Range Resources Corp. (NYSE: RRC) said Sept. 16 that it completed its $4.2 billion merger with Houston-based Memorial Resource Development Corp.
The value of the all-stock transaction, which included the assumption of Memorial Resource's debt, was about $200 million less than originally reported when the deal was announced May 16.
The deal shifts Fort Worth, Texas-based Range’s focus outside of the Appalachian Basin to the Gulf Coast.
The acquisition included a 220,000 net surface acreage position in the Terryville Field in Northern Louisiana with stacked pay potential and first-quarter production of 420 million cubic feet equivalent per day of gas.
"The combination of the two highest quality natural gas plays in the United States provides Range with a strong foundation to create sustainable shareholder value, while our extensive, regionally-diverse drilling inventory allows us to continue improving our already class-leading cost structure and further drive operational and marketing efficiencies," Jeff Ventura, Range CEO, said in a statement.
Credit Suisse Securities (USA) LLC was the exclusive financial adviser, and Sidley Austin LLP was legal adviser to Range for the transaction. Morgan Stanley & Co. LLC was financial adviser and Vinson & Elkins LLP was legal adviser to Memorial Resource Development. Barclays Capital Inc. was financial adviser and Akin Gump Strauss Hauer & Feld LLP was legal adviser to Natural Gas Partners, which backed Memorial.