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
How often do royalty payments come?
Depending on the company, royalty payments can arrive monthly or quarterly.
Are my royalty payments transferable?
Yes. If you plan on selling your property, notify the gas company that is leasing your land and your realtor. They will make arrangements to allow the royalty payments to transfer to a different land owner.
What are royalties?
Royalties are payments from the gas company to the landowner as part of a lease agreement. Royalties payments cannot begin until production begins. The payments are dependent upon the market price of the resource.