Rice Energy Adding $65M to Utica Drilling Budget in 2016

Rice EnergyRice Energy, a young company headed by relatively young leaders (the Rice boys), continues to impress with their latest quarterly update, for 2Q16. Net production for Rice hit a record 758 million cubic feet equivalent per day (MMcfe/d), which is a 43% increase over 2Q15 and a 12% increase over 1Q16. As CEO Dan Rice said, “We had a remarkable quarter, marked by several notable achievements, including record-low development costs and lease operating expenses, record-high production and midstream throughput volumes, and we turned to sales a company-record 18 operated wells in April.” Rice continues to focus completely on the Marcellus and Utica region, a “pure play” company. Because they’ve lowered costs, Rice is adding another $65 million to their Utica drilling budget in 2016. Cool. About the only bad news from yesterday’s quarterly update is that the company lost $138.7 million in 2Q16, versus losing $63.5 million in 2Q15. But keep an eye out. The Rice boys are bound to turn the financials around. Here’s the update, with details on what Rice accomplished in both the Marcellus and Utica in 2Q16…

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