DJ Range Resources Continues Royalty Sales, Eyes Buybacks -- Market Talk
0855 ET - Range Resources has agreed to sell royalty interests in another 350,000 acres in Appalachia for $150M. The gas driller has sold more than $1B worth of royalties since last October as it has sought to pay down debt amid low natural-gas prices. Range, whose shares trade for less than $4, said it plans to buy back $100M in shares beginning this month. "Maintaining and further enhancing financial strength is a core principle of Range's strategy, and debt reduction remains a priority," Chief Executive Jeff Ventura said. "In parallel, we believe repurchasing shares at a substantial discount to intrinsic value represents a compelling opportunity to create significant long-term shareholder value." Shares gain 5.4% premarket. (rebecca.elliott@wsj.com; @rfelliott)
(END) Dow Jones Newswires
October 21, 2019 08:55 ET (12:55 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
DJ Range Resources繼續銷售版税，眼睛回購--市場談話
0855 et-range Resources同意以1.5億美元的價格出售阿巴拉契亞另外35萬英畝的版税權益。自去年10月以來，這家天然氣鑽探公司已出售了價值逾10億美元的特許權使用費，以求在天然氣價格較低的情況下償還債務。Range表示，計劃從本月開始回購1億美元的股票。Range的股價不到4美元。“保持和進一步增強財務實力是Range戰略的核心原則，削減債務仍是優先事項，”首席執行官Jeff Ventura表示。“與此同時，我們認為，以大大低於內在價值的價格回購股票，是創造重大長期股東價值的一個令人信服的機會。”盤前股價上漲5.4%。(rebecca.elliott@wsj.com；@rfelliott)
(完)道瓊斯通訊社
2019年10月21日08：55美國東部時間(格林威治時間12：55)
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