Rice Energy Inc., an independent natural gas and oil company, engages in the acquisition, exploration, and development of natural gas, oil, and natural gas liquid (NGL) properties in the Appalachian Basin. The company operates through two segments, Exploration and Production, and Midstream. As of December 31, 2014, it held approximately 86,000 net acres in the southwestern core of the Marcellus Shale, Pennsylvania; and approximately 55,000 net acres in the southeastern core of the Utica Shale located in Belmont County, Ohio. The company also has operations in the Upper Devonian Shale located on Pennsylvania acreage. It had 78 net producing wells in the Marcellus Shale; 3 net producing wells ...
400 Woodcliff Drive
Canonsburg, PA 15317
Founded in 2008
Rice Energy Inc. Reports Unaudited Consolidated Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Production Guidance for the Third Quarter, Fourth Quarter and Full Year of 2015; Provides Capital Expenditure Guidance for the Year 2015
Aug 6 15
Rice Energy Inc. reported unaudited consolidated earnings and production results for the second quarter and six months ended June 30, 2015. For the quarter, natural gas production was 47,559 MMcf against 21,966 MMcf a year ago. Oil and NGL production was 90 MBbls against 1 MBbls a year ago. Total production was 48,099 MMcfe against 21,969 MMcfe a year ago. Net production averaged 529 MMcfe/d for the second quarter, a 120% increase relative to second quarter 2014.
For the six months, natural gas production was 86,647 MMcf against 38,356 MMcf a year ago. Oil and NGL production was 179 MBbls against 1 MBbls a year ago. Total production was 87,720 MMcfe against 38,359 MMcfe a year ago. Total production was 485 MMcfe/d, a 116% increase as compared to the prior year period.
For the quarter, total operating Revenue was $112,894,000 against $91,940,000 a year ago. Operating loss was $46,171,000 against operating income of $24,417,000 a year ago. Loss before income taxes was $73,511,000 against $12,510,000 a year ago. Net loss attributable to the company was $69,683,000 against $7,917,000 a year ago. Adjusted net income was $4,351,000 against adjusted net loss of $943,000 a year ago. Adjusted EBITDAX was $97,387,000 against $50,391,000 a year ago. Loss per share diluted was $0.51 against $0.06 a year ago. Adjusted earnings per share diluted were $0.03 against adjusted loss per share diluted of $0.01 a year ago.
For the six months, total operating revenues were $222,433,000 against $182,417,000 a year ago. Operating loss was $77,249,000 against $9,377,000 a year ago. Loss before income taxes was $60,293,000 against income before income taxes of $126,320,000 a year ago. Net loss attributable to the company was $69,530,000 against net income attributable to the company $121,538,000 a year ago. Adjusted net loss was $21,608,000 against adjusted net income of $58,666,000 a year ago. Adjusted EBITDAX was $181,663,000 against $105,916,000 a year ago. Loss per share diluted was $0.51 against earnings per share of $0.99 a year ago. Adjusted loss per share diluted was $0.16 against adjusted earnings per share diluted $0.48 a year ago. Net debt was $1,167,357,000. The company incurred approximately $320 million of drilling and completion capex, $90 million of organic leasehold and $60 million of midstream capex, excluding Rice Midstream Partners.
For the full year of 2015, due to continued efficiency gains across its drilling, completion and midstream departments, its project cycle times have shortened, and anticipate maintaining these efficiencies through the second half of the year. As a result, the company is increasing its 2015 annual production guidance to 485 MMcfe/d to 505 MMcfe/d and reaffirming 2015 capital budget for E&P and retained midstream investments of $890 million. Excluding RMP, the company had $1 billion of liquidity at the end of the second quarter, providing excess liquidity to fund the future remaining 2015 capital expenditures of approximately $320 million.
The company announced that third and fourth quarter of 2015 production is expected to be roughly flat to second quarter for a couple of reasons.