Rex Energy released their second quarter 2016 update yesterday. While production was up a small 2% over the same period last year, both operating revenue and profits were down. Operating revenue in 2Q15 was $35.8 million, revenue in 2Q16 was $31.2 million. The good news is that the bleeding is slowing. In 2Q15 Rex lost $153 million, while in 2Q16 Rex lost $55 million. At least it’s heading in the right direction. In Rex’s Moraine East Area (Butler County, PA) Rex drilled 5 gross (1.8 net) wells in 2Q16. Due to a delay in a gathering line, Rex did not (as previously expected) put the 4-well Fleeger II well pad online last quarter. In Rex’s Warrior North Area (Carroll County, OH), Rex placed the 3-well Goebeler pad and the 2-well Perry pad online. Below is the full update…
Rex Energy released their second quarter 2016 update yesterday. While production was up a small 2% over the same period last year, both operating revenue and profits were down. Operating revenue in 2Q15 was $35.8 million, revenue in 2Q16 was $31.2 million. The good news is that the bleeding is slowing. In 2Q15 Rex lost $153 million, while in 2Q16 Rex lost $55 million. At least it’s heading in the right direction. In Rex’s Moraine East Area (Butler County, PA) Rex drilled 5 gross (1.8 net) wells in 2Q16. Due to a delay in a gathering line, Rex did not (as previously expected) put the 4-well Fleeger II well pad online last quarter. In Rex’s Warrior North Area (Carroll County, OH), Rex placed the 3-well Goebeler pad and the 2-well Perry pad online. Below is the full update…