Rice Energy reports loss
CANONSBURG – Rice Energy Inc. on Wednesday reported a loss of $26.3 million in its first quarter.
The Southpointe-based independent oil and gas exploration and production company said it had a loss of 17 cents per share. Earnings, adjusted for non-recurring costs, came to 12 cents per share.
For the quarter, net production averaged 1,273 million cubic feet per day, an 11 percent increase from fourth quarter 2016.
The company said in a news release its Rice Midstream Holdings LLC gathering averaged 969 million dekatherms per day, a 7 percent increase from fourth quarter 2016.
The results, reported at the close of Wednesday’s stock market, fell short of Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 24 cents per share.
Rice posted revenue of $393.8 million in the period, which beat Street forecasts. Eight analysts surveyed by Zacks expected $364.6 million.
Rice Energy shares have climbed 1 percent since the beginning of the year.
CEO Daniel J. Rice IV, said in a statement the company was pleased with the production results, “With the Vantage Energy acquisition complete, we delivered solid first quarter 2017 operational results into an improving gas price environment,” Rice said. “Looking ahead, we are focused on generating best-in-class E&P results to achieve our three-year E&P targeted growth outlook.”