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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