Contained within Range Resources' (NYSE: RRC) latest earnings press release was the announcement that the Fort Worth-based E&P is putting its Barnett shale assets on the block. This planned divestiture covers 53,000 acres, 80% of which lies in the "core" of the play, which lies right in Range's backyard. At year end, Range said it had 131,700 net acres, so unless I missed a large sale over the past few quarters, it looks as if the company let 60% of its Barnett leases expire this year.
Operators like Range, EOG Resources (NYSE: EOG), and Devon Energy (NYSE: DVN) cut their teeth here, and then fanned out across the continent, searching for analogues. Range was one of the earliest to hit upon the Marcellus Shale up in Appalachia. This play has since become the company's prized possession. Looks like they are getting rid of some gas for some oil. I would think a major would move on this news like CVX.
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