RANGE ANNOUNCES REAFFIRMATION OF BANK CREDIT FACILITY
March 27 2020 - 3:07PM
RANGE RESOURCES CORPORATION (NYSE: RRC) today
announced that its $3.0 billion borrowing base was reaffirmed under
the Company’s credit facility in accordance with the
redetermination process. Aggregate bank commitments under the
credit facility remain at $2.4 billion. At year-end 2019, Range’s
liquidity was approximately $1.7 billion.
Commenting on the announcement, Jeff Ventura,
the Company’s CEO, said, “Range has made considerable progress in
recent quarters to strengthen its financial position, including the
successful execution of approximately $1.1 billion in asset sales,
increasing our elected commitment under the borrowing base to $2.4
billion last October, re-financing near-term maturities with the
$550 million senior notes offering earlier this year, and
delivering on our operational targets under budget each of the last
two years. Range’s financial strength is further underpinned by our
best-in-class assets and operations in Appalachia, as demonstrated
by the reaffirmation of our borrowing base despite a challenged
commodity backdrop. Range is committed to further enhancing its
financial position as multiple asset sale processes remain underway
and we will remain flexible with our capital spending to changes in
the commodity market.”
RANGE RESOURCES CORPORATION (NYSE:
RRC) is a leading U.S. independent natural gas, NGL and
oil producer with operations focused on stacked-pay projects in the
Appalachian Basin. The Company pursues an organic development
strategy targeting high return, low-cost projects within its large
inventory of low risk drilling opportunities. The Company is
headquartered in Fort Worth, Texas. More information about Range
can be found at www.rangeresources.com.
Range Investor Contacts:
Laith Sando, Vice President – Investor
Relations817-869-4267lsando@rangeresources.com
Range Media Contacts:
Mark Windle, Manager of Corporate Communications
724-873-3223 mwindle@rangeresources.com
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