- While oil companies flock to the Permian Basin, Range Resources (NYSE:RRC) is seeking a buyer for 90K acres it leases in the oil-rich basin, its primary remaining asset there.
- Analysts say RRC doesn’t have the money to develop both its Permian holdings and leases in areas like the gas-heavy Marcellus Shale in Pennsylvania, where RRC's properties produce "wet gas" that includes large quantities of valuable liquids used in the chemicals business and thus may have a higher rate of return than the Permian holdings.
- By selling now, RRC can get a sense of how much cash it can raise in the short-term to put to work in the Marcellus.