Rex Energy Lost $109M in ’16, Drilling to Hold in ’17, NGLs in ’18

Earlier this week Rex Energy, a driller focused mainly on the Marcellus/Utica (headquartered in State College, PA), released their fourth quarter and full year 2016 financial update and held an earnings call with analysts to discuss. The company released their operational update back in January (see Rex Energy 4Q & 2016 Update – Production Slips from 2015). On the earnings call, Rex officials said 2017 will be spent focusing on drilling in OH and PA to hold existing acreage. With that done, and with the planned Mariner East 2 going online later this year, Rex intends to focus on drilling for NGLs in 2018. Much of 2016 was spent drilling in the company’s Moraine East area in western PA, and Warrior North area in Carroll County, OH. Rex sold off “noncore” Utica assets in southeastern OH in 2016. The company lost $109 million in 2016, which is a vast improvement over losing $373 million in 2015. So things are looking up for our little driller who could…

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