Nov. 6, 2014, 12:57 PM
- Rex Energy (REXX -8.6%) is downgraded to Neutral from Outperform with a new $9 price target, lowered from $13, at Baird, which cites reduced development plans and rising leverage-related risks after disappointing Q3 earnings.
- Baird says its thesis has been changed by REXX's now-clear need for simultaneous alignment of successful execution in one or more major financing transactions, stabilized regional pricing trends, and error-free development progress in order to buttress 2015 financial performance.
Nov. 4, 2014, 4:09 PM
Oct. 21, 2014, 3:58 PM
- Global Hunter revisits its commodity price outlook, now moving to $83 long-term oil vs. $85 previously, applying a higher discount rate to future cash flows and modeling more conservative assumptions with regards to future rig activity, which results in downward revisions for several exploration and production stocks price targets and some rating changes (Briefing.com).
- Anadarko Petroleum (NYSE:APC), Gulfport Energy (NASDAQ:GPOR) and Rex Energy (NASDAQ:REXX) are upgraded to Buy; Talisman Energy (NYSE:TLM) is raised to Speculative Buy from Neutral.
- Devon Energy (NYSE:DVN), Hess (NYSE:HES), Occidental Petroleum (NYSE:OXY) and Kosmos Energy (NYSE:KOS) are upgraded to Accumulate from Neutral.
- Cobalt Energy (NYSE:CIE) is downgraded to Speculative Buy from Buy.
Oct. 20, 2014, 10:15 AM
- Rex Energy (REXX -4.4%) provides preliminary Q3 production results it says exceeded company guidance, and increases its FY 2014 production guidance.
- REXX says Q3 average production of 169.7M cfe/day exceeds the high end of its guidance by 3%, up 32% Q/Q and 72% Y/Y.
- Sees Q4 production of 179M-185M cfe/day, with the midpoint of guidance up 7% Q/Q and 65% Y/Y; raises FY 2014 production guidance to 150M-152M cfe/day from its prior guidance of 146M-150M cfe/day.
- Also says it has hedged ~49% of current natural gas production and ~43% of its current oil production for 2015.
Oct. 6, 2014, 6:23 PM
Sep. 15, 2014, 3:53 PM
- Rexx Energy (REXX +3%) advances after projecting Q3 production at or slightly above the high end of previously announced guidance of 159M-165M cfe/day.
- REXX says it recently placed into sales the six-well Grunder pad at the Warrior North prospect; the wells were drilled with an average lateral length of ~4,800 ft. and completed with an average of 24 completion stages.
- REXX also says it continues to expect its 2014 average realized natural gas price, including the effects of basis hedges, to $0.60-$0.80 below the Henry Hub index price.
Aug. 26, 2014, 8:57 AM
- Rex Energy (NASDAQ:REXX) says it has signed agreements with MarkWest Energy (NYSE:MWE) that will expand its natural gas processing capacity in Butler County, Pa.
- Rex says its processing capacity will rise to at least 280M cf/day of gas by the end of 2015 with MWE's Bluestone III facility, and 405M cf/day by the middle of 2016 with Bluestone IV; MWE is in the middle of constructing both facilities.
- Rex says the recently announced acquisition of Pennsylvania and Ohio acreage from Shell will significantly expand the Butler operated area, and the partnership with MWE will support its growth through increased processing and fractionation capacity.
Aug. 20, 2014, 5:35 PM
Aug. 12, 2014, 5:37 PM
Aug. 12, 2014, 4:39 PM
- Rex Energy (NASDAQ:REXX) agrees to acquire ~208K gross acres in the Marcellus, Upper Devonian/Burkett and Utica shales in Pennsylvania and Ohio from Royal Dutch Shell (RDS.A, RDS.B) for ~$120M.
- REXX says the additional acreage, combined with recent leasing, will bring its position in its Butler Operated Area to ~298K gross acres.
- Assets include ~16M cf/day either currently producing or available to produce with minimal capital investment, and additional expected production of ~13M cf/day available from wells in various stages of development.
- To fund the acquisition, REXX announces a proposed offering of $125M of depositary shares representing convertible perpetual preferred stock.
- REXX +1% AH.
Aug. 5, 2014, 4:19 PM
Jul. 28, 2014, 4:41 PM
- In an operations update, Rex Energy (NASDAQ:REXX) says it has placed the three-well Shipley pad in the Butler operated area into sales, which produced at an average five-day sales rate per well of ~8.2M cfe/day, the highest average rate of any wells to date in the Butler area.
- REXX raises its full-year 2014 production guidance by ~2.M cfe/day at the midpoint to 146M-150M cfe/day from prior guidance of 143M-149M cfe/day, citing strong production results from existing producing properties as well as greater certainty regarding the expected timing of wells to be placed into sales during H2 2014.
- Expects Q3 production of 159M-165M cfe/day, a 26% Q/Q increase and a 64% Y/Y rise at the midpoint.
- REXX +1.2% AH.
Jul. 11, 2014, 5:35 PM
Jul. 8, 2014, 8:58 AM
- In a Q2 operations update, Rex Energy (REXX) says it placed five additional wells into sales, and has now placed 10 of the 11 wells previously completed and awaiting processing capacity into sales, with the one remaining well expected to be placed into sales early in Q3.
- Also, REXX says it began ethane sales on June 11, a slight delay from the expected start; REXX has since averaged ~1K bbl/day of ethane sales for the remainder of June.
- Estimates Q2 production of ~128M cfe/day, and reaffirms full-year production guidance of 143M-149M cfe/day.
- Northland Capital views the update as generally positive, with continued progress in liquids-rich natural gas development in the Appalachian Basin; the firm continues to believe REXX is a strong play in the small-cap natural gas space and views yesterday's 6% pullback as a solid entry point (Briefing.com).
Jun. 2, 2014, 10:28 AM
- MarkWest Energy (MWE) commences its 120M cf/day Bluestone II cryogenic processing facility, which increases MWE's processing capacity for Marcellus producers operating in northwest Pennsylvania to 210M cf/day.
- MWE also completes 20K bbl/day of ethane and heavier fractionation capacity at Bluestone, and a 32-mile purity ethane pipeline connecting to Mariner West.
- Bluestone II primarily supports the expanding production of Rex Energy (REXX), which now has 190M cf/day of dedicated processing capacity at MWE’s Keystone facilities.
- MWE also resumes operations at its Houston, Pa., processing and fractionation complex after shutting operations last week following an apparent lightning strike.
Apr. 30, 2014, 12:54 PM
- Rex Energy (REXX +3.2%) says it signed binding agreements with Dominion (D) and Texas Gas Transmission to pipe natural gas from Pennsylvania to the midwest and Gulf coast.
- The Dominion deal will allow for expanded capacity on ~235 miles of existing pipeline, while the Texas Gas agreement will allow for expanded capacity on ~690 miles of existing pipeline.
- Northland Capital raises its REXX price target to $28 from $25 following the gas transport deals as well as an impressive Q1 earnings report, as production exceeded the high end of guidance and EBITDA beat the firm's estimate (Briefing.com).
- Financial terms of the separate deals were not disclosed.
REXX vs. ETF Alternatives
Rex Energy Corp is an independent energy company. The Company is engaged in acquisition, production, exploration and development of oil and gas with properties concentrated in the Appalachian and Illinois regions.
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