Range Resources Agrees To Sell Barnett Shale Assets For $900 Million

Date : 02/28/2011 @ 6:53PM
Source : Dow Jones News
Stock : Range Resources Corp. (RRC)
Quote : 27.47  -0.14 (-0.51%) @ 4:02PM

Range Resources Agrees To Sell Barnett Shale Assets For $900 Million

Range Res (NYSE:RRC)
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Range Resources Corp. (RRC) signed a deal to sell its Barnett Shale properties in Texas for $900 million.

The company has been selling non-core properties in recent years, using proceeds to develop areas with higher returns.

The sale, which is expected to close in April, comes despite Environmental Protection Agency accusations that Range contaminated drinking wells in Texas, a charge the company denies. Range had said the allegation likely wouldn't hinder its efforts to sell the assets. Range announced those efforts in October.

The company also said its 2011 capital-expenditure budget was set at $1.38 billion, mostly dedicated to Marcellus Shale operations.

In the third quarter, Range swung to the red after profits in the first half broke a three-quarter streak of losses. However, the loss was narrower then because of record output improving revenue.

The company is expected to release fourth-quarter results later Monday.

Range shares were down 1.5% at $53.50 after hours. Through the close, the stock had risen 7.3% in the last year, underperforming the market at large.

-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com

 
 



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