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Rex Doubles Spending for 2017 with $70-80MM Capex; Focus on Marcellus
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Rex announced its two-year financial and operational plan.
Key Points:2017 Capex of $70-80 million (up +111% from $35.5MM in 2016)
$56-64 million (80%) allocated to the development of the Marcellus and Upper Devonian Burkett shales in the Moraine East and Legacy Butler Operated Areas. $14-16 million (20%) is allocated to the development of the Utica Shale in the Warrior North Area.Plans to run one drilling rig in its Butler Operated and Ohio Utica Warrior North Area and expects to drill 21.0 gross (11.1 net) wells, complete 26.0 gross (12.7 net) wells and place into sales 23.0 gross (11.2 net) wells.
Highlights: Expect capital spend in 2017 and 2018 to be aligned with cash flow from operations and asset sales Debt-to-EBITDAX reduction of ~50% by end of 2018 driven by significant…- ✓ Full news archive — U.S., Canada & international coverage
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