Rex Energy Corp. (NASDAQ: REXX) detailed its second-quarter 2014 financial results, the company said Aug. 5.
Operating revenues totaled $86.0 million at the end of the three-month period and $182.7 million at the end of the six-month period, respectively, the company said, noting their increases of 55% and 78% over the same periods in 2013. ,
Commodity revenues totaled $70.9 million at the end of the three-month period and $147.0 million at the end of the six-month period, and had increased 35% and 51%, respectively, over the same periods in 2013, Rex said. Of the total commodity revenues, oil and NGL comprised 56% and 54% of the total, the company added.
Lease operating expenses for the quarter were $21.6 million, while general and administrative (G&A) expenses were $8.2 million, Rex said. The G&A costs were for the three-month period, the company noted. For the six-month period, G&A totaled $16.9 million, down 17% from the same period in 2013, the company added. During the second quarter, EBITDAX from operations was $44.0 million, while EBITDAX for the first six months of this year was $93.1 million, the company said. The realized prices for oil and condensate for the three-month period were $93.51/bbl, while natural gas cost $3.84 per thousand cubic feet and NGL cost $48.86/bbl, the company said.
Regarding spending, about $89 million was spent on operations during the quarter. Of that amount, $78.3 supported Marcellus and Utica operations, and $10.7 million supported Illinois Basin operations, the company said. Additionally, $20.3 million supported leasing and property acquisitions, the company said.
Regarding liquidity, on June 30, there was $6 million in cash and $200 million in outstanding borrowings under the revolving credit facility, Rex said, noting that there are no outstanding borrowings under the facility.
State College, Pa.-based Rex Energy Corp. explores and produces oil and natural gas in the Illinois and Appalachian Basins.
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