Rex Energy Profit Tops Estimate

(RTTNews) - Oil and gas company Rex Energy Corp (REXX) Tuesday reported first-quarter net earnings of $8.9 million or $0.17 per share compared with a loss of $2.8 million or $0.05 per share last year.

Results for the recent quarter included unrealized derivative loss of $4.7 million compared with $12.2 million in the prior year.

Excluding items, adjusted earnings for the quarter were $11.9 million or $0.22 per share compared with $5.3 million or $0.10 per share a year ago.

Revenues for the quarter were $96.6 million compared with $47.5 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.14 per share on revenues of $75.76 million for the quarter. Analysts' estimates typically exclude special items.

First-quarter production volumes were 122.2 mmcfe/d, an increase of 62% over the prior year.

Looking ahead to the second quarter, Rex expects to produce 125 to 135 MMcfe/d .

For the full year 2014, the company expects to produce 143 to 149 mmcfe/d.