Rex Energy

Last updated
Rex Energy Corporation
Industry Petroleum industry
FoundedMarch 8, 2007;14 years ago (2007-03-08)
DefunctAugust 30, 2018;2 years ago (2018-08-30)
FateAcquired by PennEnergy Resources
Headquarters State College, Pennsylvania
Key people
 Lance T. Shaner, Chairman
Thomas C. Stabley, CEO
Thomas G. Rajan, CFO
Products Natural gas
Natural gas liquids
Production output
195 million cubic feet of natural gas equivalent per day (2016)
RevenueIncrease2.svg $0.139 billion (2016)
Decrease2.svg -$0.176 billion (2016)
Total assets Decrease2.svg $0.893 billion (2016)
Total equity Decrease2.svg $0.10 billion (2016)
Number of employees
104 (2016)
Footnotes /references
[1]

Rex Energy Corporation was a natural gas exploration and production company headquartered in State College, Pennsylvania. In 2018, the company was acquired by PennEnergy Resources.

The company's operations were entirely in the Appalachian Basin, in the Marcellus Shale, Utica Shale, and the Burkett Shale. The company primarily extracted resources using hydraulic fracturing. As of December 31, 2016, the company had 108 million barrels of oil equivalent (660,000,000 GJ) of estimated proved reserves, of which 56.8% was natural gas, 41.5% was natural gas liquids, and 1.7% was natural-gas condensate. In 2016, the company's production was 195 million cubic feet of natural gas equivalent per day. [1]

History

The company was founded in March 2007.

In July 2007, the company became a public company via an initial public offering. [2]

In August 2010, the company entered into a $140 million joint venture with Sumitomo Corporation. [3]

In May 2012, the company sold its interests in two cryogenic gas processing plants for $120 million. [4]

In August 2014, the company acquired assets from Royal Dutch Shell for $120 million. [5] [6]

In June 2015, the company sold its water services subsidiary, Keystone Clearwater Solutions, to American Water Works for $130 million. [7] [8]

In August 2016, the company sold assets in the Illinois Basin for $40 million. [9] [10]

In January 2017, the company sold assets in the Utica Shale to Antero Resources for $30 million. [11] [12]

In May 2018, Rex Energy filed for bankruptcy. [13]

In August 2018, the assets of the company were acquired by PennEnergy Resources. [14]

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References

  1. 1 2 "Rex Energy Corporation 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ "Rex Energy sets IPO at 14.67 mln shares, $11-$13". American City Business Journals . July 6, 2007.
  3. ↑ "Rex Energy Corporation Announces Marcellus Shale Joint Venture, Updated Guidance and Borrowing Base Increase" (Press release). GlobeNewswire. August 31, 2010.
  4. ↑ "Rex Energy Corporation Announces Sale of Midstream Assets and Increase in Borrowing Base" (Press release). GlobeNewswire. May 7, 2012.
  5. ↑ "Rex Energy Announces Significant Acquisition in Its Butler Operated Area" (Press release). GlobeNewswire. August 12, 2014.
  6. ↑ RITENBAUGH, STEPHANIE; LITVAK, ANYA (August 12, 2014). "Rex Energy pays Shell $120M to expand in Pennsylvania, Ohio". Pittsburgh Post-Gazette .
  7. ↑ "Rex Energy Announces Sale of Keystone Clearwater Solutions" (Press release). GlobeNewswire. June 18, 2015.
  8. ↑ Kusic, Sam (June 18, 2015). "Rex Energy sells Keystone Clearwater Solutions". American City Business Journals .
  9. ↑ "Rex Energy Announces Closing of Illinois Basin Asset Sale" (Press release). GlobeNewswire. August 22, 2016.
  10. ↑ Gough, Paul J. (August 23, 2016). "Rex Energy sells off Illinois basin assets". American City Business Journals .
  11. ↑ "Rex Energy Announces Sale of Ohio Utica Warrior South Asset" (Press release). GlobeNewswire. January 4, 2017.
  12. ↑ Gough, Paul J. (January 4, 2017). "Rex Energy sells Utica Shale assets in Ohio". American City Business Journals .
  13. ↑ Litvak, Anya (May 17, 2018). "Rex Energy will file for bankruptcy". Pittsburgh Post-Gazette .
  14. ↑ "PennEnergy Resources to Acquire the Assets of Rex Energy" (Press release). GlobeNewswire. August 30, 2018.
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