Rex Lowers Expenses

Despite reducing operating expenses by 32.5%, lower commodity prices and lower revenue caused independent producer Rex Energy to report larger net losses for both the fourth quarter and full-year 2015. For the final three months of the year, the State College, Pennsylvania recorded production volumes of 186.1 million cubic feet-equivalent per day (MMcfe/d), down 5% from the year-ago quarter. For full-year 2015, production volumes actually increased, by 27% over 2014, to 195.8 MMcfe/d, Kallanish Energy reports. Rex’s fourth-quarter net loss totaled $100.45 million, an increase from $71.66 million one year ago. The company reduced Revenue dropped by more than 50%, to $34.53 million, from $70.25 million one year ago. The company’s impairment expense fell by roughly $50 million in the fourth quarter, to $81.1 million, from $132.58 million one year ago. Fourth-quarter revenue fell more than 50%, to $34.53 million, from $70.25 million. For the year, Rex lost $372.94 million, vs. a loss
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