• 5 minutes Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 9 minutes Sell out now or hold on?
  • 16 minutes Oil prices going down
  • 3 hours Oil prices going down
  • 5 hours Oil and Trade War
  • 18 hours Two Koreas Agree To March Together At Asian Games
  • 5 hours When will oil demand start declining due to EVs?
  • 7 hours Sell out now or hold on?
  • 10 hours Correlation Between Oil Sweet Spots and Real Estate Hot Spots
  • 8 hours Russia and Saudi Arabia to have a chat on oil during FIFA World Cup - report
  • 5 hours venezuala oil crisis
  • 4 hours Trump Hits China With Tariffs On $50 Billion Of Goods
  • 3 hours What If Canada Had Wind and Not Oilsands?
  • 3 hours After Three Decade Macedonia End Dispute With Greece, new name: the Republic of Northern Macedonia
  • 9 hours Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 5 hours Germany Orders Daimler to Recall 774,000 Diesel Cars in Europe
  • 1 hour The Wonderful U.S. Oil Trade Deficit with Canada
  • 18 hours Geopolitical and Political Risks make their strong comeback to global oil and gas markets
  • 15 hours Trump Renews Attack On OPEC Ahead Of Group's Production Meeting
Rig Count Falters Amid Oil Price Correction

Rig Count Falters Amid Oil Price Correction

The rig count slipped on…

Can U.S. Shale And OPEC Find Common Ground?

Can U.S. Shale And OPEC Find Common Ground?

OPEC and U.S. shale have…

Range Resources to Make Strategic $3.3B Acquisition of Rival

LNG Train

Texas-based Range Resources has reportedly agreed to buy its smaller rival, Memorial Resource Development Corp., in an all-stock deal valued at U.S. $3.3 billion.

According to the deal, expected to close by the end of the year, the company will also take on $1.1 billion in debt owed by Memorial Resource. Memorial shareholders will own 31 percent of Range after the deal is closed.

Range Resources is one of the biggest gas producers in Appalachia’s Marcellus shale, which generates some 95 percent of the company’s total production.

Related: Saudi Arabia Loses Top Credit Rating from Moody’s

The purchase is significantly strategic as it gives Range Resources access to what is viewed as an emerging gas export market and to additional properties in northern Louisiana, adding to its portfolio in Oklahoma, Pennsylvania and Texas.

Range is particularly eyeing the assets in northern Louisiana in light of increasing gas exports to Mexico via pipeline and also as liquefied natural gas (LNG) shipments by tanker. The company is also hoping to take advantage of the growing demand from Gulf Coast power producers and petrochemical plants.

Related: Does Tesla Care About Its Stock Price?

Memorial Resource Development has licensed more than 500 wells in North Louisiana has seen total revenues drop some 40 percent over last year despite cost-cutting measures.

Last month, Range Resources caused a public outrage after a senior manager suggested that the company avoided operating in neighborhoods where residents had the financial means to challenge them.

Terry Bossert, the Range executive responsible for the comments later apologized for his “attempt to interject dry sarcasm” into a presentation on oil and gas well siting”.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News