Eclipse Resources 3Q18: Production Down, Stock Price Soars

Eclipse stock price soars – click for larger version

Eclipse Resources CEO Ben Hulburt yesterday gave what will be his last quarterly update at the helm of his company. Eclipse is being bought out by and merged with Blue Ridge Mountain Resources, the renamed remnant of Magnum Hunter Resources, by the end of this year (see Eclipse Resources Merging with Former Magnum Hunter). Hulburt, along with pretty much all of Eclipse’s top brass, is leaving the company post-merger. All except for Oleg Tolmachev, the guy who figures out how to drill those record-breaking, super long onshore laterals. As for 3Q18, the company hit a new high in revenues of $130 million, making a $4 million profit (swinging into the black). That bit of good news sent Eclipse’s stock price soaring 11%.

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