Companies

Production up, profits down for Rex Energy’s second quarter



Rex Energy’s production jumped 50 percent during the second quarter of 2014 compared to the same period last year, the State College-based driller reported.

Production reached 128.8 million cubic feet of natural gas equivalent per day, a 50 percent year-over-year increase, most of which was natural gas, according to the driller that operates in the Appalachian Basin, the vast geological formation that contains the Marcellus and Utica shale plays.

Meanwhile, profits slipped compared to a year ago.

The company reported second quarter net income of $8.1 million, or 15 cents per basic share, during the second quarter of 2014, down from $13.7 million, or 25 cents per basic share, during the same period last year. Revenue was $86 million, up from $55.3 million last year.

Natural gas represented 89.8 MMcf/d of the company’s second quarter production, followed by 6.5 thousand barrels of oil equivalent per day of oil and natural gas liquids.

Oil and natural gas liquids accounted for 30 percent of net production during the second quarter, according to Rex.

Stephanie Ritenbaugh: sritenbaugh@post-gazette.com or 412-263-4910

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