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Range Resources sells Marcellus ORRI for $300 million
Range Resources sold a 1% ORRI in Washington County, Pennsylvania, leases for $300 million in gross proceeds, retaining ~82% NRI on the acreage. The company’s Washington County assets consist of ~300,000 net surface acres that produced 1.7 Bcfe/d in Q2. The ORRI relates to existing and future Marcellus, Utica and Upper Devonian development on the leases, excluding shallower and deeper formations. Cash flow in 2019 related to the divested ORRI is expected to be $25 million. Net proceeds will be used to......
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