Range Resources Climbs Most in Four Years on Debt-Reduction Planby
Range Resources Corp. jumped 13 percent, the most in more than four years, after announcing plans to slash its debt by almost a quarter through the sale of Virginia natural gas wells.
Range was up 11 percent to $34.52 at 10:33 a.m. in New York, after earlier touching $35 in the largest intraday advance since September 2011. The rebound curbed Range’s year-to-date decline to 35 percent; the Fort Worth, Texas-based company had been down as much as 46 percent as recently as last week.
Range plans to sell 3,500 wells and drilling rights across 460,000 acres for $876 million to an unnamed buyer, the company said in a statement released after the close of U.S. trading on Tuesday. The sale is expected to close by the end of the year and the proceeds will be used to repay debt, according to the statement.
Range has about $3.6 billion in total debt, according to data compiled by Bloomberg.