Oil & Gas - Energy - Commodities - Resources (OILBRENT)

[eFinanceMarkets]

$ECR Eclipse Resources (ECR -1.8%) is lower following its operational update that shows Q4 net production averaged 311.7M cfe/day, up 22% Y/Y.

ECR says year-end 2017 proved reserves surged 211% to 1.46T cfe based on SEC pricing, and by 19% based on forward strip pricing, compared to year-end 2016 proved reserves.

ECR offers FY 2018 production guidance of 335M-355M cfe/day and estimates 42% Y/Y condensate growth, reflecting its objective of increasing its oil and liquids exposure as a percentage of total production.

The company also establishes an initial 2018 capital budget of $300M-$320M.