Rex Energy Preparing to File for Chapter 11 Bankruptcy?
We’ve often called Rex Energy, a driller focused mainly on the Marcellus/Utica (headquartered in State College, PA), our “little energy company that could.” Rex has, in the past couple of years, had stiff challenges, at least on the financial front. It has swapped out old IOUs for new IOUs, converted debt (IOUs) into equity (shares of stock), sold off assets in other basins–a whole lotta stuff to keep on drilling (see our Rex Energy stories here). More recently the company was threatened (for a second time) by NASDAQ with de-listing its stock (see Rex Energy Once Again Threatened with NASDAQ De-listing). Last week Rex issued a fourth quarter and full year 2017 operational update (below). The update shows a mixed bag: 4Q17 production numbers beat 4Q16 numbers. But when you look at all of 2017 vs 2016, 2017 production was down. However, it wasn’t last week’s update from Rex, but rather an SEC 8K filing that caught our eye. Publicly traded companies are required to file a Form 8K with the Securities and Exchange Commission to notify investors of “specified events that may be important to shareholders.” Among the list of specified events is filing for bankruptcy. Rex’s 8K filing from last week does NOT say they have, or will, file for bankruptcy. However, it DOES say they are in talks with noteholders about that possibility. The 8K filed last week includes two term sheets for filing a prepackaged Chapter 11 bankruptcy. We reached out to Rex for comment but did not hear back by the time this story was published. We will include their response here if they do respond. Here’s what we found when searching through the 8K filing…
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Tree clearing for Dominion’s $5 billion Atlantic Coast Pipeline (ACP) has already begun in West Virginia (see 
In a sure sign that the $1.1 billion, 120-mile PennEast Pipeline will get built, the Bethlehem Authority, which manages watershed land in the Pocono Mountains that supplies drinking water for the City of Bethlehem, has signed a $1.7 million deal to allow PennEast to traverse four miles of Authority land. Rather than challenge PennEast and potentially lose an eminent domain case, Bethlehem Authority officials said they brokered the deal–not only for the money it will bring in, but also to ensure there are certain protections in place during construction. The State of New Jersey is trying its best to stop the PennEast project (see 
As MDN reported last week, Pennsylvania Gov. Tom Wolf, an extremely partisan Democrat, is once again beating the drum for a Marcellus Shale-killing severance tax in the last of his annual budgets (see 
In October 2017, local officials in Plum, PA (Allegheny County) approved a plan by Huntley & Huntley (H&H) to drill a series of Marcellus wells on a single well pad in their municipality (see 
A far-left group of radicals calling themselves Ending Dirty Gas Exploitation Philadelphia (EDGE Philly) is borrowing a tactic first pioneered by THE Delaware Riverkeeper, to oppose a short pipeline project near Philadelphia. In November, MDN shared the exciting news that an old oil pipeline stretching from Northampton County, PA through Bucks, Montgomery, and Chester counties, terminating in Delaware County at Marcus Hook, had been purchased by a subsidiary of New Jersey Resources and will get converted to flow Marcellus natural gas to the greater Philadelphia region (see 
Events related (or of interest) to the Marcellus and Utica Shale, primarily pro-drilling events.
The “best of the rest”–stories that caught MDN’s eye that you may be interested in reading. In today’s lineup: PA wants comments on Mariner East 2 erosion permits; DEP proposes water quality permit for Equitrans pipe in Greene County; Ohio schedules hearing for proposed Harrison County electric plant; Cheniere signs deal to supply China with LNG; Trump’s “buy American” pipeline plan “vanished”; how did GE screw up its Baker Hughes merger; shale fears in the oil market; and more!