Range Resources Corp. unveiled plans for 2020 on Jan. 6 to cut its capex for the year as the Texas-based shale producer switches gears from growing production to focusing on capital efficiency and reducing debt.

The move by Range to pull back spending and maintain production this year was viewed favorably by analysts. However, the positive news was offset by the company’s decision to suspend its roughly $20 million annual dividend.

Analysts with Tudor, Pickering, Holt & Co. (TPH) viewed going “ex-growth” as the right move for Range in the current gas macro environment but said continued execution of asset sales will remain key to the company’s success.

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