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Range Facing 'Significant' Impairment Charge for Cotton Valley Asset
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Range Resources Corp. is expecting a sizable impairement charge in regard to its North Louisiana / Cotton Valley asset, according to their recent filing with the SEC.
Significant Drop in Asset ValueAccording to the filing, the current carrying value of its Cotton Valley asset is $2.7 billion.
This is significantly less than the company originally spent on the asset, which was the main property it acquired through its $4.2 billion-dollar takeover of Memorial Resource Development in Q2 2016.
In the filing, the company said: "We expect to record a significant non-cash impairment charge related to our natural gas and oil properties in North Louisiana during the fourth quarter of 2019, although we cannot currently estimate the value of the impairment. We do not expect to record any impairment…
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