Fort Worth-based Range Resources, one of the largest operators in the Marcellus Shale, said Wednesday it set a 2013 capital spending budget of $1.3 billion, 85 percent of which will go to liquids-rich and oil projects mostly in the Marcellus and Horizontal Mississippian plays. It has about 500,000 acres in the two fields. That budget is down about $300 million from 2012, "reflecting a $200 million decrease in dry gas drilling and a $100 million reduction in expected leasehold expenditures."
Range will fund the 2013 budget from cash flow, asset sales and borrowings under its bank credit facility. It said it retained Merrill Lynch to market "certain of its Permian Basin properties in southeast New Mexico and West Texas," with a data room expected to open in January. Range said it expects production to rise 20 to 25 percent year-over-year.
-- Jim Fuquay