Rex Energy 3Q13: Continued NE Expansion, Including Upper Devonian
As the third quarter reports continue to flood in, we have an update from Rex Energy, one of our favorite smaller (but important) Marcellus/Utica Shale drillers. Rex Energy, an independent exploration and production (E&P) company headquartered in State College, PA issued their 3Q13 update on Tuesday, and company leaders conducted a phone call with analysts yesterday. Among the important gleanings: Rex is doing interesting and important drilling in the Upper Devonian Shale layer (above the Marcellus) with impressive results. They’ve reached almost 100 million cubic feet of gas production per day, a 39% increase over the same time last year. And Rex now has leases on 21,000 Utica Shale acres in Ohio.
An interesting tidbit from yesterday’s phone call: Rex co-founder and CEO Thomas C. Stabley says one of the secrets of Rex’s success has been to develop “quality midstream solutions” in each of their core areas. Here is the 3Q13 update issued by Rex on Tuesday, followed by (some of) the phone call transcript from yesterday: