Eclipse Resources Gets $440M from New Stock, Trims 2015 Capex 20%

Some important news today from Eclipse Resources, an exploration & production company focused solely on the Marcellus and Utica Shale region. Eclipse reports raising $440 million in cash in a “private placement” of 62.5 million shares of common stock. The purchasers are EnCap Investments and certain members of the Eclipse management team. The company is also reporting they will lop off 20% of their capital expenditure (capex) budget in 2015 from 2014 levels–with a plan to spend $640 million on new drilling and associated activities. The Eclipse drilling mix is 60% natural gas, 20% oil & condensate, and 20% natural gas liquids…

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