November 4, 2015 / 12:02 AM / 2 years ago

Range Resources to sell Nora assets to reduce debt

Nov 3 (Reuters) - Oil and gas producer Range Resources Corp said it would sell its Nora assets in Southwest Virginia for about $876 million, to cut its debt by nearly a quarter.

The company said the sale, which is scheduled to close by year-end, will help the company cut total debt by an expected 24 percent and also help it cut costs for 2016. No information was given on a potential buyer.

The assets, which produced 109 million cubic feet equivalents per day (mmcfpd) in the third quarter, represented 7.5 percent of Range Resources’ net production, the company said on Tuesday. (Reporting by Anet Josline Pinto in Bengaluru; Editing by Alan Crosby)

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