Little has changed for Eclipse Resources Corp. since it reported third quarter production in October (see Shale Daily, Oct. 30). The company repeated during a recent earnings call that third quarter volumes slightly exceeded guidance at 85.8 MMcfe/d for a sequential increase of 104%. The Utica Shale pure-play went public in June. The company completed 17 gross Utica wells and placed 13 of them into sales last quarter. To date, Eclipse has drilled 51 operated wells in the play and plans to keep running three rigs in Ohio for the foreseeable future. Wells Fargo Securities analysts noted, however, that "infrastructure continues to be an issue" across the company's Utica footprint. Average realized gas prices last quarter were just $2.78/Mcf, a $1.17 negative differential to the Henry Hub average during the period. The company was able to narrow its losses on more production, however, reporting a third quarter net loss of $19.1 million (minus 12 cents/share), compared to $113 million loss (minus 84 cents) in the second quarter.
An application to the Wyoming Department of Environmental Quality (DEQ) for the first coal mine in the state in 50 years has been submitted by Lexington, KY-based Ramaco LLC. Gov. Matt Mead cited up to 600 new direct and indirect jobs from the project, with 200 full-time positions. A 14,500-acre site has been selected from a combination of private and state-owned lands in Sheridan County in the Powder River Basin. None of the coal to be mined for export to undisclosed nations is on federal lands, a spokesperson said. A BNSF rail line intersects parts of the proposed mine area. An economic analysis by Sheridan-based WWC Engineering estimated more than $30 million in annual new wages tied to the project.