Sector News

Range Resources to acquire Memorial in oil deal

May 18, 2016
News

Fort Worth, Texas-based oil and gas company Range Resources Corp. said Monday that it had reached a deal to acquire independent oil and gas firm Memorial Resource Development Corp. in a deal valued at $4.4 billion, including the assumption of debt.

The acquisition adds Memorial’s oil and gas properties in North Louisiana to Range’s portfolio. It comes amid a flurry of restructuring activity in the energy business in the wake of oil’s descent to below $30 per barrel for a brief period earlier this year.

Range will acquire Memorial in an all-stock deal valued at $15.75 per share, or about 17% higher than Friday’s closing price.

The companies said they expect the deal to close in the second half of 2016.

“This acquisition will give Range strategic positioning in both the Appalachian and Gulf Coast regions, providing greater marketing capabilities and opportunities, with added beneficial exposure to growing natural gas demand,” Range CEO Jeff Ventura said in a statement.

By Nathan Bomey

Source: USA Today

comments closed

Related News

August 23, 2019

The higher purpose of being a CEO

Borderless Leadership

LinkedIn Twitter Xing EmailWhen I left my second large company experience to become President of a small manufacturing company I did so driven by ego; I fancied the title. Soon […]

August 23, 2019

As Brexit nears, Britain’s drugs, devices and pricing regulators seek the exit

Life sciences

LinkedIn Twitter Xing EmailFirm details on exactly how the U.K. will regulate new medicines is still to be decided after it leaves the EU later this year (caveats on timing […]

August 23, 2019

The Simply Good Foods Company acquires Quest Nutrition for $1bn

Food & Drink

LinkedIn Twitter Xing EmailThe Simply Good Foods Company, the owner of Atkins-branded food products, has secured a deal to acquire protein snack maker Quest Nutrition for $1 billion. Quest, which […]