Yesterday one of our favorite drillers in both the Utica and Marcellus, Rice Energy, released their third quarter 2016 update. It can be summarized in one, short phrase: “Everything that should be up is up.” Production is up for the quarter–by a big 23%. Net income is up, by 40%. The company’s line of credit is up to $1 billion (was $875 million). In addition, during 3Q16 Rice floated new stock to help them buy Vantage Energy, for a whopping $2.7 billion. Also during 3Q16 Rice drilled and completed 10 new Marcellus wells, along with drilling and completing 2 Utica wells. In addition they brought another 11 Utica wells online. There’s lots happening at Rice Energy. Here’s the update…
Yesterday one of our favorite drillers in both the Utica and Marcellus, Rice Energy, released their third quarter 2016 update. It can be summarized in one, short phrase: “Everything that should be up is up.” Production is up for the quarter–by a big 23%. Net income is up, by 40%. The company’s line of credit is up to $1 billion (was $875 million). In addition, during 3Q16 Rice floated new stock to help them buy Vantage Energy, for a whopping $2.7 billion. Also during 3Q16 Rice drilled and completed 10 new Marcellus wells, along with drilling and completing 2 Utica wells. In addition they brought another 11 Utica wells online. There’s lots happening at Rice Energy. Here’s the update…