Range Will Sell Assets to Fund Marcellus Drilling, CEO Says
March 22 (Bloomberg) -- John Pinkerton, chief executive officer of Range Resources Corp., talks about the outlook for the natural gas industry and financing the development of Range's holdings in the Marcellus Shale formation in Pennsylvania. Pinkerton speaks with Erik Schatzker on Bloomberg Television's "InsideTrack." (Source: Bloomberg)
Range Resources Inc., the U.S. oil and gas producer that agreed to sell Texas assets for $900 million in February, will divest more fields to finance development of its holdings in the Marcellus Shale formation in Pennsylvania, Chief Executive Officer John Pinkerton said.
“We’re a relatively small company and we’ve found probably the largest gas field in the U.S.,” Pinkerton said in an interview on Bloomberg Television today. “We’re going to need all the capital we can find.”
Range plans to spend $1.4 billion this year, probably $1.4 billion next year and more in 2013 and will sell “lower-end” assets as needed to fund Marcellus drilling, Pinkerton said. Range can be profitable selling gas at $4 a thousand cubic feet he said.
The interview was conducted before regular trading began on U.S. markets. Range, based in Fort Worth, Texas, rose 45 cents, to $52.78 yesterday in New York Stock Exchange composite trading. Before today, the shares had risen 17 percent this year.
To contact the reporters on this story: Erik Schatzker in New York at eschatzker@bloomberg.net; Jim Polson in New York at jpolson@bloomberg.net
To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net
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