Rex Energy (REXX) Tops Q3 EPS by 9c

Rex Energy (NASDAQ: REXX) reported Q3 EPS of ($0.26), $0.09 better than the analyst estimate of ($0.35). Revenue for the quarter came in at $37.6 million versus the consensus estimate of $51.07 million.

Operational Update

Appalachian Basin – Butler Operated Area

In the Butler Operated Area, the company drilled 9.0 gross (5.9 net) wells in the third quarter of 2015, with 10.0 gross (4.6 net) wells fracture stimulated and eight gross (2.8 net) wells placed into sales. The company had 11.0 gross (7.3 net) wells drilled and awaiting completion as of September 30, 2015.

Appalachian Basin – Moraine East Area

In the Moraine East Area, the company has completed drilling the four-well Fleeger 2 pad. The four wells were drilled to an average lateral length of approximately 6,500 feet, are expected to be completed in the fourth quarter of 2015 and placed into sales in late 2015 or early 2016, as the necessary infrastructure comes into service.

Appalachian Basin – Western Lawrence Utica

In the Western Lawrence Utica, the company has placed into sales the Patterson 2H well, which was drilled to a lateral length of approximately 6,700 feet and completed in 45 stages with average sand concentrations of 2,365 pounds per foot. The well produced at a 24-hour sales rate of 11.4 MMcfe/d.

Liquidity Update

As of September 30, 2015, the company had approximately $3.2 million of cash and $69.0 million of its $350.0 million borrowing base outstanding under its senior secured credit facility. During the third quarter of 2015, the company completed the sale of Keystone Clearwater Solutions and received reimbursement for previous pipeline expenditures in Moraine East for combined net proceeds of $71.1 million.

For earnings history and earnings-related data on Rex Energy (REXX) click here.

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