Range Resources Corp. (NYSE: RRC) said Nov. 1 that Steve Gray, former CEO and founder of RSP Permian, had been appointed to the Range board of directors.
Gray’s appointment is effective Oct. 30 and was mutually agreed upon by the company’s board and SailingStone Capital Partners LLC. He will serve on the board’s compensation committee.
Range Resources CEO Jeff Ventura said in a statement: “We are confident Steve’s extensive background in the oil and gas industry will be an asset to the company as we focus on translating our world-class Marcellus Shale position into shareholder value.”
Previously, Gray served as a founder, director and CEO of RSP Permian, where he led the Permian Basin-focused company from its inception in 2010 until its $9.5 billion merger with Concho Resources Inc. (NYSE: CXO) earlier this year.
Following the close of the Concho-RSP merger in July, Gray joined the Concho board of directors and currently serves on the board’s reserves committee.
Gray is also on the board of directors of the Texas Tech Foundation. In addition, he is a member of the Petroleum Engineering Academy and serves on the Dean’s Advisory Council for the College of Engineering at Texas Tech University—the same institution from which he earned a Bachelor of Science in Petroleum Engineering. He is also a member of the executive advisory council of the George W. Bush Presidential Center in Dallas.
Prior to forming RSP Permian, Gray founded several successful oil and gas ventures spanning nearly 20 years in partnerships with Natural Gas Partners. He also spent 11 years employed in the industry in various capacities as a petroleum engineer before going into business for himself.
Greg Maxwell, Range’s chairman, said Gray’s appointment is part of an ongoing board refreshment process, which is critical to maintaining deep industry knowledge and technical expertise and providing robust oversight.
“We believe adding an independent director with Steve’s broad experience, coupled with recently announced board retirements, shows Range’s commitment to best corporate governance practices,” Maxwell said in a statement.
Range Resources, based in Fort Worth, Texas, is an independent E&P with operations focused on stacked-pay projects in the Appalachian Basin and North Louisiana. About 85% of the company’s $941 million capex for the year is allocated to the Marcellus shale play.
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