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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Range Resources Corp | NYSE:RRC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.552 | 1.47% | 38.202 | 37.55 | 36.74 | 37.21 | 2,583,165 | 01:00:00 |
By Michael Dabaie
Range Resources Corp. (RRC) said it would sell a 2% proportionately reduced overriding royalty interest in 350,000 net surface acres in southwest Appalachia for gross proceeds of $600 million.
Shares were up 6%, to $5.43, in early trading.
The two separate transactions are effective as of March 1, 2019, and apply to existing and future Marcellus, Utica and Upper Devonian development on the subject leases.
Franco-Nevada Corp. (FNV, FNV.T) said it would acquire from Range Resources an overriding royalty interest on acreage in the Marcellus Shale for a gross purchase price of $300 million.
Independent natural gas, natural gas liquids and oil producer Range said it also completed the sale of some non-producing acreage in Pennsylvania for gross proceeds of $34 million that closed in June 2019.
The royalty interest transactions are scheduled to close during July with proceeds to repay the company's revolving credit facility. The combined gross proceeds of $634 million will reduce total debt by about 17%. Annual interest expense is expected to decline by about $30 million.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
July 19, 2019 10:04 ET (14:04 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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