On September 16, 2016, Range Resources Corporation (NYSE: RRC) entered into a merger agreement with Memorial Resource Development Corp. (NASDAQ: MRD), as previously agreed upon by shareholders of both companies. Under the agreement, RRC receives all of MRD’s remaining shares of common stock in an all-stock arrangement. The arrangement is worth over $4 billion and incorporates MRD’s net debt.
In a news release, Jeff Ventura, CEO of Range Resources Corporation, stated, “We are excited to announce the closing of the Memorial transaction and believe this is a significant milestone for Range. 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.”
The transaction further confirms RRC’s position as a leading independent natural gas, oil, and NGL producer in the U.S. with outstanding areas of land in Northern Louisiana and the Appalachian Basin. Range believes the merger agreement gives the company a strong foundation to build sustainable shareholder value. In addition to this, the company’s substantial, widespread drilling records enable it to continue to improve its high-quality cost structure. RRC believes this will enhance the company’s operational and marketing abilities.
Memorial Resource Development Corp. CEO Jay C. Graham added, “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.”
Following the terms set out in the merger agreement, MRD’s common stock shares have each been traded for 0.375 of Range’s common stock shares.
For more information, visit www.RangeResources.com
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