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Rice Energy Reports Q1 Profit, Stock Grows
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Rice Energy Inc. posted a profit of $129.5 million in the first quarter, up from a $6.8 million loss in the same quarter a year ago.
The Marcellus Shale driller, which completed an initial public offering in January, reported total revenue of $90.47 million in the three months ended March 31, as compared to $13.2 million last year, based on a consolidated financial statements.
Highlights: Four-well Marcellus pad (average lateral length of 6,691 feet) brought online in the first quarter with combined 90-day average gross production rate of 51 MMcf/d (average 12.7 MMcf/d per well), with an additional six Marcellus wells (average lateral length of 8,000 feet) brought online since March 31, 2014 that are currently producing approximately 80 MMcf/d (average 13.3 MMcf/d per well). First…Finish this article — free account or subscription
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