Eclipse Resources Corporation (NYSE:ECR) (the “Company” or
“Eclipse Resources”) today is pleased to provide an operational
update, update its projections regarding its Marcellus Condensate
type curve and announce the Company’s participation in the investor
conference listed below:
Upcoming Investor
Conferences
Tuesday March 27th – Wednesday March
28th (New
Orleans, LA): Scotia Howard Weil 2018 Energy Conference.
Benjamin W. Hulburt (Chairman, President and CEO) will present and
host investor meetings along with Matthew R. DeNezza (Executive
Vice President and CFO).
The Company’s updated investor presentation, which is posted on
the corporate website at www.eclipseresources.com under the
investor relations section, will be referenced during the
conference.
Operational Update
- Based upon the performance of the two
Marcellus wells that were turned to sales in January 2018, the
Company has updated its Marcellus Condensate type curve. The type
curve has a projected EUR of 1.8 Bcfe per 1,000 foot of lateral and
an anticipated well level rate of return of approximately
73%1.
- The Company successfully drilled its
longest Utica Dry Gas well to date, the Wiley D 8H, with a total
measured depth of approximately 30,130 feet and a lateral extension
of approximately 19,335 feet in 20.5 days from spud to total depth,
setting a new lateral length record for a Dry Gas well for the
Company.
- The Company has recently spud its first
Flat Castle operated well, the Painter 2H, with an expected lateral
length of approximately 13,500 feet in the Company’s newly acquired
Flat Castle acreage located in Tioga County, Pennsylvania.
- The Company has reaffirmed its first
quarter 2018 production guidance of 304 to 311 MMcfe per day with
the expectation that production will be above the midpoint of such
guidance range.
- The Company has recently added to its
2018 and 2019 natural gas hedge portfolio:
- The Company has approximately 82% of
expected 2018 natural gas production hedged at an average floor
price2 of $2.93 per MMBtu and an average ceiling price of $3.26 per
MMBtu.
- The Company has an average of 142,500
MMBtu per day of expected 2019 natural gas production hedged at an
average floor price2 of $2.83 per MMBtu and an average ceiling
price of $2.94 per MMBtu.
1Based upon $3.00 per Mcf natural gas and $55
per barrel oil pricing.2 For the purposes of calculating three-way
floor price, the higher valued put is used.
Commenting on the operational announcement, Benjamin W. Hulburt,
Chairman, President and Chief Executive Officer, said, "The
Company’s two Marcellus wells, which were turned to sales in
January 2018, have shown strong initial production characteristics
with the early well performance providing higher gas production
with an initial gas production rate average of 6.7 Mmcf per day
while yielding approximately 68 barrels of condensate per Mmcf. We
have made upward adjustments to our internal gas EUR estimates to
over 1.25 Bcf per 1,000 foot as we have been able to flow the wells
harder than we planned, while pressure drop has slowed over that
same time period. Based upon this out-performance we have seen from
these two wells, the Company has increased its Marcellus Condensate
type curve expectation to 1.8 Bcfe per 1,000 foot of lateral. These
results exceed our anticipated expectations and help de-risk this
set of high returning, liquids weighted locations, and we remain
excited for the prospect of this area becoming a more meaningful
part of our drilling program in the future, as we can now
co-develop both the Utica and Marcellus on the same pad.”
“Additionally, the Company has continued to showcase its
operational capabilities, successfully drilling its longest Dry Gas
lateral to date, the Wiley D 8H, with a total measured depth of
approximately 30,130 feet and a lateral extension of approximately
19,335 feet. This well was drilled from spud to total depth in 20.5
days and set a new Utica Dry Gas lateral length record for the
Company. Our team has also now spud the Company’s first Flat Castle
area well, which will include a number of scientific and data
mining technical applications to allow us to further study the
potential of this new area. We anticipate turning this well to
sales late in the third quarter of 2018.”
“I am pleased to note that, based upon recent State of Ohio
cumulative production data, Eclipse Resources had eight of the top
ten oil producing wells during the fourth quarter of 2017. We
believe this data further confirms the Company’s competitive
advantage over other Appalachian producers primarily due to our
Super Lateral development capabilities. We remain highly confident
in our total production forecast for the first quarter of 2018,
despite the harsh winter operating environment we have experienced
in the Appalachian Basin.”
About Eclipse Resources
Eclipse Resources is an independent exploration and production
company engaged in the acquisition and development of oil and
natural gas properties in the Appalachian Basin, including the
Utica and Marcellus Shales. For more information, please visit the
Company’s website at www.eclipseresources.com.
Forward-Looking
Statements
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”) and Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). All
statements, other than statements of historical fact included in
this press release, regarding Eclipse Resources’ strategy, future
operations, financial position, prospects, plans and objectives of
management are forward-looking statements. When used in this press
release, the words “plan,” “will,” “would,” “could,” “believe,”
“anticipate,” “intend,” “estimate,” “expect,” “project” and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain such
identifying words. These forward-looking statements are based on
Eclipse Resources’ current expectations and assumptions about
future events and are based on currently available information as
to the outcome and timing of future events. When considering
forward-looking statements, you should keep in mind the risk
factors and other cautionary statements described under the heading
“Risk Factors” in Eclipse Resources’ Annual Report on Form 10-K
filed with the Securities Exchange Commission on March 2, 2018 (the
“2017 Annual Report”).
Forward-looking statements may include, but are not limited to,
statements about Eclipse Resources’ business strategy; general
economic conditions; financial strategy, liquidity and capital
required for developing its properties and timing related thereto;
realized prices for natural gas, natural gas liquids and oil and
the volatility of those prices; timing and amount of future
production of natural gas, NGLs and oil; its hedging strategy and
results; future drilling plans; competition and government
regulations, including those related to hydraulic fracturing; the
anticipated benefits under its commercial agreements; marketing of
natural gas, NGLs and oil; leasehold and business acquisitions; the
costs, terms and availability of gathering, processing,
fractionation and other midstream services; credit markets;
uncertainty regarding its future operating results, including
initial production rates and liquid yields in its type curve areas;
and plans, objectives, expectations and intentions contained in
this press release that are not historical, including, without
limitation, the guidance set forth herein..
Eclipse Resources cautions you that all these forward-looking
statements are subject to risks and uncertainties, most of which
are difficult to predict and many of which are beyond the Company’s
control, incident to the exploration for and development,
production, gathering and sale of natural gas, NGLs and oil. These
risks include, but are not limited to, legal and environmental
risks, drilling and other operating risks, regulatory changes,
commodity price volatility and the significant decline of the price
of natural gas, NGLs, and oil from historical highs, inflation,
lack of availability of drilling, production and processing
equipment and services, counterparty credit risk, the uncertainty
inherent in estimating natural gas, NGLs and oil reserves and in
projecting future rates of production, cash flow and access to
capital, risks associated with the Company’s level of indebtedness,
the timing of development expenditures, and the other risks
described under the heading “Risk Factors” in the 2017 Annual
Report.
All forward-looking statements, expressed or implied, included
in this press release are expressly qualified in their entirety by
this cautionary statement. This cautionary statement should also be
considered in connection with any subsequent written or oral
forward-looking statements that Eclipse Resources or persons acting
on the Company’s behalf may issue. Except as otherwise required by
applicable law, Eclipse Resources disclaims any duty to update any
forward-looking statements to reflect events or circumstances after
the date of this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20180326006043/en/
Eclipse Resources CorporationDouglas Kris, 814-325-2059Investor
Relationsdkris@eclipseresources.com
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