Top Story | Quarterly / Earnings Reports | First Quarter (1Q) Update | Capital Markets | Drilling Activity | Capex Decrease | Capital Expenditure - 2018
Eclipse Cuts 2018 Budget by 20%; Adds Second Completion Crew
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Eclipse reported its Q1 2018 results.
Highlights:- Average net daily production was 315.2 MMcfe per day, consisting of 72% natural gas and 28% liquids
- Reduction in the capital expenditure budget by approximately $60 million to now reflect approximately $250 million for full year 2018 (down -20% from $310 million originally planned)
During Q1, the company recently launched a strategic review- Net loss for the first quarter of 2018 was ($2.6) million; and Adjusted EBITDAX1 for the first quarter of 2018 was $63.0 million.
Ops UpdateWe have recently completed drilling our first Utica Shale well in Pennsylvania in our "Flat Castle" project area. This well was drilled to 25,017 feet of total measured depth with a horizontal lateral of 13,857 feet.
Additionally, during the first quarter…
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