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Equity
12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
Equity

Note 11—Equity

Initial Public Offering

On June 25, 2014, the Company completed its initial public offering (“IPO”) of 30,300,000 shares of common stock, which included 21,500,000 shares sold by the Company and 8,800,000 shares sold by certain stockholders. The net proceeds from the IPO were approximately $544.7 million, after deducting underwriting discounts and commissions and the offering expenses payable by the Company of approximately $35.8 million. The Company used a portion of the net proceeds received from the IPO to repay the then-outstanding borrowings under Eclipse I’s revolving credit facility and to fund the Company’s capital expenditure plan.

Private Placement of Common Stock

On December 27, 2014, the Company entered into a Securities Purchase Agreement with private equity funds managed by EnCap Investments L.P., entities controlled by certain members of the Company’s management team and certain other institutional investors pursuant to which the Company issued and sold to such purchasers an aggregate of 62,500,000 shares of common stock at a price of $7.04 per share pursuant to the exemptions from registration provided in Rule 506 of Regulation D promulgated under Section 4(2) of the Securities Act (the “Private Placement”).

On January 28, 2015, the Company closed the Private Placement and received net proceeds of approximately $434 million (after deducting placement agent commissions and estimated expenses), which the Company intends to use to fund its capital expenditure plan and for general corporate purposes. Upon the closing of the Private Placement, the Company amended and restated the existing registration rights agreement that was entered into upon the closing of its IPO in order to provide the purchasers with certain registration rights with respect to the stock they purchased in the Private Placement. The Company completed the registration of the shares during the third quarter of 2015.

Public Offering of Common Stock

On June 28, 2016, the Company commenced an underwritten public offering of 37,500,000 shares of common stock, which was priced at $3.50 per share.  The Company closed the offering on July 5, 2016 and received net proceeds of approximately $123.8 million (after deducting underwriting discounts and commissions and estimated expenses), which the Company used to fund its capital expenditure plan and for general corporate purposes.