash Average lateral length of ~7500 ft

Increased proved reserves 30 to 17 Tcfe 4Q15 net production of 624 MMcfed 57 increase from 4Q14

Benefitted by accelerated online activity and improved performance

~$14B liquidity(1) (excl RMP) to fund 2016 EampP and Midstream capex Disciplined hedging strategy supports CF amp protects balance sheet

ndash ~76 4Q15 production hedged and $134Mcf hedge price uplift Robust 2016 hedging portfolio of 662 BBtud at weighted avg fixed

floor price of $326MMBtu

1026 MDthd total throughput with 25 third-party volumes in 4Q15 Closed Strike Force JV w GPOR to construct amp operate gathering

compression amp water services for dry Utica acreage in OH Increased RMPrsquos acreage dedication from RICE to 93000 acres in PA Illuminated midstream value by closing $375MM preferred investment

EXECUTION IS DRIVING

INDUSTRYndashLEADING GROWTH

PROTECTED GROWTH ampFINANCIAL FLEXIBILITY

DIVERSE FT PORTFOLIO

ENHANCES REALIZED PRICING

CREATING VALUE THROUGH

MIDSTREAM DEVELOPMENT

RICE Fourth Quarter 2015 Highlights


28 wwwriceenergycom

Net production averaged 624 MMcfed 57 increase from 4Q14 Includes 40 MMcfed of well outperformance

91 of 4Q15 production sold to premium non-Appalachian markets Record further adjusted quarterly EBITDAX of $144MM $134 Mcfe hedging uplift

RICE Fourth Quarter 2015 Financial Summary Solid fourth quarter results supported by well-capitalized balance sheet and ample liquidity

Total net production (MMcfed) 624 Gas 100 Operated 94 Marcellus 72

Actual ($MM) $ McfeNYMEX Henry Hub price ($MMBtu) $223

Average basis impact ($MMBtu) (014) Firm transportation fuel amp variables ($MMBtu) (015) Btu uplift (MMBtuMcf) 011

Pre-hedge realized price ($Mcf) 205 Realized hedging gain ($Mcf) 134

Post-hedge realized price ($Mcf) 339

Lease operating $9 016 Gathering compression and transportation 29 051 Production taxes and impact fees 3 004 General and administrative 24 043 Depletion depreciation and amortization 95 165

Adjusted EBITDAX $132Further Adjusted EBITDAX(2) $144

Three Months Ended

($ in millions) 12312015

CashRice Energy $436Rice Midstream Holdings - Rice Midstream Partners 8

Total consolidated cash $444

Preferred Equity $375

Long-term debtRice Energy

EampP credit facility - 625 Senior notes due 2022 900 725 Senior notes due 2023 397

Total Rice Energy debt 1297 Rice Midstream Holdings revolver - Rice Midstream Partners revolver 143

Total consolidated debt $1440

Net debt 996

Leverage4Q15 Net Debt LQA EBITDARice Energy 18xRice Midstream Holdings 00xRice Midstream Partners 18xConsolidated 17x

4Q15 Net Debt LTM EBITDARice Energy 22x

Rice Midstream Holdings 00x

Rice Midstream Partners 21xConsolidated 21x

QUARTERLY HIGHLIGHTS

__________________________1 As of 12312015 pro forma for the preferred equity transaction that closed February 22 20162 Please see ldquoReconciliation of Further Adjusted EBITDAXrdquo for a description

CAPITALIZATION AT 12312015(1)

Sheet1

Sheet1

29 wwwriceenergycom

2016 Detailed Guidance

RICE 2016 GUIDANCE(1)

__________________________1 As of February 24 2016

RMP 2016 GUIDANCE(1)

GuidanceNet Wells Spud Online Total Net Production (MMcfed) 700 - 740Operated Marcellus 25 27 Natural gas Operated Ohio Utica 12 13 Operated Non-operated Ohio Utica 5 14 Marcellus Total Net Wells 42 54

Pricing FT Fuel amp Variable (Deduction) ($014) - ($016)

Lateral Length (ft) of Wells Turned Online Heat Content (BtuScf)Operated Marcellus 7700 MarcellusOperated Ohio Utica 9300 UticaNon-operated Ohio Utica 8200

Cash Operating Costs ($Mcfe)Lease Operating Expense $022 - $025Gathering and Compression $045 - $050

2016 Capital Budget ($ in millions) Firm Transportation Expense $035 - $040EampP Production Taxes and Impact Fees $004 - $006Operated Marcellus $ 285 Total Cash Operating Costs $106 - $121Operated Ohio Utica $ 175 Non-operated Ohio Utica $ 100 Cash GampA ($ in millions)

Total Drilling amp Completion $ 560 EampP 85$ - 90$ Land $ 80 Midstream 25$ - 28$ Total EampP $ 640 Total Cash GampA 110$ - 118$

Midstream Midstream Adjusted EBITDA ($ in millions)Rice Midstream Holdings $ 155 Rice Midstream Holdings 40$ - 45$ Rice Midstream Partners $ 150 Rice Midstream Partners 110$ - 120$ Total Midstream $ 305 Total Midstream EBITDA 150$ - 165$

Guidance

1050

10085

1080

65

2016 Capital Budget ($ in millions)Gas Gathering and Compression $ 140 Water Services $ 10 Total RMP $ 150

Estimated Maintenance Capital $ 11

Cash GampA ($ in millions) 15$ - 18$

Adjusted EBITDA ($ in millions)Gas Gathering and Compression 85$ - 90$ Water Services 25$ - 30$ Total Adjusted EBITDA 110$ - 120$

Third Party

Distributable Cash Flow ($ in millions) 90$ - 100$ Average DCF Coverage Ratio 13x - 15x Distribution Growth

Guidance

20 - 25

20

30 wwwriceenergycom

955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy

Peer 3Peer 4Peer 5Peer 6Peer 7Peer 8Peer 9

Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Asset Quality ndash Industry High Grading to Quality

Top Ten Active Operators

Laid Down From PeakActive

February 2016 43 Rigs

Rig Count

PA Marcellus amp Utica

Pennsylvania

West Virginia

Ohio

June 200943 Rigs

Appalachia Rig Counts(1) 2007 - 2016

5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

o

f Rig

s

__________________________1 RigData + Baker Hughes Rig Reports

RICErsquos footprint is located in the epicenter of remaining activity in Appalachia due to best in class economics

Early 2012 Peak of 175 Rigs

Feb 201643 Rigs

31 wwwriceenergycom

Pennsylvania Utica A Natural Extension for Rice

RICE OH Uticagt40 MMcfed

RICE PA Utica Peer Results

60-70 MMcfed

Peer Results10-30 MMcfed

Point Pleasant Core

__________________________1 RigData January 2016 Report

RICE OHIO UTICA

RICE PENNSYLVANIA UTICA

16 Producing Wells

1 Producing Well

RICE Belmont County OH

RICE Greene County PA

10500rsquo 12000 ndash 13000rsquo9500rsquo7500rsquo

OH WVGuernsey Belmont Marshall Washington Greene

PA

The Utica core extends directly underneath RICErsquos Pennsylvania assets Initial RICE and Industry wells point to massive resource potential

Peer Results40-60

MMcfedWet Gas Dry Gas Dry Gas Dry GasRICE Deep Utica Well

In Sales 12 MMcfed chokedExpect flat production for

700+ days

EQT Tests42 ndash 73 MMcfed

RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica

One well placed online in August 2015 Lateral Length 5800rsquo Initial Pressure 10000 psi

Expect to be competitive with MarcellusOH Utica returns at $15 MM well costs

32 wwwriceenergycom

Ohio Q3 2015 Production Summary ndash Top 100 Wells

-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000

Top 8 Wells 100 RICE

Top 21 Wells100 RICEGPOR AMI

Top 100 Wells75 located within Belmont and Monroe RICE Midstreamrsquos Footprint

Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)

RICE amp GPOR Strong Partnership Demonstrated by Top-Tier Well Results 1088 Utica Shale wells producing in Q3 2015(1) - RICE amp GPOR partnership takes top 21 wells (300 MMcfed avg)

Quality over Quantity RICErsquos 16 operated wells accounted for 7 of the Utica Shalersquos total gas production(1)

RICE GPOR AMI(2)

RICE Midstream Footprint

BelmontMonroe

RICE OH Utica Acreage

RICE Operated in AMI

GPOR Operated in AMI

Other BelmontMonroe

Other Counties

__________________________1 Source ODNR 3rd Quarter 2015 Horizontal Shale Production Report2 RICEGPOR AMI is located in Goshen Smith Washington and Wayne Townships in Belmont County OH

Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000

Days OnlinePeer Susquehanna PA (Marcellus) Peer Utica Peer Belmont Peer Monroe Rice Utica

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000

Days OnlinePeer Marcellus Rice Greene Rice Washington Rice Geneseo

UTICA amp SUSQUEHANNA PA HISTORICAL PRODUCTION(2)WASHINGTON amp GREENE COUNTY HISTORICAL PRODUCTION(1)

Differentiated Long-Term Production per Well

__________________________1 Data for RICE based on actuals through 123115 peer data based on Pennsylvania Department of Environmental Protection production reports through 1130152 Data for RICE based on actuals through 123115 peer data based on Ohio Department of Natural Resources report through 93015

Our drilling and completion techniques have yielded greater production profile per well than our peers

Cumulative Production (Bcfe)RICE has 5 of the

top 10 wells based on cumulative

production

RICE has the top 8 Utica wells based on average rate

Cumulative Production (Bcfe)

34 wwwriceenergycom

Most Efficient Growth in Appalachia

__________________________1 Horizontal Marcellus and Utica wells only Data for RICE based on actuals through 1312016 peer data based on Pennsylvania Department of Environmental Protection and Ohio Department of Natural Resources production reports through September 30 2015 RICE production

excludes acquired CHK wells Peers APC AR CHIEF CHK COG CNX EQT GPOR NFG RRC SWN amp TLM

RICErsquos peer-leading production growth is driven by a focus on well quality not quantity RICE reached over 850 MMcfed of gross operated production with fewer wells than every other operator(1) in Appalachia Chart below demonstrates RICErsquos ability to rapidly grow production w a clear path to 1 Bcfd amp beyond w ~1200+ wells left to drill

MMcfd PRODUCTION VERSUS WELLS - TOP PRODUCERS IN APPALACHIA(1)

SW Appalachia Operators

NE Appalachia Operators

153 Operated Wells

Producing Well Count

35 wwwriceenergycom

RMP High Growth MLP in Prolific Appalachian Basin

__________________________1 As of February 24 20162 As of December 31 2015 The agreement between RICE and RMP covers approximately 93000 gross acres of the RICErsquos 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 400 MDthd of RICErsquos production from approximately 19000 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

RMP OVERVIEW

PA gas gathering system of over 40 MMDthd design capacity

Oversized to accommodate future growth and emerging PA Utica potential

Gathering throughput driven by SW PA technical leaders

~80 of 2016E throughput from RICE operated volumes and ~20 from 3rd parties primarily EQT

2016 GUIDANCE(1)

2016E EBITDA of $110MM -$120MM

2016 capex budget of $150MM

$140MM gathering and compression

$10MM water services

RMP constructing ~15 miles of gathering pipeline in 2016

RMP installing compression for RICE in 1H16 that will start generating revenue mid-2016


Dedicated GrossAcreage(2)

4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150

Concentrated Prolific Position to Drive Targeted 20 Distribution Growth

WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage


3rd Party Dedicated to RMP

RMP Water PipelineRMP Water Pipeline to be ConstructedRMP Water Interconnects

GPOR Water Dedication

RICE Western Greene Area

OHIO

36 wwwriceenergycom

Attractive Drop Down Potential ndash OH Gathering

__________________________1 As of February 24 20162 As of December 31 2015

RMH OVERVIEW

OH gas gathering system of over 20 MMDthd design capacity

Gathering throughput driven by SE OH technical leaders

~65 of 2016E throughput from RICE volumes and ~35 from GPOR(1)

Will access TETCO REX ET Rover and DEO to deliver gas to Gulf Coast and Midwest markets

2016 GUIDANCE(1)



Constructing ~30 miles of gathering pipeline in 2016

Premier Midstream Systems in Prolific Dry Gas Utica Core Adds to Inventory of Drop Down Candidates


DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)

RICE OH Gathering 58000 323

Strike Force JV 75000 -

Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV

LegendRICE Ohio Gathering Pipeline RICE Ohio Gathering Pipeline to be Constructed

GPOR Dedicated to RICERICE Acreage Dedicated to 3rd

Party

Strike Force JV AMI

37 wwwriceenergycom

Attractive Drop Down Potential ndash Strike Force JV TRANSACTION OVERVIEW STRATEGIC RATIONALE

RICE and GPOR completed the formation of Utica Shale strategic midstream JV (ldquoStrike Forcerdquo)

Provide gas gathering and compression services to GPORrsquos Eastern Belmont and Monroe acreage in Ohio

Supported by long-term fee-based service agreements with GPOR

Ownership RICE 75 and GPOR 25 with RICE to construct and operate all JV assets

Dry gas gathering system with capacity to gather up to 18 MMDthd

System will consist of ~165 miles of high and low pressure 12rdquo ndash 24rdquo gathering pipelines with multiple interconnections to Rockies Express ET Rover TETCO Dominion East Ohio and other future pipelines

~50000 horsepower of compression for gathering and delivery into various downstream interstate pipelines

GPOR dedicated ~75000 leasehold acres within the Strike Force AMI of ~319000 acres

Constructing Extensive Dry Gas Gathering and Water Systems in One of the Most Prolific Natural Gas Plays

Strike Force strengthens Ricersquos leading midstream position in the core of the Utica Shale

Expands relationship with GPOR across its premier position in the dry gas Utica Shale

Achieves efficiencies of simultaneous development of gathering and compression

Leverages existing footprint to grow 3rd party business and pursue additional 3rd party opportunities within a ~319000-acre AMI

System designed to accommodate future growth

Significantly adds to RICErsquos attractive inventory of drop down candidates

PHASE 1 COMPLETED AHEAD OF SCHEDULE AND FIRST FLOW

COMMENCED ON FEBRUARY 1 2016

38 wwwriceenergycom

Water Services Business Drop Down SummaryTRANSACTION OVERVIEW TRANSACTION HIGHLIGHTS

__________________________1 Excludes Strike Force JV2 Assumes fee of $006 per gallon in Pennsylvania and 11000000 gallons of water per well that utilize the fresh water delivery system based on a 7000rsquo lateral3 Assumes fee of $007 per gallon in Ohio and 16900000 gallons of water per well that utilize the fresh water delivery system based on a 9000rsquo lateral

Immediately accretive to distributable cash flow per unit

Integrates RMPrsquos gathering and compression business with water services business driving enhanced 3rd party opportunities

Volumetric tiers provide revenue and cash flow stability

Minimal future organic capital requirements for RICE development

RMP acquired Rice Energyrsquos water business for $200 million in November 2015

$25 million earn out upon achievement of certain increases to system capacities

Funded with borrowings under RMPrsquos RCF and partially repaid with proceeds from $175MM PIPE

WATER SERVICES AGREEMENTS OVERVIEW

Tiered Fresh Water Fee Pennsylvania Ohio

Fresh Water Volumes (MMGal Well)

Tier I lt825 lt125

Tier II 825 ndash 1325 125 ndash 20

Thereafter gt1325 gt20

Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004

Thereafter $001 $002

Expected Weighted Average Fee (2)(3) $006 $007

Produced Water Services Fee 2 of cost 2 of cost

ASSET OVERVIEW

Fresh water distribution systems(1) amp related facilities servicing Marcellus and Utica completion operations in PA and OH

The right to provide fresh water for completion operations and to collect recycle and dispose of flowback and produced water for RICE in services area

Access to 194 MMGPD of fresh water

112 miles of pipeline and 152 million gallons of water impoundment capacity

As compared to trucking water distribution systems are the more efficient way to transport fresh water for completions

Faster more reliable completion jobs

Capable of delivering up to 3x more water per day plus on-demand storage via impoundments

Improved social responsibility by reducing truck traffic and resulting emissions noise road repairs and safety incidents

39 wwwriceenergycom

2015 Midstream System Statistics

__________________________1 The agreement between RICE and RMP covers approximately 93000 gross acres of the RICErsquos 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

400 MDthd of RICErsquos production from approximately 19000 gross acres subject to a pre-existing third-party dedication2 Fees will be annually escalated based upon changes in the Consumer Price Index Compression fees are derived on a per stage basis3 Certain of RMPrsquos 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 2014 Represents weighted average

based on historical throughput4 Assumes fee of $006 per gallon in Pennsylvania and 11000000 gallons of water per well that utilize the fresh water delivery system based on a 7000rsquo lateral Assumes fee of $007 per gallon in Ohio and 16900000 gallons of water per well that utilize the fresh water delivery system

based on a 9000rsquo lateral

RMP Assets

Pennsylvania Ohio

Gathering and Compression Statistics Gathering and Compression StatisticsDesign Gathering Capacity (MMDthd) Over 40 Design Gathering Capacity (MMDthd) Over 20

YE15 YE16 YE15 YE16Gas Gathering Pipeline Mileage (miles) 113 128 Gas Gathering Pipeline Mileage (miles) 54 65

Acreage Dedications Acreage DedicationsRICE(1) 93000 RICE 380003rd Party 21000 3rd Party 20000

Total Acreage Dedications 114000 Total Acreage Dedications 58000

Midstream Fees Paid by RICE to RMP ($Dth) (2) Midstream Fees Paid by RICE to RICE OH ($Dth) (2)

Gathering $030 Gathering $030Compression (per stage of compression) $007 Compression (per stage of compression) $007

3rd Party Midstream Fees ($Dth) 3rd Party Midstream Fees ($Dth)Gathering (3) $043 Gathering undisclosedCompression vairies Compression undisclosed

Water Distribution System Statistics Water Distribution System StatisticsYE15 YE15

Connected Water Sources (MMGPD) 87 Connected Water Sources (MMGPD) 107Water Services Fee Paid by RICE ($gallon)(4) $006 Water Services Fee Paid by RICE ($gallon)(4) $007

Strike Force JV

Gathering and Compression StatisticsYE15 YE16

Gas Gathering Pipeline Mileage (miles) 7 29 AMI Acreage 319000GPOR Dedicated Acreage 75000

40 wwwriceenergycom

RICE and RMP Market Snapshot

Rice Midstream Partners LP(NYSE RMP)

Rice Energy Inc(NYSE RICE)


$ millions except per unit data as of 2232016

Common Units 42 Subordinated Units 29

Total Units Outstanding (MM) 71 Price $1127

Market Capitalization $800Cash 8 Revolving credit facility 143

Enterprise Value $935

Distribution Unit $01965Yield 697

52 Week Price RangeHigh $1794Low $911

WebsiteInvestor Contact

wwwricemidstreamcom

JulieDanversRiceMidstreamcomJulie Danvers

$ millions except per share data as of 2232016

Management Ownership 30

Shares Outstanding (MM) 136Price $897

Market Capitalization $1223Cash (1) 436 Preferred Equity 375 Revolving credit facilities (1) ndash625 Senior notes due 2022 900725 Senior notes due 2023 397



Website wwwriceenergycomInvestor Contact Julie Danvers

JulieDanversRiceEnergycom

41 wwwriceenergycom

RICE and RMP Organizational Structure

DE

PA Water

Rice Olympus Midstream

(OH Gathering)

59 LP interest


Public Unitholders

Strike Force Midstream (GPOR JV)

ROFOAssets

OH WaterPA Gathering

$300MM Credit Facility +

$450MM Credit Facility


$100MM Accordion Feature

EIG Managed Funds

GP Holdings(IDRs and LP Interest)

825 common

equity interest


($375MM invested)

75 equity interest


41 LP interest 100 of IDRs


100 equity interest100 ownership9175 common

equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38

Diverse Market Exposure

_______________________1 Conversion of Dth to Mcf assumes 1050 Btu factor2 Source Company Filings TPH Estimates

FT portfolio includes 13 MMDthd (12 Bcfd) of firm capacity to premium North American markets(1)

Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage

RICE FIRM CAPACITY COMMITMENTS(MDTHD)

Project Pipeline Start Date Volume MarketTEAM South TETCO Sept 2014 270 Gulf Coast

Westside Expansion CGTTCO Nov 2014 125 TCO Gulf Coast

Rockies Express REX Aug 2015 175 MidwestCanadaGulf Coast

Union Town to Gas City TETCO Sept 2015 87 MidwestGulf Coast

OPEN TETCO Sept 2015 50 Gulf Coast

ET Rover Rover Nov 2017 100 Canada

Access South TETCO Nov 2017 320 Gulf Coast

CANADA (MDTHD)2016 2017 2018

25 42 125

Gulf Coast demand growth will be ~3x larger

than NE demand growth(2)

NORTHEAST (MDTHD)2016 2017 2018

71 50 50

Gulf Coast DemandExports by

2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom

Basis Exposure amp Realized PricingPRICING COMMENTARY BASIS EXPOSURE

REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017

Gulf Coast TCO Midwest Dawn DTI M2 M3 Average Basis Impact

HHUB is increasingly challenged

Rice is 87 hedged in 2016 50+ in 2017

Appalachian basis has tightened

Market opportunity to hedge at attractive levels ($050) relative to green-field FT projects ($100)

FT portfolio diversifies markets

As new FT projects come online our diverse FT portfolio and inter-connected gathering system will allow Rice to take advantage of arbitrage and optimization opportunities

1Q16 2Q16 3Q16 4Q16 2016 2017

NYMEX Henry Hub Strip ($MMBTU) $208 $200 $218 $237 $216 $258PlusLess Average Basis Impact (028) (032) (041) (038) (035) (032)Less Firm Transportation Fuel amp Variables (014) (012) (011) (012) (012) (013)Plus BTU Uplift (MMBtuMcf) 010 010 011 012 011 014

Pre-Hedge Realized Price ($Mcf) $177 $166 $177 $200 $180 $227Plus Realized Hedging GainLoss ($Mcf) 103 109 094 081 096 034

Post Hedged Realized Price ($Mcf) $279 $275 $271 $281 $276 $261Plus Firm Transportation Sales Net ($Mcf) ndash ndash ndash ndash ndash ndash

Adjusted Post-Hedge Realized Price ($Mcf) $279 $275 $271 $281 $276 $261FT Demand Expense ($040) ($036) ($032) ($033) ($035) ($037)

FT Expense (Fuel amp Variables + Demand) ($054) ($049) ($043) ($045) ($047) ($049)FT Expense + Basis + BTU Uplift ($072) ($071) ($074) ($070) ($071) ($067)

44 wwwriceenergycom

Hedging SummaryHEDGE SUMMARY

RICErsquos gas will be marketed into 4 areasndash (1) Gulf Coast (ELA M1) ndash (2) TCOndash (3) Midwest (Chicago Dawn)ndash (4) Appalachia (M2 M3 amp Dominion)

78 of first quarter 2016 production transported out of Appalachian basin

Our Gulf Coast firm transportation contracts deliver to markets in the Gulf Coast (ELA M1)

ndash 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 $005-$015 below Henry Hub

~87 of 2016 production hedged at weighted avg fixed price floor of $326MMBtu

2016 2017 2018 2019

Hedged M2 Dominion Volumes (BBtud) 189 163 165 150Wtd Avg Floor Price ($MMBtu) $235 $220 $250 $248 of Basis Hedged 84 na na na

Hedged TCO Volumes (BBtud) 44 27 19 10Wtd Avg Floor Price ($MMBtu) $297 $281 $277 $273 of Basis Hedged 46 na na na

Hedged Gulf Coast Volumes (BBtud) 355 349 79 ndashWtd Avg Floor Price ($MMBtu) $320 $307 $291 ndash of Basis Hedged 67 na na na

Hedged ChicagoDawn Volumes (BBtud) 74 24 22 20Wtd Avg Floor Price ($MMBtu) $327 $309 $309 $299 of Basis Hedged 70 na na na

Total Hedged Volumes (BBtud) 662 563 285 180Wtd Avg Floor Price ($MMBtu) $295 $281 $268 $255 Hedged 87 na na naWtd Avg Fixed Price Floor $326 $314 $316 $311

45 wwwriceenergycom

Hedging DetailFIXED PRICE HEDGES BASIS HEDGES

All-In Fixed Price Derivatives 2016 2017 2018 2019NYMEX Natural Gas SwapsVolume Hedged (BBtud) 581 288 5 20Wtd Avg Swap Price ($MMbtu) $332 $327 $360 $323NYMEX Natural Gas CollarsVolume Hedged (BBtud) 50 220 280 130Wtd Avg Collar Price ($MMbtu) $360 $361 $362 $360Wtd Avg Floor Price ($MMbtu) $291 $313 $316 $309NYMEX Natural Gas CallsVolume Hedged (BBtud) ndash 50 70 70Wtd Avg Collar Price ($MMbtu) ndash $360 $350 $350

NYMEX Natural Gas Deffered PutsVolume Hedged (BBtud) ndash 55 ndash ndashWtd Avg Collar Price ($MMbtu) ndash $250 ndash ndash

Total NYMEX Price DerivativesNYMEX Volume Hedged (BBtud) 631 563 285 150NYMEX Volume Hedged Incl Calls (BBtud) 631 613 355 220Swap Collar amp Put Floor ($MMbtu) $329 $314 $316 $311Dominion Natural Gas SwapsVolume Hedged (BBtud) 31 ndash ndash ndashWtd Avg Swap Price ($MMbtu) $262 ndash ndash ndashTCO Natural Gas SwapsVolume Hedged (BBtud) ndash ndash ndash ndashWtd Avg Swap Price ($MMbtu) ndash ndash ndash ndashTotal Fixed Price DerivativesTotal Fixed Volume Hedged (BBtud) 662 563 285 150Total Fixed Volume Hedged Incl Calls (BBtud) 662 613 355 220Swap Collar amp Put Floor ($MMbtu) $326 $314 $316 $311

Basis Contract Derivatives 2016 2017 2018 2019TCO Basis SwapsVolume Hedged (BBtud) 44 27 19 10Wtd Avg Swap Price ($MMbtu) ($032) ($033) ($040) ($038)DOM Basis SwapsVolume Hedged (BBtud) 76 98 165 150Wtd Avg Swap Price ($MMbtu) ($101) ($089) ($067) ($063)M2 Basis SwapsVolume Hedged (BBtud) 61 65 ndash ndashWtd Avg Swap Price ($MMbtu) ($103) ($101) ndash ndashELA Basis SwapsVolume Hedged (BBtud) 110 80 40 10Wtd Avg Swap Price ($MMbtu) ($010) ($009) ($008) ($010)MichCon Basis SwapsVolume Hedged (BBtud) 24 4 4 20Wtd Avg Swap Price ($MMbtu) ($001) ($004) ($004) ($012)Chicago Basis SwapsVolume Hedged (BBtud) 40 10 10 ndashWtd Avg Swap Price ($MMbtu) ($005) ($016) ($019) ndashANR SE Basis SwapsVolume Hedged (BBtud) 35 ndash ndash ndashWtd Avg Swap Price ($MMbtu) ($010) ndash ndash ndashPhysical Triggered Basis 2016 2017 2018 2019Appalachian Fixed Basis (Physical)Volume Hedged (BBtud) 21 ndash ndash ndashWtd Avg Swap Price ($MMbtu) ($079) ndash ndash ndashMichCon Fixed Basis (Physical)Volume Hedged (BBtud) 10 10 8 ndashWtd Avg Swap Price ($MMbtu) $005 $005 $005 ndashGulf Coast Fixed Basis (Physical)Volume Hedged (BBtud) 100 100 100 92Wtd Avg Swap Price ($MMbtu) ($017) ($017) ($017) ($016)

Total Basis HedgesApp 202 191 184 160Gulf Coast 245 180 140 102MichCon 74 24 22 20Total Basis 521 395 346 282

46 wwwriceenergycom

RICE 4Q 2015 Adjusted EBITDAX Reconciliation

__________________________Note Adjusted EBITDAX is a supplemental non-GAAP financial measure that is used by management and external users of our consolidated financial statements such as industry analysts investors lenders and rating agencies We define Adjusted EBITDAX as net income (loss) before non-controlling interest interest expense income taxes depreciation depletion and amortization amortization of deferred financing costs amortization of intangible assets derivative fair value (gain) loss excluding net cash receipts on settled derivative instruments non-cash stock compensation expense non-cash incentive unit expense exploration expenses and other non-recurring items Adjusted EBITDAX is not a measure of net income as determined by United States generally accepted accounting principles or GAAP1 The adjustments for the derivative fair value (gains) losses and net cash receipts on settled commodity derivative instruments have the effect of adjusting net income (loss) for changes in the fair value of derivative instruments which are recognized at the end of each accounting period

because we do not designate commodity derivative instruments as accounting hedges This results in reflecting commodity derivative gains and losses within Adjusted EBITDAX on a cash basis during the period the derivatives settled

Three Months Ended Year Ended($ in thousands) December 31 2015 December 31 2015

Adjusted EBITDAX reconciliation to net income (loss)Net income (274253)$ (267999)$ Interest expense 24009 87446Depreciation depletion and amortization 94787 322784Impairment of gas properties 18250 18250Impairment of goodwill 294908 294908Amortization of deferred financing costs 1403 5124Amortization of intangible assets 408 1632

Gain on derivative instruments (1) (89019) (273748)Net cash receipts on settled derivative instruments (1)

76228 193908

Acquisition expense 1111 1235Non-cash stock compensation expense 4847 16528

Non-cash incentive unit (income) expense (9773) 36097Income tax expense (6217) 12118Gain from sale of interest in gas properties - (953)Exploration expense 1212 3137Other expense 756 4380Non-controlling interest (6504) (23337)

Adjusted EBITDAX 132153$ 431510$

Sheet1

47 wwwriceenergycom

RICE 4Q 2015 Further Adjusted EBITDAX Reconciliation


Further Adjusted EBITDAX reconciliationAdjusted EBITDAX 132153$ 431510$

Non-controlling interest(1) 6504 23337

Water revenue adjustment(2) 5577 27336Further Adjusted EBITDAX 144234$ 482183$

__________________________1 Add back non-controlling interest to Adjusted EBITDAX to calculate leverage metrics2 Add back RMP water distribution revenue from RICErsquos working interest share of the water fees that was eliminated in the RICE consolidation

Sheet1

48 wwwriceenergycom

Cautionary StatementsFORWARD-LOOKING STATEMENTS

This presentation and the oral statements made in connection therewith may contain ldquoforward looking statementsrdquo within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 as amended All statements other than statements of historical fact regarding Rice Energyrsquos strategy future operations financial position estimated revenues and incomelosses projected costs as amended prospects plans and objectives of management are forward-looking statements These statements often include the words ldquocouldrdquo ldquobelieverdquo ldquoanticipaterdquo ldquomayrdquo ldquoassumerdquo ldquoforecastrdquo ldquopositionrdquo ldquopredictrdquo ldquostrategyrdquo ldquoexpectrdquo ldquointendrdquo ldquoplanrdquo ldquoestimaterdquo ldquoprojectrdquo ldquobudgetrdquo ldquopotentialrdquo or ldquocontinuerdquo and similar expressions intended to identify forward-looking statements although not all forward-looking statements contain such identifying words Without limiting the generality of the foregoing forward-looking statements contained in this presentation specifically include estimates of Rice Energyrsquos reserves expectations of plans strategies objectives and anticipated financial and operating results of Rice Energy including as to Rice Energyrsquos drilling program production hedging activities capital expenditure levels and other guidance included in this presentation These forward-looking statements are based on Rice Energyrsquos current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events Rice Energy assumes no obligation to and does not intend to update any forward looking statements included herein You are cautioned not to place undue reliance on any forward-looking statements Rice Energy cautions you that these forward-looking statements are subject to all of the risks and uncertainties most of which are difficult to predict and many of which are beyond their control incident to the exploration for and development production gathering and sale of natural gas natural gas liquids and oil These risks include but are not limited to commodity price volatility inflation lack of availability of drilling and production equipment and services environmental risks drilling and other operating risks regulatory changes the uncertainty inherent in estimating natural gas reserves and in projecting future rates of production cash flow and access to capital the timing of development expenditures risks relating to joint venture operations and the other risks described under ldquoRisk Factorsrdquo in Rice Energyrsquos most recent Form 10-K Form 10-Q and other filings with the Securities and Exchange Commission Should one or more of these risks or uncertainties occur or should underlying assumptions prove incorrect Rice Energyrsquos actual results and plans could differ materially from those expressed in any forward-looking statements

This presentation has been prepared by Rice Energy and includes market data and other statistical information from sources believed by Rice Energy to be reliable including independent industry publications government publications or other published independent sources Some data are also based on Rice Energyrsquos good faith estimates which are derived from its review of internal sources as well as the independent sources described above Although Rice Energy believes these sources are reliable it has not independently verified the information and cannot guarantee its accuracy and completeness

NON-PROVEN OIL AND GAS RESERVES

The SEC permits oil and gas companies in their filings with the SEC to disclose proved reserves which are reserve 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 and certain probable and possible reserves that meet the SECrsquos definition for such terms We may use certain broader terms such as EUR (estimated ultimate recovery of resources) and we may use other descriptions of volumes of potentially recoverable hydrocarbon resources throughout this presentation that the SEC does not permit to be included in SEC filings These broader classifications do not constitute reserves as defined by the SEC and we do not attempt to distinguish these classifications from probable or possible reserves as defined by SEC guidelines

Our estimates of EURs have been prepared by our independent reserve engineers These estimates are by their nature more speculative than estimates of proved probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized particularly in areas or zones where there has been limited or no drilling history We include these estimates to demonstrate what we believe to be the potential for future drilling and production by the company Actual locations drilled and quantities that may be ultimately recovered from our properties will differ substantially In addition we have made no commitment to drill all of the drilling locations which have been attributed to these quantities Ultimate recoveries will be dependent upon numerous factors including actual encountered geological conditions the impact of future oil and gas pricing exploration and development costs and our future drilling decisions and budgets based upon our future evaluation of risk returns and the availability of capital and in many areas the outcome of negotiation of drilling arrangements with holders of adjacent or fractional interest leases Estimates of resource potential and other figures may change significantly as development of our properties provide additional data and therefore actual quantities that may ultimately be recovered will likely differ from these estimates

Our forecast and expectations for future periods are dependent upon many assumptions including estimates of production decline rates from existing wells the undertaking and outcome of future drilling activity and activity that may be affected by significant commodity price declines or drilling cost increases

Certain of Rice Energys wells are named after superheroes and monster trucks some of which may be trademarked Despite their size and strength Rice Energys wells are in no manner affiliated with such superheroes or monster trucks

Initial production rates are subject to decline over time and should not be regarded as reflective of sustained production levels In particular production from horizontal drilling in shale oil and natural gas resource plays and tight natural gas plays that are stimulated with extensive pressure fracturing are typically characterized by significant early declines in production rates

49 wwwriceenergycom

Determination of Identified Drilling Locations as of December 31 2015

Net undeveloped locations are calculated by taking RICErsquos total net acreage and multiplying such amount by a risking factor which is then divided by RICErsquos expected well spacing RICE then subtracts net producing wells to arrive at undeveloped net drilling locations

Undeveloped Net Marcellus Locations ndash RICE assumes these locations have 7000 foot laterals and 750 foot spacing between wells which yields approximately 121 acre spacing In the Marcellus RICE applies a 20 risking factor to its net acreage to account for inefficient unitization and the risk associated with its inability to force pool in Pennsylvania As of December 31 2015 RICE had approximately 92000 net acres in the Marcellus which results in 487 undeveloped net locations

Undeveloped Net Ohio Utica Locations ndash RICE assumes these locations have 9000 foot laterals and 1000 foot spacing between wells which yields approximately 207 acre spacing In the Ohio Utica RICE applies a 10 risking factor to its net acreage to account for inefficient unitization As of December 31 2015 RICE had approximately 56000 net acres prospective for the Utica in Ohio which results in 215 undeveloped net locations

Undeveloped Net Pennsylvania Utica Locations ndash RICE assumes these locations have 8000 foot laterals and 2000 foot spacing between wells which yields approximately 367 acre spacing In the Pennsylvania Utica RICE applies a 20 risking factor to its net acreage to account for inefficient unitization As of December 31 2015 RICE had approximately 49000 net acres prospective for the Utica in Pennsylvania which results in 105 undeveloped net locations

Undeveloped Net Upper Devonian Locations ndash RICE assumes these locations have 7000 foot laterals and 1000 foot spacing between wells which yields approximately 161 acre spacing In the Upper Devonian RICE applies a 20 risking factor to its net acreage to account for inefficient unitization and the risk associated with its inability to force pool in Pennsylvania As of December 31 2015 RICE had approximately 85000 net acres prospective for the Upper Devonian which results in 418 undeveloped net locations

Additional Disclosures

Slide Number 1






Track Record of Low-Cost Growth


2016 Capital Budget Overview


2016 Guidance

Healthy Balance Sheet Protected by Strong Hedge Book



Right-Sized Firm Transport Portfolio

Meaningful Value Derived from Developed Drilling Locations



Why Invest in Rice

Asset Update



Utica Returns Are Driven by Flat-Time Production

Inventory Update

Economics

Appendix


RICE Fourth Quarter 2015 Financial Summary









Attractive Drop Down Potential ndash Strike Force JV

Water Services Business Drop Down Summary





Basis Exposure amp Realized Pricing

Hedging Summary

Hedging Detail



Cautionary Statements


Three Months Ended Year Ended Operating Metrics ($ in millions) 93014 Pro Forma 93014

($ in thousands) December 31 2015 December 31 2015 Net Daily Production (MMcfed) 247 247

Further Adjusted EBITDAX reconciliation Post-hedge Realized Pricing ($Mcf) $340 $340 Cash 109

Adjusted EBITDAX $ 132153 $ 431510 EampP Revenue (Including FT Capacity Sales Net) $78 $341

Non-controlling interest(1) 6504 23337 Plus Hedge Gain(Loss) 0 001 Long Term Debt

Water revenue adjustment(2) 5577 27336 Less LOE amp Taxes (6) (025) 1st Lien Rev Credit Fac --

Further Adjusted EBITDAX $ 144234 $ 482183 Less Letters of Credit

Plus Cash

Liquidity



Adjusted EBITDAX reconciliation to net income (loss) Post-hedge Realized Pricing ($Mcf) $340 $340 Cash 109

Net income $ (274253) $ (267999) EampP Revenue (Including FT Capacity Sales Net) $78 $341

Interest expense 24009 87446 Plus Hedge Gain(Loss) 0 001 Long Term Debt

Depreciation depletion and amortization 94787 322784 Less LOE amp Taxes (6) (025) 1st Lien Rev Credit Fac --

Impairment of gas properties 18250 18250

Impairment of goodwill 294908 294908

Amortization of deferred financing costs 1403 5124 Less GatheringTransportation (10) (042) Senior Unsecured Notes 900

Amortization of intangible assets 408 1632 Less Cash GampA (10) (046) Other Debt --

Gain on derivative instruments (1) (89019) (273748) PlusLess Other Income (Expense) 1 006 Total Debt 900

Net cash receipts on settled derivative instruments (1) 76228 193908 EBITDAX ($Mcfe) $53 $235

Acquisition expense 1111 1235

Non-cash stock compensation expense 4847 16528 Shareholders Equity

Non-cash incentive unit (income) expense (9773) 36097 Total Capitalization

Income tax expense (6217) 12118

Gain from sale of interest in gas properties - (953)

Exploration expense 1212 3137 Liquidity

Other expense 756 4380

Non-controlling interest (6504) (23337) Borrowing Base $385 $550

Adjusted EBITDAX $ 132153 $ 431510 Less Letters of Credit

Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

2Q 2015

Actual ($ in millions) 123115

Total production (MMcfed) 529

Gas 99 Cash

Operated 90 Rice Energy $436

Marcellus 77 Rice Midstream Holdings -

Rice Midstream Partners 8

NYMEX Henry Hub price ($MMBtu) $ 272 Total consolidated cash $444


Average basis impact ($MMBtu) [(073)]

Firm transportation fuel amp variables ($MMBtu) [(001)] Long-term debt

Btu uplift (MMBtuMcf) 010 Rice Energy

Pre-hedge realized price ($Mcf) 208 EampP credit facility - 5285658022

Realized hedging gain ($Mcf) 089 625 Senior notes due 2022 900 Total production 5285658021978

Post-hedge realized price ($Mcf) 297 725 Senior notes due 2023 397 EampP Revenue 101328730

Net firm transportation sales 001 Total Rice Energy debt 1297 1917050433

Adjusted realized price ($Mcf) $ 298 Rice Midstream Holdings revolver - Hedging Gain 470423563958

Rice Midstream Partners revolver 143 Lease Operating 121570134506

Average costs per Mcfe Actual ($MM) $ Mcfe Total consolidated debt $1440 EBITDAX 17903163543

EampP Revenue (including net FT sales) $ 101 $ 192 Net debt 996

Hedging gain 47 089

Lease operating 12 023 Leverage

4Q15 Net Debt LQA EBITDA

Gathering compression and transportation 17 035 Rice Energy 18x Assets 4033720

Production taxes and impact fees 4 008 Rice Midstream Holdings 00x Liabilities 2088373

General and administrative 19 039 Rice Midstream Partners 18x 1945347

Consolidated 17x

Depletion depreciation and amortization 73 152 4Q15 Net Debt LTM EBITDA

Rice Energy 22x

Adjusted EBITDAX $ 95 $ 179 Rice Midstream Holdings 00x

Rice Midstream Partners 21x

Consolidated 21x

Three Months Ended

Total net production (MMcfed) 624

Gas 100 Cash

Operated 94 Rice Energy $ 339

Marcellus 72 Rice Midstream Holdings 1

Actual ($MM) $ Mcfe Rice Midstream Partners 9

NYMEX Henry Hub price ($MMBtu) $223 Total consolidated cash $ 349

Average basis impact ($MMBtu) (014)

Firm transportation fuel amp variables ($MMBtu) (015) Long-term debt


Pre-hedge realized price ($Mcf) 205 EampP credit facility $ - 5285658022



Net firm transportation sales - 0 Total Rice Energy debt 1297 1917050433

Adjusted realized price ($Mcf) $339 Rice Midstream Holdings revolver 17 Hedging Gain 470423563958

Rice Midstream Partners revolver - Lease Operating 121570134506

Lease operating $9 016 Shareholders equity $ 1996

Gathering compression and transportation 29 051 Total capitalization ERRORREF

Production taxes and impact fees 3 004 Total net capitalization ERRORREF

General and administrative 24 043

Depletion depreciation and amortization 95 165

Adjusted EBITDAX $132

Further Adjusted EBITDAX(2) $144

2 wwwriceenergycom


Allocate 100 of Capital to Core Assets with Attractive Returns

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

Maintain a Strong Balance Sheet

3 wwwriceenergycom



























NYSE RICE


NYSE RMP


EIG Managed Funds

9175 825

GP Holdings

4 wwwriceenergycom



92000

56000

449

175


197000

Marcellus OH Utica

624 MMcfed

Washington

Greene

Belmont

PA Utica

Deep PA Utica Core






Inventory (Wells)



487

215

105 143

Developed

121

18

Producing Wells



49000PA Utica

5 wwwriceenergycom





DedicatedGross

Acreage(1)

4Q 2015 Throughput

(MDthd)


2016E Capex

($MM)(2)


RMH 133000 323 400 $ 155 $40 - $45

RMP 114000(3) 703 800 $ 150 $110 - $120

3rd Party 50 25 30 na 20 - 25

Total 247000 1026 1200 $ 305 $150 - $165














RMH LEGEND

RICE Acreage


Strike Force JV

RMP LEGEND


RICE Acreage





Monongahela River

Withdrawal

PENNSYLVANIA

OHIO

Monroe Greene

WashingtonBelmont

6 wwwriceenergycom












PAWV

Washington

Greene



7 wwwriceenergycom

647 800

247

400

175

401

894

1200

2013 2014 2015 2016E

PA OH

$043 $031 $026

$055 $038 $036

$038

$038 $038

$044

$043 $034

$180

$150 $134


127 274

552 720

2013 2014 2015 2016E

249 644

1015 350

662

685

599

1306

1700

2013 2014 2015

PD PUD

$2457

$1651 $1450

2014 2015 2016E

$1439 $1237 $1181 $1150

2013 2014 2015 2016E




8 wwwriceenergycom










9 wwwriceenergycom





















$285Ohio

Operated Utica $175


$100

Land $80

EampP Capex $640MM

$155

RMH Capex $155MM

Gas Gathering and

Compression $140

Water Services

$10

RMP Capex $150MM



water $155

10 wwwriceenergycom

$80

$120

$155

$205

$80

$200

$355

$560







$560 mm 2016 Budget





completions


minimal drilling



in 2017+

11 wwwriceenergycom

$380 $340 $285

$200 $285 $275

$250 $115

$80

$225

$545

$830 $740

$640

0100200300400500600700800900

2012 2013 2014 2015 2016E

$MM


36 37 27

ndash

ndash

7 12 27

10

21

43 49

54

0

10

20

30

40

50

2012 2013 2014 2015 2016E

Wells

PA OH

2016 Guidance


47 127

274

552

720

ndash

ndash

0

100

200

300

400

500

600

700

800

2012 2013 2014 2015 2016E

MMcfed



$45 $150 $170 150

$150

$250

155

$45 $50

$300

$420

305

0

100

200

300

400

500

2012 2013 2014 2015 2016E

$MM


61

647 800

247

400

175

401

894

1200

0

150

300

450

600

750

900

1050

1200

2012 2013 2014 2015 2016E

MDthd


$115

$43

0

20

40

60

80

100

120


$MM

Published Guidance




12 wwwriceenergycom


LIQUIDITY




$314MMBtu


$720

$30 $50

$650

$300 $310 $640

$155 $150

$1370

$330 $360

ndash

$200

$400

$600

$800

$1000

$1200

$1400


Undrawn Facility

CapEx

Rice EampP RMH RMP

662

563

285

150

$325

$314 $316 $311

$211

$253 $261 $266

ndash

$050

$100

$150

$200

$250

$300

$350

ndash

100

200

300

400

500

600

700

2016 2017 2018 2019


HEDGE SUMMARY

LEVERAGE

BBtud $MMBtu

20x

ndash

20x 20x

30x

15x

25x 25x

ndash

05x

10x

15x

20x

25x

30x

35x


RMP Consolidated


RMH

18x 18x 17x

13 wwwriceenergycom

825 common

equity interest


DE

Rice Olympus

Midstream (OH

Gathering)


($375MM invested)

75 equity interest





EIG Managed Funds














100 equity interest

100 ownership

14 wwwriceenergycom

25

47

77

114

159

23

49

83

124

173

ndash

25

50

75

100

125

150

175

200













NYMEX ($MMBtu)

IRR

15 wwwriceenergycom




ndash

500

1000

1500

2000

2500

3000

1115 7115 1116 7116 1117 7117 1118 7118 1119 7119 1120 7120 1121

$ MMbtuMdthd






(1)

16 wwwriceenergycom





249

645

1015 350

662

685

599

1307

1700

2013 2014 2015

$685

$880

$194



PV10Share Strip

Hedge Uplift

Total PDP PV10Share





Total1 developed


Undeveloped Wells

139

127

807

105

215

487

0 25 50 75 100

17 wwwriceenergycom

$425

$1260 $290

$500

ndash

$500

$715

$2260

ndash

$500

$1000

$1500

$2000

$2500

2016 2018E













$mm

18 wwwriceenergycom







RMP IPO Dec 2014


Dropdown Candidate

Dropdown Candidate



ndash$1

$5

$18

$35

$55

$0

$15

$30

$45

$60

2015 2016 2017 2018 2019 2020


19 wwwriceenergycom

Why Invest in Rice








20 wwwriceenergycom

Asset Update

21 wwwriceenergycom

ndash

20

40

60

80

100

120

140

ndash 050 100 150 200 250 300 350 400 450

MM

cfd



Restricted Rate





TYPE CURVE UPDATES












22 wwwriceenergycom

ndash

50

100

150

200

ndash 050 100 150 200 250 300 350 400

MMcf

d



Restricted Rate



TYPE CURVE UPDATES















23 wwwriceenergycom

56

49

Previous TCDecline

Current TCndash

2000

4000

6000

8000

10000

12000

14000

16000

18000

- 100 200 300 400





Previous TC Decline


Current TC

Years

24 wwwriceenergycom

487

168

47

77

83

25

56 58

22

ndash

10

20

30

40

50

60

70

80

90

100

ndash

100

200

300

400

500

600



Inventory Update












(3)

25 wwwriceenergycom

77

83

25

$101

$137

$47

ndash

$20

$40

$60

$80

$100

$120

$140

$160

0

10

20

30

40

50

60

70

80

90


PV10

($mm

)

IRR


IRR PV10











26 wwwriceenergycom

Appendix

27 wwwriceenergycom




















28 wwwriceenergycom











Three Months Ended









Net debt 996








Sheet1

Sheet1

29 wwwriceenergycom



__________________________1 As of February 24 2016









Guidance

1050

10085

1080

65





Third Party


Guidance

20 - 25

20

30 wwwriceenergycom

955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy


Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016





Rig Count


Pennsylvania

West Virginia

Ohio

June 200943 Rigs


5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

o

f Rig

s




Feb 201643 Rigs

31 wwwriceenergycom




60-70 MMcfed


Point Pleasant Core


RICE OHIO UTICA


16 Producing Wells

1 Producing Well





PA


Peer Results40-60



700+ days


RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica



32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

2Q 2015



Gas 99 Cash

















Hedging gain 47 089






Consolidated 17x


Rice Energy 22x



Consolidated 21x

Three Months Ended


Gas 100 Cash





















3 wwwriceenergycom



























NYSE RICE


NYSE RMP


EIG Managed Funds

9175 825

GP Holdings

4 wwwriceenergycom



92000

56000

449

175


197000

Marcellus OH Utica

624 MMcfed

Washington

Greene

Belmont

PA Utica

Deep PA Utica Core






Inventory (Wells)



487

215

105 143

Developed

121

18

Producing Wells



49000PA Utica

5 wwwriceenergycom





DedicatedGross

Acreage(1)

4Q 2015 Throughput

(MDthd)


2016E Capex

($MM)(2)


RMH 133000 323 400 $ 155 $40 - $45

RMP 114000(3) 703 800 $ 150 $110 - $120

3rd Party 50 25 30 na 20 - 25

Total 247000 1026 1200 $ 305 $150 - $165














RMH LEGEND

RICE Acreage


Strike Force JV

RMP LEGEND


RICE Acreage





Monongahela River

Withdrawal

PENNSYLVANIA

OHIO

Monroe Greene

WashingtonBelmont

6 wwwriceenergycom












PAWV

Washington

Greene



7 wwwriceenergycom

647 800

247

400

175

401

894

1200

2013 2014 2015 2016E

PA OH

$043 $031 $026

$055 $038 $036

$038

$038 $038

$044

$043 $034

$180

$150 $134


127 274

552 720

2013 2014 2015 2016E

249 644

1015 350

662

685

599

1306

1700

2013 2014 2015

PD PUD

$2457

$1651 $1450

2014 2015 2016E

$1439 $1237 $1181 $1150

2013 2014 2015 2016E




8 wwwriceenergycom










9 wwwriceenergycom





















$285Ohio

Operated Utica $175


$100

Land $80

EampP Capex $640MM

$155

RMH Capex $155MM

Gas Gathering and

Compression $140

Water Services

$10

RMP Capex $150MM



water $155

10 wwwriceenergycom

$80

$120

$155

$205

$80

$200

$355

$560







$560 mm 2016 Budget





completions


minimal drilling



in 2017+

11 wwwriceenergycom

$380 $340 $285

$200 $285 $275

$250 $115

$80

$225

$545

$830 $740

$640

0100200300400500600700800900

2012 2013 2014 2015 2016E

$MM


36 37 27

ndash

ndash

7 12 27

10

21

43 49

54

0

10

20

30

40

50

2012 2013 2014 2015 2016E

Wells

PA OH

2016 Guidance


47 127

274

552

720

ndash

ndash

0

100

200

300

400

500

600

700

800

2012 2013 2014 2015 2016E

MMcfed



$45 $150 $170 150

$150

$250

155

$45 $50

$300

$420

305

0

100

200

300

400

500

2012 2013 2014 2015 2016E

$MM


61

647 800

247

400

175

401

894

1200

0

150

300

450

600

750

900

1050

1200

2012 2013 2014 2015 2016E

MDthd


$115

$43

0

20

40

60

80

100

120


$MM

Published Guidance




12 wwwriceenergycom


LIQUIDITY




$314MMBtu


$720

$30 $50

$650

$300 $310 $640

$155 $150

$1370

$330 $360

ndash

$200

$400

$600

$800

$1000

$1200

$1400


Undrawn Facility

CapEx

Rice EampP RMH RMP

662

563

285

150

$325

$314 $316 $311

$211

$253 $261 $266

ndash

$050

$100

$150

$200

$250

$300

$350

ndash

100

200

300

400

500

600

700

2016 2017 2018 2019


HEDGE SUMMARY

LEVERAGE

BBtud $MMBtu

20x

ndash

20x 20x

30x

15x

25x 25x

ndash

05x

10x

15x

20x

25x

30x

35x


RMP Consolidated


RMH

18x 18x 17x

13 wwwriceenergycom

825 common

equity interest


DE

Rice Olympus

Midstream (OH

Gathering)


($375MM invested)

75 equity interest





EIG Managed Funds














100 equity interest

100 ownership

14 wwwriceenergycom

25

47

77

114

159

23

49

83

124

173

ndash

25

50

75

100

125

150

175

200













NYMEX ($MMBtu)

IRR

15 wwwriceenergycom




ndash

500

1000

1500

2000

2500

3000

1115 7115 1116 7116 1117 7117 1118 7118 1119 7119 1120 7120 1121

$ MMbtuMdthd






(1)

16 wwwriceenergycom





249

645

1015 350

662

685

599

1307

1700

2013 2014 2015

$685

$880

$194



PV10Share Strip

Hedge Uplift

Total PDP PV10Share





Total1 developed


Undeveloped Wells

139

127

807

105

215

487

0 25 50 75 100

17 wwwriceenergycom

$425

$1260 $290

$500

ndash

$500

$715

$2260

ndash

$500

$1000

$1500

$2000

$2500

2016 2018E













$mm

18 wwwriceenergycom







RMP IPO Dec 2014


Dropdown Candidate

Dropdown Candidate



ndash$1

$5

$18

$35

$55

$0

$15

$30

$45

$60

2015 2016 2017 2018 2019 2020


19 wwwriceenergycom

Why Invest in Rice








20 wwwriceenergycom

Asset Update

21 wwwriceenergycom

ndash

20

40

60

80

100

120

140

ndash 050 100 150 200 250 300 350 400 450

MM

cfd



Restricted Rate





TYPE CURVE UPDATES












22 wwwriceenergycom

ndash

50

100

150

200

ndash 050 100 150 200 250 300 350 400

MMcf

d



Restricted Rate



TYPE CURVE UPDATES















23 wwwriceenergycom

56

49

Previous TCDecline

Current TCndash

2000

4000

6000

8000

10000

12000

14000

16000

18000

- 100 200 300 400





Previous TC Decline


Current TC

Years

24 wwwriceenergycom

487

168

47

77

83

25

56 58

22

ndash

10

20

30

40

50

60

70

80

90

100

ndash

100

200

300

400

500

600



Inventory Update












(3)

25 wwwriceenergycom

77

83

25

$101

$137

$47

ndash

$20

$40

$60

$80

$100

$120

$140

$160

0

10

20

30

40

50

60

70

80

90


PV10

($mm

)

IRR


IRR PV10











26 wwwriceenergycom

Appendix

27 wwwriceenergycom




















28 wwwriceenergycom











Three Months Ended









Net debt 996








Sheet1

Sheet1

29 wwwriceenergycom



__________________________1 As of February 24 2016









Guidance

1050

10085

1080

65





Third Party


Guidance

20 - 25

20

30 wwwriceenergycom

955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy


Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016





Rig Count


Pennsylvania

West Virginia

Ohio

June 200943 Rigs


5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

o

f Rig

s




Feb 201643 Rigs

31 wwwriceenergycom




60-70 MMcfed


Point Pleasant Core


RICE OHIO UTICA


16 Producing Wells

1 Producing Well





PA


Peer Results40-60



700+ days


RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica



32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

2Q 2015



Gas 99 Cash

















Hedging gain 47 089






Consolidated 17x


Rice Energy 22x



Consolidated 21x

Three Months Ended


Gas 100 Cash





















4 wwwriceenergycom



92000

56000

449

175


197000

Marcellus OH Utica

624 MMcfed

Washington

Greene

Belmont

PA Utica

Deep PA Utica Core






Inventory (Wells)



487

215

105 143

Developed

121

18

Producing Wells



49000PA Utica

5 wwwriceenergycom





DedicatedGross

Acreage(1)

4Q 2015 Throughput

(MDthd)


2016E Capex

($MM)(2)


RMH 133000 323 400 $ 155 $40 - $45

RMP 114000(3) 703 800 $ 150 $110 - $120

3rd Party 50 25 30 na 20 - 25

Total 247000 1026 1200 $ 305 $150 - $165














RMH LEGEND

RICE Acreage


Strike Force JV

RMP LEGEND


RICE Acreage





Monongahela River

Withdrawal

PENNSYLVANIA

OHIO

Monroe Greene

WashingtonBelmont

6 wwwriceenergycom












PAWV

Washington

Greene



7 wwwriceenergycom

647 800

247

400

175

401

894

1200

2013 2014 2015 2016E

PA OH

$043 $031 $026

$055 $038 $036

$038

$038 $038

$044

$043 $034

$180

$150 $134


127 274

552 720

2013 2014 2015 2016E

249 644

1015 350

662

685

599

1306

1700

2013 2014 2015

PD PUD

$2457

$1651 $1450

2014 2015 2016E

$1439 $1237 $1181 $1150

2013 2014 2015 2016E




8 wwwriceenergycom










9 wwwriceenergycom





















$285Ohio

Operated Utica $175


$100

Land $80

EampP Capex $640MM

$155

RMH Capex $155MM

Gas Gathering and

Compression $140

Water Services

$10

RMP Capex $150MM



water $155

10 wwwriceenergycom

$80

$120

$155

$205

$80

$200

$355

$560







$560 mm 2016 Budget





completions


minimal drilling



in 2017+

11 wwwriceenergycom

$380 $340 $285

$200 $285 $275

$250 $115

$80

$225

$545

$830 $740

$640

0100200300400500600700800900

2012 2013 2014 2015 2016E

$MM


36 37 27

ndash

ndash

7 12 27

10

21

43 49

54

0

10

20

30

40

50

2012 2013 2014 2015 2016E

Wells

PA OH

2016 Guidance


47 127

274

552

720

ndash

ndash

0

100

200

300

400

500

600

700

800

2012 2013 2014 2015 2016E

MMcfed



$45 $150 $170 150

$150

$250

155

$45 $50

$300

$420

305

0

100

200

300

400

500

2012 2013 2014 2015 2016E

$MM


61

647 800

247

400

175

401

894

1200

0

150

300

450

600

750

900

1050

1200

2012 2013 2014 2015 2016E

MDthd


$115

$43

0

20

40

60

80

100

120


$MM

Published Guidance




12 wwwriceenergycom


LIQUIDITY




$314MMBtu


$720

$30 $50

$650

$300 $310 $640

$155 $150

$1370

$330 $360

ndash

$200

$400

$600

$800

$1000

$1200

$1400


Undrawn Facility

CapEx

Rice EampP RMH RMP

662

563

285

150

$325

$314 $316 $311

$211

$253 $261 $266

ndash

$050

$100

$150

$200

$250

$300

$350

ndash

100

200

300

400

500

600

700

2016 2017 2018 2019


HEDGE SUMMARY

LEVERAGE

BBtud $MMBtu

20x

ndash

20x 20x

30x

15x

25x 25x

ndash

05x

10x

15x

20x

25x

30x

35x


RMP Consolidated


RMH

18x 18x 17x

13 wwwriceenergycom

825 common

equity interest


DE

Rice Olympus

Midstream (OH

Gathering)


($375MM invested)

75 equity interest





EIG Managed Funds














100 equity interest

100 ownership

14 wwwriceenergycom

25

47

77

114

159

23

49

83

124

173

ndash

25

50

75

100

125

150

175

200













NYMEX ($MMBtu)

IRR

15 wwwriceenergycom




ndash

500

1000

1500

2000

2500

3000

1115 7115 1116 7116 1117 7117 1118 7118 1119 7119 1120 7120 1121

$ MMbtuMdthd






(1)

16 wwwriceenergycom





249

645

1015 350

662

685

599

1307

1700

2013 2014 2015

$685

$880

$194



PV10Share Strip

Hedge Uplift

Total PDP PV10Share





Total1 developed


Undeveloped Wells

139

127

807

105

215

487

0 25 50 75 100

17 wwwriceenergycom

$425

$1260 $290

$500

ndash

$500

$715

$2260

ndash

$500

$1000

$1500

$2000

$2500

2016 2018E













$mm

18 wwwriceenergycom







RMP IPO Dec 2014


Dropdown Candidate

Dropdown Candidate



ndash$1

$5

$18

$35

$55

$0

$15

$30

$45

$60

2015 2016 2017 2018 2019 2020


19 wwwriceenergycom

Why Invest in Rice








20 wwwriceenergycom

Asset Update

21 wwwriceenergycom

ndash

20

40

60

80

100

120

140

ndash 050 100 150 200 250 300 350 400 450

MM

cfd



Restricted Rate





TYPE CURVE UPDATES












22 wwwriceenergycom

ndash

50

100

150

200

ndash 050 100 150 200 250 300 350 400

MMcf

d



Restricted Rate



TYPE CURVE UPDATES















23 wwwriceenergycom

56

49

Previous TCDecline

Current TCndash

2000

4000

6000

8000

10000

12000

14000

16000

18000

- 100 200 300 400





Previous TC Decline


Current TC

Years

24 wwwriceenergycom

487

168

47

77

83

25

56 58

22

ndash

10

20

30

40

50

60

70

80

90

100

ndash

100

200

300

400

500

600



Inventory Update












(3)

25 wwwriceenergycom

77

83

25

$101

$137

$47

ndash

$20

$40

$60

$80

$100

$120

$140

$160

0

10

20

30

40

50

60

70

80

90


PV10

($mm

)

IRR


IRR PV10











26 wwwriceenergycom

Appendix

27 wwwriceenergycom




















28 wwwriceenergycom











Three Months Ended









Net debt 996








Sheet1

Sheet1

29 wwwriceenergycom



__________________________1 As of February 24 2016









Guidance

1050

10085

1080

65





Third Party


Guidance

20 - 25

20

30 wwwriceenergycom

955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy


Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016





Rig Count


Pennsylvania

West Virginia

Ohio

June 200943 Rigs


5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

o

f Rig

s




Feb 201643 Rigs

31 wwwriceenergycom




60-70 MMcfed


Point Pleasant Core


RICE OHIO UTICA


16 Producing Wells

1 Producing Well





PA


Peer Results40-60



700+ days


RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica



32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

2Q 2015



Gas 99 Cash

















Hedging gain 47 089






Consolidated 17x


Rice Energy 22x



Consolidated 21x

Three Months Ended


Gas 100 Cash





















5 wwwriceenergycom





DedicatedGross

Acreage(1)

4Q 2015 Throughput

(MDthd)


2016E Capex

($MM)(2)


RMH 133000 323 400 $ 155 $40 - $45

RMP 114000(3) 703 800 $ 150 $110 - $120

3rd Party 50 25 30 na 20 - 25

Total 247000 1026 1200 $ 305 $150 - $165














RMH LEGEND

RICE Acreage


Strike Force JV

RMP LEGEND


RICE Acreage





Monongahela River

Withdrawal

PENNSYLVANIA

OHIO

Monroe Greene

WashingtonBelmont

6 wwwriceenergycom












PAWV

Washington

Greene



7 wwwriceenergycom

647 800

247

400

175

401

894

1200

2013 2014 2015 2016E

PA OH

$043 $031 $026

$055 $038 $036

$038

$038 $038

$044

$043 $034

$180

$150 $134


127 274

552 720

2013 2014 2015 2016E

249 644

1015 350

662

685

599

1306

1700

2013 2014 2015

PD PUD

$2457

$1651 $1450

2014 2015 2016E

$1439 $1237 $1181 $1150

2013 2014 2015 2016E




8 wwwriceenergycom










9 wwwriceenergycom





















$285Ohio

Operated Utica $175


$100

Land $80

EampP Capex $640MM

$155

RMH Capex $155MM

Gas Gathering and

Compression $140

Water Services

$10

RMP Capex $150MM



water $155

10 wwwriceenergycom

$80

$120

$155

$205

$80

$200

$355

$560







$560 mm 2016 Budget





completions


minimal drilling



in 2017+

11 wwwriceenergycom

$380 $340 $285

$200 $285 $275

$250 $115

$80

$225

$545

$830 $740

$640

0100200300400500600700800900

2012 2013 2014 2015 2016E

$MM


36 37 27

ndash

ndash

7 12 27

10

21

43 49

54

0

10

20

30

40

50

2012 2013 2014 2015 2016E

Wells

PA OH

2016 Guidance


47 127

274

552

720

ndash

ndash

0

100

200

300

400

500

600

700

800

2012 2013 2014 2015 2016E

MMcfed



$45 $150 $170 150

$150

$250

155

$45 $50

$300

$420

305

0

100

200

300

400

500

2012 2013 2014 2015 2016E

$MM


61

647 800

247

400

175

401

894

1200

0

150

300

450

600

750

900

1050

1200

2012 2013 2014 2015 2016E

MDthd


$115

$43

0

20

40

60

80

100

120


$MM

Published Guidance




12 wwwriceenergycom


LIQUIDITY




$314MMBtu


$720

$30 $50

$650

$300 $310 $640

$155 $150

$1370

$330 $360

ndash

$200

$400

$600

$800

$1000

$1200

$1400


Undrawn Facility

CapEx

Rice EampP RMH RMP

662

563

285

150

$325

$314 $316 $311

$211

$253 $261 $266

ndash

$050

$100

$150

$200

$250

$300

$350

ndash

100

200

300

400

500

600

700

2016 2017 2018 2019


HEDGE SUMMARY

LEVERAGE

BBtud $MMBtu

20x

ndash

20x 20x

30x

15x

25x 25x

ndash

05x

10x

15x

20x

25x

30x

35x


RMP Consolidated


RMH

18x 18x 17x

13 wwwriceenergycom

825 common

equity interest


DE

Rice Olympus

Midstream (OH

Gathering)


($375MM invested)

75 equity interest





EIG Managed Funds














100 equity interest

100 ownership

14 wwwriceenergycom

25

47

77

114

159

23

49

83

124

173

ndash

25

50

75

100

125

150

175

200













NYMEX ($MMBtu)

IRR

15 wwwriceenergycom




ndash

500

1000

1500

2000

2500

3000

1115 7115 1116 7116 1117 7117 1118 7118 1119 7119 1120 7120 1121

$ MMbtuMdthd






(1)

16 wwwriceenergycom





249

645

1015 350

662

685

599

1307

1700

2013 2014 2015

$685

$880

$194



PV10Share Strip

Hedge Uplift

Total PDP PV10Share





Total1 developed


Undeveloped Wells

139

127

807

105

215

487

0 25 50 75 100

17 wwwriceenergycom

$425

$1260 $290

$500

ndash

$500

$715

$2260

ndash

$500

$1000

$1500

$2000

$2500

2016 2018E













$mm

18 wwwriceenergycom







RMP IPO Dec 2014


Dropdown Candidate

Dropdown Candidate



ndash$1

$5

$18

$35

$55

$0

$15

$30

$45

$60

2015 2016 2017 2018 2019 2020


19 wwwriceenergycom

Why Invest in Rice








20 wwwriceenergycom

Asset Update

21 wwwriceenergycom

ndash

20

40

60

80

100

120

140

ndash 050 100 150 200 250 300 350 400 450

MM

cfd



Restricted Rate





TYPE CURVE UPDATES












22 wwwriceenergycom

ndash

50

100

150

200

ndash 050 100 150 200 250 300 350 400

MMcf

d



Restricted Rate



TYPE CURVE UPDATES















23 wwwriceenergycom

56

49

Previous TCDecline

Current TCndash

2000

4000

6000

8000

10000

12000

14000

16000

18000

- 100 200 300 400





Previous TC Decline


Current TC

Years

24 wwwriceenergycom

487

168

47

77

83

25

56 58

22

ndash

10

20

30

40

50

60

70

80

90

100

ndash

100

200

300

400

500

600



Inventory Update












(3)

25 wwwriceenergycom

77

83

25

$101

$137

$47

ndash

$20

$40

$60

$80

$100

$120

$140

$160

0

10

20

30

40

50

60

70

80

90


PV10

($mm

)

IRR


IRR PV10











26 wwwriceenergycom

Appendix

27 wwwriceenergycom




















28 wwwriceenergycom











Three Months Ended









Net debt 996








Sheet1

Sheet1

29 wwwriceenergycom



__________________________1 As of February 24 2016









Guidance

1050

10085

1080

65





Third Party


Guidance

20 - 25

20

30 wwwriceenergycom

955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy


Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016





Rig Count


Pennsylvania

West Virginia

Ohio

June 200943 Rigs


5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

o

f Rig

s




Feb 201643 Rigs

31 wwwriceenergycom




60-70 MMcfed


Point Pleasant Core


RICE OHIO UTICA


16 Producing Wells

1 Producing Well





PA


Peer Results40-60



700+ days


RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica



32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

2Q 2015



Gas 99 Cash

















Hedging gain 47 089






Consolidated 17x


Rice Energy 22x



Consolidated 21x

Three Months Ended


Gas 100 Cash





















6 wwwriceenergycom












PAWV

Washington

Greene



7 wwwriceenergycom

647 800

247

400

175

401

894

1200

2013 2014 2015 2016E

PA OH

$043 $031 $026

$055 $038 $036

$038

$038 $038

$044

$043 $034

$180

$150 $134


127 274

552 720

2013 2014 2015 2016E

249 644

1015 350

662

685

599

1306

1700

2013 2014 2015

PD PUD

$2457

$1651 $1450

2014 2015 2016E

$1439 $1237 $1181 $1150

2013 2014 2015 2016E




8 wwwriceenergycom










9 wwwriceenergycom





















$285Ohio

Operated Utica $175


$100

Land $80

EampP Capex $640MM

$155

RMH Capex $155MM

Gas Gathering and

Compression $140

Water Services

$10

RMP Capex $150MM



water $155

10 wwwriceenergycom

$80

$120

$155

$205

$80

$200

$355

$560







$560 mm 2016 Budget





completions


minimal drilling



in 2017+

11 wwwriceenergycom

$380 $340 $285

$200 $285 $275

$250 $115

$80

$225

$545

$830 $740

$640

0100200300400500600700800900

2012 2013 2014 2015 2016E

$MM


36 37 27

ndash

ndash

7 12 27

10

21

43 49

54

0

10

20

30

40

50

2012 2013 2014 2015 2016E

Wells

PA OH

2016 Guidance


47 127

274

552

720

ndash

ndash

0

100

200

300

400

500

600

700

800

2012 2013 2014 2015 2016E

MMcfed



$45 $150 $170 150

$150

$250

155

$45 $50

$300

$420

305

0

100

200

300

400

500

2012 2013 2014 2015 2016E

$MM


61

647 800

247

400

175

401

894

1200

0

150

300

450

600

750

900

1050

1200

2012 2013 2014 2015 2016E

MDthd


$115

$43

0

20

40

60

80

100

120


$MM

Published Guidance




12 wwwriceenergycom


LIQUIDITY




$314MMBtu


$720

$30 $50

$650

$300 $310 $640

$155 $150

$1370

$330 $360

ndash

$200

$400

$600

$800

$1000

$1200

$1400


Undrawn Facility

CapEx

Rice EampP RMH RMP

662

563

285

150

$325

$314 $316 $311

$211

$253 $261 $266

ndash

$050

$100

$150

$200

$250

$300

$350

ndash

100

200

300

400

500

600

700

2016 2017 2018 2019


HEDGE SUMMARY

LEVERAGE

BBtud $MMBtu

20x

ndash

20x 20x

30x

15x

25x 25x

ndash

05x

10x

15x

20x

25x

30x

35x


RMP Consolidated


RMH

18x 18x 17x

13 wwwriceenergycom

825 common

equity interest


DE

Rice Olympus

Midstream (OH

Gathering)


($375MM invested)

75 equity interest





EIG Managed Funds














100 equity interest

100 ownership

14 wwwriceenergycom

25

47

77

114

159

23

49

83

124

173

ndash

25

50

75

100

125

150

175

200













NYMEX ($MMBtu)

IRR

15 wwwriceenergycom




ndash

500

1000

1500

2000

2500

3000

1115 7115 1116 7116 1117 7117 1118 7118 1119 7119 1120 7120 1121

$ MMbtuMdthd






(1)

16 wwwriceenergycom





249

645

1015 350

662

685

599

1307

1700

2013 2014 2015

$685

$880

$194



PV10Share Strip

Hedge Uplift

Total PDP PV10Share





Total1 developed


Undeveloped Wells

139

127

807

105

215

487

0 25 50 75 100

17 wwwriceenergycom

$425

$1260 $290

$500

ndash

$500

$715

$2260

ndash

$500

$1000

$1500

$2000

$2500

2016 2018E













$mm

18 wwwriceenergycom







RMP IPO Dec 2014


Dropdown Candidate

Dropdown Candidate



ndash$1

$5

$18

$35

$55

$0

$15

$30

$45

$60

2015 2016 2017 2018 2019 2020


19 wwwriceenergycom

Why Invest in Rice








20 wwwriceenergycom

Asset Update

21 wwwriceenergycom

ndash

20

40

60

80

100

120

140

ndash 050 100 150 200 250 300 350 400 450

MM

cfd



Restricted Rate





TYPE CURVE UPDATES












22 wwwriceenergycom

ndash

50

100

150

200

ndash 050 100 150 200 250 300 350 400

MMcf

d



Restricted Rate



TYPE CURVE UPDATES















23 wwwriceenergycom

56

49

Previous TCDecline

Current TCndash

2000

4000

6000

8000

10000

12000

14000

16000

18000

- 100 200 300 400





Previous TC Decline


Current TC

Years

24 wwwriceenergycom

487

168

47

77

83

25

56 58

22

ndash

10

20

30

40

50

60

70

80

90

100

ndash

100

200

300

400

500

600



Inventory Update












(3)

25 wwwriceenergycom

77

83

25

$101

$137

$47

ndash

$20

$40

$60

$80

$100

$120

$140

$160

0

10

20

30

40

50

60

70

80

90


PV10

($mm

)

IRR


IRR PV10











26 wwwriceenergycom

Appendix

27 wwwriceenergycom




















28 wwwriceenergycom











Three Months Ended









Net debt 996








Sheet1

Sheet1

29 wwwriceenergycom



__________________________1 As of February 24 2016









Guidance

1050

10085

1080

65





Third Party


Guidance

20 - 25

20

30 wwwriceenergycom

955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy


Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016





Rig Count


Pennsylvania

West Virginia

Ohio

June 200943 Rigs


5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

o

f Rig

s




Feb 201643 Rigs

31 wwwriceenergycom




60-70 MMcfed


Point Pleasant Core


RICE OHIO UTICA


16 Producing Wells

1 Producing Well





PA


Peer Results40-60



700+ days


RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica



32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

2Q 2015



Gas 99 Cash

















Hedging gain 47 089






Consolidated 17x


Rice Energy 22x



Consolidated 21x

Three Months Ended


Gas 100 Cash





















7 wwwriceenergycom

647 800

247

400

175

401

894

1200

2013 2014 2015 2016E

PA OH

$043 $031 $026

$055 $038 $036

$038

$038 $038

$044

$043 $034

$180

$150 $134


127 274

552 720

2013 2014 2015 2016E

249 644

1015 350

662

685

599

1306

1700

2013 2014 2015

PD PUD

$2457

$1651 $1450

2014 2015 2016E

$1439 $1237 $1181 $1150

2013 2014 2015 2016E




8 wwwriceenergycom










9 wwwriceenergycom





















$285Ohio

Operated Utica $175


$100

Land $80

EampP Capex $640MM

$155

RMH Capex $155MM

Gas Gathering and

Compression $140

Water Services

$10

RMP Capex $150MM



water $155

10 wwwriceenergycom

$80

$120

$155

$205

$80

$200

$355

$560







$560 mm 2016 Budget





completions


minimal drilling



in 2017+

11 wwwriceenergycom

$380 $340 $285

$200 $285 $275

$250 $115

$80

$225

$545

$830 $740

$640

0100200300400500600700800900

2012 2013 2014 2015 2016E

$MM


36 37 27

ndash

ndash

7 12 27

10

21

43 49

54

0

10

20

30

40

50

2012 2013 2014 2015 2016E

Wells

PA OH

2016 Guidance


47 127

274

552

720

ndash

ndash

0

100

200

300

400

500

600

700

800

2012 2013 2014 2015 2016E

MMcfed



$45 $150 $170 150

$150

$250

155

$45 $50

$300

$420

305

0

100

200

300

400

500

2012 2013 2014 2015 2016E

$MM


61

647 800

247

400

175

401

894

1200

0

150

300

450

600

750

900

1050

1200

2012 2013 2014 2015 2016E

MDthd


$115

$43

0

20

40

60

80

100

120


$MM

Published Guidance




12 wwwriceenergycom


LIQUIDITY




$314MMBtu


$720

$30 $50

$650

$300 $310 $640

$155 $150

$1370

$330 $360

ndash

$200

$400

$600

$800

$1000

$1200

$1400


Undrawn Facility

CapEx

Rice EampP RMH RMP

662

563

285

150

$325

$314 $316 $311

$211

$253 $261 $266

ndash

$050

$100

$150

$200

$250

$300

$350

ndash

100

200

300

400

500

600

700

2016 2017 2018 2019


HEDGE SUMMARY

LEVERAGE

BBtud $MMBtu

20x

ndash

20x 20x

30x

15x

25x 25x

ndash

05x

10x

15x

20x

25x

30x

35x


RMP Consolidated


RMH

18x 18x 17x

13 wwwriceenergycom

825 common

equity interest


DE

Rice Olympus

Midstream (OH

Gathering)


($375MM invested)

75 equity interest





EIG Managed Funds














100 equity interest

100 ownership

14 wwwriceenergycom

25

47

77

114

159

23

49

83

124

173

ndash

25

50

75

100

125

150

175

200













NYMEX ($MMBtu)

IRR

15 wwwriceenergycom




ndash

500

1000

1500

2000

2500

3000

1115 7115 1116 7116 1117 7117 1118 7118 1119 7119 1120 7120 1121

$ MMbtuMdthd






(1)

16 wwwriceenergycom





249

645

1015 350

662

685

599

1307

1700

2013 2014 2015

$685

$880

$194



PV10Share Strip

Hedge Uplift

Total PDP PV10Share





Total1 developed


Undeveloped Wells

139

127

807

105

215

487

0 25 50 75 100

17 wwwriceenergycom

$425

$1260 $290

$500

ndash

$500

$715

$2260

ndash

$500

$1000

$1500

$2000

$2500

2016 2018E













$mm

18 wwwriceenergycom







RMP IPO Dec 2014


Dropdown Candidate

Dropdown Candidate



ndash$1

$5

$18

$35

$55

$0

$15

$30

$45

$60

2015 2016 2017 2018 2019 2020


19 wwwriceenergycom

Why Invest in Rice








20 wwwriceenergycom

Asset Update

21 wwwriceenergycom

ndash

20

40

60

80

100

120

140

ndash 050 100 150 200 250 300 350 400 450

MM

cfd



Restricted Rate





TYPE CURVE UPDATES












22 wwwriceenergycom

ndash

50

100

150

200

ndash 050 100 150 200 250 300 350 400

MMcf

d



Restricted Rate



TYPE CURVE UPDATES















23 wwwriceenergycom

56

49

Previous TCDecline

Current TCndash

2000

4000

6000

8000

10000

12000

14000

16000

18000

- 100 200 300 400





Previous TC Decline


Current TC

Years

24 wwwriceenergycom

487

168

47

77

83

25

56 58

22

ndash

10

20

30

40

50

60

70

80

90

100

ndash

100

200

300

400

500

600



Inventory Update












(3)

25 wwwriceenergycom

77

83

25

$101

$137

$47

ndash

$20

$40

$60

$80

$100

$120

$140

$160

0

10

20

30

40

50

60

70

80

90


PV10

($mm

)

IRR


IRR PV10











26 wwwriceenergycom

Appendix

27 wwwriceenergycom




















28 wwwriceenergycom











Three Months Ended









Net debt 996








Sheet1

Sheet1

29 wwwriceenergycom



__________________________1 As of February 24 2016









Guidance

1050

10085

1080

65





Third Party


Guidance

20 - 25

20

30 wwwriceenergycom

955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy


Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016





Rig Count


Pennsylvania

West Virginia

Ohio

June 200943 Rigs


5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

o

f Rig

s




Feb 201643 Rigs

31 wwwriceenergycom




60-70 MMcfed


Point Pleasant Core


RICE OHIO UTICA


16 Producing Wells

1 Producing Well





PA


Peer Results40-60



700+ days


RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica



32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

2Q 2015



Gas 99 Cash

















Hedging gain 47 089






Consolidated 17x


Rice Energy 22x



Consolidated 21x

Three Months Ended


Gas 100 Cash





















8 wwwriceenergycom










9 wwwriceenergycom





















$285Ohio

Operated Utica $175


$100

Land $80

EampP Capex $640MM

$155

RMH Capex $155MM

Gas Gathering and

Compression $140

Water Services

$10

RMP Capex $150MM



water $155

10 wwwriceenergycom

$80

$120

$155

$205

$80

$200

$355

$560







$560 mm 2016 Budget





completions


minimal drilling



in 2017+

11 wwwriceenergycom

$380 $340 $285

$200 $285 $275

$250 $115

$80

$225

$545

$830 $740

$640

0100200300400500600700800900

2012 2013 2014 2015 2016E

$MM


36 37 27

ndash

ndash

7 12 27

10

21

43 49

54

0

10

20

30

40

50

2012 2013 2014 2015 2016E

Wells

PA OH

2016 Guidance


47 127

274

552

720

ndash

ndash

0

100

200

300

400

500

600

700

800

2012 2013 2014 2015 2016E

MMcfed



$45 $150 $170 150

$150

$250

155

$45 $50

$300

$420

305

0

100

200

300

400

500

2012 2013 2014 2015 2016E

$MM


61

647 800

247

400

175

401

894

1200

0

150

300

450

600

750

900

1050

1200

2012 2013 2014 2015 2016E

MDthd


$115

$43

0

20

40

60

80

100

120


$MM

Published Guidance




12 wwwriceenergycom


LIQUIDITY




$314MMBtu


$720

$30 $50

$650

$300 $310 $640

$155 $150

$1370

$330 $360

ndash

$200

$400

$600

$800

$1000

$1200

$1400


Undrawn Facility

CapEx

Rice EampP RMH RMP

662

563

285

150

$325

$314 $316 $311

$211

$253 $261 $266

ndash

$050

$100

$150

$200

$250

$300

$350

ndash

100

200

300

400

500

600

700

2016 2017 2018 2019


HEDGE SUMMARY

LEVERAGE

BBtud $MMBtu

20x

ndash

20x 20x

30x

15x

25x 25x

ndash

05x

10x

15x

20x

25x

30x

35x


RMP Consolidated


RMH

18x 18x 17x

13 wwwriceenergycom

825 common

equity interest


DE

Rice Olympus

Midstream (OH

Gathering)


($375MM invested)

75 equity interest





EIG Managed Funds














100 equity interest

100 ownership

14 wwwriceenergycom

25

47

77

114

159

23

49

83

124

173

ndash

25

50

75

100

125

150

175

200













NYMEX ($MMBtu)

IRR

15 wwwriceenergycom




ndash

500

1000

1500

2000

2500

3000

1115 7115 1116 7116 1117 7117 1118 7118 1119 7119 1120 7120 1121

$ MMbtuMdthd






(1)

16 wwwriceenergycom





249

645

1015 350

662

685

599

1307

1700

2013 2014 2015

$685

$880

$194



PV10Share Strip

Hedge Uplift

Total PDP PV10Share





Total1 developed


Undeveloped Wells

139

127

807

105

215

487

0 25 50 75 100

17 wwwriceenergycom

$425

$1260 $290

$500

ndash

$500

$715

$2260

ndash

$500

$1000

$1500

$2000

$2500

2016 2018E













$mm

18 wwwriceenergycom







RMP IPO Dec 2014


Dropdown Candidate

Dropdown Candidate



ndash$1

$5

$18

$35

$55

$0

$15

$30

$45

$60

2015 2016 2017 2018 2019 2020


19 wwwriceenergycom

Why Invest in Rice








20 wwwriceenergycom

Asset Update

21 wwwriceenergycom

ndash

20

40

60

80

100

120

140

ndash 050 100 150 200 250 300 350 400 450

MM

cfd



Restricted Rate





TYPE CURVE UPDATES












22 wwwriceenergycom

ndash

50

100

150

200

ndash 050 100 150 200 250 300 350 400

MMcf

d



Restricted Rate



TYPE CURVE UPDATES















23 wwwriceenergycom

56

49

Previous TCDecline

Current TCndash

2000

4000

6000

8000

10000

12000

14000

16000

18000

- 100 200 300 400





Previous TC Decline


Current TC

Years

24 wwwriceenergycom

487

168

47

77

83

25

56 58

22

ndash

10

20

30

40

50

60

70

80

90

100

ndash

100

200

300

400

500

600



Inventory Update












(3)

25 wwwriceenergycom

77

83

25

$101

$137

$47

ndash

$20

$40

$60

$80

$100

$120

$140

$160

0

10

20

30

40

50

60

70

80

90


PV10

($mm

)

IRR


IRR PV10











26 wwwriceenergycom

Appendix

27 wwwriceenergycom




















28 wwwriceenergycom











Three Months Ended









Net debt 996








Sheet1

Sheet1

29 wwwriceenergycom



__________________________1 As of February 24 2016









Guidance

1050

10085

1080

65





Third Party


Guidance

20 - 25

20

30 wwwriceenergycom

955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy


Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016





Rig Count


Pennsylvania

West Virginia

Ohio

June 200943 Rigs


5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

o

f Rig

s




Feb 201643 Rigs

31 wwwriceenergycom




60-70 MMcfed


Point Pleasant Core


RICE OHIO UTICA


16 Producing Wells

1 Producing Well





PA


Peer Results40-60



700+ days


RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica



32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

2Q 2015



Gas 99 Cash

















Hedging gain 47 089






Consolidated 17x


Rice Energy 22x



Consolidated 21x

Three Months Ended


Gas 100 Cash





















9 wwwriceenergycom





















$285Ohio

Operated Utica $175


$100

Land $80

EampP Capex $640MM

$155

RMH Capex $155MM

Gas Gathering and

Compression $140

Water Services

$10

RMP Capex $150MM



water $155

10 wwwriceenergycom

$80

$120

$155

$205

$80

$200

$355

$560







$560 mm 2016 Budget





completions


minimal drilling



in 2017+

11 wwwriceenergycom

$380 $340 $285

$200 $285 $275

$250 $115

$80

$225

$545

$830 $740

$640

0100200300400500600700800900

2012 2013 2014 2015 2016E

$MM


36 37 27

ndash

ndash

7 12 27

10

21

43 49

54

0

10

20

30

40

50

2012 2013 2014 2015 2016E

Wells

PA OH

2016 Guidance


47 127

274

552

720

ndash

ndash

0

100

200

300

400

500

600

700

800

2012 2013 2014 2015 2016E

MMcfed



$45 $150 $170 150

$150

$250

155

$45 $50

$300

$420

305

0

100

200

300

400

500

2012 2013 2014 2015 2016E

$MM


61

647 800

247

400

175

401

894

1200

0

150

300

450

600

750

900

1050

1200

2012 2013 2014 2015 2016E

MDthd


$115

$43

0

20

40

60

80

100

120


$MM

Published Guidance




12 wwwriceenergycom


LIQUIDITY




$314MMBtu


$720

$30 $50

$650

$300 $310 $640

$155 $150

$1370

$330 $360

ndash

$200

$400

$600

$800

$1000

$1200

$1400


Undrawn Facility

CapEx

Rice EampP RMH RMP

662

563

285

150

$325

$314 $316 $311

$211

$253 $261 $266

ndash

$050

$100

$150

$200

$250

$300

$350

ndash

100

200

300

400

500

600

700

2016 2017 2018 2019


HEDGE SUMMARY

LEVERAGE

BBtud $MMBtu

20x

ndash

20x 20x

30x

15x

25x 25x

ndash

05x

10x

15x

20x

25x

30x

35x


RMP Consolidated


RMH

18x 18x 17x

13 wwwriceenergycom

825 common

equity interest


DE

Rice Olympus

Midstream (OH

Gathering)


($375MM invested)

75 equity interest





EIG Managed Funds














100 equity interest

100 ownership

14 wwwriceenergycom

25

47

77

114

159

23

49

83

124

173

ndash

25

50

75

100

125

150

175

200













NYMEX ($MMBtu)

IRR

15 wwwriceenergycom




ndash

500

1000

1500

2000

2500

3000

1115 7115 1116 7116 1117 7117 1118 7118 1119 7119 1120 7120 1121

$ MMbtuMdthd






(1)

16 wwwriceenergycom





249

645

1015 350

662

685

599

1307

1700

2013 2014 2015

$685

$880

$194



PV10Share Strip

Hedge Uplift

Total PDP PV10Share





Total1 developed


Undeveloped Wells

139

127

807

105

215

487

0 25 50 75 100

17 wwwriceenergycom

$425

$1260 $290

$500

ndash

$500

$715

$2260

ndash

$500

$1000

$1500

$2000

$2500

2016 2018E













$mm

18 wwwriceenergycom







RMP IPO Dec 2014


Dropdown Candidate

Dropdown Candidate



ndash$1

$5

$18

$35

$55

$0

$15

$30

$45

$60

2015 2016 2017 2018 2019 2020


19 wwwriceenergycom

Why Invest in Rice








20 wwwriceenergycom

Asset Update

21 wwwriceenergycom

ndash

20

40

60

80

100

120

140

ndash 050 100 150 200 250 300 350 400 450

MM

cfd



Restricted Rate





TYPE CURVE UPDATES












22 wwwriceenergycom

ndash

50

100

150

200

ndash 050 100 150 200 250 300 350 400

MMcf

d



Restricted Rate



TYPE CURVE UPDATES















23 wwwriceenergycom

56

49

Previous TCDecline

Current TCndash

2000

4000

6000

8000

10000

12000

14000

16000

18000

- 100 200 300 400





Previous TC Decline


Current TC

Years

24 wwwriceenergycom

487

168

47

77

83

25

56 58

22

ndash

10

20

30

40

50

60

70

80

90

100

ndash

100

200

300

400

500

600



Inventory Update












(3)

25 wwwriceenergycom

77

83

25

$101

$137

$47

ndash

$20

$40

$60

$80

$100

$120

$140

$160

0

10

20

30

40

50

60

70

80

90


PV10

($mm

)

IRR


IRR PV10











26 wwwriceenergycom

Appendix

27 wwwriceenergycom




















28 wwwriceenergycom











Three Months Ended









Net debt 996








Sheet1

Sheet1

29 wwwriceenergycom



__________________________1 As of February 24 2016









Guidance

1050

10085

1080

65





Third Party


Guidance

20 - 25

20

30 wwwriceenergycom

955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy


Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016





Rig Count


Pennsylvania

West Virginia

Ohio

June 200943 Rigs


5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

o

f Rig

s




Feb 201643 Rigs

31 wwwriceenergycom




60-70 MMcfed


Point Pleasant Core


RICE OHIO UTICA


16 Producing Wells

1 Producing Well





PA


Peer Results40-60



700+ days


RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica



32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

2Q 2015



Gas 99 Cash

















Hedging gain 47 089






Consolidated 17x


Rice Energy 22x



Consolidated 21x

Three Months Ended


Gas 100 Cash





















10 wwwriceenergycom

$80

$120

$155

$205

$80

$200

$355

$560







$560 mm 2016 Budget





completions


minimal drilling



in 2017+

11 wwwriceenergycom

$380 $340 $285

$200 $285 $275

$250 $115

$80

$225

$545

$830 $740

$640

0100200300400500600700800900

2012 2013 2014 2015 2016E

$MM


36 37 27

ndash

ndash

7 12 27

10

21

43 49

54

0

10

20

30

40

50

2012 2013 2014 2015 2016E

Wells

PA OH

2016 Guidance


47 127

274

552

720

ndash

ndash

0

100

200

300

400

500

600

700

800

2012 2013 2014 2015 2016E

MMcfed



$45 $150 $170 150

$150

$250

155

$45 $50

$300

$420

305

0

100

200

300

400

500

2012 2013 2014 2015 2016E

$MM


61

647 800

247

400

175

401

894

1200

0

150

300

450

600

750

900

1050

1200

2012 2013 2014 2015 2016E

MDthd


$115

$43

0

20

40

60

80

100

120


$MM

Published Guidance




12 wwwriceenergycom


LIQUIDITY




$314MMBtu


$720

$30 $50

$650

$300 $310 $640

$155 $150

$1370

$330 $360

ndash

$200

$400

$600

$800

$1000

$1200

$1400


Undrawn Facility

CapEx

Rice EampP RMH RMP

662

563

285

150

$325

$314 $316 $311

$211

$253 $261 $266

ndash

$050

$100

$150

$200

$250

$300

$350

ndash

100

200

300

400

500

600

700

2016 2017 2018 2019


HEDGE SUMMARY

LEVERAGE

BBtud $MMBtu

20x

ndash

20x 20x

30x

15x

25x 25x

ndash

05x

10x

15x

20x

25x

30x

35x


RMP Consolidated


RMH

18x 18x 17x

13 wwwriceenergycom

825 common

equity interest


DE

Rice Olympus

Midstream (OH

Gathering)


($375MM invested)

75 equity interest





EIG Managed Funds














100 equity interest

100 ownership

14 wwwriceenergycom

25

47

77

114

159

23

49

83

124

173

ndash

25

50

75

100

125

150

175

200













NYMEX ($MMBtu)

IRR

15 wwwriceenergycom




ndash

500

1000

1500

2000

2500

3000

1115 7115 1116 7116 1117 7117 1118 7118 1119 7119 1120 7120 1121

$ MMbtuMdthd






(1)

16 wwwriceenergycom





249

645

1015 350

662

685

599

1307

1700

2013 2014 2015

$685

$880

$194



PV10Share Strip

Hedge Uplift

Total PDP PV10Share





Total1 developed


Undeveloped Wells

139

127

807

105

215

487

0 25 50 75 100

17 wwwriceenergycom

$425

$1260 $290

$500

ndash

$500

$715

$2260

ndash

$500

$1000

$1500

$2000

$2500

2016 2018E













$mm

18 wwwriceenergycom







RMP IPO Dec 2014


Dropdown Candidate

Dropdown Candidate



ndash$1

$5

$18

$35

$55

$0

$15

$30

$45

$60

2015 2016 2017 2018 2019 2020


19 wwwriceenergycom

Why Invest in Rice








20 wwwriceenergycom

Asset Update

21 wwwriceenergycom

ndash

20

40

60

80

100

120

140

ndash 050 100 150 200 250 300 350 400 450

MM

cfd



Restricted Rate





TYPE CURVE UPDATES












22 wwwriceenergycom

ndash

50

100

150

200

ndash 050 100 150 200 250 300 350 400

MMcf

d



Restricted Rate



TYPE CURVE UPDATES















23 wwwriceenergycom

56

49

Previous TCDecline

Current TCndash

2000

4000

6000

8000

10000

12000

14000

16000

18000

- 100 200 300 400





Previous TC Decline


Current TC

Years

24 wwwriceenergycom

487

168

47

77

83

25

56 58

22

ndash

10

20

30

40

50

60

70

80

90

100

ndash

100

200

300

400

500

600



Inventory Update












(3)

25 wwwriceenergycom

77

83

25

$101

$137

$47

ndash

$20

$40

$60

$80

$100

$120

$140

$160

0

10

20

30

40

50

60

70

80

90


PV10

($mm

)

IRR


IRR PV10











26 wwwriceenergycom

Appendix

27 wwwriceenergycom




















28 wwwriceenergycom











Three Months Ended









Net debt 996








Sheet1

Sheet1

29 wwwriceenergycom



__________________________1 As of February 24 2016









Guidance

1050

10085

1080

65





Third Party


Guidance

20 - 25

20

30 wwwriceenergycom

955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy


Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016





Rig Count


Pennsylvania

West Virginia

Ohio

June 200943 Rigs


5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

o

f Rig

s




Feb 201643 Rigs

31 wwwriceenergycom




60-70 MMcfed


Point Pleasant Core


RICE OHIO UTICA


16 Producing Wells

1 Producing Well





PA


Peer Results40-60



700+ days


RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica



32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

2Q 2015



Gas 99 Cash

















Hedging gain 47 089






Consolidated 17x


Rice Energy 22x



Consolidated 21x

Three Months Ended


Gas 100 Cash





















11 wwwriceenergycom

$380 $340 $285

$200 $285 $275

$250 $115

$80

$225

$545

$830 $740

$640

0100200300400500600700800900

2012 2013 2014 2015 2016E

$MM


36 37 27

ndash

ndash

7 12 27

10

21

43 49

54

0

10

20

30

40

50

2012 2013 2014 2015 2016E

Wells

PA OH

2016 Guidance


47 127

274

552

720

ndash

ndash

0

100

200

300

400

500

600

700

800

2012 2013 2014 2015 2016E

MMcfed



$45 $150 $170 150

$150

$250

155

$45 $50

$300

$420

305

0

100

200

300

400

500

2012 2013 2014 2015 2016E

$MM


61

647 800

247

400

175

401

894

1200

0

150

300

450

600

750

900

1050

1200

2012 2013 2014 2015 2016E

MDthd


$115

$43

0

20

40

60

80

100

120


$MM

Published Guidance




12 wwwriceenergycom


LIQUIDITY




$314MMBtu


$720

$30 $50

$650

$300 $310 $640

$155 $150

$1370

$330 $360

ndash

$200

$400

$600

$800

$1000

$1200

$1400


Undrawn Facility

CapEx

Rice EampP RMH RMP

662

563

285

150

$325

$314 $316 $311

$211

$253 $261 $266

ndash

$050

$100

$150

$200

$250

$300

$350

ndash

100

200

300

400

500

600

700

2016 2017 2018 2019


HEDGE SUMMARY

LEVERAGE

BBtud $MMBtu

20x

ndash

20x 20x

30x

15x

25x 25x

ndash

05x

10x

15x

20x

25x

30x

35x


RMP Consolidated


RMH

18x 18x 17x

13 wwwriceenergycom

825 common

equity interest


DE

Rice Olympus

Midstream (OH

Gathering)


($375MM invested)

75 equity interest





EIG Managed Funds














100 equity interest

100 ownership

14 wwwriceenergycom

25

47

77

114

159

23

49

83

124

173

ndash

25

50

75

100

125

150

175

200













NYMEX ($MMBtu)

IRR

15 wwwriceenergycom




ndash

500

1000

1500

2000

2500

3000

1115 7115 1116 7116 1117 7117 1118 7118 1119 7119 1120 7120 1121

$ MMbtuMdthd






(1)

16 wwwriceenergycom





249

645

1015 350

662

685

599

1307

1700

2013 2014 2015

$685

$880

$194



PV10Share Strip

Hedge Uplift

Total PDP PV10Share





Total1 developed


Undeveloped Wells

139

127

807

105

215

487

0 25 50 75 100

17 wwwriceenergycom

$425

$1260 $290

$500

ndash

$500

$715

$2260

ndash

$500

$1000

$1500

$2000

$2500

2016 2018E













$mm

18 wwwriceenergycom







RMP IPO Dec 2014


Dropdown Candidate

Dropdown Candidate



ndash$1

$5

$18

$35

$55

$0

$15

$30

$45

$60

2015 2016 2017 2018 2019 2020


19 wwwriceenergycom

Why Invest in Rice








20 wwwriceenergycom

Asset Update

21 wwwriceenergycom

ndash

20

40

60

80

100

120

140

ndash 050 100 150 200 250 300 350 400 450

MM

cfd



Restricted Rate





TYPE CURVE UPDATES












22 wwwriceenergycom

ndash

50

100

150

200

ndash 050 100 150 200 250 300 350 400

MMcf

d



Restricted Rate



TYPE CURVE UPDATES















23 wwwriceenergycom

56

49

Previous TCDecline

Current TCndash

2000

4000

6000

8000

10000

12000

14000

16000

18000

- 100 200 300 400





Previous TC Decline


Current TC

Years

24 wwwriceenergycom

487

168

47

77

83

25

56 58

22

ndash

10

20

30

40

50

60

70

80

90

100

ndash

100

200

300

400

500

600



Inventory Update












(3)

25 wwwriceenergycom

77

83

25

$101

$137

$47

ndash

$20

$40

$60

$80

$100

$120

$140

$160

0

10

20

30

40

50

60

70

80

90


PV10

($mm

)

IRR


IRR PV10











26 wwwriceenergycom

Appendix

27 wwwriceenergycom




















28 wwwriceenergycom











Three Months Ended









Net debt 996








Sheet1

Sheet1

29 wwwriceenergycom



__________________________1 As of February 24 2016









Guidance

1050

10085

1080

65





Third Party


Guidance

20 - 25

20

30 wwwriceenergycom

955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy


Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016





Rig Count


Pennsylvania

West Virginia

Ohio

June 200943 Rigs


5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

o

f Rig

s




Feb 201643 Rigs

31 wwwriceenergycom




60-70 MMcfed


Point Pleasant Core


RICE OHIO UTICA


16 Producing Wells

1 Producing Well





PA


Peer Results40-60



700+ days


RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica



32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

2Q 2015



Gas 99 Cash

















Hedging gain 47 089






Consolidated 17x


Rice Energy 22x



Consolidated 21x

Three Months Ended


Gas 100 Cash





















12 wwwriceenergycom


LIQUIDITY




$314MMBtu


$720

$30 $50

$650

$300 $310 $640

$155 $150

$1370

$330 $360

ndash

$200

$400

$600

$800

$1000

$1200

$1400


Undrawn Facility

CapEx

Rice EampP RMH RMP

662

563

285

150

$325

$314 $316 $311

$211

$253 $261 $266

ndash

$050

$100

$150

$200

$250

$300

$350

ndash

100

200

300

400

500

600

700

2016 2017 2018 2019


HEDGE SUMMARY

LEVERAGE

BBtud $MMBtu

20x

ndash

20x 20x

30x

15x

25x 25x

ndash

05x

10x

15x

20x

25x

30x

35x


RMP Consolidated


RMH

18x 18x 17x

13 wwwriceenergycom

825 common

equity interest


DE

Rice Olympus

Midstream (OH

Gathering)


($375MM invested)

75 equity interest





EIG Managed Funds














100 equity interest

100 ownership

14 wwwriceenergycom

25

47

77

114

159

23

49

83

124

173

ndash

25

50

75

100

125

150

175

200













NYMEX ($MMBtu)

IRR

15 wwwriceenergycom




ndash

500

1000

1500

2000

2500

3000

1115 7115 1116 7116 1117 7117 1118 7118 1119 7119 1120 7120 1121

$ MMbtuMdthd






(1)

16 wwwriceenergycom





249

645

1015 350

662

685

599

1307

1700

2013 2014 2015

$685

$880

$194



PV10Share Strip

Hedge Uplift

Total PDP PV10Share





Total1 developed


Undeveloped Wells

139

127

807

105

215

487

0 25 50 75 100

17 wwwriceenergycom

$425

$1260 $290

$500

ndash

$500

$715

$2260

ndash

$500

$1000

$1500

$2000

$2500

2016 2018E













$mm

18 wwwriceenergycom







RMP IPO Dec 2014


Dropdown Candidate

Dropdown Candidate



ndash$1

$5

$18

$35

$55

$0

$15

$30

$45

$60

2015 2016 2017 2018 2019 2020


19 wwwriceenergycom

Why Invest in Rice








20 wwwriceenergycom

Asset Update

21 wwwriceenergycom

ndash

20

40

60

80

100

120

140

ndash 050 100 150 200 250 300 350 400 450

MM

cfd



Restricted Rate





TYPE CURVE UPDATES












22 wwwriceenergycom

ndash

50

100

150

200

ndash 050 100 150 200 250 300 350 400

MMcf

d



Restricted Rate



TYPE CURVE UPDATES















23 wwwriceenergycom

56

49

Previous TCDecline

Current TCndash

2000

4000

6000

8000

10000

12000

14000

16000

18000

- 100 200 300 400





Previous TC Decline


Current TC

Years

24 wwwriceenergycom

487

168

47

77

83

25

56 58

22

ndash

10

20

30

40

50

60

70

80

90

100

ndash

100

200

300

400

500

600



Inventory Update












(3)

25 wwwriceenergycom

77

83

25

$101

$137

$47

ndash

$20

$40

$60

$80

$100

$120

$140

$160

0

10

20

30

40

50

60

70

80

90


PV10

($mm

)

IRR


IRR PV10











26 wwwriceenergycom

Appendix

27 wwwriceenergycom




















28 wwwriceenergycom











Three Months Ended









Net debt 996








Sheet1

Sheet1

29 wwwriceenergycom



__________________________1 As of February 24 2016









Guidance

1050

10085

1080

65





Third Party


Guidance

20 - 25

20

30 wwwriceenergycom

955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy


Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016





Rig Count


Pennsylvania

West Virginia

Ohio

June 200943 Rigs


5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

o

f Rig

s




Feb 201643 Rigs

31 wwwriceenergycom




60-70 MMcfed


Point Pleasant Core


RICE OHIO UTICA


16 Producing Wells

1 Producing Well





PA


Peer Results40-60



700+ days


RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica



32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

2Q 2015



Gas 99 Cash

















Hedging gain 47 089






Consolidated 17x


Rice Energy 22x



Consolidated 21x

Three Months Ended


Gas 100 Cash





















13 wwwriceenergycom

825 common

equity interest


DE

Rice Olympus

Midstream (OH

Gathering)


($375MM invested)

75 equity interest





EIG Managed Funds














100 equity interest

100 ownership

14 wwwriceenergycom

25

47

77

114

159

23

49

83

124

173

ndash

25

50

75

100

125

150

175

200













NYMEX ($MMBtu)

IRR

15 wwwriceenergycom




ndash

500

1000

1500

2000

2500

3000

1115 7115 1116 7116 1117 7117 1118 7118 1119 7119 1120 7120 1121

$ MMbtuMdthd






(1)

16 wwwriceenergycom





249

645

1015 350

662

685

599

1307

1700

2013 2014 2015

$685

$880

$194



PV10Share Strip

Hedge Uplift

Total PDP PV10Share





Total1 developed


Undeveloped Wells

139

127

807

105

215

487

0 25 50 75 100

17 wwwriceenergycom

$425

$1260 $290

$500

ndash

$500

$715

$2260

ndash

$500

$1000

$1500

$2000

$2500

2016 2018E













$mm

18 wwwriceenergycom







RMP IPO Dec 2014


Dropdown Candidate

Dropdown Candidate



ndash$1

$5

$18

$35

$55

$0

$15

$30

$45

$60

2015 2016 2017 2018 2019 2020


19 wwwriceenergycom

Why Invest in Rice








20 wwwriceenergycom

Asset Update

21 wwwriceenergycom

ndash

20

40

60

80

100

120

140

ndash 050 100 150 200 250 300 350 400 450

MM

cfd



Restricted Rate





TYPE CURVE UPDATES












22 wwwriceenergycom

ndash

50

100

150

200

ndash 050 100 150 200 250 300 350 400

MMcf

d



Restricted Rate



TYPE CURVE UPDATES















23 wwwriceenergycom

56

49

Previous TCDecline

Current TCndash

2000

4000

6000

8000

10000

12000

14000

16000

18000

- 100 200 300 400





Previous TC Decline


Current TC

Years

24 wwwriceenergycom

487

168

47

77

83

25

56 58

22

ndash

10

20

30

40

50

60

70

80

90

100

ndash

100

200

300

400

500

600



Inventory Update












(3)

25 wwwriceenergycom

77

83

25

$101

$137

$47

ndash

$20

$40

$60

$80

$100

$120

$140

$160

0

10

20

30

40

50

60

70

80

90


PV10

($mm

)

IRR


IRR PV10











26 wwwriceenergycom

Appendix

27 wwwriceenergycom




















28 wwwriceenergycom











Three Months Ended









Net debt 996








Sheet1

Sheet1

29 wwwriceenergycom



__________________________1 As of February 24 2016









Guidance

1050

10085

1080

65





Third Party


Guidance

20 - 25

20

30 wwwriceenergycom

955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy


Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016





Rig Count


Pennsylvania

West Virginia

Ohio

June 200943 Rigs


5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

o

f Rig

s




Feb 201643 Rigs

31 wwwriceenergycom




60-70 MMcfed


Point Pleasant Core


RICE OHIO UTICA


16 Producing Wells

1 Producing Well





PA


Peer Results40-60



700+ days


RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica



32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

2Q 2015



Gas 99 Cash

















Hedging gain 47 089






Consolidated 17x


Rice Energy 22x



Consolidated 21x

Three Months Ended


Gas 100 Cash





















14 wwwriceenergycom

25

47

77

114

159

23

49

83

124

173

ndash

25

50

75

100

125

150

175

200













NYMEX ($MMBtu)

IRR

15 wwwriceenergycom




ndash

500

1000

1500

2000

2500

3000

1115 7115 1116 7116 1117 7117 1118 7118 1119 7119 1120 7120 1121

$ MMbtuMdthd






(1)

16 wwwriceenergycom





249

645

1015 350

662

685

599

1307

1700

2013 2014 2015

$685

$880

$194



PV10Share Strip

Hedge Uplift

Total PDP PV10Share





Total1 developed


Undeveloped Wells

139

127

807

105

215

487

0 25 50 75 100

17 wwwriceenergycom

$425

$1260 $290

$500

ndash

$500

$715

$2260

ndash

$500

$1000

$1500

$2000

$2500

2016 2018E













$mm

18 wwwriceenergycom







RMP IPO Dec 2014


Dropdown Candidate

Dropdown Candidate



ndash$1

$5

$18

$35

$55

$0

$15

$30

$45

$60

2015 2016 2017 2018 2019 2020


19 wwwriceenergycom

Why Invest in Rice








20 wwwriceenergycom

Asset Update

21 wwwriceenergycom

ndash

20

40

60

80

100

120

140

ndash 050 100 150 200 250 300 350 400 450

MM

cfd



Restricted Rate





TYPE CURVE UPDATES












22 wwwriceenergycom

ndash

50

100

150

200

ndash 050 100 150 200 250 300 350 400

MMcf

d



Restricted Rate



TYPE CURVE UPDATES















23 wwwriceenergycom

56

49

Previous TCDecline

Current TCndash

2000

4000

6000

8000

10000

12000

14000

16000

18000

- 100 200 300 400





Previous TC Decline


Current TC

Years

24 wwwriceenergycom

487

168

47

77

83

25

56 58

22

ndash

10

20

30

40

50

60

70

80

90

100

ndash

100

200

300

400

500

600



Inventory Update












(3)

25 wwwriceenergycom

77

83

25

$101

$137

$47

ndash

$20

$40

$60

$80

$100

$120

$140

$160

0

10

20

30

40

50

60

70

80

90


PV10

($mm

)

IRR


IRR PV10











26 wwwriceenergycom

Appendix

27 wwwriceenergycom




















28 wwwriceenergycom











Three Months Ended









Net debt 996








Sheet1

Sheet1

29 wwwriceenergycom



__________________________1 As of February 24 2016









Guidance

1050

10085

1080

65





Third Party


Guidance

20 - 25

20

30 wwwriceenergycom

955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy


Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016





Rig Count


Pennsylvania

West Virginia

Ohio

June 200943 Rigs


5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

o

f Rig

s




Feb 201643 Rigs

31 wwwriceenergycom




60-70 MMcfed


Point Pleasant Core


RICE OHIO UTICA


16 Producing Wells

1 Producing Well





PA


Peer Results40-60



700+ days


RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica



32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

2Q 2015



Gas 99 Cash

















Hedging gain 47 089






Consolidated 17x


Rice Energy 22x



Consolidated 21x

Three Months Ended


Gas 100 Cash





















15 wwwriceenergycom




ndash

500

1000

1500

2000

2500

3000

1115 7115 1116 7116 1117 7117 1118 7118 1119 7119 1120 7120 1121

$ MMbtuMdthd






(1)

16 wwwriceenergycom





249

645

1015 350

662

685

599

1307

1700

2013 2014 2015

$685

$880

$194



PV10Share Strip

Hedge Uplift

Total PDP PV10Share





Total1 developed


Undeveloped Wells

139

127

807

105

215

487

0 25 50 75 100

17 wwwriceenergycom

$425

$1260 $290

$500

ndash

$500

$715

$2260

ndash

$500

$1000

$1500

$2000

$2500

2016 2018E













$mm

18 wwwriceenergycom







RMP IPO Dec 2014


Dropdown Candidate

Dropdown Candidate



ndash$1

$5

$18

$35

$55

$0

$15

$30

$45

$60

2015 2016 2017 2018 2019 2020


19 wwwriceenergycom

Why Invest in Rice








20 wwwriceenergycom

Asset Update

21 wwwriceenergycom

ndash

20

40

60

80

100

120

140

ndash 050 100 150 200 250 300 350 400 450

MM

cfd



Restricted Rate





TYPE CURVE UPDATES












22 wwwriceenergycom

ndash

50

100

150

200

ndash 050 100 150 200 250 300 350 400

MMcf

d



Restricted Rate



TYPE CURVE UPDATES















23 wwwriceenergycom

56

49

Previous TCDecline

Current TCndash

2000

4000

6000

8000

10000

12000

14000

16000

18000

- 100 200 300 400





Previous TC Decline


Current TC

Years

24 wwwriceenergycom

487

168

47

77

83

25

56 58

22

ndash

10

20

30

40

50

60

70

80

90

100

ndash

100

200

300

400

500

600



Inventory Update












(3)

25 wwwriceenergycom

77

83

25

$101

$137

$47

ndash

$20

$40

$60

$80

$100

$120

$140

$160

0

10

20

30

40

50

60

70

80

90


PV10

($mm

)

IRR


IRR PV10











26 wwwriceenergycom

Appendix

27 wwwriceenergycom




















28 wwwriceenergycom











Three Months Ended









Net debt 996








Sheet1

Sheet1

29 wwwriceenergycom



__________________________1 As of February 24 2016









Guidance

1050

10085

1080

65





Third Party


Guidance

20 - 25

20

30 wwwriceenergycom

955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy


Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016





Rig Count


Pennsylvania

West Virginia

Ohio

June 200943 Rigs


5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

o

f Rig

s




Feb 201643 Rigs

31 wwwriceenergycom




60-70 MMcfed


Point Pleasant Core


RICE OHIO UTICA


16 Producing Wells

1 Producing Well





PA


Peer Results40-60



700+ days


RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica



32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

2Q 2015



Gas 99 Cash

















Hedging gain 47 089






Consolidated 17x


Rice Energy 22x



Consolidated 21x

Three Months Ended


Gas 100 Cash





















16 wwwriceenergycom





249

645

1015 350

662

685

599

1307

1700

2013 2014 2015

$685

$880

$194



PV10Share Strip

Hedge Uplift

Total PDP PV10Share





Total1 developed


Undeveloped Wells

139

127

807

105

215

487

0 25 50 75 100

17 wwwriceenergycom

$425

$1260 $290

$500

ndash

$500

$715

$2260

ndash

$500

$1000

$1500

$2000

$2500

2016 2018E













$mm

18 wwwriceenergycom







RMP IPO Dec 2014


Dropdown Candidate

Dropdown Candidate



ndash$1

$5

$18

$35

$55

$0

$15

$30

$45

$60

2015 2016 2017 2018 2019 2020


19 wwwriceenergycom

Why Invest in Rice








20 wwwriceenergycom

Asset Update

21 wwwriceenergycom

ndash

20

40

60

80

100

120

140

ndash 050 100 150 200 250 300 350 400 450

MM

cfd



Restricted Rate





TYPE CURVE UPDATES












22 wwwriceenergycom

ndash

50

100

150

200

ndash 050 100 150 200 250 300 350 400

MMcf

d



Restricted Rate



TYPE CURVE UPDATES















23 wwwriceenergycom

56

49

Previous TCDecline

Current TCndash

2000

4000

6000

8000

10000

12000

14000

16000

18000

- 100 200 300 400





Previous TC Decline


Current TC

Years

24 wwwriceenergycom

487

168

47

77

83

25

56 58

22

ndash

10

20

30

40

50

60

70

80

90

100

ndash

100

200

300

400

500

600



Inventory Update












(3)

25 wwwriceenergycom

77

83

25

$101

$137

$47

ndash

$20

$40

$60

$80

$100

$120

$140

$160

0

10

20

30

40

50

60

70

80

90


PV10

($mm

)

IRR


IRR PV10











26 wwwriceenergycom

Appendix

27 wwwriceenergycom




















28 wwwriceenergycom











Three Months Ended









Net debt 996








Sheet1

Sheet1

29 wwwriceenergycom



__________________________1 As of February 24 2016









Guidance

1050

10085

1080

65





Third Party


Guidance

20 - 25

20

30 wwwriceenergycom

955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy


Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016





Rig Count


Pennsylvania

West Virginia

Ohio

June 200943 Rigs


5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

o

f Rig

s




Feb 201643 Rigs

31 wwwriceenergycom




60-70 MMcfed


Point Pleasant Core


RICE OHIO UTICA


16 Producing Wells

1 Producing Well





PA


Peer Results40-60



700+ days


RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica



32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

2Q 2015



Gas 99 Cash

















Hedging gain 47 089






Consolidated 17x


Rice Energy 22x



Consolidated 21x

Three Months Ended


Gas 100 Cash





















17 wwwriceenergycom

$425

$1260 $290

$500

ndash

$500

$715

$2260

ndash

$500

$1000

$1500

$2000

$2500

2016 2018E













$mm

18 wwwriceenergycom







RMP IPO Dec 2014


Dropdown Candidate

Dropdown Candidate



ndash$1

$5

$18

$35

$55

$0

$15

$30

$45

$60

2015 2016 2017 2018 2019 2020


19 wwwriceenergycom

Why Invest in Rice








20 wwwriceenergycom

Asset Update

21 wwwriceenergycom

ndash

20

40

60

80

100

120

140

ndash 050 100 150 200 250 300 350 400 450

MM

cfd



Restricted Rate





TYPE CURVE UPDATES












22 wwwriceenergycom

ndash

50

100

150

200

ndash 050 100 150 200 250 300 350 400

MMcf

d



Restricted Rate



TYPE CURVE UPDATES















23 wwwriceenergycom

56

49

Previous TCDecline

Current TCndash

2000

4000

6000

8000

10000

12000

14000

16000

18000

- 100 200 300 400





Previous TC Decline


Current TC

Years

24 wwwriceenergycom

487

168

47

77

83

25

56 58

22

ndash

10

20

30

40

50

60

70

80

90

100

ndash

100

200

300

400

500

600



Inventory Update












(3)

25 wwwriceenergycom

77

83

25

$101

$137

$47

ndash

$20

$40

$60

$80

$100

$120

$140

$160

0

10

20

30

40

50

60

70

80

90


PV10

($mm

)

IRR


IRR PV10











26 wwwriceenergycom

Appendix

27 wwwriceenergycom




















28 wwwriceenergycom











Three Months Ended









Net debt 996








Sheet1

Sheet1

29 wwwriceenergycom



__________________________1 As of February 24 2016









Guidance

1050

10085

1080

65





Third Party


Guidance

20 - 25

20

30 wwwriceenergycom

955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy


Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016





Rig Count


Pennsylvania

West Virginia

Ohio

June 200943 Rigs


5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

o

f Rig

s




Feb 201643 Rigs

31 wwwriceenergycom




60-70 MMcfed


Point Pleasant Core


RICE OHIO UTICA


16 Producing Wells

1 Producing Well





PA


Peer Results40-60



700+ days


RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica



32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

2Q 2015



Gas 99 Cash

















Hedging gain 47 089






Consolidated 17x


Rice Energy 22x



Consolidated 21x

Three Months Ended


Gas 100 Cash





















18 wwwriceenergycom







RMP IPO Dec 2014


Dropdown Candidate

Dropdown Candidate



ndash$1

$5

$18

$35

$55

$0

$15

$30

$45

$60

2015 2016 2017 2018 2019 2020


19 wwwriceenergycom

Why Invest in Rice








20 wwwriceenergycom

Asset Update

21 wwwriceenergycom

ndash

20

40

60

80

100

120

140

ndash 050 100 150 200 250 300 350 400 450

MM

cfd



Restricted Rate





TYPE CURVE UPDATES












22 wwwriceenergycom

ndash

50

100

150

200

ndash 050 100 150 200 250 300 350 400

MMcf

d



Restricted Rate



TYPE CURVE UPDATES















23 wwwriceenergycom

56

49

Previous TCDecline

Current TCndash

2000

4000

6000

8000

10000

12000

14000

16000

18000

- 100 200 300 400





Previous TC Decline


Current TC

Years

24 wwwriceenergycom

487

168

47

77

83

25

56 58

22

ndash

10

20

30

40

50

60

70

80

90

100

ndash

100

200

300

400

500

600



Inventory Update












(3)

25 wwwriceenergycom

77

83

25

$101

$137

$47

ndash

$20

$40

$60

$80

$100

$120

$140

$160

0

10

20

30

40

50

60

70

80

90


PV10

($mm

)

IRR


IRR PV10











26 wwwriceenergycom

Appendix

27 wwwriceenergycom




















28 wwwriceenergycom











Three Months Ended









Net debt 996








Sheet1

Sheet1

29 wwwriceenergycom



__________________________1 As of February 24 2016









Guidance

1050

10085

1080

65





Third Party


Guidance

20 - 25

20

30 wwwriceenergycom

955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy


Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016





Rig Count


Pennsylvania

West Virginia

Ohio

June 200943 Rigs


5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

o

f Rig

s




Feb 201643 Rigs

31 wwwriceenergycom




60-70 MMcfed


Point Pleasant Core


RICE OHIO UTICA


16 Producing Wells

1 Producing Well





PA


Peer Results40-60



700+ days


RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica



32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

2Q 2015



Gas 99 Cash

















Hedging gain 47 089






Consolidated 17x


Rice Energy 22x



Consolidated 21x

Three Months Ended


Gas 100 Cash





















19 wwwriceenergycom

Why Invest in Rice








20 wwwriceenergycom

Asset Update

21 wwwriceenergycom

ndash

20

40

60

80

100

120

140

ndash 050 100 150 200 250 300 350 400 450

MM

cfd



Restricted Rate





TYPE CURVE UPDATES












22 wwwriceenergycom

ndash

50

100

150

200

ndash 050 100 150 200 250 300 350 400

MMcf

d



Restricted Rate



TYPE CURVE UPDATES















23 wwwriceenergycom

56

49

Previous TCDecline

Current TCndash

2000

4000

6000

8000

10000

12000

14000

16000

18000

- 100 200 300 400





Previous TC Decline


Current TC

Years

24 wwwriceenergycom

487

168

47

77

83

25

56 58

22

ndash

10

20

30

40

50

60

70

80

90

100

ndash

100

200

300

400

500

600



Inventory Update












(3)

25 wwwriceenergycom

77

83

25

$101

$137

$47

ndash

$20

$40

$60

$80

$100

$120

$140

$160

0

10

20

30

40

50

60

70

80

90


PV10

($mm

)

IRR


IRR PV10











26 wwwriceenergycom

Appendix

27 wwwriceenergycom




















28 wwwriceenergycom











Three Months Ended









Net debt 996








Sheet1

Sheet1

29 wwwriceenergycom



__________________________1 As of February 24 2016









Guidance

1050

10085

1080

65





Third Party


Guidance

20 - 25

20

30 wwwriceenergycom

955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy


Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016





Rig Count


Pennsylvania

West Virginia

Ohio

June 200943 Rigs


5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

o

f Rig

s




Feb 201643 Rigs

31 wwwriceenergycom




60-70 MMcfed


Point Pleasant Core


RICE OHIO UTICA


16 Producing Wells

1 Producing Well





PA


Peer Results40-60



700+ days


RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica



32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

2Q 2015



Gas 99 Cash

















Hedging gain 47 089






Consolidated 17x


Rice Energy 22x



Consolidated 21x

Three Months Ended


Gas 100 Cash





















20 wwwriceenergycom

Asset Update

21 wwwriceenergycom

ndash

20

40

60

80

100

120

140

ndash 050 100 150 200 250 300 350 400 450

MM

cfd



Restricted Rate





TYPE CURVE UPDATES












22 wwwriceenergycom

ndash

50

100

150

200

ndash 050 100 150 200 250 300 350 400

MMcf

d



Restricted Rate



TYPE CURVE UPDATES















23 wwwriceenergycom

56

49

Previous TCDecline

Current TCndash

2000

4000

6000

8000

10000

12000

14000

16000

18000

- 100 200 300 400





Previous TC Decline


Current TC

Years

24 wwwriceenergycom

487

168

47

77

83

25

56 58

22

ndash

10

20

30

40

50

60

70

80

90

100

ndash

100

200

300

400

500

600



Inventory Update












(3)

25 wwwriceenergycom

77

83

25

$101

$137

$47

ndash

$20

$40

$60

$80

$100

$120

$140

$160

0

10

20

30

40

50

60

70

80

90


PV10

($mm

)

IRR


IRR PV10











26 wwwriceenergycom

Appendix

27 wwwriceenergycom




















28 wwwriceenergycom











Three Months Ended









Net debt 996








Sheet1

Sheet1

29 wwwriceenergycom



__________________________1 As of February 24 2016









Guidance

1050

10085

1080

65





Third Party


Guidance

20 - 25

20

30 wwwriceenergycom

955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy


Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016





Rig Count


Pennsylvania

West Virginia

Ohio

June 200943 Rigs


5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

o

f Rig

s




Feb 201643 Rigs

31 wwwriceenergycom




60-70 MMcfed


Point Pleasant Core


RICE OHIO UTICA


16 Producing Wells

1 Producing Well





PA


Peer Results40-60



700+ days


RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica



32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

2Q 2015



Gas 99 Cash

















Hedging gain 47 089






Consolidated 17x


Rice Energy 22x



Consolidated 21x

Three Months Ended


Gas 100 Cash





















21 wwwriceenergycom

ndash

20

40

60

80

100

120

140

ndash 050 100 150 200 250 300 350 400 450

MM

cfd



Restricted Rate





TYPE CURVE UPDATES












22 wwwriceenergycom

ndash

50

100

150

200

ndash 050 100 150 200 250 300 350 400

MMcf

d



Restricted Rate



TYPE CURVE UPDATES















23 wwwriceenergycom

56

49

Previous TCDecline

Current TCndash

2000

4000

6000

8000

10000

12000

14000

16000

18000

- 100 200 300 400





Previous TC Decline


Current TC

Years

24 wwwriceenergycom

487

168

47

77

83

25

56 58

22

ndash

10

20

30

40

50

60

70

80

90

100

ndash

100

200

300

400

500

600



Inventory Update












(3)

25 wwwriceenergycom

77

83

25

$101

$137

$47

ndash

$20

$40

$60

$80

$100

$120

$140

$160

0

10

20

30

40

50

60

70

80

90


PV10

($mm

)

IRR


IRR PV10











26 wwwriceenergycom

Appendix

27 wwwriceenergycom




















28 wwwriceenergycom











Three Months Ended









Net debt 996








Sheet1

Sheet1

29 wwwriceenergycom



__________________________1 As of February 24 2016









Guidance

1050

10085

1080

65





Third Party


Guidance

20 - 25

20

30 wwwriceenergycom

955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy


Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016





Rig Count


Pennsylvania

West Virginia

Ohio

June 200943 Rigs


5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

o

f Rig

s




Feb 201643 Rigs

31 wwwriceenergycom




60-70 MMcfed


Point Pleasant Core


RICE OHIO UTICA


16 Producing Wells

1 Producing Well





PA


Peer Results40-60



700+ days


RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica



32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

2Q 2015



Gas 99 Cash

















Hedging gain 47 089






Consolidated 17x


Rice Energy 22x



Consolidated 21x

Three Months Ended


Gas 100 Cash





















22 wwwriceenergycom

ndash

50

100

150

200

ndash 050 100 150 200 250 300 350 400

MMcf

d



Restricted Rate



TYPE CURVE UPDATES















23 wwwriceenergycom

56

49

Previous TCDecline

Current TCndash

2000

4000

6000

8000

10000

12000

14000

16000

18000

- 100 200 300 400





Previous TC Decline


Current TC

Years

24 wwwriceenergycom

487

168

47

77

83

25

56 58

22

ndash

10

20

30

40

50

60

70

80

90

100

ndash

100

200

300

400

500

600



Inventory Update












(3)

25 wwwriceenergycom

77

83

25

$101

$137

$47

ndash

$20

$40

$60

$80

$100

$120

$140

$160

0

10

20

30

40

50

60

70

80

90


PV10

($mm

)

IRR


IRR PV10











26 wwwriceenergycom

Appendix

27 wwwriceenergycom




















28 wwwriceenergycom











Three Months Ended









Net debt 996








Sheet1

Sheet1

29 wwwriceenergycom



__________________________1 As of February 24 2016









Guidance

1050

10085

1080

65





Third Party


Guidance

20 - 25

20

30 wwwriceenergycom

955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy


Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016





Rig Count


Pennsylvania

West Virginia

Ohio

June 200943 Rigs


5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

o

f Rig

s




Feb 201643 Rigs

31 wwwriceenergycom




60-70 MMcfed


Point Pleasant Core


RICE OHIO UTICA


16 Producing Wells

1 Producing Well





PA


Peer Results40-60



700+ days


RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica



32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

2Q 2015



Gas 99 Cash

















Hedging gain 47 089






Consolidated 17x


Rice Energy 22x



Consolidated 21x

Three Months Ended


Gas 100 Cash





















23 wwwriceenergycom

56

49

Previous TCDecline

Current TCndash

2000

4000

6000

8000

10000

12000

14000

16000

18000

- 100 200 300 400





Previous TC Decline


Current TC

Years

24 wwwriceenergycom

487

168

47

77

83

25

56 58

22

ndash

10

20

30

40

50

60

70

80

90

100

ndash

100

200

300

400

500

600



Inventory Update












(3)

25 wwwriceenergycom

77

83

25

$101

$137

$47

ndash

$20

$40

$60

$80

$100

$120

$140

$160

0

10

20

30

40

50

60

70

80

90


PV10

($mm

)

IRR


IRR PV10











26 wwwriceenergycom

Appendix

27 wwwriceenergycom




















28 wwwriceenergycom











Three Months Ended









Net debt 996








Sheet1

Sheet1

29 wwwriceenergycom



__________________________1 As of February 24 2016









Guidance

1050

10085

1080

65





Third Party


Guidance

20 - 25

20

30 wwwriceenergycom

955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy


Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016





Rig Count


Pennsylvania

West Virginia

Ohio

June 200943 Rigs


5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

o

f Rig

s




Feb 201643 Rigs

31 wwwriceenergycom




60-70 MMcfed


Point Pleasant Core


RICE OHIO UTICA


16 Producing Wells

1 Producing Well





PA


Peer Results40-60



700+ days


RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica



32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

2Q 2015



Gas 99 Cash

















Hedging gain 47 089






Consolidated 17x


Rice Energy 22x



Consolidated 21x

Three Months Ended


Gas 100 Cash





















24 wwwriceenergycom

487

168

47

77

83

25

56 58

22

ndash

10

20

30

40

50

60

70

80

90

100

ndash

100

200

300

400

500

600



Inventory Update












(3)

25 wwwriceenergycom

77

83

25

$101

$137

$47

ndash

$20

$40

$60

$80

$100

$120

$140

$160

0

10

20

30

40

50

60

70

80

90


PV10

($mm

)

IRR


IRR PV10











26 wwwriceenergycom

Appendix

27 wwwriceenergycom




















28 wwwriceenergycom











Three Months Ended









Net debt 996








Sheet1

Sheet1

29 wwwriceenergycom



__________________________1 As of February 24 2016









Guidance

1050

10085

1080

65





Third Party


Guidance

20 - 25

20

30 wwwriceenergycom

955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy


Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016





Rig Count


Pennsylvania

West Virginia

Ohio

June 200943 Rigs


5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

o

f Rig

s




Feb 201643 Rigs

31 wwwriceenergycom




60-70 MMcfed


Point Pleasant Core


RICE OHIO UTICA


16 Producing Wells

1 Producing Well





PA


Peer Results40-60



700+ days


RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica



32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

2Q 2015



Gas 99 Cash

















Hedging gain 47 089






Consolidated 17x


Rice Energy 22x



Consolidated 21x

Three Months Ended


Gas 100 Cash





















25 wwwriceenergycom

77

83

25

$101

$137

$47

ndash

$20

$40

$60

$80

$100

$120

$140

$160

0

10

20

30

40

50

60

70

80

90


PV10

($mm

)

IRR


IRR PV10











26 wwwriceenergycom

Appendix

27 wwwriceenergycom




















28 wwwriceenergycom











Three Months Ended









Net debt 996








Sheet1

Sheet1

29 wwwriceenergycom



__________________________1 As of February 24 2016









Guidance

1050

10085

1080

65





Third Party


Guidance

20 - 25

20

30 wwwriceenergycom

955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy


Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016





Rig Count


Pennsylvania

West Virginia

Ohio

June 200943 Rigs


5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

o

f Rig

s




Feb 201643 Rigs

31 wwwriceenergycom




60-70 MMcfed


Point Pleasant Core


RICE OHIO UTICA


16 Producing Wells

1 Producing Well





PA


Peer Results40-60



700+ days


RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica



32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

2Q 2015



Gas 99 Cash

















Hedging gain 47 089






Consolidated 17x


Rice Energy 22x



Consolidated 21x

Three Months Ended


Gas 100 Cash





















26 wwwriceenergycom

Appendix

27 wwwriceenergycom




















28 wwwriceenergycom











Three Months Ended









Net debt 996








Sheet1

Sheet1

29 wwwriceenergycom



__________________________1 As of February 24 2016









Guidance

1050

10085

1080

65





Third Party


Guidance

20 - 25

20

30 wwwriceenergycom

955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy


Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016





Rig Count


Pennsylvania

West Virginia

Ohio

June 200943 Rigs


5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

o

f Rig

s




Feb 201643 Rigs

31 wwwriceenergycom




60-70 MMcfed


Point Pleasant Core


RICE OHIO UTICA


16 Producing Wells

1 Producing Well





PA


Peer Results40-60



700+ days


RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica



32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

2Q 2015



Gas 99 Cash

















Hedging gain 47 089






Consolidated 17x


Rice Energy 22x



Consolidated 21x

Three Months Ended


Gas 100 Cash





















27 wwwriceenergycom




















28 wwwriceenergycom











Three Months Ended









Net debt 996








Sheet1

Sheet1

29 wwwriceenergycom



__________________________1 As of February 24 2016









Guidance

1050

10085

1080

65





Third Party


Guidance

20 - 25

20

30 wwwriceenergycom

955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy


Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016





Rig Count


Pennsylvania

West Virginia

Ohio

June 200943 Rigs


5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

o

f Rig

s




Feb 201643 Rigs

31 wwwriceenergycom




60-70 MMcfed


Point Pleasant Core


RICE OHIO UTICA


16 Producing Wells

1 Producing Well





PA


Peer Results40-60



700+ days


RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica



32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

2Q 2015



Gas 99 Cash

















Hedging gain 47 089






Consolidated 17x


Rice Energy 22x



Consolidated 21x

Three Months Ended


Gas 100 Cash





















28 wwwriceenergycom











Three Months Ended









Net debt 996








Sheet1

Sheet1

29 wwwriceenergycom



__________________________1 As of February 24 2016









Guidance

1050

10085

1080

65





Third Party


Guidance

20 - 25

20

30 wwwriceenergycom

955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy


Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016





Rig Count


Pennsylvania

West Virginia

Ohio

June 200943 Rigs


5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

o

f Rig

s




Feb 201643 Rigs

31 wwwriceenergycom




60-70 MMcfed


Point Pleasant Core


RICE OHIO UTICA


16 Producing Wells

1 Producing Well





PA


Peer Results40-60



700+ days


RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica



32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

2Q 2015



Gas 99 Cash

















Hedging gain 47 089






Consolidated 17x


Rice Energy 22x



Consolidated 21x

Three Months Ended


Gas 100 Cash





















29 wwwriceenergycom



__________________________1 As of February 24 2016









Guidance

1050

10085

1080

65





Third Party


Guidance

20 - 25

20

30 wwwriceenergycom

955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy


Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016





Rig Count


Pennsylvania

West Virginia

Ohio

June 200943 Rigs


5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

o

f Rig

s




Feb 201643 Rigs

31 wwwriceenergycom




60-70 MMcfed


Point Pleasant Core


RICE OHIO UTICA


16 Producing Wells

1 Producing Well





PA


Peer Results40-60



700+ days


RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica



32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

30 wwwriceenergycom

955

33

22

111

122

73

53

1210

62

0 5 10 15 20 25

Peer 1Rice Energy


Peer 10

0

20

40

60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016





Rig Count


Pennsylvania

West Virginia

Ohio

June 200943 Rigs


5+ Rigs

2-4 Rigs

1 Rig

RICE Acreage

o

f Rig

s




Feb 201643 Rigs

31 wwwriceenergycom




60-70 MMcfed


Point Pleasant Core


RICE OHIO UTICA


16 Producing Wells

1 Producing Well





PA


Peer Results40-60



700+ days


RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica



32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

31 wwwriceenergycom




60-70 MMcfed


Point Pleasant Core


RICE OHIO UTICA


16 Producing Wells

1 Producing Well





PA


Peer Results40-60



700+ days


RRC Test59 MMcfed

CNX Test61 MMcfed

RICE Acreage

Current Rig(1)

Deep Test Report

Porosity

6

12

0

CNX Test61 MMcfed

Washington

Greene

Rice PA Utica



32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

32 wwwriceenergycom


-

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000




Q3

2015

Cum

ulat

ive

Prod

uctio

n (M

cfe)



RICE GPOR AMI(2)


BelmontMonroe




Other BelmontMonroe

Other Counties


Utica Core

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

33 wwwriceenergycom

ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000


ndash

10

20

30

40

50

60

70

80

90

100

ndash 250 500 750 1000 1250 1500 1750 2000








production



34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

34 wwwriceenergycom








153 Operated Wells


35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

35 wwwriceenergycom




RMP OVERVIEW





2016 GUIDANCE(1)









4Q 2015 Throughput

(MDthd)2016E Capex

($MM)(1)

RMP 114000 703 $150


WEST VIRGINIA

OH PA

WV

Greene

Washington

PENNSYLVANIA

Belmont

WEST VIRGINIA

Beaver

Brooke

Legend


RICE Acreage






OHIO

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

36 wwwriceenergycom



RMH OVERVIEW





2016 GUIDANCE(1)






DedicatedGross

Acreage(2)

4Q 2015 Throughput

(MDthd)



Total 133000 323

Belmont

Monroe

OHIO

WEST VIRGINIA

OH PA

WV



Party

Strike Force JV AMI

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

37 wwwriceenergycom



















38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

38 wwwriceenergycom













Tier I lt825 lt125



Fee ($ Gallon)

Tier I $007 $008

Tier II $003 $004




ASSET OVERVIEW









39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

39 wwwriceenergycom






RMP Assets

Pennsylvania Ohio










Strike Force JV



40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

40 wwwriceenergycom













wwwricemidstreamcom










41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

41 wwwriceenergycom


DE

PA Water


(OH Gathering)

59 LP interest


Public Unitholders


ROFOAssets






EIG Managed Funds


825 common

equity interest


($375MM invested)

75 equity interest





equity interest

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

42 wwwriceenergycom

LNG+100

Industry+20

Power+ 35

Mexico+38




Canadian Markets

Gulf Coast Markets

MIDWEST (MDTHD)2016 2017 2018107 57 57

GULF COAST (MDTHD)2016 2017 2018464 603 870

Midwest Markets

TCO (MDTHD)2016 2017 2018119 85 85

Appalachian Markets

RICE Acreage









CANADA (MDTHD)2016 2017 2018

25 42 125




71 50 50


2020 +17 to 19 Bcfd(2)

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

Chart1

LNG+100
Industry+20
Power+ 35
Mexico+38
10
2
35
38

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

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80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

LNG

Industry

Power

Mexico

Sheet1

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

LNG 10

Industry 2

Power 35

Mexico 38

43 wwwriceenergycom


REALIZED PRICING

46 48 44 48 46 51

14 9 7 7 9 7

18 17

12 7 14 9

22 26 36 38 31 33

(028)

(032)

(041)(038)

(035)(032)

$(045)

$(040)

$(035)

$(030)

$(025)

$(020)

$(015)

$(010)

$(005)

$-

0

10

20

30

40

50

60

70

80

90

100

1Q16 2Q16 3Q16 4Q16 2016 2017








1Q16 2Q16 3Q16 4Q16 2016 2017






44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

44 wwwriceenergycom







2016 2017 2018 2019






45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

45 wwwriceenergycom







46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

46 wwwriceenergycom







76228 193908




Sheet1

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity






















Plus Cash

Liquidity

47 wwwriceenergycom







Sheet1

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail












Plus Cash

Liquidity

48 wwwriceenergycom










49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail





49 wwwriceenergycom








Slide Number 1










2016 Guidance








Why Invest in Rice

Asset Update




Inventory Update

Economics

Appendix


















Hedging Summary

Hedging Detail





		Three Months Ended		Year Ended			Operating Metrics					($ in millions)		93014		Pro Forma 93014

($ in thousands)			December 31 2015		December 31 2015			Net Daily Production (MMcfed)			247	247

Further Adjusted EBITDAX reconciliation						Post-hedge Realized Pricing ($Mcf)			$340		$340		Cash		109

	Adjusted EBITDAX		$ 132153		$ 431510			EampP Revenue (Including FT Capacity Sales Net)			$78	$341

	Non-controlling interest(1)		6504		23337			Plus Hedge Gain(Loss)			0	001		Long Term Debt

	Water revenue adjustment(2)		5577		27336			Less LOE amp Taxes			(6)	(025)		1st Lien Rev Credit Fac		--

Further Adjusted EBITDAX			$ 144234		$ 482183							Less Letters of Credit

										Plus Cash

										Liquidity

	2Q 2015

	Actual				($ in millions)			123115

Total production (MMcfed)		529

Gas		99				Cash

Operated		90				Rice Energy			$436

Marcellus		77				Rice Midstream Holdings			-

				Rice Midstream Partners			8

NYMEX Henry Hub price ($MMBtu)		$ 272				Total consolidated cash			$444


				Preferred Equity			$375

Average basis impact ($MMBtu)		[(073)]

Firm transportation fuel amp variables ($MMBtu)		[(001)]				Long-term debt

Btu uplift (MMBtuMcf)		010				Rice Energy

Pre-hedge realized price ($Mcf)		208				EampP credit facility			-			5285658022

Realized hedging gain ($Mcf)		089				625 Senior notes due 2022			900		Total production		5285658021978

Post-hedge realized price ($Mcf)		297				725 Senior notes due 2023			397		EampP Revenue		101328730

Net firm transportation sales		001				Total Rice Energy debt			1297			1917050433

Adjusted realized price ($Mcf)		$ 298				Rice Midstream Holdings revolver			-		Hedging Gain		470423563958

				Rice Midstream Partners revolver			143			Lease Operating	121570134506

Average costs per Mcfe	Actual ($MM)		$ Mcfe				Total consolidated debt			$1440		EBITDAX		17903163543

EampP Revenue (including net FT sales)	$ 101		$ 192				Net debt			996

Hedging gain	47		089

Lease operating	12		023				Leverage

				4Q15 Net Debt LQA EBITDA

Gathering compression and transportation	17		035				Rice Energy			18x		Assets		4033720

Production taxes and impact fees	4		008				Rice Midstream Holdings			00x		Liabilities		2088373

General and administrative	19		039				Rice Midstream Partners			18x			1945347

				Consolidated			17x


Depletion depreciation and amortization	73		152				4Q15 Net Debt LTM EBITDA

				Rice Energy			22x

Adjusted EBITDAX	$ 95		$ 179				Rice Midstream Holdings			00x

				Rice Midstream Partners			21x

				Consolidated			21x

	Three Months Ended

Total net production (MMcfed)			624

Gas			100			Cash

Operated			94			Rice Energy		$ 339

Marcellus			72			Rice Midstream Holdings		1


	Actual ($MM)		$ Mcfe			Rice Midstream Partners		9

NYMEX Henry Hub price ($MMBtu)			$223			Total consolidated cash		$ 349

Average basis impact ($MMBtu)			(014)

Firm transportation fuel amp variables ($MMBtu)			(015)			Long-term debt

Btu uplift (MMBtuMcf)			011			Rice Energy

Pre-hedge realized price ($Mcf)			205			EampP credit facility		$ -			5285658022

Realized hedging gain ($Mcf)			134			625 Senior notes due 2022		900		Total production		5285658021978

Post-hedge realized price ($Mcf)			339			725 Senior notes due 2023		397		EampP Revenue		101328730

Net firm transportation sales			- 0			Total Rice Energy debt		1297			1917050433

Adjusted realized price ($Mcf)			$339			Rice Midstream Holdings revolver		17		Hedging Gain		470423563958

					Rice Midstream Partners revolver		-		Lease Operating	121570134506

Lease operating		$9		016			Shareholders equity		$ 1996

Gathering compression and transportation		29		051			Total capitalization		ERRORREF

Production taxes and impact fees		3		004			Total net capitalization		ERRORREF

General and administrative		24		043

Depletion depreciation and amortization		95		165


Adjusted EBITDAX		$132

Further Adjusted EBITDAX(2)		$144

Rice Energy Investor Presentation -...

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