Rex announced second quarter production results. The company also adjusted operating expense guidance for the full year.
Second Quarter 2011 Unaudited Production
Rex Energy exceeded its previously announced second quarter guidance by 9% with an average production rate of 35.2 MMcfe/d. This is an 87% increase over second quarter 2010 and a 28% increase over first quarter 2011. Oil and natural gas liquids accounted for 41% of the total equivalent net production for the quarter. Natural gas production increased 184% over second quarter 2010 and 48% over first quarter 2011. Natural gas accounted for 59% of total equivalent net production for the quarter.
Full Year Lease Operating and G&A Expense Guidance
Rex Energy is decreasing its previously given lease operating expense (LOE) guidance from $32.0 million -- $37.0 million down to $31.0 million - $34.0 million. The decrease in LOE guidance is the result of lower operating cost assumptions.
Rex Energy is increasing its 2011 general and administrative (G&A) guidance range from $20.0 million - $21.0 million to $24.0 million - $25.0 million. The increase in G&A primarily results from one-time legal fees and costs related to the previously announced settlement in Westmoreland County and costs associated with the departure of the company's former CEO.
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