RRC
Posted: Fri Mar 18, 2016 10:48 am
FORT WORTH, TX--(Marketwired - Mar 17, 2016) - RANGE RESOURCES CORPORATION (NYSE: RRC) announced today that the Company's existing $3 billion Borrowing Base and $2 billion Commitment Amount under its $4 billion bank credit facility have been unanimously approved by its 29 lenders. Under the terms of the credit agreement, Range is subject to an annual Borrowing Base redetermination with the next redetermination scheduled for May 1, 2017. The credit facility matures in October, 2019. The financial covenants were unchanged. The outstanding principal balance drawn under the credit facility at December 31, 2015 was $95 million.
Roger Manny, Range's Executive Vice President and CFO, commented on the Borrowing Base approval, "This reaffirmation under our annual Borrowing Base redetermination occurred during a period of markedly lower oil and gas prices following a significant asset sale. The unanimous approval reflects the economic strength and resilience of our high-quality asset base and low-cost structure."
RRC is my all-time best Sweet 16 pick. It was added to the Sweet 16 ten years ago when it was under $3/share and a very small company based in Fort Worth. Then they became the largest leasehold in the Marcellus Shale.
Roger Manny, Range's Executive Vice President and CFO, commented on the Borrowing Base approval, "This reaffirmation under our annual Borrowing Base redetermination occurred during a period of markedly lower oil and gas prices following a significant asset sale. The unanimous approval reflects the economic strength and resilience of our high-quality asset base and low-cost structure."
RRC is my all-time best Sweet 16 pick. It was added to the Sweet 16 ten years ago when it was under $3/share and a very small company based in Fort Worth. Then they became the largest leasehold in the Marcellus Shale.