Rex Energy 1Q13: Production Up 24%, Revenue Up 40%
Rex Energy Corporation, headquartered in State College, PA, released their first quarter 2013 operational and financial update on Tuesday. MDN calls Rex the “little oil & gas company that not only could, but has”–has made a success in the low-price natural gas environment, that is. Rex mostly drills in the PA Marcellus and the OH Utica Shale regions, with some conventional drilling in Illinois.
Rex reports revenue was up 40% in 1Q13 over the same period in 2012, and production volumes were up 24% over the same period last year. Very impressive. Rex is forecasting they will bring 21 new Marcellus wells and 12 new Utica Shale wells online in 2013. Here’s the complete 1Q13 update from Rex: