Range looks to repurchase shares after selling assets
Wednesday, October 30, 2019
Range Resources Corp. recently announced plans to buy back $100 million shares, using proceeds from recent asset sales to do so, according to the Pittsburgh Business Times.
The most recent asset sale was for a 0.5% overriding royalty interest in 350,000 net surface acres in Range’s southwestern Pennsylvania natural gas production. Range received $150 million from an undisclosed buyer.
This deal is similar to the three previous separate deals Range announced earlier this year. The company has now sold off 3.5 percent of overriding royalty interest and $1.1 billion in asset sales over the past year.
Learn more: Pittsburgh Business Times > Range Resources plans share repurchasing, sells more assets
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.