Range Resources Corp. recently announced plans to buy back $100 million shares, using proceeds from recent asset sales to do so, according to the Pittsburgh Business Times.
The most recent asset sale was for a 0.5% overriding royalty interest in 350,000 net surface acres in Range’s southwestern Pennsylvania natural gas production. Range received $150 million from an undisclosed buyer.
This deal is similar to the three previous separate deals Range announced earlier this year. The company has now sold off 3.5 percent of overriding royalty interest and $1.1 billion in asset sales over the past year.
Learn more: Pittsburgh Business Times > Range Resources plans share repurchasing, sells more assets
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