Natural gas production climbed 66 percent in 2014 for Rex Energy
Rex Energy produced 66 percent more natural gas last year than it did in 2013, clocking in at an average 154.4 million cubic feet per day (MMcfe/d), the State College–based driller reported Wednesday.
During the last three months of the year, the company reported production of 196 MMcfe/d, a 78 percent jump over the same period in 2013, the company said in its quarterly and year-end earnings report.
Rex Energy reported a net loss for the fourth quarter of $72 million, or $1.35 per share, compared to a net loss of $15 million or 26 cents per share, in the fourth quarter of 2013. For the full year, the company reported a net loss of $50 million, or 94 cents per share, compared to a net loss of $2 million, or 5 cents per share in 2013.
In the Marcellus Shale formation of Pennsylvania and Utica Shale in Ohio, the company drilled 51 wells and placed 52 wells into sales. In Pennsylvania, the company operates in Butler, Westmoreland, Clearfield and Centre counties.
Proved reserves, a term referring to what drillers can economically extract from the ground, increased 57 percent year-over-year to 1.3 trillion cubic feet of natural gas equivalent.