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Thursday, March 17, 2016

Rex Energy Reports $373 Million Net Loss for 2015

From a Rex Energy press release:
Operating revenues from continuing operations for the full year 2015 were $172.0 million, which represents a decrease of 42% from 2014 operating revenues. Commodity revenues, including settlements from derivatives, were $226.8 million, a decrease of 25% from full year 2014. Commodity revenues from oil and natural gas liquids (NGLs), including settlements from derivatives, represented 49% of total commodity revenues for the full year 2015. 
LOE from continuing operations was $119.0 million, or $1.66 per Mcfe for 2015. This represents a 7% decrease on a per unit basis as compared to the full year 2014. 
Cash general and administrative (G&A) expenses from continuing operations, a non-GAAP measure, were $23.0 million, or $0.32 per Mcfe for the full year 2015, which represents a 41% decrease on a per unit basis as compared to full year 2014. 
Net loss from continuing operations attributable to common shareholders for full year 2015 was $372.9 million, or $6.85 per basic share. Adjusted net loss, a non-GAAP measure, for full year 2015 was $42.5 million, or $0.78 per share.
Rex also provided this operational update:
Appalachian Basin - Warrior North Prospect - Carroll County, Ohio 
In the Warrior North Prospect, the company drilled six gross (6.0 net) wells in 2015, with three gross (2.1 net) wells fracture stimulated. The company has three gross (1.1 net) wells drilled and awaiting completion and three gross (1.1 net) wells awaiting pipeline connection as of December 31, 2015. In addition, the company completed one gross (one net) well during the first quarter of 2016. The company placed the four completed wells into sales during the first quarter of 2016 and expects to provide an update with its first quarter 2016 earnings release.
Click here to view the entire release. 

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