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Range expects 2013 capital spending to fall to $1.3 bln
Dec 12 (Reuters) - Range Resources Corp said it expects capital spending to fall 19 percent to $1.3 billion in 2013, with nearly 85 percent of the budget going to its oil and liquids-rich operations in the Marcellus and Horizontal Mississippian shale fields.
The company said it will fund the budget by selling some of its Permian Basin properties in southeast New Mexico and West Texas, and has engaged Bank of America Merrill Lynch to market the assets.
Range, which sold all of its Barnett shale properties last year to focus on the liquids-rich Marcellus shale, has been looking to cut exposure to natural gas drilling.
Weak natural gas prices have made producers seek lucrative oil and liquids like propane, which yield better margins than dry-gas drilling.
The properties being shopped by Range produce 18 million cubic feet equivalent (mmcfe) of oil and gas per day.
Shares of the Fort Worth, Texas-based company, which has a market value of about $10.52 billion, closed at $64.71 on the New York Stock Exchange on Tuesday.
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