Rex Energy
{{Short description|Natural gas exploration and production company}}
{{Infobox company
| name = Rex Energy Corporation
| logo =
| industry = Petroleum industry
| foundation = {{start date and age|2007|03|08}}
| defunct = {{end date and age|2018|08|30}}
| fate = Acquired by PennEnergy Resources
| location = State College, Pennsylvania
| products = Natural gas
Natural gas liquids
| production = 195 million cubic feet of natural gas equivalent per day (2016)
| key_people = {{nowrap| Lance T. Shaner, Chairman
Thomas C. Stabley, CEO
Thomas G. Rajan, CFO}}
| revenue = {{increase}} $0.139 billion (2016)
| net_income = {{decrease}} -$0.176 billion (2016)
| assets = {{decrease}} $0.893 billion (2016)
| equity = {{decrease}} $0.10 billion (2016)
| num_employees = 104 (2016)
| website = {{url|https://rexenergycorporation.com/}}
| footnotes = {{cite web | url=https://www.sec.gov/Archives/edgar/data/1397516/000156459017004412/rexx-10k_20161231.htm | title=Rex Energy Corporation 2016 Form 10-K Annual Report | publisher=U.S. Securities and Exchange Commission}}
}}
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 {{convert|108|e6BOE|lk=in}} 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.
History
The company was founded in March 2007.
In July 2007, the company became a public company via an initial public offering.{{cite news | url=https://www.reuters.com/article/rexenergy-ipo/rex-energy-sets-ipo-at-14-67-mln-shares-11-13-idUSN0621572720070706 | title=Rex Energy sets IPO at 14.67 mln shares, $11-$13 | work=American City Business Journals | date=July 6, 2007 }}
In August 2010, the company entered into a $140 million joint venture with Sumitomo Corporation.{{cite press release | url=https://globenewswire.com/news-release/2010/08/31/428663/200482/en/Rex-Energy-Corporation-Announces-Marcellus-Shale-Joint-Venture-Updated-Guidance-and-Borrowing-Base-Increase.html | title=Rex Energy Corporation Announces Marcellus Shale Joint Venture, Updated Guidance and Borrowing Base Increase | publisher=GlobeNewswire | date=August 31, 2010}}
In May 2012, the company sold its interests in two cryogenic gas processing plants for $120 million.{{cite press release | url=https://globenewswire.com/news-release/2012/05/07/475767/254936/en/Rex-Energy-Corporation-Announces-Sale-of-Midstream-Assets-and-Increase-in-Borrowing-Base.html | title=Rex Energy Corporation Announces Sale of Midstream Assets and Increase in Borrowing Base | publisher=GlobeNewswire | date=May 7, 2012}}
In August 2014, the company acquired assets from Royal Dutch Shell for $120 million.{{cite press release | url=https://globenewswire.com/news-release/2014/08/12/658138/10094349/en/Rex-Energy-Announces-Significant-Acquisition-in-Its-Butler-Operated-Area.html | title=Rex Energy Announces Significant Acquisition in Its Butler Operated Area | publisher=GlobeNewswire | date=August 12, 2014}}{{cite news | url=http://www.post-gazette.com/powersource/companies/2014/08/12/Rex-Energy-pays-Shell-120M-to-expand-in-Pennsylvania-Ohio/stories/201408120220 | title=Rex Energy pays Shell $120M to expand in Pennsylvania, Ohio | first1=STEPHANIE | last1=RITENBAUGH | first2=ANYA | last2=LITVAK | work=Pittsburgh Post-Gazette | date=August 12, 2014}}
In June 2015, the company sold its water services subsidiary, Keystone Clearwater Solutions, to American Water Works for $130 million.{{cite press release | url=https://globenewswire.com/news-release/2015/06/18/745793/0/en/Rex-Energy-Announces-Sale-of-Keystone-Clearwater-Solutions.html | title=Rex Energy Announces Sale of Keystone Clearwater Solutions | publisher=GlobeNewswire | date=June 18, 2015}}{{cite news | url=https://www.bizjournals.com/pittsburgh/blog/energy/2015/06/rex-energy-sells-keystone-clearwater-solutions.html | title=Rex Energy sells Keystone Clearwater Solutions | first=Sam | last=Kusic | work=American City Business Journals | date=June 18, 2015}}
In August 2016, the company sold assets in the Illinois Basin for $40 million.{{cite press release | url=https://globenewswire.com/news-release/2016/08/22/866001/0/en/Rex-Energy-Announces-Closing-of-Illinois-Basin-Asset-Sale.html | title=Rex Energy Announces Closing of Illinois Basin Asset Sale | publisher=GlobeNewswire | date=August 22, 2016}}{{cite news | url=https://www.bizjournals.com/pittsburgh/news/2016/08/23/rex-energy-sells-off-illinois-basin-assets.html | title=Rex Energy sells off Illinois basin assets | first=Paul J. | last=Gough | work=American City Business Journals | date=August 23, 2016}}
In January 2017, the company sold assets in the Utica Shale to Antero Resources for $30 million.{{cite press release | url=https://globenewswire.com/news-release/2017/01/04/903141/0/en/Rex-Energy-Announces-Sale-of-Ohio-Utica-Warrior-South-Asset.html | title=Rex Energy Announces Sale of Ohio Utica Warrior South Asset | publisher=GlobeNewswire | date=January 4, 2017}}{{cite news | url=https://www.bizjournals.com/pittsburgh/news/2017/01/04/rex-energy-sells-utica-shale-assets-in-ohio.html | title=Rex Energy sells Utica Shale assets in Ohio | first=Paul J. | last=Gough | work=American City Business Journals | date=January 4, 2017}}
In May 2018, Rex Energy filed for bankruptcy.{{cite news | last=Litvak | first=Anya | title=Rex Energy will file for bankruptcy | url=http://www.post-gazette.com/powersource/companies/2018/05/17/Rex-Energy-state-college-natural-gas-driller-bankruptcy-Pennsylvania/stories/201805170178 | work=Pittsburgh Post-Gazette | date=May 17, 2018}}
In August 2018, the assets of the company were acquired by PennEnergy Resources.{{cite press release | url=https://www.businesswire.com/news/home/20180830005816/en/PennEnergy-Resources-Acquire-Assets-Rex-Energy | title=PennEnergy Resources to Acquire the Assets of Rex Energy | publisher=GlobeNewswire | date=August 30, 2018}}
References
{{Reflist|1}}
Category:2007 establishments in Pennsylvania
Category:2007 initial public offerings
Category:2018 disestablishments in Pennsylvania
Category:Companies formerly listed on the Nasdaq
Category:Companies that filed for Chapter 11 bankruptcy in 2018
Category:Defunct energy companies of the United States
Category:Non-renewable resource companies established in 2007