Dec 12 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
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
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.