Form 4: Range Resources CEO Dennis Degner Reports Share Sale and Transfer

Dennis Degner, CEO of Range Resources, reports the sale of 101,000 shares to cover taxes and a transfer of shares from an indirect to a direct holding.

Summary

• Dennis Degner, the CEO and President of Range Resources Corp, filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
• On May 17, 2024, Degner sold 101,000 shares of common stock at a price of $37.78 per share to cover withholding taxes related to a distribution from the 2004 Deferred Compensation Plan.
• On June 3, 2024, there was a transfer of 103,873 shares from an indirect holding (Deferred Comp Account) to a direct holding.
• Following these transactions, Degner directly owns 624,250 shares of common stock and indirectly owns 94,281 shares through a Deferred Comp Account and 132,862 unvested shares.
• As of May 17, 2024, Degner also holds 247,755 Performance Share Units (PSUs).

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing detailing stock transactions. It doesn't inherently convey positive or negative sentiment.

Industry Context

Form 4 filings are standard practice for corporate insiders to report transactions in their company's stock, providing transparency to the market.

Comparison to Industry Standards

• Comparing Degner's transactions to other CEOs in the oil and gas industry, similar sales are often seen to cover tax obligations related to equity compensation.
• Companies like ExxonMobil (XOM) and Chevron (CVX) also see regular Form 4 filings from their executives.
• The size of the transaction is relatively common for a CEO of a company the size of Range Resources.

Stakeholder Impact

• The sale of shares by the CEO could have a minor impact on shareholder sentiment, but is likely viewed as a routine transaction to cover tax obligations.
• The transfer of shares from indirect to direct ownership has no material impact on stakeholders.

Key Dates