Rex Energy Corp. (NASDAQ: REXX) detailed first-quarter 2014 financial results on April 29. The quarter ended March 31, the company added.
During the quarter, about $93.3 million was made in operational capital investments, the company said. Out of this amount, $82.1 million funded Marcellus and Utica operations, and another $11.2 million funded conventional drilling, water flood enhancement and facility upgrades in the Illinois Basin, Rex Energy added.
A total of ten gross wells were drilled in the Marcellus and Utica, and in the Illinois Basin, one gross well was drilled, the company noted.
Investments for leases and acquisitions were $13 million, with $1.7 million in capitalized interest, Rex Energy said.
Operating revenues were $96.6 million, and had increased 104% over first-quarter 2013’s, the company said.
Commodity revenues, including derivatives settlements, were $76.1 million, and had increased 71% over first-quarter 2013’s, Rex Energy added. Out of this amount, 52% of those revenues were from oil and NGL, the company noted.
Lease operating expenses from operations were $20 million, and had decreased 8% from first-quarter 2013’s amount, the company said.
General and administrative expenses, in cash, were $8.7 million, and had decreased 18% from first-quarter 2013, the company added.
The net income from operations, attributable to shareholders, was $8.9 million, Rex Energy noted.
EBITDAX had increased 88% over first-quarter 2013, and was $49.1 million, the company said.
Additionally, Rex Energy detailed its production results for the quarter. Production volumes for the time period were 122.2 million cubic feet equivalent per day, up 62% from first-quarter 2013, the company said. Of this amount, 85.1 million cubic feet was natural gas, and 6.2 million barrels of oil equivalent per day and NGL, Rex Energy said.
Realized prices for commodities at the end of the quarter were $91.39 per barrel of oil and condensate, $4.79 per thousand cubic feet of natural gas and $53.77 per barrel of NGL, the company said.
Natural gas prices were impacted by high demand at sales locations, the company noted. NGL prices were influenced by strong propane prices during the quarter, Rex Energy added.
State College, Pa.-based Rex Energy acquires, produces, explores and develops domestic oil, NGL and natural gas.
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