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Range Resources (RRC) Stock Continues to Drop on Memorial Resource Acquisition

NEW YORK (TheStreet) -- Shares of Range Resources (RRC) are declining 1.06% to $37.27 on Tuesday morning after the company said yesterday that it agreed to buy oil and gas company Memorial Resource Development (MRD) in a deal worth about $3.3 billion, excluding debt.

The deal includes the assumption of $1.1 billion of debt owned by Memorial.

Range CEO Jeff Ventura said the deal will give the company properties in the Appalachian and Gulf Coast regions and will provide "greater marketing capabilities and...