Range Announces Closing of Merger With Memorial Resource Development Corp.
16 Septiembre 2016 - 8:04AM
RANGE RESOURCES CORPORATION “Range” (NYSE:RRC)
and MEMORIAL RESOURCE DEVELOPMENT CORP. (“MRD”)
(NASDAQ:MRD) today announced the completion of the merger agreement
under which Range will acquire all of the outstanding shares of
common stock of MRD in an all-stock transaction valued at
approximately $4.2 billion, including the assumption of MRD’s net
debt. The transaction, which was approved by Range and
Memorial shareholders at special meetings held on September 15,
2016, enhances Range’s position as a premier independent natural
gas, oil and NGL producer in the United States with exceptional
core acreage positions in both the Appalachian Basin and Northern
Louisiana.
Commenting, Jeff Ventura, Range’s CEO, said, “We
are excited to announce the closing of the Memorial transaction and
believe this is a significant milestone for Range. The
combination of the two highest quality natural gas plays in the
United States provides Range with a strong foundation to create
sustainable shareholder value, while our extensive,
regionally-diverse drilling inventory allows us to continue
improving our already class-leading cost structure and further
drive operational and marketing efficiencies. We welcome the
newest members of the Range team in Houston and Northern Louisiana
who share our values and commitment to being good stewards for our
shareholders, while doing the same for the environment and the
communities where we live and work.”
Jay C. Graham, Memorial’s CEO, commented, "The
exceptional work of the Range and Memorial integration teams has
ensured that operations have continued to run smoothly during this
transition. We are very excited about the combined company
being one of the top natural gas producers in the United States."
As a result of the merger, MRD’s common stock
will no longer be listed for trading on the NASDAQ exchange.
Pursuant to the terms of the merger, each share of MRD’s common
stock has been exchanged for 0.375 shares of Range common
stock.
RANGE RESOURCES CORPORATION
(NYSE:RRC) is a leading U.S. independent oil and natural gas
producer with operations focused in stacked-pay projects in the
Appalachia Basin and Northern Louisiana. The Company pursues
an organic growth strategy targeting high return, low-cost projects
within its large inventory of low risk development drilling
opportunities. The Company is headquartered in Fort Worth, Texas.
More information about Range can be found at
www.rangeresources.com.
All statements, except for statements of
historical fact, made in this release regarding activities, events
or developments the Company expects, believes or anticipates will
or may occur in the future, such as asset quality, competitive
advantages, well economics, development plans, drilling inventory,
operational and marketing efficiencies, cost reductions, merger
integration and future shareholder value are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
These statements are based on assumptions and estimates that
management believes are reasonable based on currently available
information; however, management’s assumptions and Range’s future
performance are subject to a wide range of business risks and
uncertainties and there is no assurance that these goals and
projections can or will be met. Any number of factors could cause
actual results to differ materially from those in the
forward-looking statements, including, but not limited to, the
volatility of oil and gas prices, the results of our hedging
transactions, the costs and results of actual drilling and
operations, the timing of production, mechanical and other inherent
risks associated with oil and gas production, weather, the
availability of drilling equipment, changes in interest rates,
litigation, uncertainties about reserve estimates, environmental
risks and regulatory changes; the ultimate timing, outcome and
results of integrating the operations of Range and MRD; the effects
of the business combination of Range and MRD, including the
combined company’s future financial condition, results of
operations, strategy and plans; potential adverse reactions or
changes to business relationships resulting from the completion of
the business combination; expected synergies and other benefits
from the business combination and the ability of Range to realize
such synergies and other benefits. Range undertakes no
obligation to publicly update or revise any forward-looking
statements. Further information on risks and uncertainties is
available in Range’s filings with the Securities and Exchange
Commission (“SEC”), which are incorporated by reference.
Investors are urged to consider closely the disclosure in our most
recent Annual Report on Form 10-K, available from our website at
www.rangeresources.com or by written request to 100 Throckmorton
Street, Suite 1200, Fort Worth, Texas 76102. You can also
obtain this Form 10-K on the SEC’s website at www.sec.gov or by
calling the SEC at 1-800-SEC-0330.
Investor Contacts:
Laith Sando, Vice President – Investor Relations
817-869-4267
lsando@rangeresources.com
David Amend, Investor Relations Manager
817-869-4266
damend@rangeresources.com
Michael Freeman, Senior Financial Analyst
817-869-4264
mfreeman@rangeresources.com
Josh Stevens, Financial Analyst
817-869-1564
jrstevens@rangeresources.com
or
Media Contact:
Matt Pitzarella, Director of Corporate Communications
724-873-3224
mpitzarella@rangeresources.com
www.rangeresources.com
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