Eclipse Resources, an exploration and production company focused solely on the Marcellus and Utica Shale region headquartered in State College, PA but focusing on Utica drilling, released its third quarter earnings and operational update. It was also just yesterday we told you about the rumor that Eclipse is shopping itself (see Marcellus/Utica Driller Eclipse Resources Looking for a Buyer). What does the 3Q15 update show? Production averaged 225.2 million cubic feet equivalent per day (MMcfe/d), up 163% over 3Q14. Eclipse drilled 9 gross (4.8 net) wells, completed 15 gross (7.2 net) wells and turned 22 gross (6.4 net) wells to sales. Because of smart hedging, the company got $2.86 per thousand cubic feet (Mcf) in 3Q15–10 cents per Mcf more than what gas has been trading for at the Henry Hub. But even with pumping way more gas and getting favorable pricing, it still wasn’t enough to prevent an $81 million net loss for the quarter. Yes, some of that was a paper loss (depreciation/amortization stuff)–but not all of it. Some of it was actual money out of pocket loss. Here’s the update…
