Canonsburg, PA-based Rice Energy Inc. has completed its initial public offering (IPO) of 50 million shares of common stock, netting $594.5 million and capping its first week of trading on the New York Stock Exchange with its share price finishing nearly 12% higher than when it launched.
Rice
Articles from Rice
Rice Energy Unveils Operations in $800M IPO
Rice Energy Inc. unveiled sound prospects in documents filed for an $800 million public offering, shining a light on the small independent’s prime acreage in the Appalachian Basin where it plans to step on the gas in the years ahead, starting with a $1.08 billion capital budget next year.
Rice Energy Next Appalachian Operator to Go Public
It appears as though Rice Energy Inc. will become the next pure-play Appalachian operator to go public after the company confirmed months of rumors this week that it plans to make an offering sometime in the next month and begin trading shares during the first quarter.
More E&Ps Expected to Go Public in 2014
After the immense success of Denver-based Antero Resources’ initial public offering (IPO) in October, and with impressive well results in the Appalachian and Permian Basins continuing to stoke the equity market’s interest in the exploration and production sector, analysts expect more IPOs from small independents in the year ahead.
Hearing on Fort Worth Drilling Proposal Draws Crowd
Fort Worth City Council members got an earful Tuesday night from a standing-room-only audience about a proposal to tighten drilling restrictions in the Barnett Shale town. Protected use areas, multiple well pad site permitting and saltwater disposal are among the items being weighed.
Kansas Regulators Cite Concerns Over Southern Star Storage Project
Kansas regulators have raised concerns over Southern Star Central Gas Pipeline’s proposal to expand its Alden Gas Storage Field in Rice County, KS, citing unknown integrity of well plugs in the area.
People
Enron Corp’s top two in its ailing broadband division have left the company to pursue other opportunities — Ken Rice, 43, the Broadband Services chairman, and Kevin Hannon, 41, the president and COO. They both had been rumored to be leaving since the unit has lost money since its inception. In April, Enron eliminated 250 employees in the broadband division, and earlier this year, a major deal with Blockbuster Inc. fell through. The broadband unit is now moving into the wholesale services division. The broadband executive team loss follows the departure last month Enron CEO Jeffrey Skilling (see Daily GPI, Aug. 15). Chairman Kenneth Lay resumed the CEO post following Skilling’s resignation, and announced the promotions of Greg Whalley, 39, to president and COO and Mark Frevert, 46, to vice chairman (see Daily GPI, Aug. 29). Whalley and Frevert will serve with Lay in the Office of the Chairman at Enron, which is responsible for strategic planning at the Houston-based company.