Range Closes Revolving Credit Facility
Range has closed a new $2B five-year revolving credit facility. The new facility is $500 million larger than the facility it replaces and was approved without the benefit of the Barnett Shale properties. Lender commitments under the new facility total $1.5 billion, a $250 million increase over the previous facility. A divestiture of the Barnett Shale properties will not reduce the facility size or the lender commitments and will require no further lender approvals.
All banks participating in Range’s previous credit facility continue to be lenders in the new facility, along with one new institution. The bank syndicate is a diversified group consisting of 27 financial institutions, 13 domestic and 14 foreign, with each institution holding less than 7% of total commitments. Range currently has $474 million outstanding under the facility, leaving over $1 billion in available liquidity.
Commenting, Roger S. Manny, Range's Executive Vice President and CFO, said, "This new credit facility clearly demonstrates the strength of the Company, the quality of its reserve base and its low cost structure. Even without the borrowing capacity of the Barnett Shale properties, we have increased the facility size, improved its terms, and extended the maturity to 2016. Range considers its bank credit facility to be a vital component of its capital structure, and we are pleased to have the continued support of our bank group. With this renewal, Range has no debt maturing prior to 2015 and is in an excellent position to continue to execute our business plan."
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- USA Oil and Gas Job Figures Jump
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension