Range Resources closed its Bradford County, Pennsylvania non-operated asset sale. The purchase agreement was made in early February and included the company’s non-operating Marcellus interest in Bradford County, Pennsylvania for about $112 million, according to Zacks.
Wall Street 24 notes that the sale of the Bradford County assets caused shares of Range Resources stock to increase, indicating a 3.65 percent incline to $31.84 per share. The company received $110 million of sales proceeds at the closing in addition to keeping the net cash flow since the effective date. The transaction allows the company to reduce debt in addition to covering other corporate costs and increasing liquidity.
Range Resources is one of the largest companies operating in the Marcellus Shale. According to their website, 95 percent of the the company’s capital budget is directed towards the Marcellus as part of long-term investment in natural gas-rich shale play that covers parts of Pennsylvania, New York, Ohio and West Virginia.