Rex Energy CorporationNASDAQ
Rexx Energy: Worth Considering At Current Levels
Disruptive Investor • 23 Comments
Disruptive Investor • 23 Comments
Fri, Nov. 11, 2:54 PM
- Rex Energy (REXX -11%) sinks after disclosing that restructuring talks with a current holder of its 1.0%/8.0% senior secured notes due 2020 have ended without an agreement.
- Seeking Alpha contributor Dallas Salazar writes that Rex has substantially nothing of value to offer to second-lien noteholders to provide anything of further relief to its financials, and that the company likely will begin to negotiate with creditors and debtors in looking to an eventual prepackaged bankruptcy.
Tue, Nov. 8, 4:27 PM
Mon, Nov. 7, 5:35 PM
Thu, Sep. 29, 3:05 PM
- Bonanza Creek Energy (BCEI -4.7%) and Rex Energy (REXX +8%) are upgraded (I, II) to Hold from Sell with respective $0.52 and $1 price targets at Stifel, which has an improved oil price outlook following yesterday's OPEC production agreement.
- While a formal OPEC agreement that meaningfully reduces supply and record global inventories is far from concrete, a change in Saudi policy - whether perceived or real - and positive commentary from leading OPEC officials appear to be building an oil price floor of $40.
Thu, Aug. 25, 10:51 AM
- Natural gas production from the Marcellus and Utica shales remains surprisingly strong and defying predictions that output would fall, averaging 22.63B cf/day so far in August, up 2% from last month and the most since February’s all-time high of 22.78B cf/day.
- Even though the number of drilling rigs has declined, new production per rig now averages ~11.4M cf of gas in the Marcellus, up 18% Y/Y, as producers have managed to maintain volumes by tapping inventories of drilled but uncompleted wells and burrowing deeper, longer wells that yield more gas.
- Production has been strong despite regional prices at ~$1.2757/MMBtu, less than half the price for benchmark gas in Louisiana.
- Top Marcellus/Utica producers include EQT, RRC, RICE, CVX, CNX, VTG, REXX, XOM, NBL, COG, CHK.
Tue, Aug. 2, 4:15 PM
Mon, Aug. 1, 5:35 PM
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Tue, Jun. 21, 9:19 AM
- Rex Energy (NASDAQ:REXX) +6.5% premarket after saying it received an additional capital commitment from joint development partner Benefit Street Partners for the Moraine East joint development program.
- BSP’s election raises the total capital commitment to date by BSP from to $98.1M from $51.6M and BSP’s total well participation in Moraine East to 30 wells.
- Rex says the additional capital commitment, combined with the recent Illinois Basin sale, will provide more than $80M of additional liquidity in 2016, which will enable it to continue to hold the majority of its Appalachian Basin acreage by production by mid-year 2017.
- Rex now expects FY 2016 net operational capex of ~$35.5M.
Tue, Jun. 14, 4:43 PM
- Rex Energy (NASDAQ:REXX) +7.2% AH after agreeing to sell its Illinois Basin assets to Campbell Development for ~$40M, with the potential for up to another $10M over three years based on commodity prices.
- The sale includes 76K net acres in Illinois, Indiana and Kentucky, with current production of ~1,700 net bbl/day.
- Rex says it plans to use the proceeds to pay down its revolving line of credit and for general corporate purposes, and expects to maintain its current $190M borrowing base.
Tue, May 10, 4:09 PM
- Rex Energy (NASDAQ:REXX): Q1 EPS of -$0.27 beats by $0.10.
- Revenue of $30.5M (-43.6% Y/Y) misses by $11.93M.
- Shares +1.3%.
Mon, May 9, 5:35 PM
- AG, ALB, ALRM, AMBC, AMRS, ATSG, BUFF, CALL, CGIX, CHMI, CJES, CSLT, CYTX, DGLY, DIS, DXPE, EA, ECPG, ENSG, ESIO, EVRI, EXAM, FF, FIVN, FNGN, FOGO, FOR, FOSL, FTEK, FUEL, GALE, HCKT, HLIT, HLTH, ICUI, IPAR, JAZZ, JIVE, KEYW, KGC, LDRH, MTSC, NEWR, NUAN, PLNT, PSEC, PVCT, QNST, QTM, RBCN, RELY, REXX, RMTI, RTK, SCSC, TDOC, VTAE, XON, XONE, ZAGG, ZFGN, ZGNX, ZLTQ
Mon, Apr. 18, 9:20 AM
Fri, Apr. 15, 12:41 PM
Wed, Apr. 13, 7:12 PM
- Chesapeake Energy (NYSE:CHK) was able to maintain its $4B bank line but many of its competitors are faring far worse: Since the start of 2016, lenders have yanked $5.6B of credit from 36 oil and gas producers, a 12% reduction, according to data compiled by Bloomberg.
- Banks are cutting their oil and gas exposure in part because they are facing pressure from regulators and investors to rein in risk; JPMorgan said today that it had set aside another $529M to cover expected energy loan losses.
- "The banks are walking a tightrope," says Bloomberg's Spencer Cutter. "They don’t want to push the companies into bankruptcy, but on the other hand they’re getting a lot of heat from regulators and investors. They can’t keep kicking the can down the road like they did last year."
- At least 15 companies have seen their credit lines cut, including Whiting Petroleum (NYSE:WLL), Rex Energy (NASDAQ:REXX), Halcon Resources (NYSE:HK), Goodrich Petroleum (GDP) and Midstates Petroleum (NYSE:MPO).
- ETFs: XLE, VDE, ERX, OIH, XOP, FCG, ERY, GASL, DIG, DUG, BGR, XES, IYE, IEO, FENY, IEZ, PXE, FIF, PXJ, RYE, NDP, GUSH, DRIP, DDG, FXN
Mon, Apr. 11, 3:48 PM
- Rex Energy (REXX +23.4%) powers higher after reaching an agreement with INEOS for the sale and transport of ethane, propane and butane gas liquids from the Appalachina Basin for offtake to European markets.
- REXX says transportation of ethane supplies began this month, while propane and butane supplies will start with the completion of the Mariner East 2 pipeline in 2017.
- REXX says the contract adds to its supply portfolio providing for long-term sourcing of advantageously priced U.S. natural gas liquids for its European crackers.
- Now read Rex Energy: The 8.875% senior notes appear to have some speculative appeal
Fri, Mar. 18, 12:48 PM