Range Resources (RRC)
Posted: Tue Jan 05, 2016 11:02 pm
Range Resources Corporation is a low-cost producer focused on the Marcellus/Utica in the northeast United States. Range and its Chief Executive Officer, Jeff Ventura, are generally regarded as the founders of the Marcellus Shale play and used their early entry and expertise in the region to fuel America’s natural gas revolution. Many other Appalachia players have entered the fold since RRC’s discovery, but the Fort Worth-based company remains a key figure in the U.S.’s largest gas field.
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The company made a significant divestiture to close the year, selling non-core assets in Virginia for $876 million to bolster its balance sheet. Range is also marketing its STACK acreage in Oklahoma – an asset valued at roughly $300 million by sell-side analyst firms. Following the Virginia asset sale, Range reduced its debt level by approximately 24% and its earliest debt maturity does not occur until 2021. The company had more than $1.7 billion in liquidity upon completion of the sale. For 2016, Range expects to establish a budget near estimated annual cash flow, not including the upside from potential asset sales.
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The company made a significant divestiture to close the year, selling non-core assets in Virginia for $876 million to bolster its balance sheet. Range is also marketing its STACK acreage in Oklahoma – an asset valued at roughly $300 million by sell-side analyst firms. Following the Virginia asset sale, Range reduced its debt level by approximately 24% and its earliest debt maturity does not occur until 2021. The company had more than $1.7 billion in liquidity upon completion of the sale. For 2016, Range expects to establish a budget near estimated annual cash flow, not including the upside from potential asset sales.