Rex Energy 2015: $373M Paper Loss; Production Up 27%

Rex EnergyRex Energy, a Marcellus/Utica driller based in State College, PA, filed its fourth quarter and full year 2015 financial and operating update yesterday. Although production was down in 4Q15 compared with 3Q15 and 4Q14 (4% and 5% respectively), overall production for Rex for all of 2015 increased 27% over 2014. On paper Rex lost $373 million in 2015–but most of that loss was from the write-down of assets, or “impairments”–meaning it’s a paper loss and not an out-of-pocket money loss. As we’ve previously noted, Rex entered a joint venture deal to get money to keep drilling in the Marcellus and Utica (see Stayin’ Alive: Rex Energy $175M JV to Keep Drilling in PA & OH). What previously escaped our attention is that the NASDAQ stock exchange put Rex on notice that the company’s stock will be delisted if it doesn’t get the per share price over $1 for ten consecutive days. Below yesterday’s update along with information about Rex’s liquidity issues…

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