Oct. 21, 2019 11:01 AM ET|About: Range Resources Corporation (RRC)|By: Carl Surran, SA News Editor
Range Resources (RRC +1.2%) unveils several deals it says demonstrate “continued success in enhancing balance sheet strength through debt reduction and the expansion of available liquidity.”
RRC says it sold an additional 0.5% proportionately reduced overriding royalty interest applied to 350K net surface acres in southwest Appalachia for $150M; based on H1 2019 pricing, RRC says the deal represents ~$12M in annualized cash flow.
RRC also says it has increased bank commitments to $2.4B from $2B; its $3B borrowing base remains unchanged and the maximum facility amount stays at $4B.
Finally, the company says it has initiated a $100M share repurchase program.
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