Rex Energy Corp. detailed a difficult fourth quarter late Tuesday in its year-end financial results, offering little information about financial initiatives to generate more liquidity and postponing the usual conference call.

The company said it produced 186.1 MMcfe/d in the fourth quarter, down 5% from the year-ago period and 4% from 3Q2015. In a U.S. Securities and Exchange Commission filing last month, Rex attributed the production declines in part to development of its Moraine East acreage in Butler County, PA. A gathering system was commissioned to serve the acreage, allowing it to bring all 12 wells to sales this month (see Shale Daily, March 2). Full-year production was up 27% from 2014 at 195.8 MMcfe/d. Oil and natural gas liquids accounted for 38%.

The commodities downturn has squeezed Rex’s liquidity. At the end of the third quarter, management said it was in the process of exploring ways to generate more cash (see Shale Daily, Nov. 11, 2015).

Over the last year, the company has entered two joint venture agreements to develop a portion of its 190,100 net acres in the Appalachian Basin to partially offset this year’s capital expenditures. Since the beginning of the year, the company has received a delisting warning from Nasdaq, had its borrowing base reduced twice, extended an offer to exchange some of its senior notes twice and seen its debt climb to $835.3 million (see Shale Daily, March 15).

Rex reported a fourth quarter net loss of $100.5 million (minus $1.85/share), compared with a loss of $71.7 million (minus $1.35/share) in the year-ago period. Revenue declined by 51% to $34.5 million. The company lost nearly $373 million (minus $6.85) in 2015, including $345.8 million in impairments, versus a 2014 loss of $50 million (minus 94 cents). Revenue fell 42% year/year in 2015 to $172 million.

Rex had $25.9 million in cash as of Feb. 1 and expects to receive another $38.5 million in the first half of this year for its joint ventures with an affiliate of Benefit Street Partners LLC and ArcLight Capital Partners LLC. The company said it would budget just $15-40 million for 2016, down from $184 million for its operations in 2015.

Although it didn’t release full-year production guidance, Rex said it expects to produce 200 MMcfe/d in the first quarter.