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Friday, February 21, 2014

Utica Shale is Proving to Be Productive for Rex Energy, But Company Posts Loss for 2013

Rex Energy 2013 results
featured good & bad news
From the Canton Repository:
Rex Energy’s production volume increased 38 percent last year and the company grew its proven reserves by a similar rate, but the State College, Pa.-based drilller ended the year and the fourth quarter with negative cash flow.

The company’s fourth quarter production hit 110.4 million cubic feet of natural gas equivalent per day, an increase of 12 percent over the third quarter and up 49 percent year over year. 
The yearly production rate was 92.7 million cubic feet equivalent per day, with oil and natural gas liquids accounting for 31 percent of net production, a liquids increase of 59 percent over 2012.
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