Earnings Call Excerpt
Rex Energy Corporation (REXX)
Q2 2009 Earnings Call Transcript
July 31, 2009 10:00 am ET
Executives
Benjamin Hulburt -- President and CEO
Tom Stabely -- EVP and CFO
Analysts
Leo Mariani -- RBC Capital
Phil Dodge -- Tuohy Brothers Investment Research
Marshall Carver -- Capital One Southcoast
Brian Lively -- Tudor, Pickering and Holt
Don Chris [ph] -- Johnson Rice
Presentation
Operator
Good morning and welcome to the Rex Energy Corporation Second Quarter of 2009 conference call. I will be your coordinator for today. At this time, all participants are in a listen-only mode.
Statements contained in this conference call that are not historical facts, are forward-looking statements. Such statements are subject to risks and uncertainties, which could cause actual results to differ materially from those in the forward-looking statements.
We will conduct a question-and-answer session towards the end of the conference call. As a reminder, this conference is being recorded for replay purposes.
Now, I would now like to turn the call over to Mr. Benjamin Hulburt, President and Chief Executive Officer of Rex Energy Corporation. Please go ahead, sir.
Benjamin Hulburt
Thank you. Good morning and welcome to Rex Energy Corporation's conference call, to discuss results for the second quarter of 2009.
I encourage you to visit the Rex Energy website for the second quarter earnings announcement issued yesterday, which includes important information on forward-looking statements, as well as financial statements and non-GAAP reconciliations. Please note that we routinely post important information about the company under the Investor Relations section of our website.
As I'm sure comes as no surprise to any of you, commodity prices this quarter were much lower than during the same period last year. While the decline in commodity prices from the highs of 2008 certainly had a negative impact on our financial results, I am very encouraged by several key accomplishments we completed during the second quarter of 2009.
First, our production in the second quarter grew to approximately 236,000 barrels of oil equivalent. At first glance, this may appear to be a modest increase in our company's production. However, a closer look shows that our natural gas production grew by 17% over the same period last year as a result of our continued focus on our Marcellus Shale projects. In addition to this growth in our natural gas production, we are able to decrease our production and lease operating expenses by 21%.
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