Range Resources to cut capital spending by 40%
Tuesday, April 7, 2020
Range Resources is cutting $90 million from its budget this year in response to decreased demand due to COVID-19 and oil prices that are depressed by a global standoff, according to The Dallas Morning News.
Range’s capital spending will fall from $520 million to $430 million, the company announced last week. Last year, it spent $728 million to drill and complete wells, buy land and build natural gas gathering systems.
Despite the 40% spending cut, the company said it expects to continue producing the equivalent of 2.3 billion cubic feet a day from its operations in Pennsylvania’s Marcellus shale.
Learn more: The Dallas Morning News > Two Dells-Fort Worth Oil and gas independents make deep capital spending cuts
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