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Showing posts with label Guidance. Show all posts
Showing posts with label Guidance. Show all posts

Monday, July 11, 2011

Rex Sees 9% Increase in 2Q Production Guidance

- Rex Sees 9% Increase in 2Q Production Guidance

Monday, July 11, 2011
Rex Energy Corp.

Rex announced second quarter production results. The company also adjusted operating expense guidance for the full year.
Second Quarter 2011 Unaudited Production

Rex Energy exceeded its previously announced second quarter guidance by 9% with an average production rate of 35.2 MMcfe/d. This is an 87% increase over second quarter 2010 and a 28% increase over first quarter 2011. Oil and natural gas liquids accounted for 41% of the total equivalent net production for the quarter. Natural gas production increased 184% over second quarter 2010 and 48% over first quarter 2011. Natural gas accounted for 59% of total equivalent net production for the quarter.
Full Year Lease Operating and G&A Expense Guidance

Rex Energy is decreasing its previously given lease operating expense (LOE) guidance from $32.0 million -- $37.0 million down to $31.0 million - $34.0 million. The decrease in LOE guidance is the result of lower operating cost assumptions.

Rex Energy is increasing its 2011 general and administrative (G&A) guidance range from $20.0 million - $21.0 million to $24.0 million - $25.0 million. The increase in G&A primarily results from one-time legal fees and costs related to the previously announced settlement in Westmoreland County and costs associated with the departure of the company's former CEO.

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Monday, May 2, 2011

ABS Offers Guidance for Latest OSVs

ABS Offers Guidance for Latest OSVs

Monday, May 02, 2011
American Bureau of Shipping

Increased sophistication within the offshore support vessel (OSV) market has prompted leading classification society ABS to develop standalone guidance for these more specialized yet multi-functional vessels. Newly developed criteria and relevant existing Rule requirements have been consolidated into the ABS Guide for Building and Classing Offshore Support Vessels.

ABS classes approximately one-third of the worldwide OSV fleet and in the past had reviewed these specialized vessels by following the ABS Rules for Building and Classing Steel Vessels Under 90 Meters (295 Feet) in Length. The new OSV Guide will be applicable to OSVs of all sizes and it includes specific guidance for the various segments of the global support vessel market.

"Today's support vessels are a far cry from previous designs sharing the same name," says Mike Sano who leads the society's OSV Market Sector Group. "As the search for oil and gas moves into deeper waters, along with increased activity in the renewable offshore energy market, more specialized and technically advanced types of OSVs are needed for various support roles."

ABS engineers are reviewing plans for some of the most technically advanced OSVs being proposed. The recent specialized multipurpose designed vessels carry out maintenance and repairs on platforms, facilities and subsea piping, equipment and systems. The new requirements from ABS are tailored for these new generation vessels.

"The Guide takes a comprehensive approach toward OSV design," says Wei Huang, ABS Manager, Offshore Technology and principal author of the Guide. "New categories of offshore service types such as well intervention and oil spill recovery vessels are included along with updates for advances in specialized equipment."

The OSV Guide consists of four major sections: scope and conditions of classification; hull construction and equipment; machinery and systems; and offshore support services. Material and welding, strengthening for navigation in ice, and survey during and after construction are referenced from the ABS Rules for Building and Classing Steel Vessels. The intent is to evolve the ABS Guide for Building and Classing Offshore Support Vessels into Rules during the society's next Rule making cycle.

Included in the OSV Guide are explanations of notations reflecting specialized capabilities such as transportation of supplies and equipment, towing and anchoring of offshore structures, fire fighting, diving, oil spill recovery, safety standby rescue, pipe laying, handling heavy surface and subsea loads, well intervention, well stimulation, well test and wind farm support.

Founded in 1862, ABS is a leading international classification society devoted to promoting the security of life, property and the marine environment through the development and verification of standards for the design, construction and operational maintenance of marine-related facilities.

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