Rice Midstream Partnerss2.q4cdn.com/444921097/files/RMP-December-2015_vFINAL.pdf2. Pro forma for...

Rice Midstream PartnersDecember 2015

2 www.riceenergy.com

RMP Investment Highlights 100% of RMP acreage dedications are located within the dry gas core of the Marcellus Shale and Utica Shales

RICE’s concentrated dry gas core position + multi-well pad drilling = minimal RMP capex to meaningfully increase gathering throughput and water delivery volumes

Significant optionality on emerging Pennsylvania Utica opportunity

RMP’s strong 2015 expected throughput growth of ~65% over 2014, driven by high quality sponsor

Significant growth expected from contracted third party dedications from top tier producers

Increased distributions in 2Q15 and 3Q15 ahead of previously anticipated distribution increase timing

RMP has a ROFO on RICE’s OH gas gathering system consisting of 57,000 acres dedicated in Belmont County

RICE recently entered into a LOI with Gulfport to provide midstream services on 77,000 acres dedicated in Belmont and Monroe Counties

Expect to continue to grow third party gathering and water services opportunities

MLP cash flow driven by scalable dry gas throughput, complementary water services business and protected with 100% fee-based contracts

Prolific assets and balance sheet strength positions RMP for continued growth through organic development and accretive acquisitions

Visible, top-tier distribution growth profile driven by disciplined and aligned sponsor, attractive drop down candidates, and high-quality third party dedications

Strategically Located Midstream Assets

Rapid Organic Growth

Premier E&P Sponsor

Attractive Drop Down Potential

Predictable Cash Flow Profile

147K net acres in the dry gas cores of the Marcellus and Utica with 13+ year inventory in each area based on 2015 drilling plan

Top-tier well results generate attractive single-well returns of approximately 20 - 30%(1) at strip pricing

Majority of 2016 production covered by firm sales and transportation and 489 BBtu/d hedged in 2016 at weighted avg. NYMEX floor price of $3.51 / MMBtu

__________________________1. Assumes strip pricing as of 10/28/2015.


Premier E&P Sponsorship – RICE

DE

PA Water

OH Gathering IDRs & LP

Interests

41%LP interest59% LP interest

Non-economic GP Interest

RICE owns 100% of the GP and IDRs and a 41% LP ownership, creating alignment between RMP and RICE

Drop Down Assets

$300MM Credit Facility +

$450MM Credit Facility

Rice Midstream Holdings LLC

Rice Midstream Management LLC(General Partner)

Public Unitholders

Gulfport JV(1)

ROFOAssets

$750MM Credit Facility

$100MM Accordion Feature

OH WaterPA Gathering

__________________________(1) Under letter of intent (LOI).


RMP: High Growth MLP in Prolific Appalachian Basin

PA gas gathering system of 4.1 MMDth/d design capacity by YE2015̶ Oversized to accommodate future growth and

emerging PA Utica potential 3Q15 throughput of 671 MDth/d with 17% 3rd party Gathering throughput driven by SW PA technical

leaders̶ ~85% of 2015E estimated throughput from RICE

operated volumes, and ~15% from 3rd parties, primarily EQT

RMP constructing ~30 miles of gathering pipeline in 2015

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

RMP 2015E EBITDA of $60MM - $65MM(1)

2015 capex budget of $200MM(1) ($100MM gathering, $90MM compression, $5MM water and $5MM maintenance)

2 independent fresh water distribution systems with access to 15.9MMGPD of fresh water from Monongahela River, Ohio River & other regional sources

GATHERING SYSTEM INFORMATION12/31/14

DedicatedGross

Acreage

3Q 2015 Throughput

(MDth/d)2015E Capex

($MM)(1)

RMP 86,000 671 $200

ASSET OVERVIEW SYSTEM MAP

OHIO

Concentrated, Prolific Position to Drive Targeted 20% Distribution Growth

Greene

Washington

Fayette

Beaver

PENNSYLVANIA

WEST VIRGINIA

OH PA

WV

Belmont

Brooke

Legend

RMP Gathering Pipeline to be Constructed

RICE Acreage

RMP Gathering Pipeline

3rd Party Dedicated to RMPRICE Acreage Dedicated to 3rdParty

RMP Water PipelineRMP Water Pipeline to be ConstructedRMP Water Interconnects

WEST VIRGINIA

GPOR Water Dedication

OHIO

__________________________1. As of November 5, 2015.


RMP Gathering and Water System Build-out

PA gathering system oversized to accommodate future growth and emerging PA Utica potential

̶ Mileage: 111 miles by YE15

̶ Total Design Capacity: 4.1 MMDth/d

Substantially all of RICE’s drilling locations within the RMP dedication will be within 2 miles of the completed PA gathering system

123 miles of water pipeline to deliver fresh water to well pads for completions

̶ 143 million gallons of water impoundment capacity

SUMMARY RMP’s midstream system has grown significantly since 2013

2013 2014 2015E


RMP Gathering Pipeline RMP Water PipelineRMP Water Pipeline to be Constructed

RICE Acreage

2011 2012

3rd Party Dedicated to RMP

RICE Acreage Dedicated to 3rd Party


RMP 3rd Party Dedications from Top Operators in the BasinSYSTEM MAP

RMP’s Assets are Well Positioned to Capture 3rd Party Growth

3rd Party Gathering Dedication SummaryPA

Dedicated Acreage 21,000

Gatherer RMP

3Q 2015 Throughput (MDth/d) 112

Contract Term ~11 years (wtd. avg)

Gathering / Compression Fee ($/Dth) $0.44 / $0.06

(1)

__________________________1. Calculated based on weighted average historic throughput.

OVERVIEW High quality 3rd party operators with active

development programs EQT and GPOR (primary 3rd party customers)

are technical leaders with strong balance sheets and attractive firm transportation portfolios and hedges to support development Pennsylvania:

̶ ~21,000 gross acres dedicated̶ 112 MDth/d gathered in 3Q 2015 (17% of

RMP’s throughput) Ohio:

̶ GPOR Water Dedication within 1.5 mile perimeter around water distribution system in Ohio

Greene

Washington

Fayette

Beaver

PENNSYLVANIA

WEST VIRGINIA

OH PA

WV

Belmont

Brooke

Legend


RICE Acreage

RMP Gathering Pipeline

3rd Party Dedicated to RMPRICE Acreage Dedicated to 3rdParty

RMP Water PipelineRMP Water Pipeline to be ConstructedRMP Water Interconnects

WEST VIRGINIA

GPOR Water Dedication

OHIO


Industry-Leading Throughput Growth3Q 2015 throughput of ~990 MDth/d through RICE and RMP midstream systems (23% 3rd Party), 12% increase from 2Q15 throughput

• RMP System: 671 MDth/d (17% 3rd Party)• RICE OH System: 319 MDth/d (36% 3rd Party)

RMP and RICE OH Midstream Historical Throughput

0

200,000

400,000

600,000

800,000

1,000,000

Dth/d

RMP - Rice Operated (PA) RMP - 3rd Party (PA) RICE - Rice Operated (OH) RICE - 3rd Party (OH)

Average Throughput (MDth/d)

2010 2011 2012 2013 2014 1Q 2015 2Q 2015 3Q 2015Throughput 4 18 61 176 409 668 887 990QoQ / YoY Growth 350% 238% 188% 133% 13% 33% 12%

(1)

__________________________1. PA 3rd party volumes as of April 2014 close of Momentum asset acquisition.


Attractive Drop Down Potential – OH GatheringSYSTEM MAPOVERVIEW

Includes OH gas gathering and compression assets OH gathering 3Q15 throughput of 319 MDth/d

̶ 36% 3rd party Gathering throughput driven by SE OH technical

leaders̶ ~65% of 2015E throughput from RICE

operated volumes, ~35% from GPOR(1)

Build-out is currently ahead of schedule̶ OH trunk line completed as designed in 2Q15

with 2.6 MMDth/d of capacity Will access TETCO, REX, DEO, and ET Rover to

deliver gas to Gulf Coast and Midwest markets 2015E EBITDA of $35MM - $40MM

Gathering System Information12/31/14

Dedicated Gross Acreage

3Q 2015 Throughput

(MDth/d)2015E Capex

($MM)(1)

RICE Retained Midstream 57,000

(2) 319 $300

Belmont

Marshall

JeffersonHarrison

Monroe

OHIO WEST VIRGINIA

LegendRICE Ohio Gathering Pipeline RICE Ohio Gathering Pipeline to be Constructed

GPOR Dedicated to RICERICE Acreage Dedicated to 3rd Party

GPOR Midstream JV(3)

Proposed Gathering for GPOR in Joint Venture

OH PA

WV

Guernsey

Premier Midstream Systems in Prolific Dry Gas Core Adds to Inventory of Drop Down Candidates__________________________1. As of November 5, 2015.2. 37,400 net acres from RICE and 19,600 net acres from GPOR.3. Under letter of intent (LOI).


Attractive Drop Down Potential – Strategic GPOR JV TRANSACTION OVERVIEW STRATEGIC RATIONALE

RICE and GPOR executed a non-binding LOI to form midstream JV to provide gas gathering, compression and water services to GPOR’s Eastern Belmont and Monroe acreage in Ohio

̶ JV will be 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 1.8MMDth/d ̶ System will consist of ~165 miles of high and low pressure

12” – 30” gathering pipelines with multiple interconnections to Rockies Express, ET Rover, TETCO, Dominion East Ohio and other future pipelines

̶ ~50,000 horsepower of compression for gathering and delivery into various downstream interstate pipelines

̶ Fresh water distribution system designed to deliver fresh water to pads for well completion operations

GPOR will dedicate ~77,000 leasehold acres and contribute an existing 11-mile gas gathering pipeline and a 350 MDth/d TETCO interconnect in Monroe County

RICE and GPOR plan to invest ~$520MM to develop gathering and compression assets and ~$120MM for water assets

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

JV strengthens Rice’s 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 and water services businesses

Leverages existing footprint to grow 3rd party business and pursue additional 3rd party opportunities within a 340,000-acre AMI̶ System designed to accommodate future growth

Significantly adds to RICE’s attractive inventory of drop down candidates


Successful Water Services Business Acquisition SummaryTRANSACTION OVERVIEW TRANSACTION HIGHLIGHTS

__________________________1. Excludes Gulfport midstream JV.2. Pro forma for close of water services business acquisition and private placement of common units for $175MM gross proceeds.3. Assumes fee of $0.06 per gallon in Pennsylvania and 11,000,000 gallons of water per well that utilize the fresh water delivery system based on a 7,000’ lateral.4. Assumes fee of $0.07 per gallon in Ohio and 16,900,000 gallons of water per well that utilize the fresh water delivery system based on a 9,000’ lateral.

Acquisition Complementary to Existing Assets and Accretive to DCF per Unit

Immediately accretive to distributable cash flow per unit & RMP increases 2015 DCF coverage to 1.15 – 1.2x

Integrates RMP’s gathering and compression business with water services business and enhances 3rd party opportunities

Volumetric tiers provide revenue and cash flow stability

Minimal future organic capital requirements for RICE development

RMP has $369 million pro forma(2) liquidity to fund future midstream development

RMP acquired Rice Energy’s water business for consideration of $200 million at closing plus a $25 million earn out upon achievement of certain increases to system capacities, less the capital expenditures, if any, invested to achieve such increases̶ $200 million purchase price funded with borrowings under RMP’s

RCF; RCF will partially repaid with proceeds from $175MM PIPE

WATER SERVICES AGREEMENTS OVERVIEWTiered Fresh Water Fee Pennsylvania OhioFresh Water Volumes (MMGal / Well)

Tier I 20

Fee ($ / Gallon)

Tier I $0.07 $0.08

Tier II $0.03 $0.04

Thereafter $0.01 $0.02

Expected Weighted Average Fee (3)(4) $0.06 $0.07

Produced Water Services Fee 2% of cost 2% of cost

ASSET OVERVIEW Fresh water distribution systems(1) & related facilities servicing Marcellus

and Utica completion operations in PA and OH̶ Includes 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 15.9 MMGPD of fresh water from the Monongahela River (PA), Ohio River (OH) & other regional sources in southwest PA and southeast OH

̶ 123 miles of pipeline and 143 million gallons of water impoundment capacity

As compared to trucking, water distribution systems are the more efficient way to transport fresh water for completions̶ Faster, more reliable completion jobs

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

̶ Improved social responsibility Reduces truck traffic and resulting emissions, noise, road

repairs and safety incidents


__________________________1. Assumes fee of $0.06 per gallon and operating expense of $0.013 per gallon in Pennsylvania and 11,000,000 gallons of water per well that utilize the fresh water delivery system based on a 7,000’ lateral.2. Assumes fee of $0.07 per gallon and operating expense of $0.013 per gallon in Ohio and 16,900,000 gallons of water per well that utilize the fresh water delivery system based on a 9,000’ lateral.

Acquisition Assets – Integrated Water Services BusinessWATER SERVICES BUSINESS OVERVIEW WATER DISTRIBUTION SYSTEM MAP

Delivers fresh water to well pads for completions

Collects, recycles or disposes of flowback and produced water for RICE & 3rd parties

Volumetric fee structure to provide revenue & cash flow stability

PENNSYLVANIA & OHIO WATER SYSTEMS

PA trunk line substantially complete in 1Q15 and OH trunk line substantially complete in 3Q15

Trunk lines consist primarily of 24-30” polyethylene pipe & laterals consist of 18” polyethylene pipe

~100% of 2016E PA volumes expected to come from RICE & ~75% of 2016E OH volumes expected to come from RICE

PROJECTED FRESH WATER DELIVERY INFRASTRUCTUREPA OH TOTAL

Water Pipeline (Miles) 69 54 123

Connected Sources (MMGPD) 7.7 8.2 15.9

Cash Operating Margin: $517,000(1) $963,000(2)

Water Pipeline Water Pipeline to be ConstructedRICE Acreage

WetzelPA

OH

Greene

Washington

Monroe Marshall

Harrison

Jefferson

Ohio

Brooke

Beaver AlleghenyCarroll

Belmont

Monongahela River

Withdrawal

Ohio RiverWithdrawal

OH PA

WVGPOR Water Dedication


FINANCIAL SUMMARY

RMP Third Quarter 2015 Financial Summary

Third quarter average daily throughput of 671 MDth/d 3% increase from 2Q average throughput

Adjusted EBITDA of $15.6MM Distributable Cash Flow of $13.9MM DCF coverage ratio of 1.25x

Solid third quarter results supported by strong throughput growth, well capitalized balance sheet and ample liquidity

$100MM drawn under our revolving credit facility $19MM of cash on hand

Three Months Ended($ in millions, except per unit data) September 30, 2015Affiliate gathering volumes (MDth/d) 559 Third-party gathering volumes (MDth/d) 112

Total gathering volumes (MDth/d) 671

Total operating revenues $20.1

Total operating expenses $7.2Total operating income $13.0

Adjusted EBITDA $15.6

Distributable cash flow $13.9DCF / unit $0.2419

Distribution declared $11.1Distribution / unit $0.1935

DCF coverage ratio 1.25x

($ in millions) September 30, 2015Revolver capacity $450Less: Borrowings 100 Plus: Cash and cash equivalents 19

Liquidity $369

Increased distribution to $0.1935 / unit for 3Q15 $0.003 / unit increase

Expect to increase distributions with targeted 4Q15 distribution of $0.1965 / unit 5% increase above MQD of $0.1875 / unit

20% distribution growth target in 2016

__________________________1. Pro forma for close of water services business acquisition (excluding earn out) and private placement of common units for $175MM gross proceeds.

DISTRIBUTIONS

OPERATING METRICS LIQUIDITY AS OF SEPTEMBER 30, 2015(1)

Financial Summary

Three Months Ended

($ in millions, except per unit data)September 30, 2015

Affiliate gathering volumes (MDth/d)559

Third-party gathering volumes (MDth/d)112

Total gathering volumes (MDth/d)671

Total operating revenues$20.1

Total operating expenses$7.2

Total operating income$13.0

Adjusted EBITDA$15.6

Distributable cash flow$13.9

DCF / unit$0.2419

Distribution declared$11.1

Distribution / unit$0.1935

DCF coverage ratio1.25x

($ in millions)

Revolver capacity$ 450

Less: Borrowings30

Plus: Cash and cash equivalents—

Liquidity$ 420

EBITDA

Three Months Ended

($ in thousands)March 31, 2015

Adjusted EBITDA reconciliation to loss from continuing operations:

Net income$ 9,068

Interest expense394

Depreciation expense1,449

Amortization of intangible assets408

Non-cash stock compensation expense996

Amortization of deferred financing costs144

Adjusted EBITDA$ 12,459

Cash interest expense(394)

Estimated maintenance capital expenditures(1,120)

Distributable cash flow$ 10,945

Reconciliation of Adjusted EBITDA to Cash used in operating activities:


Interest expense$ (394)

Changes in operating assets and liabilities which provided cash(12,134)

Net cash used in operating activities$ (69)

Financial Summary

Three Months Ended

($ in millions, except per unit data)March 31, 2015

Affiliate gathering volumes (MDth/d)557

Third-party gathering volumes (MDth/d)98

Total gathering volumes (MDth/d)655

Total operating revenues$ 20

Operating expenses67

Total operating income$ 13

Adjusted EBITDA$ 17

Distributable cash flow$ 15

DCF / unit$ 0.2624

Distribution declared$ 11

Distribution / unit$ 0.1905

Coverage ratio1.38x

Three Months Ended

($ in millions)September 30, 2015

Revolver capacity$450

Less: Borrowings100

Plus: Cash and cash equivalents19

Liquidity$369

EBITDA

Three Months Ended

($ in thousands)March 31, 2015

Adjusted EBITDA reconciliation to loss from continuing operations:

Net income$ 9,068

Interest expense394

Depreciation expense1,449

Amortization of intangible assets408

Non-cash stock compensation expense996

Amortization of deferred financing costs144


Cash interest expense(394)

Estimated maintenance capital expenditures(1,120)

Distributable cash flow$ 10,945

Reconciliation of Adjusted EBITDA to Cash used in operating activities:


Interest expense$ (394)

Changes in operating assets and liabilities which provided cash(12,134)

Net cash used in operating activities$ (69)


RMP Financial Overview

2015 UPDATED GUIDANCE(2)$ in millions, except per share data, as of 9/30/15Common Units 42 Subordinated Units 29

Total Units Outstanding (MM) 71 Price as of 9/30/15 $13.32

Market Capitalization $945Cash 19 Revolving credit facility 100

Enterprise Value $1,026

Leverage Statistics3Q15 Debt / EBITDA 1.2xEBITDA / Interest NMDebt to EBITDA Covenant 4.75x

Liquidity SummaryRevolving credit facility $450Less: amount drawn 100 Availability under RCF $350Plus: cash on hand 19 Liquidity as of 9/30/15 $369

2015 Capital Budget (in millions)

Gas Gathering $100Compression 90 Water 5

Total Expansion Capex $195Maintenance Capex 5

Total Capital Expenditures $200

GuidanceAdjusted EBITDA (in millions) $60 $65

% Third Party EBITDA 20%Distributable Cash Flow (in millions) $52 $57Average DCF Coverage Ratio 1.15x 1.2x2015 Distribution(3) ($ per unit) $0.7680

__________________________1. Pro forma for close of water services business acquisition (excluding earn out) and private placement of common units.2. As of November 5, 2015, unless otherwise stated.3. As of August 6, 2015.

CAPITALIZATION AND LIQUIDITY AT 9/30/15(1)

Sheet1

$ in millions, except per share data, as of 9/30/152015 Capital Budget (in millions)

Common Units42

Subordinated Units29Gas Gathering$ 85

Total Units Outstanding (MM)71Compression$ 90

Price as of 9/30/15$13.32Total Expansion Capex$ 175

Market Capitalization$945Maintenance Capex$ 5

Cash19Total Capital Expenditures$ 180

Revolving credit facility100

Enterprise Value$1,026

Guidance

Adjusted EBITDA (in millions)$55 $60

% Third Party20%

Leverage StatisticsDistributable Cash Flow (in millions)$48 $53

3Q15 Debt / EBITDA1.2xAverage DCF Coverage Ratio1.1x 1.2x

EBITDA / InterestNMAnnualized Distribution ($ per unit)$0.75

Debt to EBITDA Covenant4.75x

Liquidity SummaryRMP Units Owned

Revolving credit facility$450% of RMP Units - Public50%

Less: amount drawn100% of RMP Units - RICE50%

Availability under RCF$350% of RMP IDRs - RICE100%

Plus: cash on hand19

Liquidity as of 9/30/15$369

Sheet1

$ in millions, except per share data, as of 6/30/152015 Capital Budget (in millions)

Common Units29

Subordinated Units29Gas Gathering$100

Total Units Outstanding58Compression90

Water5

Price as of 6/30/15$ 17.36Total Expansion Capex$195

Market Capitalization$ 1,007Maintenance Capex5

Cash-Total Capital Expenditures$200

Revolving credit facility30

Debt-

Enterprise Value$ 1,037

Guidance

Adjusted EBITDA (in millions)$60 $65

% Third Party EBITDA20%

Leverage StatisticsDistributable Cash Flow (in millions)$52 $57

Debt / EBITDA[0.0x]Average DCF Coverage Ratio1.15x 1.2x

EBITDA / Interestnm2015 Distribution(3) ($ per unit)$0.7680

Debt to EBITDA Covenant4.75

Liquidity SummaryRMP Units Owned

Revolving credit facility$ 450% of RMP Units - Public50%

Less: amount drawn30% of RMP Units - RICE50%

Availability under RCF$ 420% of RMP IDRs - RICE100%

Plus: cash on hand-

Liquidity as of 3/31/15$ 420


RICE Overview


Concentrated, Core AssetsCORE ASSETS

Monroe

Harrison

Greene

WashingtonBelmont

Fayette

Monongalia

Utica Core

Marcellus Core

COMPANY TOTAL

UTICA

PA MARCELLUS

Highly concentrated position of ~147,000 net acres in the cores of the lowest breakeven gas shale plays in the U.S. ~1,230 net undeveloped locations(1)

609 MMcfe/d net 3Q15 production from 136 net wells Breakeven NYMEX PV-10 of $2.35-$3.05 / MMBtu 489 BBtu/d hedged in 2016 at $3.51 / MMBtu

~56,000 net Ohio Utica acres,


Utica DryW. GreeneMarcellus

5%

22%

46%

78%

118%

169%

13%

32%

56%

87%

124%

168%

8%

27%

53%

88%

132%

–

25%

50%

75%

100%

125%

150%

175%

200%

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

Deep Inventory of High Returning ProjectsLow breakevens between $2.35-$3.05/MMBtu = profitable returns throughout the commodity price cycle

Net Locations 356 139 302NYMEX PV-10 Breakeven ($/MMBtu)(2) $2.65 $3.05 $2.35

__________________________Note: See appendix for summary of assumptions used to generate single well IRRs.1. Basis assumption = 9% of NYMEX, Firm Transportation cost (“FT”) assumption = $0.52/MMBtu and Heat content uplift (“BTU”) assumption = 1050 MMBtu/Mcf. Marcellus heat content = 1050, W. Greene = 1090, Utica Dry = 1080.2. See appendix for a detailed explanation of adjusted midstream fees. Marcellus 750’ economics assume E&P is burdened by 41% of the gathering and compression fee (RICE owns a 41% 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).

NYMEX($/MMBtu)

IRR

$1.84 $2.32 $2.80 $3.28 $3.75 $4.23Realized (FT+Basis+Btu $/Mcf)(1)

20-30% Returns at Strip Pricing

INVENTORY AND RETURNS SUMMARY


$625

$300 $350

$221

$846

$369

–

$200

$400

$600

$800

$1,000

Rice Energy Rice Midstream Holdings Rice Midstream Partners

Cash

AvailableRevolver

Strong Balance Sheet with Stable and Predictable Cash FlowsRICE is capable of funding 100% of 2015 capital plan with liquidity on-hand Favorable credit metrics & covenants ensure flexibility

Debt/EBITDA Covenant NONE 4.25x 4.75x3Q15 Debt / EBITDA 2.6x(3) NM 1.2x

EBITDA/Interest Covenant 2.5x 2.5x 2.5xLTM EBITDA/Interest 4.6x NM NM

(E&P)

(1)

__________________________Note: Pro forma for close of water services business acquisition (excluding earn out) and private placement of common units. (1) E&P segment cash balance.(2) Assumes $750MM borrowing base less $125MM letters of credit balance at 9/30/15.(3) Third quarter net debt, divided by run rate EBITDA, which is third quarter EBITDA annualized.

$MM

Leverage Metrics as of 9/30/15

$1.2B aggregate liquidity (excl. CFFO) v. remaining 2015 capex of ~$225MM

$369MM liquidity (excl. CFFO) v. remaining 2015 capex of ~$65MM

CASH & REVOLVER CAPACITY – 9/30/15

(2)

(1)

$100MM Accordion

$319


Ohio Utica Well Results To Date

Wells Turned Avg. Lateral Flow Rates (MMcf/d) D&CPeriod To Sales Length 0-90 91-180 181-360 ($/Ft)2Q 2014 1 6,957 14.0 14.2 15.9 3,316$ 3Q 2014 2 8,879 14.5 15.9 16.3 2,027$ 4Q 2014 - NA NA NA NA NA1Q 2015 2 8,639 16.0 13.5 NA 1,901$ 2Q 2015 11 9,963 15.4 NA NA 1,608$ 3Q 2015 - NA NA NA NA NA

Total 16 9,474 15.3 14.6 16.2 1,804$

* Flow rates based on wells with available history

Strong Execution Drives Consistent Results

__________________________1. Assumes RICE + GPOR collectively have a 90% working interest in a given unit.2. Based on production data as of September 30, 2015.

Consistent, Low Risk, Repeatable Results

Concentrated core Utica assets in southeastern OH RICE 62% operated and 43% non-operated avg. WI

with GPOR(1) in strategic AMI

17 operated (12 net) and 36 non-operated (7 net) wells producing at 3Q15 Avg. 3Q15 net production of 199 MMcfe/d

First PA Utica well turned to sales on August 25th

Initial flowback pressure of 10,254 psi

Producing at a restricted rate of 12 MMcf/d with favorable pressure declines

Concentrated core Marcellus assets in southwestern PA 114 net Marcellus wells producing at 3Q15

Avg. 3Q15 net production 410 MMcfe/d

Deep inventory of low-risk, low-breakeven Marcellus 10% IRR at $1.99/Mcf realized price ($2.65 NYMEX)

Multiple outlets (TCO, TETCO, DOM) with FT to premium markets (Gulf Coast, Midwest, Canada)

PENNSYLVANIA OPERATIONAL HIGHLIGHTS OHIO OPERATIONAL HIGHLIGHTS

(2) (2)

Marcellus Well Results To Date

Wells Turned Avg. Lateral Flow Rates (MMcf/d) D&CPeriod To Sales Length 0-90 91-180 181-360 ($/Ft)2010-2011 6 3,279 5.7 6.0 4.4 2,342$ 2012 9 5,731 9.2 10.0 6.8 1,583$ 2013 22 6,320 11.2 10.6 7.6 1,437$ 2014 41 7,272 10.6 9.2 7.2 1,236$ 1Q 2015 8 6,225 7.6 7.3 NA 1,312$ 2Q 2015 14 8,185 10.9 NA NA 1,219$ 3Q 2015 14 6,940 NA NA NA 1,029$

Total 114 6,754 10.1 9.1 7.0 1,338$

* Flow rates based on wells with available history


0

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60

80

100

120

140

160

180

200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Industry Activity – Concentrated in the Core

97

55

44

3333

125

22

104

3033

2

0 5 10 15 20 25 30 35

Peer 1

Peer 2

Rice Energy

Peer 4

Peer 5

Peer 6

Peer 7

Peer 8

Peer 9

Peer 10

Top Ten Active Operators

Laid Down From PeakActive

December 2015: 61 Rigs

Rig Count

PA Marcellus

Pennsylvania

West Virginia

Ohio

RICE’s Core Position Allows for Steady, Economic Development Even in Today’s Environment

Dec 201561 RigsAug 2009

61 Rigs

Appalachia Rig Counts(1): 2007 - 2015

8+ Rigs

4-7 Rigs

2-3 Rigs

1 Rig

RICE Acreage# of

Rig

s

__________________________(1) RigData + Baker Hughes Rig Reports.

Activity migrated to most economic counties

RICE’s assets are located in the three most active counties in Appalachia

Early 2012 Peak of 175 Rigs


Diverse Market Exposure

_______________________1. Conversion of Dth to Mcf assumes 1,050 Btu factor.2. Source: Company Filings, TPH Estimates.

FT portfolio includes 1.3 MMDth/d (1.2 Bcf/d) of firm capacity to premium North American markets(1)

Canadian Markets

Gulf Coast Markets

Gulf Coast Demand/Exports by

2020: +17 to 19 Bcf/d(2)

Midwest (MDth/d)2015 2016 2017

82 107 57

Gulf Coast (MDth/d)2015 2016 2017340 500 603

Midwest Markets TCO (MDth/d)2015 2016 2017123 85 85

Appalachian Markets

RICE Acreage

Northeast (MDth/d)2015 2016 2017282 201 191

LNG+10.0

Industry+2.0

Power+ 3.5

Mexico+3.8

RICE Firm Capacity Commitments(MDth/d)Project Pipeline Start Date Volume MarketTEAM South TETCO Sept 2014 270 Gulf CoastWestside Expansion CGT/TCO Nov 2014 125 TCO, Gulf CoastRockies Express REX Aug 2015 175 Midwest/Canada/Gulf CoastUnion Town to Gas City TETCO Sept 2015 87 Midwest/Gulf CoastOPEN TETCO Sept 2015 50 Gulf CoastET Rover Rover July 2017 100 CanadaAccess South TETCO Nov 2017 320 Gulf Coast

Canada (MDth/d)2015 2016 2017

4 25 75

Gulf Coast demand growth will be ~3x larger

than NE demand growth(2)

Chart1

LNG

Industry

Power

Mexico

LNG+10.0

Industry+2.0

Power+ 3.5

Mexico+3.8

10

2

3.5

3.8

Sheet1

LNG10

Industry2

Power3.5

Mexico3.8


36% 51% 38%

51%

46%

18%

16%

18%

11% 6%

22%

20%

14% 15%

8%

24% 13%

30% 23% 40%

(0.38)

(0.28)

(0.43)

(0.32)

(0.41)

(0.50)

(0.45)

(0.40)

(0.35)

(0.30)

(0.25)

(0.20)

(0.15)

(0.10)

(0.05)

-

–

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

3Q15 4Q15 2015 2016 2017Gulf Coast TCO Midwest/Dawn DTI / M2 / M3 Basis Differential

Basis Exposure and Realized Pricing

Expect Appalachian basis exposure (M2/M3/DTI) to decrease throughout the year as firm transportation projects come online: REX (August 2015), Union Town to Gas City (Sept. 2015) and TETCO Open (Sept. 2015)

($0.43)/MMBtu basis differential in 2015

Firm transportation covers ~100% of 2015 production volumes

BASIS EXPOSURE AND BASIS DIFFERENTIAL$/MMBtu

_______________________1. Strip as of 10/23/15.

3Q15 4Q15 2015 2016 2017NYMEX Henry Hub Strip ($/MMBtu) $ 2.73 $ 2.36 $ 2.67 $ 2.67 $ 2.94 Plus/Less: Average Basis Impact (0.38) (0.28) (0.43) (0.32) (0.41) Less: Firm Transportation Fuel & Variables (0.14) (0.17) (0.13) (0.15) (0.12) Plus: BTU Uplift (MMBtu/Mcf) $ 0.11 $ 0.12 $ 0.11 $ 0.15 $ 0.16

Pre-Hedge Realized Price ($/Mcf) $ 2.32 $ 2.03 $ 2.22 $ 2.35 $ 2.57 Plus: Realized Hedging Gain/Loss ($/Mcf) 0.86 1.33 0.95 0.63 0.13

Post Hedged Realized Price ($/Mcf) $ 3.18 $ 3.36 $ 3.17 $ 2.98 $ 2.70 Plus: Firm Transportation Sales, Net ($/Mcf) - - 0.02 - -

Adjusted Post-Hedge Realized Price ($/Mcf) $ 3.18 $ 3.36 $ 3.19 $ 2.98 $ 2.70 FT Demand Expense ($/Mcf) (0.36) (0.47) (0.37) (0.42) (0.38)

FT Expense (Fuel & Variables + Demand) ($/MMBtu) (0.50) (0.64) (0.50) (0.57) (0.50) FT Expense + Basis + BTU Uplift ($/MMBtu) (0.77) (0.80) (0.82) (0.74) (0.75)

(1)

Basis & Pricing

90919292365365

Basis Exposure

1Q152Q153Q154Q15201520162017Rem 2015

Gulf Coast27%35%36%51%38%51%42%43%

TCO23%17%18%16%18%11%7%17%

Midwest/Dawn1%9%22%20%14%15%10%21%

DTI / M2 / M349%39%24%13%30%23%41%18%

Total100%100%100%100%100%100%100%100%

TETCO-M210%11%3%1%6%8%

M32%

Dominion39%26%17%12%21%15%

Realized Price

1Q152Q153Q154Q15201520162017

NYMEX Henry Hub Strip ($/MMBtu)$ 2.87$ 2.72$ 2.73$ 2.36$ 2.67$ 2.67$ 2.94

Plus/Less: Average Basis Impact(0.47)(0.61)(0.38)(0.28)(0.43)(0.32)(0.41)

Less: Firm Transportation Fuel & Variables(0.09)(0.13)(0.14)(0.17)(0.13)(0.15)(0.12)

Plus: BTU Uplift (MMBtu/Mcf)$ 0.11$ 0.10$ 0.11$ 0.12$ 0.11$ 0.15$ 0.16

Pre-Hedge Realized Price ($/Mcf)$ 2.42$ 2.08$ 2.32$ 2.03$ 2.22$ 2.35$ 2.57b

Plus: Realized Hedging Gain/Loss ($/Mcf)0.700.890.861.330.950.630.13

Post Hedged Realized Price ($/Mcf)$ 3.12$ 2.97$ 3.18$ 3.36$ 3.17$ 2.98$ 2.70

Plus: Firm Transportation Sales, Net ($/Mcf)0.080.01- 0- 00.02- 0- 0

Adjusted Post-Hedge Realized Price ($/Mcf)$ 3.20$ 2.98$ 3.18$ 3.36$ 3.19$ 2.98$ 2.70

FT Demand Expense ($/Mcf)(0.33)(0.31)(0.36)(0.47)(0.37)(0.42)(0.38)

FT Expense (Fuel & Variables + Demand) ($/MMBtu)(0.40)(0.42)(0.50)(0.64)(0.50)(0.57)(0.50)

FT Expense + Basis + BTU Uplift ($/MMBtu)(0.76)(0.93)(0.77)- 0(0.80)(0.82)(0.74)(0.75)

Gulf Coast

3Q154Q152015201620170.360.509603941863748360.380.510.42TCO

3Q154Q152015201620170.184592002954558690.161737027510178650.180.117.0000000000000007E-2Midwest/Dawn

3Q154Q152015201620170.220.201082810264009840.140000000000000010.148241516261466890.1DTI / M2 / M3

3Q154Q152015201620170.240.127576220362063260.30.229831181264245730.41Basis Differential

3Q154Q1520152016-0.38-0.28000000000000003-0.43-0.32-0.41

Hedging

Financial Hedging Detail

All-In Fixed Price Derivatives2015Rem. 20152016201720182019

NYMEX Natural Gas Swaps

Volume Hedged (BBtu/d)1661943081155–

Wtd. Avg. Swap Price ($/MMbtu)$4.09$4.07$3.87$3.81$3.60–

NYMEX Natural Gas Swing Swaps

Volume Hedged (BBtu/d)6–––––

Wtd. Avg. Swap Price ($/MMbtu)$2.77–––––

NYMEX Natural Gas Collars

Volume Hedged (BBtu/d)1391585022022050

Wtd. Avg. Collar Price ($/MMbtu)$4.65$4.65$3.60$3.61$3.69$3.78

Wtd. Avg. Floor Price ($/MMbtu)$3.96$3.96$2.91$3.13$3.20$3.24

Total NYMEX Price Derivatives

NYMEX Volume Hedged (BBtu/d)31135335833522550

% of Modeled Production61%51%34%17%3%

Swap & Collar Floor ($/MMbtu)$4.01$4.02$3.74$3.36$3.21$3.24

Dominion Natural Gas Swaps

Volume Hedged (BBtu/d)717131–––

Wtd. Avg. Swap Price ($/MMbtu)$2.53$2.49$2.62–––

TCO Natural Gas Swaps90440

Volume Hedged (BBtu/d)2941––––91529

Wtd. Avg. Swap Price ($/MMbtu)$3.30$3.30––––92512

92500

Total Fixed Price Derivatives365495.5

Total Fixed Volume Hedged (BBtu/d)410465389335225501.05531.3

% of Modeled Production80%56%34%17%3%

Swap & Collar Floor ($/MMbtu)$3.70$3.72$3.65$3.36$3.21$3.2488%

Basis Contract Derivatives2015Rem. 20152016201720182019

TCO Basis Swaps

Volume Hedged (BBtu/d)47533417––

Wtd. Avg. Swap Price ($/MMbtu)($0.36)($0.32)($0.33)($0.34)––

DOM Basis Swaps


Wtd. Avg. Swap Price ($/MMbtu)($1.12)($1.12)($1.10)($0.98)($0.70)($0.61)

M2 Basis Swaps

Volume Hedged (BBtu/d)24204060––

Wtd. Avg. Swap Price ($/MMbtu)($0.94)($0.94)($1.08)($1.01)––

ELA Basis Swaps


Wtd. Avg. Swap Price ($/MMbtu)($0.13)($0.13)($0.10)($0.08)($0.09)–

MichCon Basis Swaps



Chicago Basis Swaps

Volume Hedged (BBtu/d)––401010–

Wtd. Avg. Swap Price ($/MMbtu)––($0.05)($0.16)($0.19)–

ANR SE Basis Swaps

Volume Hedged (BBtu/d)––15–––

Wtd. Avg. Swap Price ($/MMbtu)––($0.13)–––

Physical Triggered Basis 2015Rem. 20152016201720182019

Appalachian Fixed Basis (Physical)

Volume Hedged (BBtu/d)252521–––

Wtd. Avg. Swap Price ($/MMbtu)($0.72)($0.72)($0.79)–––

MichCon Fixed Basis (Physical)


Wtd. Avg. Swap Price ($/MMbtu)$0.05$0.05$0.05$0.05$0.05–

Gulf Coast Fixed Basis (Physical)



Total Basis Hedges

App1091141401277560

Gulf Coast9611717513013092

MichCon2574242220

Total Basis207235389281227172

Hedge & Basis Summary

Rem.

201520152016201720182019

Hedged M2 / Dominion Volumes (BBtu/d)1331321371107560

Wtd Avg Floor Price ($/MMBtu)$2.80$2.78$2.69$2.37$2.51$2.63

Weighted Strip as of 04/23/151.571.571.952.242.592.73

% of Estimated Production18%18%23%36%36%44%

% of Basis Hedged152%100%n.a.n.a.n.a.ERROR:#DIV/0!

% Unheded(52%)(26%)n.a.n.a.n.a.n.a.

Implied All-In Realized ($/MMBTU)$3.44$3.10n.a.n.a.n.a.n.a.

Hedged TCO Volumes (BBtu/d)76943417––

Wtd Avg Floor Price ($/MMBtu)$3.51$3.53$3.40$3.02––



% of Basis Hedged114%100%n.a.n.a.n.a.–

% Unheded(14%)(19%)n.a.n.a.n.a.n.a.


Hedged Gulf Coast Volumes (BBtu/d)199234144183128–

Wtd Avg Floor Price ($/MMBtu)$3.93$3.94$3.57$3.26$3.06–



% Hedged at Henry Hub83%82%39%40%19%–

% of Basis Hedged40%50%n.a.n.a.n.a.14%

% Unheded17%18%n.a.n.a.n.a.n.a.


Hedged Chicago/Dawn Volumes (BBtu/d)2574242220

Wtd Avg Floor Price ($/MMBtu)$4.03$4.04$3.71$3.31$3.13$3.12



% of Basis Hedged3%4%n.a.n.a.n.a.14%

Total Hedged Volumes (BBtu/d)41046538933522580

Wtd Avg Fixed Floor Price ($/MMBtu)$3.72$3.65$3.36$3.21

Wtd Avg Basis Floor Price ($/MMBtu)$3.49$3.53$3.27$2.96$2.88$2.76

% Hedged88%n.a.n.a.n.a.n.a.

% Hedged76%80%56%34%17%5%

9/30 Min % Hedged75%75%63%46%40%

Contracts to Execute113283957

Net Production (BBtu/d)531

Bryan Stephenson: Bryan Stephenson:Updated Guidance6979811,3411,553

100%100%100%100%

2Q15 Hedging

2Q15 Hedged Production

4/30/155/31/156/30/15

Swap Volume (BBtu)3,8204,7904,610

Swing Swaps (BBtu)–1,230840

Collar Volume (BBtu)3,6003,4103,600

Deferred Put Volume (BBtu)–––

Double Ups–––

Extendibles–––

Total Hedged Volume (BBTU)7,4209,4309,050

Hedged Volume Less Deferred Puts (BBtu)7,4209,4309,050

Hedged Volumes

Total NYMEX (BBTU)7,4209,4309,050

DOMSP2,6551,8762,025

TCO1,245977645

Total Hedged Volume (BBTU)11,32012,28211,720

Wtd. Average Floor

Total NYMEX (BBTU)$4.04$3.87$3.91

DOMSP$2.51$2.50$2.55

TCO$3.30$3.29$3.31

2Q15 Wtd. Average Floor$3.62

2Q15 % Fixed Price Hedged70%

Total 2Q15 ProductionMMcfe/d529

MMcfe9148,139

BBtu1.0550,546

Hedged VolumesBBtu35,322


3Q15 net production of 609 MMcfe/d; 15% increase from 2Q15 Includes 30 MMcfe/d of positive working interest adjustments

76% of 3Q15 production sold to premium, non-Appalachian mkts Record adjusted EBITDAX of $119MM; 122% increase from 3Q14 Increased borrowing base ~15% to $750MM in October

RICE Third Quarter 2015 Financial Summary

FINANCIAL SUMMARYSolid third quarter results supported by well-capitalized balance sheet and ample liquidity

FINANCIAL & OPERATING STATISTICS9/30/2015

Total production (MMcfe/d) 609 % Gas 100%% Operated 92%% Marcellus 68%

Actual ($MM) $ / McfeNYMEX Henry Hub price ($/MMBtu) $2.73

Average basis impact ($/MMBtu) (0.38) Firm transportation fuel & variables ($/MMBtu) (0.14) Btu uplift (MMBtu/Mcf) 0.11

Pre-hedge realized price ($/Mcf) 2.32 Realized hedging gain ($/Mcf) 0.86

Post-hedge realized price ($/Mcf) 3.18 Net firm transportation sales -

Adjusted realized price ($/Mcf) $3.18

Lease operating $12 0.22 Gathering, compression and transportation 24 0.43 Production taxes and impact fees 2 0.03 General and administrative 24 0.43 Depletion, depreciation and amortization 89 1.59

Adjusted EBITDAX $119

($ in millions) 9/30/2015

CashRice Energy $221Rice Midstream Holdings 19 Rice Midstream Partners 19

Total consolidated cash $259

Long-term debtRice Energy

E&P credit facility - 6.25% Senior notes due 2022 900 7.25% Senior notes due 2023 397

Total Rice Energy debt 1,297 Rice Midstream Holdings revolver - Rice Midstream Partners revolver 100

Total consolidated debt $1,397Net debt 1,138

Shareholders equity $1,954Total capitalization $3,351

CAPITALIZATION AT 9/30/2015(1)

__________________________1. Pro forma for close of water services business acquisition (excluding earn out) and private placement of common units for $175MM gross proceeds.

Sheet1

2Q 2015

9/30/15($ in millions)3/31/15

Total production (MMcfe/d)609

% Gas100%Cash

% Operated92%Rice Energy $ 339

% Marcellus68%Rice Midstream Holdings 1

Actual ($MM)$ / McfeRice Midstream Partners 9

NYMEX Henry Hub price ($/MMBtu)$2.73Total consolidated cash $ 349

Average basis impact ($/MMBtu)(0.38)

Firm transportation fuel & variables ($/MMBtu)(0.14)Long-term debt

Btu uplift (MMBtu/Mcf)0.11Rice Energy

Pre-hedge realized price ($/Mcf)2.32E&P credit facility$ -52856580.22

Realized hedging gain ($/Mcf)0.866.25% Senior notes due 2022900Total production528.5658021978

Post-hedge realized price ($/Mcf)3.187.25% Senior notes due 2023397E&P Revenue101328730

Net firm transportation sales- 0Total Rice Energy debt1,2971.917050433

Adjusted realized price ($/Mcf)$3.18Rice Midstream Holdings revolver17Hedging Gain47042356.3958

Rice Midstream Partners revolver-Lease Operating12157013.4506

Lease operating$120.22Shareholders equity$ 1,996

Gathering, compression and transportation240.43Total capitalizationERROR:#REF!

Production taxes and impact fees20.03Total net capitalizationERROR:#REF!

General and administrative240.43

Depletion, depreciation and amortization891.59

Adjusted EBITDAX$119

Sheet1

2Q 2015

Actual($ in millions)9/30/15

Total production (MMcfe/d)529

% Gas99%Cash

% Operated90%Rice Energy $221

% Marcellus77%Rice Midstream Holdings 19

Rice Midstream Partners 19

NYMEX Henry Hub price ($/MMBtu)$ 2.72Total consolidated cash $259

Average basis impact ($/MMBtu)[(0.73)]

Firm transportation fuel & variables ($/MMBtu)[(0.01)]Long-term debt

Btu uplift (MMBtu/Mcf)0.10Rice Energy

Pre-hedge realized price ($/Mcf)2.08E&P credit facility-52856580.22

Realized hedging gain ($/Mcf)0.896.25% Senior notes due 2022900Total production528.5658021978

Post-hedge realized price ($/Mcf)2.977.25% Senior notes due 2023397E&P Revenue101328730

Net firm transportation sales0.01Total Rice Energy debt1,2971.917050433

Adjusted realized price ($/Mcf)$ 2.98Rice Midstream Holdings revolver-Hedging Gain47042356.3958

Rice Midstream Partners revolver100Lease Operating12157013.4506

Average costs per Mcfe:Actual ($MM)$ / McfeTotal consolidated debt$1,397EBITDAX1.7903163543

E&P Revenue (including net FT sales)$ 101$ 1.92Net debt1,138

Hedging gain470.89

Lease operating120.23Shareholders equity$1,954

Gathering, compression and transportation170.35Total capitalization$3,351Assets4,033,720

Production taxes and impact fees40.08Total net capitalization3,092Liabilities2,088,373

General and administrative190.391,945,347

Depletion, depreciation and amortization731.52

Adjusted EBITDAX$ 95$ 1.79


$ millions, except per unit data, as of 11/4/15

Common Units 42 Subordinated Units 29

Total Units Outstanding (MM) 71 Price as of 11/4/2015 $14.00

Market Capitalization $994Cash (1) 19 Revoling credit facility (1) 100


Distribution / Unit $0.1935Yield 5.53%

52 Week Price RangeHigh $17.94Low $11.22

Website:Investor Contact:

www.ricemidstream.com

[email protected] Danvers

RMP and RICE Market Snapshot

Rice Midstream Partners LP(NYSE: RMP)

Rice Energy Inc.(NYSE: RICE)

__________________________1. As of September 30, 2015, pro forma for close of water services business acquisition and private placement of common units.

(1)

$ millions, except per share data, as of 11/4/15

Management Ownership 30%

Shares Outstanding (MM) 136Price as of 11/4/2015 $16.14

Market Capitalization $2,200Cash (1) 240 Revoling credit facilities (1) –6.25% Senior notes due 2022 9007.25% Senior notes due 2023 397


52 Week Price RangeHigh $29.18Low $14.90

Website: www.riceenergy.comInvestor Contact: Julie Danvers

[email protected]


Appendix


Efficient Capital Allocation Drives Strong 2015 Growth

_______________________Note: 2014 Pro Forma for ASR transaction.1. As of November 5, 2015.2. Does not include wells from the Greene County Acquisition.3. Consolidated midstream includes Rice Midstream Holdings and Rice Midstream Partners.

47

127

274

520

–

–

0

100

200

300

400

500

2012 2013 2014 2015E

MMcfe/d

Average Net Daily ProductionNet Wells Turned to Sales(2)

Midstream Capital Expenditures Daily Throughput 2015E Midstream EBITDA

$45 $150 $200

$150

$300

$45 $50

$300

$500

0

100

200

300

400

500

2012 2013 2014 2015E

$MM

RMP Rice Retained Midstream

61

625

245

175

401

870

0

150

300

450

600

750

900

2012 2013 2014 2015E

MDth/d

RMP Rice Retained Midstream

$63

$38

0

10

20

30

40

50

60

RMP Rice RetainedMidstream

$MM

Published Guidance

D&C & Land Capital Expenditures

$380 $330

$200 $280

$250 $120

$225

$545

$830 $730

0100200300400500600700800900

2012 2013 2014 2015E

$MM

PA D&C OH D&C Land

2015E UPDATED E&P GUIDANCE(1)

2015E UPDATED CONSOLIDATED MIDSTREAM GUIDANCE(1)(3)

36 34 –

–

7 12

10

21

43 46

0

10

20

30

40

50

2012 2013 2014 2015E

Wells

PA OH


Net Wells Spud Guidance ProductionPennsylvania 41 Total Net Production (MMcfe/d) 515 525

Operated Utica(2) 20 % Natural gas 100 % Non-operated Utica 9 % Marcellus 75 %

Ohio(2) 29 % Operated 93 %Total Net Wells Spud 70

Net Wells Turned to Sales Revenue DeductPennsylvania 34 Firm transportation fuel & variables(3) (0.17)$ (0.16)$

Operated Utica(2) 10 Non-operated Utica 2 Unit Cost ($/Mcfe)

Ohio(2) 12 Lease operating expense (0.28)$ (0.25)$ Total Net Wells Turned to Sales 46 Gathering and compression(3) (0.44)$ (0.39)$

Firm transportation expense(3) (0.42)$ (0.38)$ Average Lateral Lengths of Net Wells IP (ft.) Production taxes and impact fees (0.05)$ (0.04)$ Marcellus 7,100 Total Cash Unit Costs (1.19)$ (1.06)$ Operated Utica(2) 9,200Non-operated Utica 6,800 Cash G&A ($MM) 75$ 70$

Capital Expenditures PricingE&P Heat Content (Btu/Scf)Marcellus 330$ PA - Marcellus 1050Utica - Operated(2) 200$ OH - Utica 1080Utica - Non-operated 80$

Total Drilling & Completion 610$ Leasehold 120$

Total E&P Capex 730$ Retained MidstreamOhio Midstream and Water Systems(4) 300$

Total Capital Expenditures 1,030$

Guidance

2015 Updated RICE Guidance

__________________________1. As of November 5, 2015, unless otherwise stated.2. Includes one Pennsylvania Utica test well.3. As of May 7, 2015. Unit cost adjustments reflect a reallocation of cost between Gathering and Compression and Firm Transportation expense.4. Excludes $60 million of midstream capital expenditures incurred by RMP prior to its initial public offering payable by RICE in 2015.

Updates as of November 5, 2015: Increased net wells spud and net turned to sales Increased Capital Expenditures Increased net production range Decreased lease operating expense Increased Cash G&A

E&P GUIDANCE(1)


Ohio Q3 2015 Production Summary – Top 100 Wells

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000

Top 8 Wells 100% RICE

Top 21 Wells100% RICE/GPOR AMI

Top 100 Wells75% located within RICE Midstream’s Footprint (Belmont/Monroe)

RICE / GPOR AMIRICE Midstream Footprint

Belmont/Monroe

Q3 20

15 C

umula

tive P

rodu

ction

(Mcfe

)

RICE Operated in AMI

GPOR Operated in AMI

Other Belmont/Monroe

RICE & GPOR Partnership Proving to be a Powerhouse 1,088 Utica Shale wells producing in Q3 2015(1) - RICE & GPOR partnership takes top 21 wells (300 MMcfe/d avg) Quality over Quantity: RICE’s 16 operated wells accounted for 7% of the Utica Shale’s total gas production

RICE OH Utica Acreage

Other Counties

__________________________1. Source: ODNR 3rd Quarter 2015 Horizontal Shale Production Report.2. RICE/GPOR AMI is located in Goshen, Smith, Washington and Wayne Townships in Belmont County, OH.


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

Differentiated Long-Term Production per Well

__________________________1. Data for RICE based on actuals through 9/30/15, peer data based on Pennsylvania Department of Environmental Protection production reports through 6/30/15.2. Data for RICE based on actuals through 9/30/15, peer data based on Ohio Department of Natural Resources report through 6/30/15.

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

Cumulative Production (Bcfe) Cumulative Production (Bcfe)

–

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

– 250 500 750 1,000 1,250 1,500 1,750 2,000

Days OnlinePeer Marcellus Rice Greene Rice Washington Rice Geneseo

RICE has 5 of the top 10 wells based on

cumulative production

–

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

– 250 500 750 1,000 1,250 1,500 1,750 2,000

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

RICE has the top 8 Utica wells based on

average rate


Pennsylvania Utica: A Natural Extension for RiceSignificant Utica potential underlies RICE’s Pennsylvania assets

RICE Ohio Utica

RICE Pennsylvania UticaExtending

Utica Operations

into PA

16 Wells Online: 225 MMcf/d (choked)

1 Well Online: 12 MMcf/d (choked)

RICE Greene County, PA

RICE Belmont County, OH

EQT Test: 73 MMcfe/d3,000’ Lateral

Expects 5.4 Bcf in 180 Days

RRC Test: 59 MMcfe/d

RICE (PA)5,800’ Lateral

Flowing into sales 12 MMcf/d (choked)Similar production profile as other deep Utica wells

CNX Test: 61 MMcfe/d

RICE PA UTICA POTENTIAL Acreage highly prospective and geologically

de-risked for PA Utica development Natural extension of RICE’s OH Utica asset

̶ Nearly identical rock quality characteristics between the two areas

Single well returns will compete for capital with lower well costs, achievable by reducing drilling days

Significant midstream advantage: oversized gathering system to accommodate PA Marcellus and Utica

RICE Acreage

Current Rig(1)

__________________________(1) RigData October 2015 Report.

AR

EQT

SWN

CNX EQT

RRC

Deep Test Report


2015 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. 3. Certain of RMP’s third-party contracts provided for an increase in the gathering fee RMP will receive upon completion of construction of an 18-mile, 30 inch pipeline connecting its gathering system to TETCO, which was completed in November 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.5. Assumes fee of $0.06 per gallon in Pennsylvania and 11,000,000 gallons of water per well that utilize the fresh water delivery system based on a 7,000’ lateral. Assumes fee of $0.07 per gallon in Ohio and 16,900,000 gallons of water per well that utilize the

fresh water delivery system based on a 9000’ lateral.

RMP Assets

Marcellus (PA) Utica (OH)

Gathering and Compression Statistics YE14 YE15 Gathering and Compression Statistics YE14 YE15

Gas Gathering Pipeline Mileage (miles) 81 111 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 65,000 RICE 37,4003rd Party 21,000 3rd Party 96,600

Total Acreage Dedications 86,000 Total Acreage Dedications 134,000

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) $0.44 Gathering undisclosedCompression (4) $0.06 Compression undisclosed

Water Distribution System Statistics 9/30/2015 Water Distribution System Statistics 9/30/2015

Connected Water Sources (MMGPD) 7.7 Connected Water Sources (MMGPD) 8.2Water Services Fee Paid by RICE ($/gallon)(5) $0.06 Water Services Fee Paid by RICE ($/gallon)(5) $0.07


–2.04.06.08.0

10.012.014.016.0

– 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0750' Avg. Historical Production 750 Type Well

$1.84 $2.32 $2.80 $3.28 $3.75 $4.23

Marcellus Single Well Economics

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 IRRs.1. Excludes production from 500’ inter-well spaced wells. Excludes six 750’ spaced wells; five due to suboptimal spacing to offset producing wells and one well excluded because majority of lateral was drilling in suboptimal zone (2nd well in Company history).2. Basis assumption = 9% of NYMEX, Firm Transportation cost (“FT”) assumption = $0.52/MMBtu and Heat content uplift (“BTU”) assumption = 1050 MMBtu/Mcf. Marcellus heat content = 1050, W. Greene = 1090.3. See appendix for a detailed explanation of adjusted midstream fees. Marcellus 750’ economics assume E&P is burdened by 41% of the gathering and compression fee (RICE owns a 41% 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 356 139NYMEX PV-10 Breakeven ($/MMBtu)(3) $2.65 $3.05

NYMEX ($/MMBtu)

Realized (FT+Basis+Btu $/mcf)(2)

TYPE WELL VERSUS HISTORICAL PRODUCTION (NORMALIZED FOR 7,000’ LATERAL) (1)

MARCELLUS – IRR SENSITIVITY

5% 22% 46%

78%

118%

169%

8% 27% 53%

88%

132%

–

50%

100%

150%

200%

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

Marcellus W. Greene

Chart2

750' Avg. Historical 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