State College, PA, United States
State College, PA, United States

Rex Energy Corporation NASDAQ: REXX is an independent energy company engaged in the acquisition, production, exploration and development of oil and gas, with properties concentrated in the Appalachian, Illinois, and Permian regions. The Company pursues a balanced growth strategy of exploiting its sizeable inventory of lower risk developmental drilling locations, pursuing its higher potential exploration drilling prospects and actively seeking to acquire complementary oil and natural gas properties. Wikipedia.

SEARCH FILTERS
Time filter
Source Type

News Article | May 9, 2017
Site: globenewswire.com

STATE COLLEGE, Pa., May 09, 2017 (GLOBE NEWSWIRE) -- Rex Energy Corporation (Nasdaq:REXX) today announced its first quarter 2017 financial and operational results. Operating revenue from continuing operations for the three months ended March 31, 2017 was $52.1 million, which represents an increase of 103% as compared to the same period in 2016. Commodity revenues, including settlements from derivatives, were $48.6 million, an increase of 25% as compared to the same period in 2016. Commodity revenues from natural gas liquids (NGLs) and condensate, including settlements from derivatives, represented 38% of total commodity revenues for the three months ended March 31, 2017. Lease operating expense (LOE) from continuing operations was $28.9 million, or $1.85 per Mcfe for the quarter, a 30% increase as compared to the first quarter of 2016. The increase on a per unit basis is related to the commencement of the company’s Gulf Coast transport. The increase in transportation cost was offset by a decrease in natural gas basis differentials. General and administrative expenses from continuing operations were $4.5 million for the first quarter of 2017, a 14% decrease as compared to the same period in 2016. Cash general and administrative expenses from continuing operations, a non-GAAP measure, were $4.5 million, or $0.29 per Mcfe for the quarter, a 9% decrease on a per unit basis as compared to the same period in 2016. Net income attributable to common shareholders for the three months ended March 31, 2017 was $2.1 million, or $0.02 per basic share. Adjusted net loss, a non-GAAP measure, for the three months ended March 31, 2017 was $5.5 million, or $0.06 per share. EBITDAX from continuing operations, a non-GAAP measure, was $15.6 million for the first quarter of 2017, an 84% increase as compared to the first quarter of 2016 and an 18% increase compared to the fourth quarter of 2016. Reconciliations of adjusted net income (loss) to GAAP net income, EBITDAX to GAAP net income and G&A to cash G&A for the three months ended March 31, 2017, as well as a discussion of the uses of each measure, are presented in the appendix of this release. First quarter 2017 production volumes from continuing operations were 173.4 MMcfe/d, consisting of 110.1 MMcf/d of natural gas, 4.7 Mbbls/d of C3+ NGLs, 5.0 Mbbls/d of ethane and 0.8 Mbbls/d of condensate. NGLs (including ethane) and condensate accounted for 36% of net production for the first quarter of 2017. Including the effects of cash-settled derivatives, realized prices for the three months ended March 31, 2017 were $3.04 per Mcf for natural gas, $25.19 per barrel for C3+ NGLs, $9.72 per barrel for ethane and $46.14 per barrel for condensate. Before the effects of hedging, realized prices for the three months ended March 31, 2017 were $3.16 per Mcf for natural gas, $30.84 per barrel for C3+ NGLs, $9.48 per barrel for ethane and $46.07 per barrel for condensate. For the first quarter of 2017, net operational capital investments were approximately $25.5 million. The company expects to be reimbursed by joint development partners for approximately $11.0 million of previously incurred costs that were not billed until the second quarter of 2017. Capital investments in the first quarter of 2017 funded the drilling of seven gross (3.3 net) wells, fracture stimulation of four gross (1.4 net) wells and other projects related to drilling and completing wells in the Appalachian Basin. The company has begun drilling the last of four wells on the Wilson pad. The four wells are expected to have an average lateral length of approximately 9,300 feet and are expected to be placed into sales in the third quarter of 2017. The four-well Wilson pad is adjacent to the two-well Geyer pad, which was drilled to an average lateral length of approximately 4,200 feet and had an average 5-day sales rate per well of approximately 7.1 MMcfe/d. Following the drilling of the last well on the Wilson pad, the drilling rig will return to Moraine East and begin drilling the two-well Frye pad, which is expected to have an average lateral length of approximately 5,400 feet. In the Moraine East Area, the company drilled seven gross (3.3 net) wells and completed four gross (1.4 net) wells during the first quarter of 2017. In addition, the company had 12 gross (5.5 net) wells awaiting completion at the end of the first quarter. The company has begun completing the six-well Shields pad and expects to place the six wells into sales in the third quarter of 2017. Following the completion of the Shields pad, the company will begin completing the four-well Mackrell pad, which was drilled to an average lateral length of approximately 7,600 feet. In the Warrior North Area, the company plans to drill 12 gross (10.2 net) wells during 2017, with the average lateral length of approximately 7,000 feet. The drilling and completion activity in Warrior North will begin in the second half of 2017 and the majority of the wells are expected to be placed into sales in the beginning of 2018. During the second quarter of 2017, Rex Energy closed on a new $300 million first lien delayed draw term loan with a lending group led by Angelo, Gordon and Co. Initial borrowings of approximately $144.0 million under the term loan were used to repay all outstanding loans and obligations under the company’s previous senior secured credit facility, pay fees and expenses associated with the term loan, and place approximately $19.3 million of cash on the balance sheet. The new facility also includes approximately $46.5 million for outstanding undrawn letters of credit. Following the repayment of outstanding borrowings on the senior secured credit facility, the company has approximately $110.0 million of additional capacity under the term loan. In addition, the term loan permits, under certain circumstances, the issuance of up to an additional $100 million in secured first lien debt. Rex Energy is providing its guidance for the second quarter of 2017 and maintaining its guidance for full-year 2017 ($ in millions). The increase in lease operating expenses on a per unit basis is related to the company’s Gulf Coast transportation increasing from 100 MMcf/d to 130 MMcf/d in the second quarter of 2017. The increase on a per unit basis is partially offset by the improvement in natural gas basis differentials for the same period. The company expects natural gas basis differentials, including the effects of basis hedges, to be in the range of $0.25 - $0.35 off of NYMEX for the second quarter of 2017. In addition, the company expects the four-well Baird pad in Moraine East to be placed into sales on June 1, 2017. Management will host a live conference call and webcast on Wednesday, May 10, 2017 at 10:00 a.m. Eastern to review first quarter 2017 financial results and operational highlights. The telephone number to access the conference call is (866) 437-1772. Headquartered in State College, Pennsylvania, Rex Energy is an independent oil and gas exploration and production company with its core operations in the Appalachian Basin. The company’s strategy is to pursue its higher potential exploration drilling prospects while acquiring oil and natural gas properties complementary to its portfolio. Except for historical information, statements made in this release, including those relating to the timing and nature of development plans; drilling and completion schedules; anticipated fracture stimulation activities; expected dates for placement of wells into sales; and our financial guidance for second quarter and full year 2017 are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may contain words such as "expected", "expects", "scheduled", "planned", "plans", "anticipates" or similar words, and are based on management's experience and perception of historical trends, current conditions, and anticipated future developments, as well as other factors believed to be appropriate. We believe these statements and the assumptions and estimates contained in this release are reasonable based on information that is currently available to us. However, management's assumptions and the company's future performance are subject to a wide range of business risks and uncertainties, both known and unknown, and we cannot assure that the company can or will meet the goals, expectations, and projections included in this release. Any number of factors could cause our actual results to be materially different from those expressed or implied in our forward looking statements, including (without limitation): We undertake no obligation to publicly update or revise any forward-looking statements. Further information on the company's risks and uncertainties is available in our filings with the Securities and Exchange Commission and we strongly encourage investors to review those filings. “EBITDAX” means, for any period, the sum of net income for such period plus the following expenses, charges or income to the extent deducted from or added to net income in such period: interest, income taxes, DD&A, unrealized losses from financial derivatives, non-recurring gains and losses, exploration expenses and other similar non-cash charges, minus all non-cash income, including but not limited to, income from unrealized financial derivatives and gains on asset dispositions, added to net income. EBITDAX, as defined above, is used as a financial measure by our management team and by other users of its financial statements, such as our commercial bank lenders to analyze such things as: EBITDAX is not a calculation based on GAAP financial measures and should not be considered as an alternative to net income (loss) (the most directly comparable GAAP financial measure) in measuring our performance, nor should it be used as an exclusive measure of cash flows, because it does not consider the impact of working capital growth, capital expenditures, debt principal reductions, and other sources and uses of cash, which are disclosed in our consolidated statements of cash flows. We have reported EBITDAX because it is a financial measure used by our existing commercial lenders, and because this measure is commonly reported and widely used by investors as an indicator of a company’s operating performance and ability to incur and service debt. You should carefully consider the specific items included in our computations of EBITDAX. While we have disclosed EBITDAX to permit a more complete comparative analysis of our operating performance and debt servicing ability relative to other companies, you are cautioned that EBITDAX as reported by us may not be comparable in all instances to EBITDAX as reported by other companies. EBITDAX amounts may not be fully available for management’s discretionary use, due to requirements to conserve funds for capital expenditures, debt service and other commitments. We believe that EBITDAX assists our lenders and investors in comparing our performance on a consistent basis without regard to certain expenses, which can vary significantly depending upon accounting methods. Because we may borrow money to finance our operations, interest expense is a necessary element of our costs. In addition, because we use capital assets, DD&A are also necessary elements of our costs. Finally, we are required to pay federal and state taxes, which are necessary elements of our costs. Therefore, any measures that exclude these elements have material limitations. To compensate for these limitations, we believe it is important to consider both net income determined under GAAP and EBITDAX to evaluate our performance. For purposes of consistency with current calculations, we have revised certain amounts relating to prior period EBITDAX. The following table presents a reconciliation of our net income to EBITDAX for each of the periods presented. “Adjusted Net Loss” means, for any period, the sum of net income (loss) from continuing operations before income taxes for the period plus the following expenses, charges or income, in each case, to the extent deducted from or added to net income in the period: unrealized losses from financial derivatives, non-cash compensation expense, dry hole expenses, disposals of assets, impairment and other one-time or non-recurring charges, minus all gains from unrealized financial derivatives, disposal of assets and deferred income tax benefits, added to net income. Adjusted Net Loss is used as a financial measure by Rex Energy's management team and by other users of its financial statements, to analyze its financial performance without regard to non-cash deferred taxes and non-cash unrealized losses or gains from oil and gas derivatives. Adjusted Net Loss is not a calculation based on GAAP financial measures and should not be considered as an alternative to net income (loss) in measuring the company's performance. Rex Energy reports Adjusted Net Loss because it believes that this measure is commonly reported and widely used by investors as an indicator of a company's operating performance. You should carefully consider the specific items included in the company's computation of this measure. You are cautioned that Adjusted Net Income as reported by Rex Energy may not be comparable in all instances to that reported by other companies. To compensate for these limitations, the company believes it is important to consider both net income determined under GAAP and Adjusted Net Income. The following table presents a reconciliation of Rex Energy’s net income from continuing operations to its adjusted net loss for each of the periods presented ($ in thousands): Cash General and Administrative Expenses (Cash G&A) is the difference between GAAP G&A and non-Cash G&A, which is primarily comprised of non-cash compensation expense. Rex Energy has reported Cash G&A because it believes that this measure is commonly reported and widely used by management and investors as an indicator of overhead efficiency without regard to non-cash expenditures, such as stock compensation. Cash G&A is not a calculation based on GAAP financial measures and should not be considered as an alternative to GAAP G&A in measuring the company’s performance. You should carefully consider the specific items included in the company’s computation of this measure. You are cautioned that Cash G&A as reported by Rex Energy may not be comparable in all instances to that reported by other companies. To compensate for these limitations, the company believes it is important to consider both Cash G&A and GAAP G&A. The following table presents a reconciliation of Rex Energy’s GAAP G&A to its Cash G&A for each of the periods presented (in thousands):


News Article | May 9, 2017
Site: globenewswire.com

STATE COLLEGE, Pa., May 09, 2017 (GLOBE NEWSWIRE) -- Rex Energy Corporation (Nasdaq:REXX) today announced its first quarter 2017 financial and operational results. Operating revenue from continuing operations for the three months ended March 31, 2017 was $52.1 million, which represents an increase of 103% as compared to the same period in 2016. Commodity revenues, including settlements from derivatives, were $48.6 million, an increase of 25% as compared to the same period in 2016. Commodity revenues from natural gas liquids (NGLs) and condensate, including settlements from derivatives, represented 38% of total commodity revenues for the three months ended March 31, 2017. Lease operating expense (LOE) from continuing operations was $28.9 million, or $1.85 per Mcfe for the quarter, a 30% increase as compared to the first quarter of 2016. The increase on a per unit basis is related to the commencement of the company’s Gulf Coast transport. The increase in transportation cost was offset by a decrease in natural gas basis differentials. General and administrative expenses from continuing operations were $4.5 million for the first quarter of 2017, a 14% decrease as compared to the same period in 2016. Cash general and administrative expenses from continuing operations, a non-GAAP measure, were $4.5 million, or $0.29 per Mcfe for the quarter, a 9% decrease on a per unit basis as compared to the same period in 2016. Net income attributable to common shareholders for the three months ended March 31, 2017 was $2.1 million, or $0.02 per basic share. Adjusted net loss, a non-GAAP measure, for the three months ended March 31, 2017 was $5.5 million, or $0.06 per share. EBITDAX from continuing operations, a non-GAAP measure, was $15.6 million for the first quarter of 2017, an 84% increase as compared to the first quarter of 2016 and an 18% increase compared to the fourth quarter of 2016. Reconciliations of adjusted net income (loss) to GAAP net income, EBITDAX to GAAP net income and G&A to cash G&A for the three months ended March 31, 2017, as well as a discussion of the uses of each measure, are presented in the appendix of this release. First quarter 2017 production volumes from continuing operations were 173.4 MMcfe/d, consisting of 110.1 MMcf/d of natural gas, 4.7 Mbbls/d of C3+ NGLs, 5.0 Mbbls/d of ethane and 0.8 Mbbls/d of condensate. NGLs (including ethane) and condensate accounted for 36% of net production for the first quarter of 2017. Including the effects of cash-settled derivatives, realized prices for the three months ended March 31, 2017 were $3.04 per Mcf for natural gas, $25.19 per barrel for C3+ NGLs, $9.72 per barrel for ethane and $46.14 per barrel for condensate. Before the effects of hedging, realized prices for the three months ended March 31, 2017 were $3.16 per Mcf for natural gas, $30.84 per barrel for C3+ NGLs, $9.48 per barrel for ethane and $46.07 per barrel for condensate. For the first quarter of 2017, net operational capital investments were approximately $25.5 million. The company expects to be reimbursed by joint development partners for approximately $11.0 million of previously incurred costs that were not billed until the second quarter of 2017. Capital investments in the first quarter of 2017 funded the drilling of seven gross (3.3 net) wells, fracture stimulation of four gross (1.4 net) wells and other projects related to drilling and completing wells in the Appalachian Basin. The company has begun drilling the last of four wells on the Wilson pad. The four wells are expected to have an average lateral length of approximately 9,300 feet and are expected to be placed into sales in the third quarter of 2017. The four-well Wilson pad is adjacent to the two-well Geyer pad, which was drilled to an average lateral length of approximately 4,200 feet and had an average 5-day sales rate per well of approximately 7.1 MMcfe/d. Following the drilling of the last well on the Wilson pad, the drilling rig will return to Moraine East and begin drilling the two-well Frye pad, which is expected to have an average lateral length of approximately 5,400 feet. In the Moraine East Area, the company drilled seven gross (3.3 net) wells and completed four gross (1.4 net) wells during the first quarter of 2017. In addition, the company had 12 gross (5.5 net) wells awaiting completion at the end of the first quarter. The company has begun completing the six-well Shields pad and expects to place the six wells into sales in the third quarter of 2017. Following the completion of the Shields pad, the company will begin completing the four-well Mackrell pad, which was drilled to an average lateral length of approximately 7,600 feet. In the Warrior North Area, the company plans to drill 12 gross (10.2 net) wells during 2017, with the average lateral length of approximately 7,000 feet. The drilling and completion activity in Warrior North will begin in the second half of 2017 and the majority of the wells are expected to be placed into sales in the beginning of 2018. During the second quarter of 2017, Rex Energy closed on a new $300 million first lien delayed draw term loan with a lending group led by Angelo, Gordon and Co. Initial borrowings of approximately $144.0 million under the term loan were used to repay all outstanding loans and obligations under the company’s previous senior secured credit facility, pay fees and expenses associated with the term loan, and place approximately $19.3 million of cash on the balance sheet. The new facility also includes approximately $46.5 million for outstanding undrawn letters of credit. Following the repayment of outstanding borrowings on the senior secured credit facility, the company has approximately $110.0 million of additional capacity under the term loan. In addition, the term loan permits, under certain circumstances, the issuance of up to an additional $100 million in secured first lien debt. Rex Energy is providing its guidance for the second quarter of 2017 and maintaining its guidance for full-year 2017 ($ in millions). The increase in lease operating expenses on a per unit basis is related to the company’s Gulf Coast transportation increasing from 100 MMcf/d to 130 MMcf/d in the second quarter of 2017. The increase on a per unit basis is partially offset by the improvement in natural gas basis differentials for the same period. The company expects natural gas basis differentials, including the effects of basis hedges, to be in the range of $0.25 - $0.35 off of NYMEX for the second quarter of 2017. In addition, the company expects the four-well Baird pad in Moraine East to be placed into sales on June 1, 2017. Management will host a live conference call and webcast on Wednesday, May 10, 2017 at 10:00 a.m. Eastern to review first quarter 2017 financial results and operational highlights. The telephone number to access the conference call is (866) 437-1772. Headquartered in State College, Pennsylvania, Rex Energy is an independent oil and gas exploration and production company with its core operations in the Appalachian Basin. The company’s strategy is to pursue its higher potential exploration drilling prospects while acquiring oil and natural gas properties complementary to its portfolio. Except for historical information, statements made in this release, including those relating to the timing and nature of development plans; drilling and completion schedules; anticipated fracture stimulation activities; expected dates for placement of wells into sales; and our financial guidance for second quarter and full year 2017 are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may contain words such as "expected", "expects", "scheduled", "planned", "plans", "anticipates" or similar words, and are based on management's experience and perception of historical trends, current conditions, and anticipated future developments, as well as other factors believed to be appropriate. We believe these statements and the assumptions and estimates contained in this release are reasonable based on information that is currently available to us. However, management's assumptions and the company's future performance are subject to a wide range of business risks and uncertainties, both known and unknown, and we cannot assure that the company can or will meet the goals, expectations, and projections included in this release. Any number of factors could cause our actual results to be materially different from those expressed or implied in our forward looking statements, including (without limitation): We undertake no obligation to publicly update or revise any forward-looking statements. Further information on the company's risks and uncertainties is available in our filings with the Securities and Exchange Commission and we strongly encourage investors to review those filings. “EBITDAX” means, for any period, the sum of net income for such period plus the following expenses, charges or income to the extent deducted from or added to net income in such period: interest, income taxes, DD&A, unrealized losses from financial derivatives, non-recurring gains and losses, exploration expenses and other similar non-cash charges, minus all non-cash income, including but not limited to, income from unrealized financial derivatives and gains on asset dispositions, added to net income. EBITDAX, as defined above, is used as a financial measure by our management team and by other users of its financial statements, such as our commercial bank lenders to analyze such things as: EBITDAX is not a calculation based on GAAP financial measures and should not be considered as an alternative to net income (loss) (the most directly comparable GAAP financial measure) in measuring our performance, nor should it be used as an exclusive measure of cash flows, because it does not consider the impact of working capital growth, capital expenditures, debt principal reductions, and other sources and uses of cash, which are disclosed in our consolidated statements of cash flows. We have reported EBITDAX because it is a financial measure used by our existing commercial lenders, and because this measure is commonly reported and widely used by investors as an indicator of a company’s operating performance and ability to incur and service debt. You should carefully consider the specific items included in our computations of EBITDAX. While we have disclosed EBITDAX to permit a more complete comparative analysis of our operating performance and debt servicing ability relative to other companies, you are cautioned that EBITDAX as reported by us may not be comparable in all instances to EBITDAX as reported by other companies. EBITDAX amounts may not be fully available for management’s discretionary use, due to requirements to conserve funds for capital expenditures, debt service and other commitments. We believe that EBITDAX assists our lenders and investors in comparing our performance on a consistent basis without regard to certain expenses, which can vary significantly depending upon accounting methods. Because we may borrow money to finance our operations, interest expense is a necessary element of our costs. In addition, because we use capital assets, DD&A are also necessary elements of our costs. Finally, we are required to pay federal and state taxes, which are necessary elements of our costs. Therefore, any measures that exclude these elements have material limitations. To compensate for these limitations, we believe it is important to consider both net income determined under GAAP and EBITDAX to evaluate our performance. For purposes of consistency with current calculations, we have revised certain amounts relating to prior period EBITDAX. The following table presents a reconciliation of our net income to EBITDAX for each of the periods presented. “Adjusted Net Loss” means, for any period, the sum of net income (loss) from continuing operations before income taxes for the period plus the following expenses, charges or income, in each case, to the extent deducted from or added to net income in the period: unrealized losses from financial derivatives, non-cash compensation expense, dry hole expenses, disposals of assets, impairment and other one-time or non-recurring charges, minus all gains from unrealized financial derivatives, disposal of assets and deferred income tax benefits, added to net income. Adjusted Net Loss is used as a financial measure by Rex Energy's management team and by other users of its financial statements, to analyze its financial performance without regard to non-cash deferred taxes and non-cash unrealized losses or gains from oil and gas derivatives. Adjusted Net Loss is not a calculation based on GAAP financial measures and should not be considered as an alternative to net income (loss) in measuring the company's performance. Rex Energy reports Adjusted Net Loss because it believes that this measure is commonly reported and widely used by investors as an indicator of a company's operating performance. You should carefully consider the specific items included in the company's computation of this measure. You are cautioned that Adjusted Net Income as reported by Rex Energy may not be comparable in all instances to that reported by other companies. To compensate for these limitations, the company believes it is important to consider both net income determined under GAAP and Adjusted Net Income. The following table presents a reconciliation of Rex Energy’s net income from continuing operations to its adjusted net loss for each of the periods presented ($ in thousands): Cash General and Administrative Expenses (Cash G&A) is the difference between GAAP G&A and non-Cash G&A, which is primarily comprised of non-cash compensation expense. Rex Energy has reported Cash G&A because it believes that this measure is commonly reported and widely used by management and investors as an indicator of overhead efficiency without regard to non-cash expenditures, such as stock compensation. Cash G&A is not a calculation based on GAAP financial measures and should not be considered as an alternative to GAAP G&A in measuring the company’s performance. You should carefully consider the specific items included in the company’s computation of this measure. You are cautioned that Cash G&A as reported by Rex Energy may not be comparable in all instances to that reported by other companies. To compensate for these limitations, the company believes it is important to consider both Cash G&A and GAAP G&A. The following table presents a reconciliation of Rex Energy’s GAAP G&A to its Cash G&A for each of the periods presented (in thousands):


News Article | May 9, 2017
Site: globenewswire.com

STATE COLLEGE, Pa., May 09, 2017 (GLOBE NEWSWIRE) -- Rex Energy Corporation (Nasdaq:REXX) today announced its first quarter 2017 financial and operational results. Operating revenue from continuing operations for the three months ended March 31, 2017 was $52.1 million, which represents an increase of 103% as compared to the same period in 2016. Commodity revenues, including settlements from derivatives, were $48.6 million, an increase of 25% as compared to the same period in 2016. Commodity revenues from natural gas liquids (NGLs) and condensate, including settlements from derivatives, represented 38% of total commodity revenues for the three months ended March 31, 2017. Lease operating expense (LOE) from continuing operations was $28.9 million, or $1.85 per Mcfe for the quarter, a 30% increase as compared to the first quarter of 2016. The increase on a per unit basis is related to the commencement of the company’s Gulf Coast transport. The increase in transportation cost was offset by a decrease in natural gas basis differentials. General and administrative expenses from continuing operations were $4.5 million for the first quarter of 2017, a 14% decrease as compared to the same period in 2016. Cash general and administrative expenses from continuing operations, a non-GAAP measure, were $4.5 million, or $0.29 per Mcfe for the quarter, a 9% decrease on a per unit basis as compared to the same period in 2016. Net income attributable to common shareholders for the three months ended March 31, 2017 was $2.1 million, or $0.02 per basic share. Adjusted net loss, a non-GAAP measure, for the three months ended March 31, 2017 was $5.5 million, or $0.06 per share. EBITDAX from continuing operations, a non-GAAP measure, was $15.6 million for the first quarter of 2017, an 84% increase as compared to the first quarter of 2016 and an 18% increase compared to the fourth quarter of 2016. Reconciliations of adjusted net income (loss) to GAAP net income, EBITDAX to GAAP net income and G&A to cash G&A for the three months ended March 31, 2017, as well as a discussion of the uses of each measure, are presented in the appendix of this release. First quarter 2017 production volumes from continuing operations were 173.4 MMcfe/d, consisting of 110.1 MMcf/d of natural gas, 4.7 Mbbls/d of C3+ NGLs, 5.0 Mbbls/d of ethane and 0.8 Mbbls/d of condensate. NGLs (including ethane) and condensate accounted for 36% of net production for the first quarter of 2017. Including the effects of cash-settled derivatives, realized prices for the three months ended March 31, 2017 were $3.04 per Mcf for natural gas, $25.19 per barrel for C3+ NGLs, $9.72 per barrel for ethane and $46.14 per barrel for condensate. Before the effects of hedging, realized prices for the three months ended March 31, 2017 were $3.16 per Mcf for natural gas, $30.84 per barrel for C3+ NGLs, $9.48 per barrel for ethane and $46.07 per barrel for condensate. For the first quarter of 2017, net operational capital investments were approximately $25.5 million. The company expects to be reimbursed by joint development partners for approximately $11.0 million of previously incurred costs that were not billed until the second quarter of 2017. Capital investments in the first quarter of 2017 funded the drilling of seven gross (3.3 net) wells, fracture stimulation of four gross (1.4 net) wells and other projects related to drilling and completing wells in the Appalachian Basin. The company has begun drilling the last of four wells on the Wilson pad. The four wells are expected to have an average lateral length of approximately 9,300 feet and are expected to be placed into sales in the third quarter of 2017. The four-well Wilson pad is adjacent to the two-well Geyer pad, which was drilled to an average lateral length of approximately 4,200 feet and had an average 5-day sales rate per well of approximately 7.1 MMcfe/d. Following the drilling of the last well on the Wilson pad, the drilling rig will return to Moraine East and begin drilling the two-well Frye pad, which is expected to have an average lateral length of approximately 5,400 feet. In the Moraine East Area, the company drilled seven gross (3.3 net) wells and completed four gross (1.4 net) wells during the first quarter of 2017. In addition, the company had 12 gross (5.5 net) wells awaiting completion at the end of the first quarter. The company has begun completing the six-well Shields pad and expects to place the six wells into sales in the third quarter of 2017. Following the completion of the Shields pad, the company will begin completing the four-well Mackrell pad, which was drilled to an average lateral length of approximately 7,600 feet. In the Warrior North Area, the company plans to drill 12 gross (10.2 net) wells during 2017, with the average lateral length of approximately 7,000 feet. The drilling and completion activity in Warrior North will begin in the second half of 2017 and the majority of the wells are expected to be placed into sales in the beginning of 2018. During the second quarter of 2017, Rex Energy closed on a new $300 million first lien delayed draw term loan with a lending group led by Angelo, Gordon and Co. Initial borrowings of approximately $144.0 million under the term loan were used to repay all outstanding loans and obligations under the company’s previous senior secured credit facility, pay fees and expenses associated with the term loan, and place approximately $19.3 million of cash on the balance sheet. The new facility also includes approximately $46.5 million for outstanding undrawn letters of credit. Following the repayment of outstanding borrowings on the senior secured credit facility, the company has approximately $110.0 million of additional capacity under the term loan. In addition, the term loan permits, under certain circumstances, the issuance of up to an additional $100 million in secured first lien debt. Rex Energy is providing its guidance for the second quarter of 2017 and maintaining its guidance for full-year 2017 ($ in millions). The increase in lease operating expenses on a per unit basis is related to the company’s Gulf Coast transportation increasing from 100 MMcf/d to 130 MMcf/d in the second quarter of 2017. The increase on a per unit basis is partially offset by the improvement in natural gas basis differentials for the same period. The company expects natural gas basis differentials, including the effects of basis hedges, to be in the range of $0.25 - $0.35 off of NYMEX for the second quarter of 2017. In addition, the company expects the four-well Baird pad in Moraine East to be placed into sales on June 1, 2017. Management will host a live conference call and webcast on Wednesday, May 10, 2017 at 10:00 a.m. Eastern to review first quarter 2017 financial results and operational highlights. The telephone number to access the conference call is (866) 437-1772. Headquartered in State College, Pennsylvania, Rex Energy is an independent oil and gas exploration and production company with its core operations in the Appalachian Basin. The company’s strategy is to pursue its higher potential exploration drilling prospects while acquiring oil and natural gas properties complementary to its portfolio. Except for historical information, statements made in this release, including those relating to the timing and nature of development plans; drilling and completion schedules; anticipated fracture stimulation activities; expected dates for placement of wells into sales; and our financial guidance for second quarter and full year 2017 are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may contain words such as "expected", "expects", "scheduled", "planned", "plans", "anticipates" or similar words, and are based on management's experience and perception of historical trends, current conditions, and anticipated future developments, as well as other factors believed to be appropriate. We believe these statements and the assumptions and estimates contained in this release are reasonable based on information that is currently available to us. However, management's assumptions and the company's future performance are subject to a wide range of business risks and uncertainties, both known and unknown, and we cannot assure that the company can or will meet the goals, expectations, and projections included in this release. Any number of factors could cause our actual results to be materially different from those expressed or implied in our forward looking statements, including (without limitation): We undertake no obligation to publicly update or revise any forward-looking statements. Further information on the company's risks and uncertainties is available in our filings with the Securities and Exchange Commission and we strongly encourage investors to review those filings. “EBITDAX” means, for any period, the sum of net income for such period plus the following expenses, charges or income to the extent deducted from or added to net income in such period: interest, income taxes, DD&A, unrealized losses from financial derivatives, non-recurring gains and losses, exploration expenses and other similar non-cash charges, minus all non-cash income, including but not limited to, income from unrealized financial derivatives and gains on asset dispositions, added to net income. EBITDAX, as defined above, is used as a financial measure by our management team and by other users of its financial statements, such as our commercial bank lenders to analyze such things as: EBITDAX is not a calculation based on GAAP financial measures and should not be considered as an alternative to net income (loss) (the most directly comparable GAAP financial measure) in measuring our performance, nor should it be used as an exclusive measure of cash flows, because it does not consider the impact of working capital growth, capital expenditures, debt principal reductions, and other sources and uses of cash, which are disclosed in our consolidated statements of cash flows. We have reported EBITDAX because it is a financial measure used by our existing commercial lenders, and because this measure is commonly reported and widely used by investors as an indicator of a company’s operating performance and ability to incur and service debt. You should carefully consider the specific items included in our computations of EBITDAX. While we have disclosed EBITDAX to permit a more complete comparative analysis of our operating performance and debt servicing ability relative to other companies, you are cautioned that EBITDAX as reported by us may not be comparable in all instances to EBITDAX as reported by other companies. EBITDAX amounts may not be fully available for management’s discretionary use, due to requirements to conserve funds for capital expenditures, debt service and other commitments. We believe that EBITDAX assists our lenders and investors in comparing our performance on a consistent basis without regard to certain expenses, which can vary significantly depending upon accounting methods. Because we may borrow money to finance our operations, interest expense is a necessary element of our costs. In addition, because we use capital assets, DD&A are also necessary elements of our costs. Finally, we are required to pay federal and state taxes, which are necessary elements of our costs. Therefore, any measures that exclude these elements have material limitations. To compensate for these limitations, we believe it is important to consider both net income determined under GAAP and EBITDAX to evaluate our performance. For purposes of consistency with current calculations, we have revised certain amounts relating to prior period EBITDAX. The following table presents a reconciliation of our net income to EBITDAX for each of the periods presented. “Adjusted Net Loss” means, for any period, the sum of net income (loss) from continuing operations before income taxes for the period plus the following expenses, charges or income, in each case, to the extent deducted from or added to net income in the period: unrealized losses from financial derivatives, non-cash compensation expense, dry hole expenses, disposals of assets, impairment and other one-time or non-recurring charges, minus all gains from unrealized financial derivatives, disposal of assets and deferred income tax benefits, added to net income. Adjusted Net Loss is used as a financial measure by Rex Energy's management team and by other users of its financial statements, to analyze its financial performance without regard to non-cash deferred taxes and non-cash unrealized losses or gains from oil and gas derivatives. Adjusted Net Loss is not a calculation based on GAAP financial measures and should not be considered as an alternative to net income (loss) in measuring the company's performance. Rex Energy reports Adjusted Net Loss because it believes that this measure is commonly reported and widely used by investors as an indicator of a company's operating performance. You should carefully consider the specific items included in the company's computation of this measure. You are cautioned that Adjusted Net Income as reported by Rex Energy may not be comparable in all instances to that reported by other companies. To compensate for these limitations, the company believes it is important to consider both net income determined under GAAP and Adjusted Net Income. The following table presents a reconciliation of Rex Energy’s net income from continuing operations to its adjusted net loss for each of the periods presented ($ in thousands): Cash General and Administrative Expenses (Cash G&A) is the difference between GAAP G&A and non-Cash G&A, which is primarily comprised of non-cash compensation expense. Rex Energy has reported Cash G&A because it believes that this measure is commonly reported and widely used by management and investors as an indicator of overhead efficiency without regard to non-cash expenditures, such as stock compensation. Cash G&A is not a calculation based on GAAP financial measures and should not be considered as an alternative to GAAP G&A in measuring the company’s performance. You should carefully consider the specific items included in the company’s computation of this measure. You are cautioned that Cash G&A as reported by Rex Energy may not be comparable in all instances to that reported by other companies. To compensate for these limitations, the company believes it is important to consider both Cash G&A and GAAP G&A. The following table presents a reconciliation of Rex Energy’s GAAP G&A to its Cash G&A for each of the periods presented (in thousands):


News Article | September 18, 2017
Site: globenewswire.com

STATE COLLEGE, Pa., Sept. 18, 2017 (GLOBE NEWSWIRE) -- Rex Energy Corporation (Nasdaq:REXX) today provided an update for its Moraine East Area operations. The company has placed the six-well Shields pad into sales, consisting of five Marcellus wells and one Upper Devonian Burkett well. The Shields wells were drilled to an average lateral length of approximately 8,800 feet and completed in an average of 49 stages. The six wells produced at an average 24-hour sales rate per well, assuming full ethane recovery, of 9.2 MMcfe/d, consisting of 4.2 MMcf/d of natural gas, 781 bbls/d of NGLs and 50 bbls/d of condensate. The six wells went on to produce at an average 30-day sales rate per well, assuming full ethane recovery, of 7.9 MMcfe/d, consisting of 3.6 MMcf/d of natural gas, 676 bbls/d of NGLs and 38 bbls/d of condensate. The 30-day sales rate for the Shields wells are in-line with the company’s economic projections for its 2017 Moraine East program. In addition, the company returned to its more traditional restricted choke program for the six-well Shields pad. The company has also placed into sales the four-well Mackrell pad. The Mackrell wells were drilled to an average lateral length of approximately 7,630 feet and completed in an average of 45 stages. The wells produced at an average 24-hour sales rate per well, assuming full ethane recovery, of 8.4 MMcfe/d, consisting of 2.6 MMcf/d of natural gas, 723 bbls/d of NGLs and 25 bbls/d of condensate. The company has begun initial sales from the two-well Frye pad. The wells were drilled to an average lateral length of approximately 6,300 feet and completed in an average of 42 stages. The company expects to provide an update on the performance of the pad in the coming weeks. With the Frye pad into sales, the company expects to be at its 90 MMcf/d of capacity at the Renick compressor station in Moraine East by the end of the third quarter of 2017. Additional compression for the Moraine East Area is expected to be into service in early 2018. “We are extremely pleased with the strong performance of the six wells on the Shields pad and the four wells on the Mackrell pad, providing strong results from the eastern portion of our Moraine East Area,” said Tom Stabley, Rex Energy’s President and Chief Executive Officer. “In addition, we are pleased with the liquids production we have seen from the Shields and Mackrell wells, which are located on the eastern portion of our Moraine East acreage.” With the Shields, Mackrell and Frye pads placed into sales during the third quarter of 2017, the company remains on target to meet its third quarter production guidance of 171.0 – 181.0 MMcfe/d and its full-year 2017 exit rate production growth rate guidance of 15% - 20%. This press release includes "forward-looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, included in this release that address activities, events, developments, forecasts, or guidance that Rex Energy expects, believes or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements rely on assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside Rex Energy's ability to control or predict, that could cause results to differ materially from management's current expectations. These risks and uncertainties include, but are not limited to, economic and market conditions, operational considerations, the timing and success of our exploration and development efforts, and other uncertainties. Additional information concerning these and other factors can be found in our press releases and public periodic filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2016, and we strongly encourage you to review those documents to understand these risks. You should not place undue reliance on forward-looking statements because they reflect management's views only as of the date of this release. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. Headquartered in State College, Pennsylvania, Rex Energy is an independent oil and gas exploration and production company with its core operations in the Appalachian Basin. The company’s strategy is to pursue its higher potential exploration drilling prospects while acquiring oil and natural gas properties complementary to its portfolio.


News Article | September 19, 2017
Site: globenewswire.com

STATE COLLEGE, Pa., Sept. 18, 2017 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by Rex Energy Corporation (NASDAQ:REXX), please note that in the last sentence of the fourth paragraph, it should read "3.9 MMcf/d" rather than "2.6 MMcf/d" and that in the first chart, first column, second entry it should read "3,864" rather than "2,576." The corrected release follows: Rex Energy Corporation (Nasdaq:REXX) today provided an update for its Moraine East Area operations. The company has placed the six-well Shields pad into sales, consisting of five Marcellus wells and one Upper Devonian Burkett well. The Shields wells were drilled to an average lateral length of approximately 8,800 feet and completed in an average of 49 stages. The six wells produced at an average 24-hour sales rate per well, assuming full ethane recovery, of 9.2 MMcfe/d, consisting of 4.2 MMcf/d of natural gas, 781 bbls/d of NGLs and 50 bbls/d of condensate. The six wells went on to produce at an average 30-day sales rate per well, assuming full ethane recovery, of 7.9 MMcfe/d, consisting of 3.6 MMcf/d of natural gas, 676 bbls/d of NGLs and 38 bbls/d of condensate. The 30-day sales rate for the Shields wells are in-line with the company’s economic projections for its 2017 Moraine East program. In addition, the company returned to its more traditional restricted choke program for the six-well Shields pad. The company has also placed into sales the four-well Mackrell pad. The Mackrell wells were drilled to an average lateral length of approximately 7,630 feet and completed in an average of 45 stages. The wells produced at an average 24-hour sales rate per well, assuming full ethane recovery, of 8.4 MMcfe/d, consisting of 3.9 MMcf/d of natural gas, 723 bbls/d of NGLs and 25 bbls/d of condensate. The company has begun initial sales from the two-well Frye pad. The wells were drilled to an average lateral length of approximately 6,300 feet and completed in an average of 42 stages. The company expects to provide an update on the performance of the pad in the coming weeks. With the Frye pad into sales, the company expects to be at its 90 MMcf/d of capacity at the Renick compressor station in Moraine East by the end of the third quarter of 2017. Additional compression for the Moraine East Area is expected to be into service in early 2018. “We are extremely pleased with the strong performance of the six wells on the Shields pad and the four wells on the Mackrell pad, providing strong results from the eastern portion of our Moraine East Area,” said Tom Stabley, Rex Energy’s President and Chief Executive Officer. “In addition, we are pleased with the liquids production we have seen from the Shields and Mackrell wells, which are located on the eastern portion of our Moraine East acreage.” With the Shields, Mackrell and Frye pads placed into sales during the third quarter of 2017, the company remains on target to meet its third quarter production guidance of 171.0 – 181.0 MMcfe/d and its full-year 2017 exit rate production growth rate guidance of 15% - 20%. This press release includes "forward-looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, included in this release that address activities, events, developments, forecasts, or guidance that Rex Energy expects, believes or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements rely on assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside Rex Energy's ability to control or predict, that could cause results to differ materially from management's current expectations. These risks and uncertainties include, but are not limited to, economic and market conditions, operational considerations, the timing and success of our exploration and development efforts, and other uncertainties. Additional information concerning these and other factors can be found in our press releases and public periodic filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2016, and we strongly encourage you to review those documents to understand these risks. You should not place undue reliance on forward-looking statements because they reflect management's views only as of the date of this release. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. Headquartered in State College, Pennsylvania, Rex Energy is an independent oil and gas exploration and production company with its core operations in the Appalachian Basin. The company’s strategy is to pursue its higher potential exploration drilling prospects while acquiring oil and natural gas properties complementary to its portfolio.


News Article | March 3, 2017
Site: www.24-7pressrelease.com

CHOCTAW, OK, March 03, 2017-- Stephen Whitaker has been included in Marquis Who's Who. As in all Marquis Who's Who biographical volumes, individuals profiled are selected on the basis of current reference value. Factors such as position, noteworthy accomplishments, visibility, and prominence in a field are all taken into account during the selection process.Supported by more than four decades of invaluable contributions to oil and gas geology, Mr. Whitaker continues to build on his reputation for excellence through his new job as the president of Violent Energy, where he has been since 2017. He initially began his journey as a geological assistant for the U.S. Geological Survey, and subsequently joined companies like Texaco, the Illinois State Geological Survey, Apache Corp., IBEX Geological Consultant, Inc., and Rex Energy Corp. He also served on the board of directors for the Illinois Oil & Gas Association.Mr. Whitaker prepared for his endeavors by graduating from the University of Southern California and the University of Colorado with a Bachelor of Science and Master of Science in geology, respectively. A member of the American Association of Petroleum Geologists and the Illinois Geological Society, he has achieved much since then. He has encouraged oil exploration in Illinois through lectures, publications, and the development of exploration programs, and conducted geological analyses that led to the acquisition of key properties in the Eagle Ford trend of South Texas by Devon Energy. Furthermore, he has instructed others on the potential of Waulsortian mounds in Illinois, and completed geological analyses and mapping of upper-Devonian shales in the western Appalachian Basin.. Throughout his career, Mr. Whitaker has contributed his extensive industry knowledge into such creative works as "Silurian Pinnacle Distribution in Illinois: Model for Hydrocarbon Exploration," and "Fluvial-Estuarine Valley Fills at the Mississippian-Pennsylvanian Unconformity in Sandstone Petroleum Reservoirs." Since the mid-1990s, Mr. Whitaker has been featured in numerous additions of Who's Who in America, Who's Who in Science and Engineering, Who's Who in the Midwest, and Who's Who in the World.About Marquis Who's Who :Since 1899, when A. N. Marquis printed the First Edition of Who's Who in America , Marquis Who's Who has chronicled the lives of the most accomplished individuals and innovators from every significant field of endeavor, including politics, business, medicine, law, education, art, religion and entertainment. Today, Who's Who in America remains an essential biographical source for thousands of researchers, journalists, librarians and executive search firms around the world. Marquis publications may be visited at the official Marquis Who's Who website at www.marquiswhoswho.com


News Article | February 21, 2017
Site: globenewswire.com

STATE COLLEGE, Pa., Feb. 21, 2017 (GLOBE NEWSWIRE) -- Rex Energy Corporation (Nasdaq:REXX) today announced plans to release fourth quarter and full-year 2016 financial and operational results on Tuesday, March 7, 2017 after market close. Management will host a live conference call and webcast on Wednesday, March 8, 2017 at 10 a.m. ET to review fourth quarter and full-year 2016 financial results and operational highlights. The telephone number to access the conference call is (866) 437-1772. The conference call will also be available for replay through the company’s website at www.rexenergy.com under the Investor Relations tab. Headquartered in State College, Pennsylvania, Rex Energy is an independent oil and gas exploration and production company with its core operations in the Appalachian Basin. The company’s strategy is to pursue its higher potential exploration drilling prospects while acquiring oil and natural gas properties complementary to its portfolio.


News Article | February 21, 2017
Site: globenewswire.com

STATE COLLEGE, Pa., Feb. 21, 2017 (GLOBE NEWSWIRE) -- Rex Energy Corporation (Nasdaq:REXX) today announced plans to release fourth quarter and full-year 2016 financial and operational results on Tuesday, March 7, 2017 after market close. Management will host a live conference call and webcast on Wednesday, March 8, 2017 at 10 a.m. ET to review fourth quarter and full-year 2016 financial results and operational highlights. The telephone number to access the conference call is (866) 437-1772. The conference call will also be available for replay through the company’s website at www.rexenergy.com under the Investor Relations tab. Headquartered in State College, Pennsylvania, Rex Energy is an independent oil and gas exploration and production company with its core operations in the Appalachian Basin. The company’s strategy is to pursue its higher potential exploration drilling prospects while acquiring oil and natural gas properties complementary to its portfolio.


News Article | February 21, 2017
Site: globenewswire.com

STATE COLLEGE, Pa., Feb. 21, 2017 (GLOBE NEWSWIRE) -- Rex Energy Corporation (Nasdaq:REXX) today announced plans to release fourth quarter and full-year 2016 financial and operational results on Tuesday, March 7, 2017 after market close. Management will host a live conference call and webcast on Wednesday, March 8, 2017 at 10 a.m. ET to review fourth quarter and full-year 2016 financial results and operational highlights. The telephone number to access the conference call is (866) 437-1772. The conference call will also be available for replay through the company’s website at www.rexenergy.com under the Investor Relations tab. Headquartered in State College, Pennsylvania, Rex Energy is an independent oil and gas exploration and production company with its core operations in the Appalachian Basin. The company’s strategy is to pursue its higher potential exploration drilling prospects while acquiring oil and natural gas properties complementary to its portfolio.


News Article | February 21, 2017
Site: globenewswire.com

STATE COLLEGE, Pa., Feb. 21, 2017 (GLOBE NEWSWIRE) -- Rex Energy Corporation (Nasdaq:REXX) today announced plans to release fourth quarter and full-year 2016 financial and operational results on Tuesday, March 7, 2017 after market close. Management will host a live conference call and webcast on Wednesday, March 8, 2017 at 10 a.m. ET to review fourth quarter and full-year 2016 financial results and operational highlights. The telephone number to access the conference call is (866) 437-1772. The conference call will also be available for replay through the company’s website at www.rexenergy.com under the Investor Relations tab. Headquartered in State College, Pennsylvania, Rex Energy is an independent oil and gas exploration and production company with its core operations in the Appalachian Basin. The company’s strategy is to pursue its higher potential exploration drilling prospects while acquiring oil and natural gas properties complementary to its portfolio.

Loading Rex Energy collaborators
Loading Rex Energy collaborators