Rice Energy Inc (RICE) has reported a 26.23 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $74.41 million, or $0.41 a share in the quarter, compared with $58.95 million, or $0.43 a share for the same period last year.
Revenue during the quarter surged 38.50 percent to $198.92 million from $143.62 million in the previous year period. Operating margin for the quarter period stood at positive 7.98 percent as compared to a negative 12.27 percent for the previous year period.
Operating income for the quarter was $15.87 million, compared with an operating loss of $17.63 million in the previous year period.
Commenting on the results, Daniel J. Rice IV, chief executive officer, said, "Our third quarter results reflect continued execution of our returns-focused strategy, as we further increased efficiencies and reduced development costs, while protecting the balance sheet. We completed our transformative acquisition of Vantage Energy, one that enhances our premier portfolio of high-returning projects and extends RMP’s runway for future growth. Our extensive core acreage position is underpinned by a balanced firm transportation portfolio and systematic hedging strategy to support continued growth. We continue to be well-positioned to benefit from an improving price environment, which positions us for continued success in 2017."
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