Rex Energy, a driller focused mainly on the Marcellus/Utica (headquartered in State College, PA), has had its share of financial challenges (see our stories here). Even though in some respects the company has been on the ropes, it’s never gone down and continues to hang in there. Yesterday Rex issued a two-year operational and financial plan, no doubt to address investor concerns. Rex says in 2017 they will spend $80-$90 million on drilling. The company will run one drilling rig and with that rig drill 21.0 gross (11.1 net) wells, complete 26.0 gross (12.7 net) wells and place into sales 23.0 gross (11.2 net) wells. That’s all in 2017. For the year 2018, things are a bit more fuzzy. Rex says it thinks it will spend $20-$40 million (a big reduction) and use one rig to drill 4.0 gross (2.8 net) wells, complete 6.0 gross (3.8 net) wells and place into sales 9.0 gross (5.3 net) wells. Here’s Rex’s road map for the next two years…
