Attached files
file | filename |
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8-K - 8-K - REX ENERGY CORP | d565393d8k.htm |
EX-99.7 - EX-99.7 - REX ENERGY CORP | d565393dex997.htm |
EX-99.6 - EX-99.6 - REX ENERGY CORP | d565393dex996.htm |
EX-99.5 - EX-99.5 - REX ENERGY CORP | d565393dex995.htm |
EX-99.4 - EX-99.4 - REX ENERGY CORP | d565393dex994.htm |
EX-99.2 - EX-99.2 - REX ENERGY CORP | d565393dex992.htm |
EX-99.1 - EX-99.1 - REX ENERGY CORP | d565393dex991.htm |
Exhibit 99.3
Rex Energy Corporation
Consolidated Balance Sheet
($ in Thousands, Except Share and per Share Data)
December 31, 2017 | December 31, 2016 | |||||||
ASSETS |
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Current Assets |
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Cash and Cash Equivalents |
$ | 15,247 | $ | 3,697 | ||||
Accounts Receivable |
25,974 | 25,448 | ||||||
Taxes Receivable |
2,049 | 211 | ||||||
Short-Term Derivative Instruments |
6,757 | 650 | ||||||
Inventory, Prepaid Expenses and Other |
4,614 | 2,546 | ||||||
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Total Current Assets |
54,641 | 32,552 | ||||||
Property and Equipment (Successful Efforts Method) |
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Evaluated Oil and Gas Properties |
1,086,625 | 1,053,461 | ||||||
Unevaluated Oil and Gas Properties |
186,523 | 215,794 | ||||||
Other Property and Equipment |
19,640 | 21,401 | ||||||
Wells and Facilities in Progress |
38,660 | 21,964 | ||||||
Pipelines |
16,803 | 18,029 | ||||||
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Total Property and Equipment |
1,348,251 | 1,330,649 | ||||||
Less: Accumulated Depreciation, Depletion and Amortization |
(463,899 | ) | (475,205 | ) | ||||
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Net Property and Equipment |
884,352 | 855,444 | ||||||
Other Assets |
44 | 2,492 | ||||||
Long-Term Derivative Instruments |
2,970 | 3,435 | ||||||
Deferred Tax AssetsLong Term |
130 | | ||||||
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Total Assets |
$ | 942,137 | $ | 893,923 | ||||
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LIABILITIES AND EQUITY |
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Current Liabilities |
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Accounts Payable |
$ | 62,354 | $ | 40,712 | ||||
Current Maturities of Long-Term Debt |
1,926 | 764 | ||||||
Accrued Liabilities |
45,218 | 37,207 | ||||||
Short-Term Derivative Instruments |
14,892 | 25,025 | ||||||
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Total Current Liabilities |
124,390 | 103,708 | ||||||
Long-Term Derivative Instruments |
14,249 | 7,227 | ||||||
Senior Secured Line of Credit, Net |
| 113,785 | ||||||
Term Loans, Net |
182,028 | | ||||||
Senior Notes, Net |
650,371 | 638,161 | ||||||
Other Long-Term Debt |
8,156 | 3,409 | ||||||
Other Deposits and Liabilities |
7,153 | 8,671 | ||||||
Future Abandonment Cost |
9,352 | 8,736 | ||||||
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Total Liabilities |
$ | 995,699 | $ | 883,697 | ||||
Commitments and Contingencies (See Note 12) |
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Stockholders Equity |
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Preferred Stock, $.001 par value per share, 100,000 shares authorized and 3,987 issued and outstanding on December 31, 2017 and December 31, 2016 |
$ | 1 | $ | 1 | ||||
Common Stock, $.001 par value per share, 100,000,000 shares authorized and 10,244,394 shares issued and outstanding on December 31, 2017 and 9,787,146 shares issued and outstanding on December 31, 2016. |
10 | 10 | ||||||
Additional Paid-In Capital |
652,917 | 650,669 | ||||||
Accumulated Deficit |
(706,490 | ) | (640,454 | ) | ||||
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Total Stockholders Equity |
(53,562 | ) | 10,226 | |||||
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Total Liabilities and Stockholders Equity |
$ | 942,137 | $ | 893,923 | ||||
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Rex Energy Corporation
Consolidated Statements of Operations
($ in Thousands, Except Share and per Share Data)
For the Three Months Ended December 31, |
For the Year Ended December 31, |
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2017 | 2016 | 2017 | 2016 | |||||||||||||
OPERATING REVENUE |
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Natural Gas, NGL and Condensate Sales |
$ | 57,755 | $ | 48,022 | $ | 205,246 | $ | 139,000 | ||||||||
Other Operating Revenue |
4 | 5 | 20 | 17 | ||||||||||||
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TOTAL OPERATING REVENUE |
57,759 | 48,027 | 205,266 | 139,017 | ||||||||||||
OPERATING EXPENSES |
||||||||||||||||
Production and Lease Operating Expense |
31,912 | 28,694 | 120,794 | 104,699 | ||||||||||||
General and Administrative Expense |
4,414 | 5,384 | 17,858 | 20,621 | ||||||||||||
Loss (Gain) on Disposal of Assets |
279 | 164 | (1,428 | ) | (4,121 | ) | ||||||||||
Impairment Expense |
4,928 | 29,275 | 21,383 | 74,619 | ||||||||||||
Exploration Expense |
114 | 224 | 527 | 2,178 | ||||||||||||
Depreciation, Depletion, Amortization and Accretion |
13,442 | 16,503 | 59,028 | 62,874 | ||||||||||||
Other Operating (Income) Expense |
280 | (176 | ) | 611 | 10,754 | |||||||||||
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TOTAL OPERATING EXPENSES |
55,369 | 80,068 | 218,773 | 271,624 | ||||||||||||
INCOME (LOSS) FROM OPERATIONS |
2,390 | (32,041 | ) | (13,507 | ) | (132,607 | ) | |||||||||
OTHER INCOME (EXPENSE) |
||||||||||||||||
Interest Expense |
(13,807 | ) | (9,404 | ) | (48,826 | ) | (43,519 | ) | ||||||||
Other Operating Expense |
(2,031 | ) | (24,261 | ) | (1,347 | ) | (32,515 | ) | ||||||||
Other Expense |
(68 | ) | (2,152 | ) | (261 | ) | (2,124 | ) | ||||||||
Debt Exchange Expense |
| (15 | ) | | (9,063 | ) | ||||||||||
(Loss) Gain on Extinguishments of Debt |
| 497 | (3,029 | ) | 24,627 | |||||||||||
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TOTAL OTHER EXPENSE |
(15,906 | ) | (35,335 | ) | (53,463 | ) | (62,594 | ) | ||||||||
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAX |
(13,516 | ) | (67,376 | ) | (66,970 | ) | (195,201 | ) | ||||||||
Income Tax Benefit (Expense) |
2,728 | (8,221 | ) | 2,728 | (2,436 | ) | ||||||||||
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NET LOSS FROM CONTINUING OPERATIONS |
(10,788 | ) | (75,597 | ) | (64,242 | ) | (197,637 | ) | ||||||||
Income From Discontinued Operations, Net of Income Taxes |
| 8,203 | | 20,922 | ||||||||||||
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NET LOSS |
(10,788 | ) | (67,394 | ) | (64,242 | ) | (176,715 | ) | ||||||||
Preferred Stock Dividends |
(598 | ) | (650 | ) | (2,392 | ) | (5,091 | ) | ||||||||
Effect of Preferred Stock Conversions |
| 668 | | 72,984 | ||||||||||||
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NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS |
$ | (11,386 | ) | $ | (67,376 | ) | $ | (66,634 | ) | $ | (108,822 | ) | ||||
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Rex Energy Corporation
Consolidated Statement of Changes in Stockholders Equity (Deficit)
For the Twelve Months Ended December 31, 2017
(Unaudited, in Thousands)
Common Stock | Preferred Stock | |||||||||||||||||||||||||||
Shares | Par Value | Shares | Par Value | Additional Paid-In Capital |
Accumulated Deficit |
Total Stockholders Equity |
||||||||||||||||||||||
BALANCE December 31, 2016 |
9,787 | $ | 10 | 4 | $ | 1 | $ | 650,669 | $ | (640,454 | ) | $ | 10,226 | |||||||||||||||
Equity Based Compensation |
| | | | 1,231 | | 1,231 | |||||||||||||||||||||
Issuance of Common Stock for Debt Extinguishments |
84 | | | | 467 | | 467 | |||||||||||||||||||||
Issuance of Restricted Stock, Net of Forfeitures |
59 | | | | | | | |||||||||||||||||||||
Effect of Reverse Stock Split |
| (48 | ) | (48 | ) | |||||||||||||||||||||||
Payment of Preferred Dividends in Arrears |
| | | | | (1,196 | ) | (1,196 | ) | |||||||||||||||||||
Preferred Dividends in Arrears Paid in Common Shares |
314 | | | | 598 | (598 | ) | | ||||||||||||||||||||
Net Loss |
| | | | | (64,242 | ) | (64,242 | ) | |||||||||||||||||||
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BALANCE December 31, 2017 |
10,244 | $ | 10 | 4 | $ | 1 | $ | 652,917 | $ | (706,490 | ) | $ | (53,562 | ) | ||||||||||||||
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Rex Energy Corporation
Consolidated Statements of Cash Flows
(Unaudited, in Thousands)
For the Year Ended December 31, | ||||||||
2017 | 2016 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
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Net Loss |
$ | (64,242 | ) | $ | (176,715 | ) | ||
Adjustments to Reconcile Net Loss to Net Cash Provided (Used) by Operating Activities |
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Depreciation, Depletion, Amortization and Accretion |
59,028 | 67,975 | ||||||
(Gain) Loss on Derivatives |
1,347 | 32,515 | ||||||
Cash Settlements of Derivatives |
(10,100 | ) | 32,571 | |||||
Non-cash Dry Hole Expense |
13 | 905 | ||||||
Equity-based Compensation Expense |
1,231 | 2,959 | ||||||
Impairment Expense |
21,383 | 78,162 | ||||||
Amortization of net Bond Discount and Deferred Debt Issuance Costs |
| 1,231 | ||||||
Non-cash Interest Expense related to Debt Restructurings and Exchanges |
15,228 | 19,912 | ||||||
Loss (Gain) on Extinguishments of Debt |
3,029 | (24,627 | ) | |||||
Gain on Sale of Assets |
(1,428 | ) | (34,651 | ) | ||||
Deferred Income Tax Benefit |
(130 | ) | | |||||
Other Non-cash Expense |
471 | 22 | ||||||
Changes in operating assets and liabilities |
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Accounts Receivable |
5,258 | (6,414 | ) | |||||
Taxes Receivable |
(1,839 | ) | | |||||
Inventory, Prepaid Expenses and Other Assets |
(2,060 | ) | 906 | |||||
Accounts Payable and Accrued Liabilities |
14,558 | 2,795 | ||||||
Other Assets and Liabilities |
(3,259 | ) | (1,950 | ) | ||||
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NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES |
38,488 | (4,404 | ) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES |
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Proceeds from the Sale of Oil and Gas Properties, Prospects and Other Assets |
31,704 | 40,884 | ||||||
Proceeds from Joint Venture for Reimbursement of Capital Costs |
| 19,461 | ||||||
Acquisitions of Undeveloped Acreage |
(3,805 | ) | (6,712 | ) | ||||
Capital Expenditures for Development of Oil & Gas Properties and Equipment |
(113,411 | ) | (48,982 | ) | ||||
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NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES |
(85,512 | ) | 4,651 | |||||
CASH FLOWS FROM FINANCING ACTIVITIES |
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Proceeds from Long-Term Debt and Line of Credit |
217,000 | 71,400 | ||||||
Repayments of Long-Term Debt and Line of Credit |
(145,170 | ) | (65,230 | ) | ||||
Repayments of Loans and Other Notes Payable |
(1,306 | ) | (828 | ) | ||||
Debt Issuance Costs |
(10,754 | ) | (2,983 | ) | ||||
Payment of Preferred Dividends in Arrears |
(1,196 | ) | | |||||
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NET CASH PROVIDED BY FINANCING ACTIVITIES |
58,574 | 2,359 | ||||||
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NET INCREASE IN CASH |
11,550 | 2,606 | ||||||
CASH BEGINNING |
3,697 | 1,091 | ||||||
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CASH ENDING |
$ | 15,247 | $ | 3,697 | ||||
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CASH AND CASH EQUIVALENTS ATTRIBUTABLE TO CONTINUING OPERATIONS |
$ | 15,247 | $ | 3,697 | ||||
SUPPLEMENTAL DISCLOSURES |
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Interest Paid, net of capitalized interest |
$ | 22,382 | $ | 30,805 | ||||
Cash (Received) Paid for Income Taxes |
1,839 | 29 | ||||||
Capital Expenditures for Development of Oil & Gas Properties and Equipment Attributable to Discontinued Operations |
| 1,346 | ||||||
NON-CASH ACTIVITIES |
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Change in fair value of contingent consideration receivablesale of Illinois Basin |
$ | (1,216 | ) | $ | (2,936 | ) | ||
Proceeds held in Escrownon-cash component of Gain on Sale of Assets |
5,000 | | ||||||
Increase (Decrease) in Accounts Payable and Accrued Liabilities for Capital Expenditures |
14,637 | 712 | ||||||
Net Increase in Property and EquipmentCapital Lease Financing |
7,170 | | ||||||
Decrease in Senior Notes carrying value net of Issuance Costs, Deferred Gain on Exchanges, and Net Premium / Discount due to Debt to Equity Conversions |
(879 | ) | (47,182 | ) | ||||
Decrease in Bond Interest Payable due to Debt to Equity Conversions |
(12 | ) | (892 | ) | ||||
Increase in Common Stock outstanding due to Debt to Equity Conversions |
467 | 17,378 | ||||||
Preferred Dividends in Arrears Paid in Common Shares |
598 | |