Rice Energy 2015: Lost $291M, Production Up 101%
Rice Energy issued their fourth quarter and full year 2015 financial and operational update yesterday. The company stumbled in 4Q15, losing $281 million, which made last year's total year loss $291 million (i.e. most of the loss came in 4Q15). That's the bad news. The good news is that production was up 57% in 4Q15 over 4Q14 and production for the entire year was up 101% over 2014, an average of 552 million cubic feet equivalent per day (Mmcfe/d). Also good for Rice is the price they've been getting for their gas. They averaged $3.39/Mcf in 4Q15 and $3.19 for all of 2015. Proved reserves are up 30%. The company also released details for 2016 yesterday. Rice, which is a pure play driller focusing on the Marcellus and Utica Shale region, will spend 14% less this year than they did last year--which is far less of a cut than most drillers. Below are both the 2015 update and the 2016 forecast, with lots of details about their Marcellus and Utica programs...
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