Rex Energy 3Q15: $95M Paper Loss, 1st Utica Well Online, Prod Up 15%
Rex Energy and Eclipse Resources are really like two peas in a pod. The people who founded Eclipse, which is shopping itself (see today’s companion story), are former Rex Energy people. Both companies are pure play, concentrating on the Marcellus/Utica, and both companies are headquartered in State College, PA. On Monday Rex Energy issued its third quarter 2015 update. The company lost nearly $95 million for 3Q15–but the entire thing was a paper loss, writedowns for the value of their assets because the price of natural gas took a nosedive. Production for the company was up 15% in 3Q15 over the same period a year earlier. Some of the biggest news we spot in the update is that Rex has been able to squeeze the costs all the way down to $5.2 million per Marcellus well they drill. Also big news: Rex put into production their very first Utica Shale well, drilled in Lawrence County, PA. Here’s the particulars…
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MDN recently received a tip from a reader who said that WPX Energy, which has been exiting the Marcellus for more than year, is plugging and abandoning its wells in Cook Township (Westmoreland County), PA. We asked WPX about it and got the scoop about what’s happening with WPX in southwestern and central PA…
Listen up everyone who has an interest in Pennsylvania’s midstream–pipelines and processing plants. Billions of dollars are being spent in Pennsylvania as the gas industry builds out its pipelines to all parts of the northeast, Middle Atlantic, southeast and Midwest regions of the U.S. The two questions everyone wants to know: (1) Who is spending the money? and (2) Where is the money being spent? The answer to those two questions and more will be answered at the