Rex Energy Corporation was a

natural gas Natural gas (also called fossil gas or simply gas) is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes. Low levels of trace gases like carbon ...

exploration and production company headquartered in

State College, Pennsylvania State College is a home rule municipality in Centre County in the Commonwealth of Pennsylvania. It is a college town, dominated economically, culturally and demographically by the presence of the University Park campus of the Pennsylvania ...

. In 2018, the company was acquired by PennEnergy Resources. The company's operations were entirely in the

Appalachian Basin The geology of the Appalachians dates back to more than 480 million years ago. A look at rocks exposed in today's Appalachian Mountains reveals elongate belts of folded and thrust faulted marine sedimentary rocks, volcanic rocks and slivers of ...

, in the Marcellus Shale,

Utica Shale The Utica Shale is a stratigraphical unit of Upper Ordovician age in the Appalachian Basin. It underlies much of the northeastern United States and adjacent parts of Canada. It takes the name from the city of Utica, New York, as it was first d ...

, and the Burkett Shale. The company primarily extracted resources using

hydraulic fracturing Fracking (also known as hydraulic fracturing, hydrofracturing, or hydrofracking) is a well stimulation technique involving the fracturing of bedrock formations by a pressurized liquid. The process involves the high-pressure injection of "frac ...

. As of December 31, 2016, the company had of estimated proved reserves, of which 56.8% was

, 41.5% was natural gas liquids, and 1.7% was

natural-gas condensate Natural-gas condensate, also called natural gas liquids, is a low-density mixture of hydrocarbon liquids that are present as gaseous components in the raw natural gas produced from many natural gas fields. Some gas species within the raw natur ...

. In 2016, the company's production was 195 million cubic feet of natural gas equivalent per day.

History

The company was founded in March 2007. In July 2007, the company became a

public company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange ( l ...

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investme ...

. In August 2010, the company entered into a $140 million

joint venture A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acce ...

with

Sumitomo Corporation is one of the largest worldwide '' sogo shosha'' general trading companies, and is a diversified corporation. The company was incorporated in 1919 and is a member company of the Sumitomo Group. It is listed on three Japanese stock exchanges ...

. In May 2012, the company sold its interests in two cryogenic gas processing plants for $120 million. In August 2014, the company acquired assets from

Royal Dutch Shell Shell plc is a British multinational oil and gas company headquartered in London, England. Shell is a public limited company with a primary listing on the London Stock Exchange (LSE) and secondary listings on Euronext Amsterdam and the New ...

for $120 million. In June 2015, the company sold its water services subsidiary, Keystone Clearwater Solutions, to

American Water Works American Water is an American public utility company that, through its subsidiaries, provides water and wastewater services in the United States. It offers water and wastewater services to approximately 1,700 communities in 14 states serving a po ...

for $130 million. In August 2016, the company sold assets in the Illinois Basin for $40 million. In January 2017, the company sold assets in the Utica Shale to Antero Resources for $30 million. In May 2018, Rex Energy filed for bankruptcy. In August 2018, the assets of the company were acquired by PennEnergy Resources.

References

{{Reflist, 1 2007 establishments in Pennsylvania 2007 initial public offerings 2018 disestablishments in Pennsylvania Companies formerly listed on the Nasdaq Companies that filed for Chapter 11 bankruptcy in 2018 Defunct energy companies of the United States Non-renewable resource companies established in 2007 Defunct companies based in Pennsylvania