Eclipse Resources Nixes Joint Venture Idea, Cuts Capex 57% in 2015

Eclipse Resources is a relatively new driller formed by a group of former Rex Energy people. Eclipse is headquartered in State College, PA but does most of its drilling in the Ohio Utica. Eclipse announced yesterday they have decided not to pursue a joint venture after all. As recent as a month ago, Eclipse was saying, “…the Company is currently in negotiations with certain financial partners regarding a potential joint venture to accelerate drilling on its assets without burdening the Company’s balance sheet” (see Eclipse Resources has “Transformative” 2014, Cutting Back in 2015). Eclipse previously announced a cutback in their 2015 budget of 20% over 2014 spending levels (see Eclipse Resources Gets $440M from New Stock, Trims 2015 Capex 20%). Because they’ve decided not to do a jv, Eclipse is now cutting back this year’s budget by 57% over 2014. They will now drill just 19 new wells this year and place 29 wells into production…

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