May 7, 2015 2 min read

Rice Energy served up a bountiful first quarter.

Southpointe-based Rice, an independent natural gas and oil firm, reported its first-quarter results Thursday while also announcing plans to increase production during the year.

The company said it produced an average of 440 million cubic feet per day of natural gas from January through March, a 111 percent over the first quarter of 2014 and 11 percent above the fourth quarter of 2014. The average realized price, after adjustments for hedging, was $3.20 per Mcf.

For the first quarter, Rice’s net income was $152,000, compared to $129.4 million for the first quarter of 2014.

Rice, an oil and gas explorer and producer in the Appalachian Basin, had sales from eight gross horizontal wells in Marcellus Shale and two in Utica Shale during the quarter. The firm held leases on 89,000 net acres in Washington and Greene counties and 57,000 in southeastern Ohio, primarily in Belmont County.

Its average midstream operations increased by 13 percent over the fourth quarter of 2014.

The company also reported it is increasing production guidance for 2015 to 470 to 490 MMcfe/d, because of “accelerated well timing from increased operational efficiencies.” And it is reaffirming its capital budget of $890 million for 2015, covering exploration and production and midstream investments.

CEO Daniel J. Rice IV said in a statement: “We are off to a strong start in 2015, building off our successful year in 2014. We remain committed to diligently executing our plan and delivering top-tier results.”