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REX ENERGY CORP

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2018 10-Q, filed Aug 8, 2018. Its latest SEC filing is a 15-12B from Nov 14, 2018.

The sections below describe the company as of the FY2017 annual report.

What Did They Do?

Produces and sells natural gas, natural gas liquids and condensate from wells in the Appalachian Basin to commodity purchasers.

How Did They Make Money?

Buyers pay for natural gas, natural gas liquids and condensate when the products are delivered or collected; payment historically arrived within 30-60 days after the production month ended.

FY2017 revenue

Who Were Their Customers?

Commodity purchasers buy natural gas, natural gas liquids and condensate under sales agreements. BP Energy also markets the company’s liquid products.

Customers above 10% of revenue, FY2017
of revenue from one customer
FY2015: 52% from one customer

Did Revenues Turn Into Profits?

No. It lost $64.2M in FY2017.

Operating income, FY2017
−7% of revenue
▼ −90% (Loss) vs FY2016 (−$132.6M, −95%)
Net income, FY2017
−31% of revenue
▼ −64% (Loss) vs FY2016 (−$176.7M, −127%)

How Were They Changing?

Since the FY2017 annual report
Latest quarter: Q2 FY2018, the three months to Jun 30, 2018
Revenue
▲ +58%
vs $47.5M in Q2 FY2017
Net income
▼ −72% (Loss)
vs −$9.6M in Q2 FY2017
  • Nov 14, 2018 Liquidation plan took effect and canceled all shares Prepetition unsecured notes were also canceled without consideration.
  • Oct 22, 2018 CEO resigned after substantially all assets were sold The CFO served as principal executive officer during the wind-down.
  • Oct 1, 2018 Substantially all assets were sold to PennEnergy The aggregate purchase price was $600.5 million, subject to adjustments.
  • May 18, 2018 Company filed for Chapter 11 bankruptcy protection The company said it would continue normal operations during the cases.

Shrank. Revenue fell 14% in 4 years, from $237.9M in FY2013 to $205.3M in FY2017, about 4% a year.

Leaving Illinois oil The older report described oil drilling and enhanced oil recovery in the Illinois Basin alongside Appalachian exploration. The latest report describes Appalachian operations and says the Illinois Basin assets were sold.

Water Solutions exit The older report described Water Solutions as non-core and being marketed for sale; the latest report says the business and related subsidiaries were sold.

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