Rex Energy Corporation (NASDAQ: REXX) is having an incredibly strong day in the market today, and for good reason. The company released realized natural gas sales numbers, exceeding expectations and sparking excitement in the minds of investors. As a result, the stock went skyward, prompting our partners at Trade Ideas to alert us to the movement. At the moment (11:53), REXX is trading at $0.40 per share after a gain of $0.07 per share (21.21%) thus far today.
REXX Q1 Sales Are Promising
As mentioned above, Rex Energy Corporation is having a strong day in the market today after releasing sales figures for the first quarter. Here are the key points from the release:
- REXX realized natural gas prices improved by 42%. This is before hedging and the figure is based on a comparison between the first quarter of 2017 and the fourth quarter of 2016.
- The company also said that realized C30+ NGL pricing for the first quarter was 59% of WTI before hedging.
- Finally, the company completed the drilling of a four-well Macrell pad with average lateral length of 7,660 feet.
In a statement, Tom Stabley, President and CEO at REXX, had the following to offer:
“Our first quarter 2017 results are the first step in achieving our two-year plan for 2017 and 2018… One of the most important highlights of the quarter was our price realizations, with the strong results underlying the importance of our marketing initiatives and current marketing portfolio. With a full year of Gulf Coast transport and improved differentials in the northeast markets, we expect to see improved realizations throughout the year and will continue to pursue further enhancements to our marketing portfolio to further improve our realizations.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on REXX. In particular, we’re interested in following the company through their two-year growth plan, as the plan is proving effective at the moment. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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