Rex Energy shares rise on production guidance

NEW YORK (AP) -- Shares of Rex Energy rose Wednesday after the oil and gas exploration company forecast greater production in the fourth quarter and in 2014.

The company said its average daily production rose 49 percent in the fourth quarter compared to a year ago, while total production rose 38 percent in 2013. It said those results were stronger than it had expected, and Rex Energy said it projects 57 percent growth in 2014.

Rex Energy, which operates in the Appalachian and Illinois Basins, also set its 2014 capital expenditures budget at between $350 million and $365 million, up from its 2013 budget of about $290 million to $310 million.

The State College, Pa., company will report its fourth-quarter results Feb. 19.

Shares of Rex Energy Corp. gained 88 cents, or 4.9 percent, to $18.70 in afternoon trading.