Single Investor Buys ~$56M of Rice Energy Stock in 1Q16
Investors constantly sink money into, and pull money out of, oil and gas companies. Managers of those companies also buy and sell stock in their own companies. From time to time we highlight such cases–but lately, we only highlight it if it’s a really big investment. This is one of those really big investments. Billionaire Steven Cohen, founder of Point72 Asset Management, has snapped up 5.6 million shares of Rice Energy during the first almost three months of this year–so far. Rice’s stock currently trades at $12.69 per share. Over the past three months the price per share has varied from a low of $8.48/share to a high of $13.08/share. Let’s pick a number and say Cohen paid an average of $10 per share for his 5.6 million shares. That means he ponied up something on the order of $56 million–a sizable chunk of ownership in the company…
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Rex 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 
More details are coming from an investigation into the one-vehicle crash that killed Aubrey McClendon on March 2nd (see 
A trucking company contracted to haul brine (i.e. naturally occurring water from the depths that comes out of a borehole long after drilling operations are completed) for Gulfport Energy crashed last Wednesday early in the morning and spilled 5,000 gallons of brine onto a field, which found its way into a creek, which emptied into a local reservoir serving Barnesville, OH residents (Belmont County). The trucking company is ECM Energy Services Inc. Barnesville was not drawing any water from the reservoir at the time (they have three local reservoirs from which to draw), so there was no threat to the local human population. Neither was there any impact on the local wildlife population. In fact, it was pretty much a non-event–except for the way it was inaccurately portrayed by media outlets like the Columbus Dispatch, whose reporter either intentionally misrepresented the facts, or was too obtuse to understand the facts…