Rice Energy is engaged in the purchasing of and exploration and development of natural gas and oil properties in the Appalachian Basin. It has holdings in the Marcellus Shale in southwestern Pennsylvania and the Utica Shale in southeastern Ohio. The company holds more than 43,350 net acres in the southwestern core of the Marcellus Shale, primarily in Washington County. Rice Energy operates a majority of its acreage. In fiscal 2013 the company's pro forma estimated proved reserves stood at 552 billion cu. ft. of natural gas equivalent, all of which were in southwestern Pennsylvania. Rice Energy completed an IPO in 2014. In 2016 it agreed to buy Vantage Energy, LLC and Vantage Energy II, LLC for $2.7 billion.