Eclipse Resources, a relatively new driller formed by a group of former Rex Energy people, is headquartered in State College, PA but does most of its drilling in the Ohio Utica. Just a few weeks ago Eclipse announced they are cutting their 2015 drilling budget by 57% (see Eclipse Resources Nixes Joint Venture Idea, Cuts Capex 57% in 2015). Even with the cuts, Eclipse had by anyone’s measure, an impressive first quarter in 2015. Yesterday Eclipse issued their 1Q15 update showing net production is up 316% from 1Q14. During the first quarter they brought 20 new wells online and began drilling 10 more. Revenue was up a huge 77% in 1Q15, but because of interest payments, taxes and other expenses, the company, overall, experienced a loss of $34.1 million during 1Q15. Here’s the update…
