Rex Energy Reduces 2015 Marcellus/Utica Drilling Budget by 44%

Rex Energy, the little energy company that could (and does) successfully drill in the Marcellus and Utica Shale, earlier this week released their 2015 operational budget. Rex is reducing spending on drilling in the Marcellus and Utica in 2015 by 44% over what they spent in 2014. Rex will spend between $180-$220 million on new drilling, broken down as $115-$140 million in the Marcellus and $45-$60 million in the Utica. According to Tom Stabley, Rex’s CEO, the company is taking a breather in this low commodity price environment. Production will actually increase next year, even though drilling will decrease. That allows the company to perform better financially, for investors, according to Stabley…

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