Activity update

Activity update


Updated permitting activity from the Ohio Department of Natural Resources shows there have been 1,004 horizontal wells drilled as of Aug. 5 in the Utica Shale. This is out of 1,431 horizontal permits that have been issued in the Utica.

In the Marcellus Shale, there have been 27 wells drilled out of 44 permitted.

Net loss reported


CONSOL Energy Inc. reported a net loss of $25 million for the quarter ended June 30, or $.11 per diluted share. This is compared to a net loss of $13 million, or $0.05 per diluted share from the year-earlier quarter.

The company incurred $74.3 million in expense related to the early extinguishment of debt due to the purchase of all the 8.00 percent senior notes that were due 2017.

Acquisition announced


Rex Energy Corp. announced the acquisition of approximately 208,000 gross (207,000 net) acres in the company’s Butler Operated Area.

The assets to be acquired are located in Armstrong, Beaver, Butler, Lawrence, Mercer and Venango counties in Pennsylvania and Columbiana and Mahoning counties in Ohio.

Rex Energy has entered into a definitive purchase agreement with SWEPI, LP, an affiliate of Royal Dutch Shell to acquire a 100 percent interest in approximately 208,000 gross (207,000 net) acres for approximately $120 million in cash, subject to customary closing adjustments. The transaction is expected to close in September 2014.

Chesapeake results


Chesapeake Energy Corp. reported its financial and operational results for the 2014 second quarter. For the 2014 second quarter, adjusted earnings, before interest, tax, depreciation and amortization, was $1.277 billion in the 2014 second quarter, compared to $1.424 billion in the 2013 second quarter.

Average production was approximately 695,000 barrels of oil equivalent per day, which increased 13 percent year over year, adjusted for asset sales, and average oil production was reported at approximately 113,400 barrels per day, an increase of 12 percent year over year, adjusted for asset sales.

Halcon 2Q results


Halcon Resources Corp. announced its second-quarter 2014 results at the end of July. The company saw revenue for three months that ended June 30 at $327.1 million, an increase of 53 percent compared to 2013.

Production for the quarter increased 44 percent year-over-year to an average of 42,055 barrels of oil equivalent per day. Second-quarter 2014 production was 85 percent oil, 7 percent natural-gas liquids and 8 percent natural gas.

Rex Energy 2Q results


Rex Energy Corp. announced the second-quarter 2014 operational and financial results in August.

Operating revenues from continuing operations for the three and six months ended June 30, were $86 million and $182.7 million, respectively, which represents an increase of 55 percent and 78 percent, respectively, over the same periods in 2013.

Wire reports

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