Rice Energy Investor Presentation - Jan 2015

1 www.riceenergy.com

Investor PresentationJanuary 2015


Rice Energy Strategy1. Focus on long-term value creation

– Invest in 100% core assets with low break-even returns

– Operational excellence broadens the opportunity set for value creation

• Technical Differentiation Differentiated Results Value Differentiation

2. Transform Uncertainties into Assets

– Environmental, Health and Safety – Safety and environmental stewardship is the cornerstone of operational excellence

– Firm Transportation – Assurance of flow today and growth tomorrow to advantaged end markets

– Hedging – Systematic approach to protecting cash flow and liquidity for the next 24 months

3. Maintain a Culture of Learning

– Maintain an entrepreneurial workplace that emphasizes empowerment and continuous improvement

– Incorporating learnings from ourselves and industry to maximize our results with fewest dollars spent


Solid Foundation for Economic Growth

High QualityAssets

Best in Class Execution

Firm Transportation, Liquidity and Hedges

RICE was designed to weather challenging pricing environment

Midstream system provides custom-tailored solution for Rice’s production growth and realization of gathering economics

Reached 200, 300, 400 & 500 MMcf/d of gross operated Marcellus production with fewer wells than any other operator in Pennsylvania

Firm transportation portfolio mitigates basis exposure– ~65% of 2015 production to be delivered to non-Appalachian markets

136,500 net acres situated in the core of the Marcellus and Utica– Over 800 net drilling locations generate 10% IRR at $2.05-3.05/MMBtu

First 3 Utica wells, turned online in 2014, each on track to produce ~5 Bcfe in first year

Marcellus HZ drilling times in Q3’14 averaged 4.1 days per well w/ 8163’ lateral avg

~$475MM MLP IPO eliminates capital markets dependence in 2015

Flexible, low-cost debt mitigates balance sheet risk

Substantial majority of 2015 production hedged at ~$4/MMBtu NYMEX

288 MMcfe/d from 63 net producing wells in September 2014


Concentrated, Core AssetsCORE ASSETS

Gathering PipelineGathering Pipeline to be Constructed

RICE OHIO Gathering PipelineRICE OHIO Gathering Pipeline to be ConstructedRICE Acreage

Legend

Utica Fairway

Marcellus FairwayPA

OH

WV

Monroe

Harrison Jefferson

Brooke

Marshall

Greene

Washington

Ohio

Belmont

BeaverHancock

Fayette

Monongalia

Wetzel

Utica Core

Marcellus Core

COMPANY TOTAL

UTICA (OH)

MARCELLUS (PA)

Highly concentrated position of ~136,500 net acres in the cores of the lowest gas breakeven shale plays in the U.S. ~1,100 net undeveloped locations 288 MMcfe/d net Sept. production from 63 net wells Breakeven NYMEX PV-10 of $2.85-$2.90 / MMBTU

~53,800 net acres, <1% developed 333 net undeveloped Utica locations 3 gross (2 net) producing operated Utica wells

RICE FT & MIDSTREAM

~82,700 net acres, <5% developed 490 net undeveloped Marcellus locations 271 net undeveloped Upper Devonian locations Early but promising Utica activity 81 net producing wells (78 Marcellus, 3 Upper Devonian)

FT: 1.3 MMDth/d of firm capacity: 60% to Gulf Coast and Midwest markets by Q1’15 80% by Q4’17RMP Midstream by YE2015: 4.5 MMDth/d gas gathering capacity RICE Midstream by YE2015: 2.5 MMDth/d gas gathering capacity and 25.7 MMgpd of water distribution

__________________________(1) Net undeveloped locations as of 9/30/14. Approximately 55,000 net acres in the Marcellus Shale is also prospective for the Geneseo (Upper Devonian) Shale. The Upper Devonian and the Marcellus Shale are stacked formations within the same geographic

acreage and footprint. See slide entitled “Additional Disclosures” on detail regarding Rice’s methodology for the calculation of locations.(2) Conversion of Dth to Mcf assumes 1,050 Btu factor


Deep Inventory of High Returning Projects

Inventory and Returns SummaryBreakevens between $2.05-$3.05/MMBtu = profitable returns throughout the commodity price cycle

Net Locations 351 139 283 50

NYMEX PV-10 Breakeven ($/MMBtu) (1) $2.60 $3.05 $2.35 $2.05__________________________Note: See appendix for summary of assumptions used to generate single well IRRs.1. See appendix for a detailed explanation of adjusted midstream fees. Marcellus 750’ economics assume E&P is burdened by 50% of the gathering and compression fee (RICE owns a 50% LP interest in RMP and owns 100% of the IDRs) . W. Greene economics assume E&P is burdened by 100% of the gathering and compression fee (RICE acquired W. Greene assets which were previously dedicated to a third party).Utica Dry 750’ economics assume E&P is not burdened by gathering and compression fee (RICE owns 100% of RICE’s OH midstream assets). Utica Wet 750’ economics assume E&P is burdened by 100% of the gathering, compression and processing fees (RICE is currently in negotiations to dedicate its wet gas Utica acreage to a third party).

NYMEX

7%

24%

49%

81%

121%

171%

8%

27%

53%

88%

132%

13%

32%

56%

87%

124%

168%

20%

36% 55% 78%

106%

138%

–

25%

50%

75%

100%

125%

150%

175%

200%

$2.50 $3.00 $3.50 $4.00 $4.50 $5.00

Marcellus 750' W. Greene Utica Dry 750' Utica Wet 750'

IRR


Efficient Production Growth Demonstrates Production Potential

__________________________1. Horizontal Marcellus wells only. Data for RICE based on actuals through 11/30/2014, peer data based on Pennsylvania Department of Environmental Protection production reports through June 30, 2014. RICE production excludes acquired CHK wells.

MMcf/d Production versus Wells - Top 10 Marcellus Producers in Pennsylvania(1)

• Our peer-leading production growth is driven by a focus on well quality, not quantity• RICE reached 500 MMcfe/d of gross operated Marcellus production with fewer wells than every other operator(1) in Pennsylvania• Chart below demonstrates our ability to rapidly grow production with a clear path to 1 Bcf/d+ and beyond

Producing Well Count

Peers: APC, CHIEF, CHK, COG, CVX, EQT, NFG, RRC, SWN, TLM

SW PA Operators

NE PA Operators

72 Operated Marcellus Wells


Average FT & FS Portfolio (Bbtu/d)2015 2016 2017 2018 2019 2020

PA Only 275 207 207 207 189 142 OH Only 126 182 225 275 275 275 Flexible 433 531 579 841 841 841 Total 834 920 1,011 1,323 1,305 1,253

TETCO

TCODTIDEO

REX

ET Rover

–

200

400

600

800

1,000

1,200

1,400

7/1/14 10/1/14 1/1/15 4/1/15 7/1/15 10/1/15 1/1/16 4/1/16 7/1/16 10/1/16 1/1/17 4/1/17 7/1/17 10/1/17 1/1/18 4/1/18 7/1/18 10/1/18 1/1/19 4/1/19 7/1/19 10/1/19 1/1/20 4/1/20 7/1/20 10/1/20

BBtu/d

Firm Transportation and Firm Sales Portfolio

RICE was early in identifying and securing its basin-leading portfolio of firm capacity Firm capacity covers ~100% of 2015 and a significant portion of RICE’s volumes in 2016-2018

Firm Transport De-Risks Production Growth

Flexible Capacity: 100% of RICE’s TETCO capacity (>50% of RICE’s total firm

capacity) can be nominated from any of RICE’s TETCO interconnects in PA or OH

(PA or OH)


Successful MLP IPO of Rice Midstream Partners LPSYSTEM MAP – PA GATHERING AND COMPRESSION

Greene

Washington

Legend

RMP Gathering Pipeline to be Constructed

RMP Compressor StationRMP Compressor Station to be Constructed

Long-Haul PipelineDelivery MeterPlanned Delivery Meter

RICE AcreageDedicated to RMP

RMP Gathering Pipeline

RICE AcreageDedicated to 3rd Party

PA MIDSTREAM STATS

Mileage (in miles)

Gathering Capacity(MMDth/d)

YE14 YE15 YE14 YE15

83 111 3.2 4.1

OVERVIEW

SOURCES AND USES($ in millions)Sources UsesIPO Offering $474 Distribution to RICE $414

Fees and Expenses 35Cash to RMP B/S 25

Total Sources $474 Total Uses $474

RICE closed a $475MM IPO of its newly formed MLP, Rice Midstream Partners LP (NYSE:RMP) on 12/22/14

– 28.75MM common units priced at $16.50/unit – $0.75 MQD annualized, 4.5% yield

RMP investment highlights include:– Premier E&P sponsor with strong track record of

execution– 3rd party volumes provide diversification and growth– Concentrated dedication results in minimal organic RMP

capex to meaningfully increase distributions– Organic and drop-down opportunities result in top-tier

growth Allows RICE to illuminate midstream asset value while

maintaining operational control RICE retained its OH gathering and compression and PA & OH

water systems– Retained assets attractive drop-down candidate for RMP

(RMP retains a ROFO)

RMP IPO illuminates value of midstream system and premier sponsorship highlights growth opportunities


Rice Midstream Holdings LLCMidstream

OH G&C and PA & OH water

Rice Midstream Partners LPNYSE: RMP

MidstreamPennsylvania G&C

Rice Energy Inc.NYSE: RICE

Upstream D&C and Leasehold

Public Unitholders

%50 LP interest

100%

100% IDRs& 50% LP

__________________________Note: D&C – drilling and completion, G&C – gathering and compression.

RICE Upstream, Midstream and RMP revolvers eliminate the need to access capital markets in 2015

Pre-MLP, Rice had one revolver ($550MM) to fund upstream and midstream activities

Post MLP, Rice has three revolvers:

1) RICE Upstream - $550MM

2) RICE Midstream - $300MM

3) RMP - $450MM

Rice’s access to low-cost borrowing capacity increased from $550MM to $1.3B

Allows Rice to allocate capital to fund upstream and midstream development from three distinct capital sources

OVERVIEW

RICE significantly increased liquidity through MLP and two new midstream facilities to self-fund future development

ORG STRUCTURE AND LIQUIDITY12/31/2014 UnauditedRICE Upstream Revolver ($ MM)Borrowing Base $550Drawn –Letters of Credit (67)

Available BB $483Cash 229

Liquidity $712

RICE Holdco Midstream RevolverRevolver Size $300Drawn –

Available Revolver 300Cash –

Liquidity $300

RMP RevolverRevolver Size $450Drawn –

Available Revolver 450Cash 25

Liquidity $475

New Midstream Revolvers Enhance Liquidity


Pennsylvania Assets


Strong Execution Drives Consistent ResultsHighlights

Proven, De-Risked Asset: RICE has turned 78 Marcellus (3 Upper Devonian) wells into sales through year-end 2014

Premier SW PA Marcellus operator: RICE has drilled and completed the top 3, as well as 7 of the top 10 wells in terms of cumulative production in Washington County

The industry has drilled ~1,000 wells in Washington and Greene counties

Visibility on Growth: ~95% of RICE operated wells coming online in 2015 are in various stages of development today

__________________________1. Wells in Progress excludes wells in the Permitting/Constructing Category

Wells Turned Avg. Lateral Flow Rates (MMcf/d) D&CPeriod To Sales Length (Ft) 0-90 91-180 181-360 ($/Ft)2010-2011 6 3,281 5.7 6.0 4.4 2,377$ 2012 9 5,731 9.2 10.0 6.8 1,663$ 2013 22 6,286 11.2 10.6 8.3 1,476$ Q1 2014 4 6,691 12.7 9.4 NA 1,349$ Q2 2014 10 8,452 12.9 NA NA 1,254$ Q3 2014 5 8,163 NA NA NA 1,247$

Total 56 6,458 10.6 9.7 6.9 1,533$ * Flow Rates based on wells with available history

Marcellus Well Results To Date

Greene

Iron Man Southwest Pad – 2 WellsAvg. Lateral Ft: 7,500’

Jacobs North Pad – 6 WellsAvg. Lateral Ft: 4,400’

Big Daddy Shaw Pad – 5 WellsAvg. Lateral Ft: 7,900’

Mad Dog North Pad- 5 WellsAvg. Lateral Ft: 9,700’

Behm Pad – 3 WellsAvg. Lateral Ft: 7,500’

Pollock North 1 Pad – 4 WellsAvg. Lateral Ft: 3,800’

Zorro South Pad – 5 WellsAvg. Lateral Ft: 9,300’

PLHC North Pad – 9 WellsAvg. Lateral Ft: 7,300’

Wolverine Pad – 4 WellsAvg. Lateral Ft: 8,000’

Shotski – 1 WellAvg. Lateral Ft: 4,000’

Washington

Rice Energy Acreage

CompletingDrillingPermitting/Constructing

In Sales

Swagler Pad – 3 WellsAvg. Lateral Ft: 6,500’

Captain Jack– 6 WellsAvg. Lateral Ft: 7,500’

Waterboy – 4 WellsAvg. Lateral Ft: 9,000’

Briggs Pad – 1 WellAvg. Lateral Ft: 6,400’

Mama Bear Pad – 5 WellsAvg. Lateral Ft: 6,000’


Rice Acreage

Deep Utica Potential in Pennsylvania

Porosity in southeast OH extends into southwest PA– Belmont Washington– Monroe Greene

Thick, high pressure and high porosity Utica section in southwest PA at depths between 12,000-13,000’ TVD

– Industry tests underway in SW PA from multiple operators We plan to spud our first PA Utica well in 2015

– To be located on our recently acquired acreage in western Greene County

East

EQTPreparing

RangeIn Progress

Rice (PA)Permitting

West

OH WV

RICE: ~50k acresin central Belmont

40+ MMcfe/d IP1050-1150 BTU

RICE: ~15k acresin western Greene

2015 Test1020-1040 BTU

12,000 – 13,000’9500’7500’5000’ 6000’County

0%

6%

12%Porosity

Peer Avg20-40 MMcfe/d1150-1250 BTU

Peer Avg5-15 MMcfe/d IP1250-1350 BTU

MuskingumFairfield Guernsey Belmont Ohio/Marshall Washington / Greene10,500’Depth

PA

Point Pleasant Core

RRC Test: 59 MMcfe/d


–

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

– 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0

750' Avg. Historical Production 750 Type Well

Marcellus Single Well Economics

Marcellus – IRR Sensitivity

NYMEX

750’ Type Well Versus Historical Production (Normalized for 7,000’ Lateral)

Years Online

Cumulative Production1 year 3.8 Bcf2 years 5.6 Bcf5 years 8.2 Bcf10 years 10.3 BcfEUR 13.9 Bcf

Restricted Rate

MMcf/

d

__________________________Note: See appendix for summary of assumptions used to generate single well IRRs1. See appendix for a detailed explanation of adjusted midstream fees. Marcellus 750’ economics assume E&P is burdened by 50% of the gathering and compression fee (RICE owns a 50% LP interest in RMP and owns 100% of the IDRs) . W. Greene economics assume E&P is burdened by 100% of the gathering and compression fee (RICE acquired W. Greene assets which were previously dedicated to a third party).

IRR

Net Locations 351 139

NYMEX PV-10 Breakeven ($/MMBtu) (1) $2.60 $3.05

7% 24%

49% 81%

121%

171%

8% 27%

53% 88%

132%

–

50%

100%

150%

200%

$2.50 $3.00 $3.50 $4.00 $4.50 $5.00

Marcellus 750' W. Greene


Ohio Assets


Concentrated Core Position: 53,767 net acres concentrated in the heart of Belmont County

Strategic JV with Proven Operator: RICE + GPOR complementary acreage positions provide substantial efficiency gains

Rice operates ~27,000 net acres and Goshen and Smith townships with 69% average operated working interest (1)

GPOR operates ~23,000 net acres in Washington and Wayne townships with 43% average RICE non-operated working interest (1)

Early Results Exceeding Expectations: RICE has turned 3 horizontal Utica wells into sales (Bigfoot and Blue Thunder pads) which are on track to be some of the best performing dry-gas Utica wells in the play. Flow rate and pressure declines are superior to RICE’s Marcellus results

Dry-Gas Core De-Risked by Industry: 23 rigs running in Belmont and Monroe counties (“dry-gas” core) which represents 44% of the total rigs running in the Utica (2)

Visibility on Growth: All 2015 operated Utica wells currently in progress and concentrated within 5 mile radius in central Belmont County

Utica: Dry-Gas Core Established, Significant Growth AheadUtica Development MapOperational Highlights

Belmont

Gold Digger– 2 WellsAvg. Lat. Length: 9,000’

MonroeNoble

Guernsey

Harrison

Marshall

Wetzel

Son Uva Digger– 3 WellsAvg. Lat. Length: 9,000’

Mohawk Warrior– 3 WellsAvg. Lat. Length: 12,000’

Blue Thunder – 2 WellsAvg. Lat Length: 9,000’Status: In sales @ 16 MMcfe/d held flat since 9/16/14

Bigfoot 9H – 1 WellLat. Length: 7,000’Status: In sales @ 14 MMcfe/d held flat since 6/20/14

Thunderstruck– 5 WellsAvg. Lat. Length: 9,400’

Dragons Breath– 4 WellsAvg. Lat. Length: 9,700’

= 20+ Mmcfe/d IP

RICE Acreage

Drilling

Permitting/Constructing

Completions

RICE PA Utica Test (Permitting) In Sales

RMP has a right of first offer on all of RICE’s interests in its Utica gas gathering system__________________________

1. Assumes RICE + GPOR 90% working interest. 2. As of November 30, 2014.

Madusa– 3 WellsAvg. Lat. Length: 9,400’

Spitfire – 5 WellsAvg. Lat. Length: 9,000’

Big Dawg – 4 WellsAvg. Lat. Length: 9,000’

Iron Warrior– 5 WellsAvg. Lat. Length: 8,500

Thrasher– 5 WellsAvg. Lat. Length: 9,000Bounty Hunter– 4 Wells

Avg. Lat. Length: 9,000

Krazy Train– 2 WellsAvg. Lat. Length: 10,000’

Razin Kane– 3 WellsAvg. Lat. Length: 8,500’


0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

0 30 60 90 120 150 180 210 240 270 300 330 360 390 420 450 480 510 540

Utica Production and Pressures Update

Line pressure (750-1500 psi)

Flow

Rat

e, Mc

f/dW

ellhe

ad P

ress

ure,

psi

Bigfoot Flow Rate Projection

1 YearCumulative

5.1 Bcf

18 MonthCumulative

7.3 Bcf

Days

Flat Period Cumulative

6.1 Bcf

Flow rate decline whenwellhead psi = line psi

4.9 Bcf

6.4 Bcf

Blue Thunder 10H/12H – 9,000’ lateralsBigfoot 9H – 7,000’ lateral

• Bigfoot 9H (7,000’ lateral) continues to produce steadily 14 MMcf/d @ 11 psi/d FCP decline.• Blue Thunder 10H and 12H (9,000’ laterals) were turned to sales in September and have stabilized at 16 MMcfd/d @ 13 psi/d

FCP decline

__________________________Note: Data as of November 30, 2014.


–

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

– 1.0 2.0 3.0 4.0

Utica Type Well Utica Avg. Historical Production

Utica Single Well Economics

IRR Sensitivity

NYMEX

IRR

750’ Utica DRY Type Well Versus Historical Production (Normalized for 8,000’ Lateral)

Cumulative Production1 year 5.2 Bcf2 years 7.8 Bcf5 years 11.3 Bcf10 years 14.2 BcfEUR 20.0 Bcf

MMcf/

d

Restricted Rate

Years

__________________________Note: See appendix for summary of assumptions used to generate single well IRRs. 1. See appendix for a detailed explanation of adjusted midstream fees Utica Dry 750’ economics assume E&P is not burdened by gathering and compression fee (RICE owns 100% of RICE’s OH midstream assets). Utica Wet 750’ economics assume E&P is burdened by 100% of the gathering and compression fees (RICE is currently in negotiations to dedicate its wet gas Utica acreage to a third party). Note: Utica Wet economics assume RICE pays a gathering and compression fee consistent with the fee RICE pays RICE OH midstream for gathering and compression. RICE is currently negotiating an agreement with a third party which may change single well economics.

13% 32%

56% 87%

124% 168%

20% 36%

55% 78%

106% 138%

–

50%

100%

150%

200%

$2.50 $3.00 $3.50 $4.00 $4.50 $5.00Utica Dry 750' Utica Wet 750'

Net Locations 283 50

NYMEX PV-10 Breakeven ($/MMBtu) (1) $2.35 $2.05


Midstream Assets


Rice Midstream Partners LP (“RMP”)

GATHERING SYSTEM INFORMATION

System

9/30/14 Dedicated

GrossAcreage

Nov14 Throughput

(MDth/d)Midstream Fees

($/Dth) (1)

RICE Operated (Washington) 47,000 305 Gathering: $0.30

Compression:$0.07

3rd Party (Washington) 21,000 39 Gathering(2): $0.43

Compression(3): $0.07

RICE Operated (Greene) 16,000 166 Gathering: $0.30

Compression: $0.07

Total 84,000 510

Marcellus Gathering and Compression Concentrated high pressure natural gas gathering and

compression assets in the Marcellus Shale Substantially all of RICE’s drilling locations within

the RMP dedication are within 5 miles of the current PA gathering system

Multiple long-haul takeaway options also limits RMP capex spend to deliver volumes to market

Gathering throughput driven by SW PA technical leaders ~85% of 2015E estimated throughput from RICE

operated volumes, ~15% from 3rd party, primarily EQT

RMP will begin installing compression for RICE operated wells in the second half of 2015 that is expected to generate revenues starting in 2Q 2016

Adding incremental compression capacity for third party volumes starting in 1H2015

__________________________1. Fees will be annually escalated based upon changes in the Consumer Price Index. Compression fees are derived on a per stage basis 2. Certain of RMP’s third-party contracts provide for an increase in the gathering fee received by RMP upon completion of construction of an 18-mile, 30 inch pipeline connecting RMP’s gathering system to TETCO (completed November 2014)3. In certain of RMP’s 3rd party agreements, the per stage fees charged for compression varies depending on line pressure as opposed to being a flat fee per stage. Accordingly, the 3rd party compression fee is shown on a wtd. avg. based on historical throughput.

SYSTEM MAP

Greene

Washington

Legend

RMP Gathering Pipeline to be Constructed

RMP Compressor StationRMP Compressor Station to be Constructed

Long-Haul PipelineDelivery MeterPlanned Delivery Meter

RICE AcreageDedicated to RMP

RMP Gathering Pipeline

RICE AcreageDedicated to 3rd Party

PA MIDSTREAM STATS

Mileage (in miles)

Gathering Capacity(MMDth/d)

YE14 YE15 YE14 YE15

83 111 3.2 4.1


Midstream System Statistics

__________________________1. Fees will be annually escalated based upon changes in the Consumer Price Index. Compression fees are derived on a per stage basis 2. Assumes that gathering and compression fees for OH services are equivalent to those to be paid by RICE to RMP for gathering and compression for Pennsylvania assets. The gathering and compression fees for OH services are subject to negotiation and

final agreement and may ultimately be changed.3. Certain of RMP’s third-party contracts provide for an increase in the gathering fee we will receive upon completion of construction of an 18-mile, 30 inch pipeline connecting its gathering system to TETCO (completed November 2014)4. Certain of RMP’s 3rd party agreements, the per stage fees charged for compression varies depending on line pressure as opposed to being a flat fee per stage. Accordingly, the 3rd party compression fee is shown on a wtd avg based on historical throughput.

Marcellus (PA) Utica (OH)

Gathering and Compression Statistics Gathering and Compression StatisticsYE14 YE15 YE14 YE15

Gathering and Compression StatisticsGas Gathering Pipeline Mileage (miles) 83 111 Gas Gathering Pipeline Mileage (miles) 21 50

Design Gathering Capacity (MMDth/d) 3.2 4.1 Design Gathering Capacity (MMDth/d) 0.5 2.6

Acreage Dedications Acreage DedicationsRICE 63,000 RICE 36,8543rd Party 21,000 3rd Party 19,604

Total Acreage Dedications 84,000 Total Acreage Dedications 56,458

Midstream Fees Paid by RICE to RMP ($/dth) (1) Midstream Fees Paid by RICE to RICE OH ($/dth) (1) (2)

Gathering $0.30 Gathering $0.30Compression (per stage of compression) $0.07 Compression (per stage of compression) $0.07

3rd Party Midstream Fees ($/dth) 3rd Party Midstream Fees ($/dth)Gathering (3) $0.43 Gathering undisclosedCompression (4) $0.07 Compression undisclosed

Water Distribution System Statistics Water Distribution System StatisticsYE15 YE15

Water Distribution System StatisticsConnected Water Sources (MMGPD) 9.2 Connected Water Sources (MMGPD) 16.5

RMP Assets at IPO


Diverse Market Exposure

WashingtonColumbia Gas (TCO)

National Fuel Gas Supply (NFGS)

FT portfolio includes 1.3 MMDth/d (1.2 Bcf/d) of firm capacity to premium US markets, including recently added 320 MDth/d on TETCO’s Access South project with firm path to the Gulf Coast and estimated in-service date of November 2017(1).

Rockies Express

Firm Capacity: 175 MDth/d In-service date: Summer 2015 Markets: Gulf Coast, Midwest

OH Water System

Direct-Connect Capacity: 16.5 MMGPD Expected Savings: $500k/well In-service date: YE2015

Dominion Transmission

Firm Capacity: ~90 MDth/d In-service date: Online

PA Water System

Direct-Connect Capacity: 8.9MMGPD

Expected Savings: $500k/well In-service date: YE2015

Columbia (TCO)

Firm Capacity: ~200 MDth/d In-service date: Online Westside Expansion: 50 MDth/d In-service date: November 2014

Dominion East Ohio

Firm Capacity: ~30 MDth/d In-service date: Online

ET Rover

Firm Capacity: 100 MDth/d In-service date: Summer 2017 Market: Dawn, ON

Allegheny

Marshall

Belmont

Monroe

Harrison

Jefferson

Brooke

Greene

Ohio

PA Gas Gathering System

Throughput Capacity: 4.1 MMDth/d In-service date: Online

OH Gas Gathering System

Throughput Capacity: 2.6 MMDth/d In-service date: YE2015

Texas Eastern (TETCO)

Team South Firm Capacity: 270 MDth/d In-service date: September 2014

Union Town to Gas City Firm Capacity: 86.5 MDth/d In-service date: November 2015

Open Firm Capacity: 50 MDth/d In-service date: November 2015

Access South Firm Capacity: 320 MDth/d In-service date: November 2017

Markets: Gulf Coast, Midwest Wetzel

_______________________1. Conversion of Dth to Mcf assumes 1,050 Btu factor.

Gas Gathering Line Water System

Rice Legend


Basis Differential

Basis Exposure and Weighted Average Basis Exposure

Majority of RICE’s 1.3 MMDth/d of firm capacity delivers gas to markets outside of the Appalachian Basin

Long-Haul Firm Transport Improves Realized Pricing

__________________________1. NYMEX Strip as of 11/6/14.

Basis Exposure

46% 45%

20% 20%

11% 8%

15% 15%

8% 12%

($0.52)

($0.56)

($0.60)

($0.58)

($0.56)

($0.54)

($0.52)

($0.50)

($0.48)

($0.46)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2015 2016

Midwest

Dom S

TCO

M2

GulfCoast

Wtd.AverageBasis

Henry Hub ($/MMBtu) 2.92$ 3.32$ Basis Differential ($/MMBtu) (0.52) (0.56)BTU Uplift (Mmbtu/Scf) 0.12 0.14

Pre-Hedge Realized Pricing ($/Mcfe) 2.52$ 2.90$ Hedging Impact 0.66 0.20

Post-Hedge Realized Price 3.18$ 3.10$


Why Invest in Rice?

100% of Leasehold in Core of Marcellus and Utica

Owned and Operated Gathering and Water Midstream Infrastructure Supports Our Upstream Operations

Differentiated Technical Approach Has Led to Industry Leading Well Results

Conservative Financial and Hedging Approach to Protect Downside and Lock-In Attractive Returns

Nimble and Incentivized Management and Technical Teams

Top-Tier Growth With Attractive Risk-Adjusted Return Profile

Firm Transportation Contracts De-risk Production Growth, Ensure Takeaway and Limit Appalachian Basis Exposure


Rice Market Snapshot

Rice Midstream Partners LP(NYSE: RMP)

Rice Energy Inc(NYSE: RICE)

$ millions, except per share data, as of 12/31/14Shares Outstanding (MM) 136Price as of 12/31/14 $20.97

Market Capitalization $2,858Debt 900Cash 230

Enterprise Value $3,528Management Ownership 30%52 Week Price Range

High $33.32Low 20.97

RICE's RMP Units Owned% of RMP Units 50%% of RMP IDRs 100%

Website: www.riceenergy.comInvestor Contact: Julie Danvers

[email protected]

$ millions, except per share data, as of 12/31/14Common Units (MM) 29Subordinated Units (MM) 29

Total Units Outstanding 58Price as of 12/31/14 $16.75

Market Capitalization $963Debt –Cash 25

Enterprise Value $938

52 Week Price RangeHigh $17.86Low 15.74

RICE's RMP Units Owned% of RMP Units 50%% of RMP IDRs 100%

Website: www.ricemidstream.comInvestor Contact: Julie Danvers

[email protected]


Appendix


43,978 82,626

46,700

53,816 90,678

Q4 2013 Q3 2014Marcellus Utica

De-risk production growth, neutralize basis volatility, maximize marginsSubstantial Growth to Low-Risk Drilling Inventory

Production Growth from High Rate of Return Projects

Securing Additional Access to Premium Markets

Net Core Acreage

325 490

233

333 558

823

Q4 2013 Q3 2014Marcellus Utica

Net Undeveloped Locations

2 13 47

126

247

2010 2011 2012 2013 3Q14PA OH

Net Production (MMcf/d)

IPO CurrentAppalachia Non-Appalachia

YE2017 Firm Transport (Dth/d)46,000 net acres added in 2014, 100% within existing areas of operations

Strong Growth Story

Basis Exposure (2015-2016)

35%

65%

2015

35%

65%

2016

(2)

__________________________1. Acreage and location count includes non-dedicated acreage and locations. 2. Includes volumes in excess of firm transportation. Non-Appalachian exposure includes TCO.

136,442

756,000

1,323,000

1,083,000591,000

165,000 240,000

RICE has a proven track record of growing production and inventory and has secured midstream and FT to support future growth

15 33

60

128

179

2011 2012 2013 2014E 2015EPA Gas PA Water

– – –

38

98

OH Gas OH Water

Pipeline Mileage Growing with Production

Pipe In-Service (miles)PA system fully constructed by YE15; meaningful OH drop-down potential

2011 2012 2013 2014E 2015E

(1)(1)

PA Gathering Mileage Growth (YoY)2012 2013 2014E

YoY Growth 110% 76% 190%


Established Track Record of Drilling ProficiencyAverage Net Daily Production Average Lateral Length v. Horizontal Drilling Days(1)

Net Operated Wells Turned To Sales(2) Average Drilling & Completion Cost Per Lateral Foot(1)

_______________________1. Operated.2. Does not include wells from the Greene County Acquisition.

3,281

5,731 6,286 6,691

8,452 8,163 6,957

9,000 15.8

7.6 5.8

4.5 4.6 4.1

–24681012141618

0

2,000

4,000

6,000

8,000

10,000

2010-2011 2012 2013 1Q14 2Q14 3Q14

DaysFeet

PA OH Avg. Marcellus Hz. Drilling Days

0

50

100

150

200

250

2010-2011 2012 2013 1Q14 2Q14 3Q14

MMcfe/d

PA OH

247241209

127

47

8

$2,377

$1,660 $1,476 $1,349 $1,254 $1,247

$3,241

$1,924

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2010-2011 2012 2013 1Q14 2Q14 3Q14

$/Foot

PA OH

7 10 21

38

05

10152025303540

2010-2011 2012 2013 2014

Wells IP


0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

- 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,0000.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

- 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000

Differentiated Long-Term Production per Well

__________________________1. Data for RICE based on actuals through 11/30/14, peer data based on Pennsylvania Department of Environmental Protection production reports through June 30, 2014.2. Data for RICE based on actuals through 11/30/14, peer data based on Ohio Department of Natural Resources report through June 30, 2014.

Our drilling and completion techniques have yielded greater production profile per well than our peersWashington and Greene County Historical Production (1)

Cumulative Production (Bcfe)

Days OnlinePeer BelmontPeer Monroe

PeerUticaPeerSusquehanna, PA (Marcellus)

RICE Bigfoot

Utica and Susquehanna, PA Historical Production (2)

RICE Blue Thunder

Peer Marcellus

RICE Washington County

Cumulative Production (Bcfe)

RICE Greene County

RICE Geneseo

Days Online

RICE Bigfoot 12 Mo. Projection


Economic Assumptions Summary

351

139

283

50

81%

53%

87%

78%

64%

53%55%

78%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

–

50

100

150

200

250

300

350

400

Marcellus W. Greene Utica Dry Utica Wet

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

NYMEXBreakeven (Adj Fees) $2.60 $3.05 $2.35 $2.05

NYMEXBreakeven (Full Fees) $2.85 $3.05 $2.90 $2.05

__________________________Note: Single well IRRs and breakeven PV-10 estimates shown under two scenarios. (1) “Adjusted Midstream Fee” adjusts the gathering and compression fee paid by E&P by RICE’s ownership in the midstream assets. For example, in the Marcellus, RICE owns a 50% interest in RMP which provides gathering and compression services to RICE and thus the single well returns analysis assumes the midstream fee is adjusted by 50%. In the Utica, RICE owns 100% of the RICE OH Midstream assets which provide gathering and compression services to RICE and the single well returns assume RICE does not pay a gathering and compression fee. (2) “Full Midstream Fees” assume E&P pays for the full gathering and compression fee regardless of RICE’s ownership in the midstream assets. Note: Utica Wet economics assume RICE pays a gathering and compression fee consistent with the fee RICE pays RICE OH midstream. RICE is currently negotiating an agreement with a third party which may change single well economics.

@ $4 NYMEX

Marcellus W. Greene Utica Dry Utica WetType Well AssumptionsLateral Length 7,000 7,000 8,000 8,000EUR (Bcf/1,000') 2.0 2.0 2.5 2.2NGL Yield (bbls/mmcf) – – – 40Gas Shrink – – – 15%Pre-Processed EUR (Bcfe) 13.9 13.9 20.0 17.6Post-Processed EUR (Bcfe) 13.9 13.9 20.0 19.2% Gas 100% 100% 100% 78%Residue Gas Heat Content (Btu/Scf) 1,050 1,090 1,080 1,200Initial Choke (MMcf/d per 1,000') 1.85 1.85 1.87 1.70Flat Period (days) 150 150 270 270120-Day Avg. IP (MMcf/d) 12.6 12.6 14.5 13.1

D&C AssumptionsD&C ($mm) $8.75 $8.75 $12.00 $12.00D&C per Lateral ($ per foot) $1,250 $1,250 $1,500 $1,500

Operating ExpensesFixed Operating Expenses ($/well/month) -- WI $5,000 $5,000 $5,000 $5,000Variable Operating Expenses ($/mcf) -- WI $0.23 $0.23 $0.23 $0.23All-In Estimated Opex ($/mcf) - WI, year 1 of well $0.25 $0.25 $0.24 $0.24Fixed Operating Expenses ($/well/month) -- NRI $6,098 $6,098 $6,250 $6,250Variable Operating Expenses ($/mcf) -- NRI $0.27 $0.27 $0.28 $0.28All-In Estimated Opex ($/mcf) - NRI, year 1 of well $0.30 $0.30 $0.30 $0.30

Other Costs/ExpensesWell Impact Fee? Yes Yes No NoSeverance Taxes -- % of WI Sales Revenue – – 2.5% 2.5%Royalty 18% 18% 20% 20%

Gathering and Compression Fees (Full Midstream Fees -- see footnote)$/dth -- WI $0.37 $0.57 $0.37 $0.37$/dth -- NRI $0.45 $0.70 $0.46 $0.46$/mcf -- WI $0.39 $0.62 $0.40 $0.44$/mcf -- NRI $0.47 $0.76 $0.50 $0.56

Gathering and Compression Fees (Adjusted Midstream Fees -- see footnote)$/dth -- WI $0.19 $0.57 – $0.37$/dth -- NRI $0.23 $0.70 – $0.46$/mcf -- WI $0.19 $0.62 – $0.44$/mcf -- NRI $0.24 $0.76 – $0.56

Firm Transportation and Basis$/dth -- WI $0.52 $0.52 $0.52 $0.52$/dth -- NRI $0.63 $0.63 $0.65 $0.65$/mcf -- WI $0.55 $0.57 $0.56 $0.62$/mcf -- NRI $0.67 $0.69 $0.70 $0.78Long Term Basis Pricing (% of NYMEX) 9% 9% 9% 9%All-in FT + Basis -- NRI ($/dth) assuming $4/NYMEX $0.99 $0.99 $1.01 $1.01NGL Processing and Transportation ($/barrel) -- WI – – – $6.30NGL Processing and Transportation ($/barrel) -- NRI – – – $7.88


Commodity Hedging Summary

We employ financial instruments (primarily swaps and costless collars) to mitigate commodity price risk

Assures a base level of cash flow to reinvest in growth

Typically target hedging 50% of forecasted production for up to two years out

Add incremental hedges opportunistically beyond two years

Utilize our bank group as counterparties to avoid cash collateral and margin calls

Our hedging program helps underpin cash flow used to fund our capital investments. Significant portion of 2015 production is hedged at a weighted average price of $4.05/MMBtu

__________________________1. Hedges as of 12/31/14.

Hedge Book (1)Strategy2015 2016 2017

NYMEX Henry Hub Contract Summary

Natural Gas SwapsVolume Hedged (Bbtu/d) 166 214 60 Weighted Average Swap Price ($/MMBtu) $4.09 $4.14 $4.24

CollarsVolume Hedged (BBtu/d) 139 -- --Weighted Average Floor Price ($/MMBtu) $3.96 -- --Weighted Average Ceiling Price ($/MMBtu) $4.65 -- --

Deferred PutsVolume Hedged (BBtu/d) -- -- --Put Price ($/MMBTU) -- -- --Put Premium ($/MMBTU) -- -- --

Dominion South Point Contract SummaryNatural Gas SwapsVolume Hedged (Bbtu/d) 71 31 –Weighted Average Swap Price ($/MMBtu) $2.53 $2.62 –

TCO Contract SummaryNatural Gas SwapsVolume Hedged (Bbtu/d) 29 – –Weighted Average Swap Price ($/MMBtu) $3.30 – –

Total Volume (BBtu/d) 405 245 60Weighted Average NYMEX Floor ($/MMbtu) $4.03 $4.14 $4.24Weighted Average Appalachian Floor ($/MMbtu) $2.75 $2.62 –

% Swap 66% 100% 100%

Basis Contract Summary

TCOVolume (BBtu/d) 37 17 --Swap Price ($/MMBtu) ($0.42) ($0.42) –

Dominion SouthVolume (BBtu/d) 25 21 --Swap Price ($/MMBtu) ($0.79) ($0.79) –


Post-MLP Organizational and Credit Structure

DE

Rice E&P Subsidiaries

PA Gathering

OH Gathering

Rice Midstream Holdings LLC

Rice Midstream Management LLC

Rice Midstream Partners LPNYSE: RMP

OH WaterPA Water

E&P Credit Group

IDRs& LP

Interests

Rice Energy Inc.NYSE: RICE

Retained Midstream Credit Group

MLP Credit Group

Public Unitholders % LP interest

% LP interestNon-economic

GP Interest


Cautionary StatementsFORWARD-LOOKING STATEMENTS

This presentation and the oral statements made in connection therewith may contain “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, regarding Rice Energy’s strategy, future operations, financial position, estimated revenues and income/losses, projected costs, prospects, plans and objectives of management are forward-looking statements. These statements often include the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Rice Energy’s 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. 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, and the other risks described under “Risk Factors” in Rice Energy’s Form 10-K filed on March 21, 2014 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 Energy’s 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 Energy’s 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 SEC’s 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 Energy's wells are named after superheroes and monster trucks, some of which may be trademarked. Despite their size and strength, Rice Energy's 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.


Determination of Identified Drilling Locations as of September 30, 2014

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

Undeveloped Net Marcellus Locations: RICE assume these locations have 7,000 foot laterals and 750 foot spacing between wells which yields approximately 121 acre spacing. In the Marcellus, we 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 9/30/14, RICE had 60,713 net acres in the Marcellus which results in 351 undeveloped net locations

Undeveloped Net Western Greene County Locations: RICE assumes these locations have 7,000 foot laterals and 750 foot spacing between wells which yields approximately 121 acre spacing. In Western Greene County, 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 9/30/14, RICE had 21,913 net acres in Western Greene County which results in 139 undeveloped net locations

Undeveloped Net Upper Devonian Locations: RICE assumes these locations have 7,000 foot laterals and 1,000 foot spacing between wells which yields approximately 161 acre spacing. In the Upper Devonian, we 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 9/30/14, RICE had 55,000 net acres prospective for the Upper Devonian which results in 271 undeveloped net locations

Undeveloped Net Utica Locations: RICE assumes these locations have 8,000 foot laterals and 750 foot spacing between wells which yields approximately 138 acre spacing. In the Utica, RICE applies a 10% risking factor to its net acreage to account for inefficient unitization. As of 9/30/14, RICE had 51,324 net acres prospective for the Utica in Ohio which results in 333 undeveloped net locations. This excludes ~2,500 net acres in Guernsey and Harrison Counties in Ohio

Total undeveloped drilling locations dedicated to RMP & RICE are calculated by taking the total net RICE acreage dedicated to RMP in PA and to RICE in OH and multiplying such amount by a risking factor which is then divided by RICE’s expected well spacing. RICE grosses this up by an assumed 90% WI, then subtracts gross producing wells to arrive at gross dedicated RICE operated drilling locations.

Additional Disclosures

News & Politics

Rice Energy Investor Presentation - Jan 2015