Shale Daily / E&P / NGI The Weekly Gas Market Report / NGI All News Access

Eclipse Beats Guidance; Blue Ridge Merger Nears Completion

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.

 

 

Copyright ©2019 Natural Gas Intelligence - All Rights Reserved.
ISSN © 2577-9877 | ISSN © 1532-1266 | ISSN © 2158-8023

Recent Articles by Jamison Cocklin

Comments powered by Disqus