Range Resources Corp. will acquire Memorial Resource Development Corp., a Houston-based oil and gas firm whose properties are in north Louisiana, for $3.3 billion in stock.
Range Resource is a natural gas producer based in Fort Worth, Texas. Under the deal announced Monday, Range will also take on $1.1 billion of Memorial Resource’s debt.
The acquisition gives Range strategic positions in both the Gulf Coast and Appalachian regions, and increases the company’s marketing capabilities and exposure to a growing natural gas market, Range Chief Executive Officer Jeff Ventura said in a news release.
Memorial Resource shareholders will receive 0.375 shares of Range common stock for each share of Memorial Resource common stock.