Range Resources sells Appalachian assets for $634M
Thursday, July 25, 2019
Range Resources recently agreed to sell assets in the Appalachian Basin for $634 million, according to Seeking Alpha.
The company will sell a 2% net proportionately reduced overriding royalty interest in 350,000 net surface acres, which produced a combined 1.9 billion net cfe/day in the first quarter, in the southwest Appalachian Basin for $600 million. Additionally, it completed the sale of non-producing acreage in Pennsylvania for $34 million.
The deal reduced the company’s total debt by 17%. Range Resources has cut its debt by $1 billion over the past 12 months.
Learn more: Seeking Alpha > Range Resources sells $634M in Appalachia assets to cut debt
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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.