Bottomline, everything we're drilling is well in excess of our investment hurdle rates, which are well above our cost of capital and therefore, will add value to the company. Additional advantages of our 2012 program are: that will increase our cash flow and convert more of our Marcellus and horizontal Mississippian acreage to held by production.Given the rates of return, the spending question is not whether this is a prudent economic investment. It's more of a balance sheet question. Our best estimate at this point in time is that our debt-to-EBITDAX at year end 2012 will be approximately 2.7x compared to 3x in the first quarter of 2011 before the Barnett sale. Therefore, we feel that our current 2012 capital plan is very consistent with the prudent management of the resources of the company. Roger will discuss this in more detail shortly.
Range Resources' CEO Discusses Q4 2011 Results - Earnings Call Transcript
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