Eclipse Resources Corp. beat guidance and Wall Street consensus for the fourth quarter and full year, coming in above the high end of expectations.
The company produced 404.5 MMcfe/d during the fourth quarter from 311.7 MMcfe/d in the year-ago period and 346.4 MMcfe/d in 3Q2018. It averaged 343.2 MMcfe/d during 2018 versus 310.7 MMcfe/d in 2017.
The beat comes after Eclipse moved midway through last year to curb spending and reduce guidance slightly in response to a bearish outlook for natural gas prices. The company again cut its full-year guidance in late 2018 to 337-342 MMcfe/d.
Eclipse said its production mix last year consisted of 72% natural gas, 17% natural gas liquids and 11% oil. Proved reserves increased 28% year/year to 1.86 Tcfe.
Eclipse, which has not scheduled its quarterly earnings call, is expected to complete a merger with Blue Ridge Mountain Resources Inc. (BRMR) next week. Formerly Magnum Hunter Resources Corp., BRMR would be renamed Montage Resources Corp. and become a subsidiary. The combined company would have a 227,000 net acre position in Ohio, Pennsylvania and West Virginia, with production of up to 600 MMcfe/d.