Rex Energy Corp. (NasdaqGS: REXX) detailed its year-end 2013 financial results Feb. 19.
Capital investments for the year totaled about $303.2 million, the company said. Out of that amount, $233 million funded Marcellus and Utica operations, the company said, adding that 42 gross wells were drilled, 44 gross wells were fraced and 47 gross wells were placed into sale.
In the Illinois Basin, $70.2 million of the capex funded conventional drilling and other uses, while 19 gross wells were drilled, 29 gross wells were fraced and another 29 gross wells were placed into sales, the company said.
Year-end operating revenues for Rex were $237.9 million, a 61% increase over year-end 2012’s, the company said.
Commodity revenues were $221 million, a 47% increase over 2012’s commodity revenues, the company said. Monies from oil and natural gas liquids (NGLs) represented 56% of the segment’s overall revenues, the company added.
Lease operating expense for the year was $62.1 million, the company said, noting that this amount equates to $1.84 per thousand cubic feet equivalent (Mcfe) of product for the year, the company said.
General and administrative (G&A) expenses were $27.7 million for the year, while DD&A expenses increased $18.5 million over 2012’s figure, to $63.9 million, the company said. Significant production growth in the Appalachian Basin assets, and higher Illinois Basin finding costs led this increase, the company said.
Loss from continuing operations, attributable to common shareholders, for the year was $1.9 million, or four cents per share, the company said.
Rex Energy, based in State College, Pa., is an oil and natural gas E&P company.
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