Range Resources sets 2008 capital budget at $1.07 bln

miércoles 6 de febrero de 2008 12:29 CET

Feb 6 (Reuters) - Independent oil and gas producer Range Resources Corp (RRC.N: Cotización) raised its 2008 capital expenses budget to $1.07 billion, an 18 percent increase over 2007.

The company said the 2008 budget, which is expected to be funded by operating cash flow and asset sales, includes $783 million for drilling and recompletions and $122 million for the expansion and enhancement of gathering systems and facilities.

The Texas-based company also established a production growth target of 15 percent for 2008, including the impact of planned asset sales. (Reporting by Dilipp S. Nag in Bangalore; Editing by Himani Sarkar)