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Eclipse Resources Corp (ECR) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

Eclipse Resources Corp

CIK: 1600470 Ticker: ECR

Exhibit 99.1

 

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Eclipse Resources Corporation Announces Fourth Quarter and Full Year 2015 Financial and Operational Results, 2016 Capital Budget and the Reaffirmation of Its Revolving Credit Facility Borrowing Base

STATE COLLEGE, PA- March 2, 2016- (BUSINESS WIRE) - Eclipse Resources Corporation (NYSE:ECR) (the “Company” or “Eclipse Resources”) today announced its fourth quarter and full year 2015 financial and operational results, its 2016 Capital Budget, the reaffirmation of its revolving credit facility borrowing base and updated first quarter and full year 2016 guidance.

Fourth Quarter 2015 Highlights:

 

    Net production averaged 247.0 MMcfe/d, which was approximately 5% above the high end of the Company’s previously issued guidance range for the quarter, representing a 100% increase to the fourth quarter of 2014 and an approximately 10% sequential increase over the third quarter 2015. For the fourth quarter 2015, the production mix was approximately 70% natural gas, 18% NGL’s and 12% oil

 

    Revenues grew to $65.8 million. Adjusted Revenue1, which includes the impact of cash settled derivatives, grew to $74.4 million, representing a 41% increase relative to the fourth quarter 2014

 

    Adjusted EBITDAX1 grew to $31.3 million, representing a 20% increase relative to the fourth quarter 2014

 

    Unit operating expenses2 were $1.31 per Mcfe, below the low end of the Company’s previously issued guidance

 

    Cash general and administrative expenses fell to $6.8 million, representing a 48% decrease relative to the fourth quarter 2014, and $3.2 million below the low end of the Company’s previously issued guidance

 

    The Company realized a natural gas price, before the impact of cash settled derivatives and excluding firm transportation expenses, of $2.32 per Mcf, a $0.22 premium to NYMEX natural gas prices. The Company realized a natural gas price, after the impact of cash settled derivatives and including transportation costs, of $2.66 per Mcf, a $0.56 premium to NYMEX natural gas prices

 

    The Company realized an average oil price, before the impact of cash settled derivatives of $32.03 per barrel, a $9.75 per barrel discount to WTI oil prices. The Company realized an oil price, after the impact of cash settled derivatives, of $38.25 per barrel, a $3.53 per barrel discount to WTI oil prices

 

    The Company realized a natural gas liquids price of $14.50 per barrel, or approximately 35% of the average WTI oil price

 

    Capital Expenditures were $45.1 million

 

    The Company drilled 4 gross (1.0 net) wells, completed 2 gross (0.3 net) wells and turned 15 gross (8.0 net) wells to sales


The following information was filed by Eclipse Resources Corp (ECR) on Wednesday, March 2, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (parenthetical)
Acquisition
Acquisition (tables)
Acquisition - Additional Information (detail)
Acquisition - Summary Of Purchase Price Allocation Of Assets Acquired And Liabilities Assumed (detail)
Basis Of Presentation
Basis Of Presentation - Additional Information (detail)
Benefit Plan - Summary Of Pension Benefit Obligation (detail)
Benefit Plans
Benefit Plans (tables)
Benefit Plans - Additional Information (detail)
Benefit Plans - Assets In Excess Of (less Than) Benefit Obligation, Other Amounts Recognized In Other Comprehensive Loss And Accumulated Other Comprehensive Income (detail)
Benefit Plans - Components Of Pension Benefit Cost (detail)
Benefit Plans - Summary Of Fair Value Of Pension Assets Benefit Plan (detail)
Benefit Plans - Summary Of Investment Strategy For Benefit Plan (detail)
Benefit Plans - Weighted Average Assumptions To Determine Benefit Obligation (detail)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (detail)
Commitments And Contingencies - Future Minimum Lease Payments Required Under Lease Agreements (detail)
Debt
Debt (tables)
Debt - Additional Information (detail)
Debt - Summary Of 12.0% Senior Pik Notes Redemption Prices (detail)
Derivative Instruments
Derivative Instruments (tables)
Derivative Instruments - Fair Value Of Derivative Instruments On A Gross Basis And On A Net Basis As Presented In Consolidated Balance Sheets (detail)
Derivative Instruments - Summary Of Derivative Instrument Positions For Future Production Periods (detail)
Derivative Instruments - Summary Of Gains And Losses On Derivative Instruments (detail)
Earnings (loss) Per Share
Earnings (loss) Per Share (tables)
Earnings (loss) Per Share - Schedule Of Earnings Per Share (detail)
Equity
Equity - Additional Information (detail)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Schedule Of Fair Value Measured On A Recurring Basis (detail)
Income Tax
Income Tax (tables)
Income Tax - Additional Information (detail)
Income Tax - Segregation Of Income Tax Provision Based On Location Of Operations (detail)
Income Taxes - Components Of Deferred Tax Assets And Liabilities (detail)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (detail)
Organization And Nature Of Operations
Organization And Nature Of Operations - Additional Information (detail)
Quarterly Financial Information (unaudited)
Quarterly Financial Information (unaudited) (detail)
Quarterly Financial Information (unaudited) (tables)
Related Party Transactions
Related Party Transactions - Additional Information (detail)
Sale Of Oil And Natural Gas Property Interests
Sale Of Oil And Natural Gas Property Interests - Additional Information (detail)
Stock-based Compensation
Stock-based Compensation (tables)
Stock-based Compensation - Additional Information (detail)
Stock-based Compensation - Schedule Of Stock Based Compensation Expense (detail)
Stock-based Compensation - Summary Of Performance Stock Unit Awards Activity (detail)
Stock-based Compensation - Summary Of Restricted Stock And Restricted Stock Unit Awards Activity (detail)
Subsequent Events
Subsidiary Guarantors
Subsidiary Guarantors - Additional Information (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Additional Information (detail)
Summary Of Significant Accounting Policies - Changes In Company's Asset Retirement Obligation Liability (detail)
Summary Of Significant Accounting Policies - Major Customers And Associated Percentage Of Revenue (detail)
Summary Of Significant Accounting Policies - Summary For Concentration Of Receivables, Net Of Allowances, By Product Or Service (detail)
Summary Of Significant Accounting Policies - Summary Of Accrued Liabilities (detail)
Summary Of Significant Accounting Policies - Summary Of Property And Equipment Including Oil And Natural Gas Properties (detail)
Supplemental Oil And Natural Gas Information (unaudited)
Supplemental Oil And Natural Gas Information (unaudited) (tables)
Supplemental Oil And Natural Gas Information - Additional Information (detail)
Supplemental Oil And Natural Gas Information - Changes In Standardized Measure Of Discounted Net Cash Flows (detail)
Supplemental Oil And Natural Gas Information - Proved Developed And Proved Undeveloped Reserves (detail)
Supplemental Oil And Natural Gas Information - Standardized Measure Of Discounted Net Future Cash Flows (detail)
Supplemental Oil And Natural Gas Information - Summary Of Capitalized Costs (detail)
Supplemental Oil And Natural Gas Information - Summary Of Costs Incurred In Oil And Natural Gas Properties (detail)
Ticker: ECR
CIK: 1600470
Form Type: 10-K Annual Report
Accession Number: 0001193125-16-492051
Submitted to the SEC: Thu Mar 03 2016 9:33:23 PM EST
Accepted by the SEC: Fri Mar 04 2016
Period: Thursday, December 31, 2015
Industry: Crude Petroleum And Natural Gas

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