Aug 6, 2015 2 min read

Rice Energy Inc. on Thursday reported earnings of $97.4 million for the second quarter, a 93 percent increase from the second quarter of 2014.

The Southpointe-based natural gas exploration and production company said its net production averaged 529 million cubic feet per day during the quarter, a 120 percent increase relative to the comparable quarter of a year ago.

According to a news release from Rice, its adjusted realized natural gas price for the second quarter was $2.98 per thousand cubic feet.

During the second quarter, the company completed the first Pennsylvania Utica well in Greene County, with production planned for late in the third quarter. Rice also turned 11 operated Ohio Utica and 14 operated Pennsylvania Marcellus wells to sales, its most active quarter in the company’s history.

“We had a tremendous quarter operationally, significantly surpassing our expected production by consistently turning wells online on time or ahead of schedule,” said Rice CEO Daniel J. Rice IV.

According to Rice, about 61 percent of its second quarter production received favorable Gulf Coast, TCO and Midwest pricing, while the remainder of production was sold at local Appalachian prices. For the remainder of 2015, the company said it anticipates about 84 percent of production will be transported to premium gas markets outside of Appalachia.