Range To Sell More Assets - Will Focus On Marcellus

Range Resources, the first company to seriously explore the Marcellus Shale, announced that it is going to be selling even more of it's assets to focus on it's investment in the Marcellus. Just this past February, Range agreed to sell off it's Texas holdings for $900 million. Range CEO John Pinkerton was quoted as saying, "We're a relatively small company and we've found probably the largest gas field in the US. We're going to need all the capital we can find."

Pinkerton said that Range can be profitable selling natural gas at $4 per thousand cu. ft. and will sell off it's lower-end assets as needed to fund it's Marcellus development plans. Range plans to spend $1.4 billion this year, $1.4 billion in 2012, and even more in 2013. I guess we know which state isn't going to benefit from those huge investments.