EOG Resources announced solid third quarter operational and financial results last week. The company's Eagle Ford operations remain resilient and well activity is steady and predictable.
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During a third-quarter earnings call, EOG executives said the company experienced strong results by focusing on a multi-basin premium portfolio. The company's net income was $100.5 million, compared to a $190.0 million loss in the third quarter 2016.
For the rest of the year, EOG now expects to complete approximately 505 net wells, an increase over previous the previous outlook of 480 net wells.
Eagle Ford Operations
EOG's Eagle Ford operations are delivering both production volumes and economic reserves, according to Executive VP Lloyd W. Helms, Jr. Drilling units are producing more resource and the productivity per well is steady and predictable.
Eagle Ford Results include:
- Completed 44 gross (39 net) wells
- Average treated lateral length of well: 6,500 feet per well
- Average 30-day initial production rates per well: 1,685 Boed, or 1,340 Bopd, 175 Bpd of NGLs and 1.0 MMcfd of natural gas
- Gonzales County, EOG completed a four-well pattern, the Angus Unit 6H-9H, with an average treated lateral length of 5,700 feet per well and average 30-day initial production rates per well of 3,945 Boed, or 2,995 Bopd, 480 Bpd of NGLs and 2.8 MMcfd of natural gas.
- close to 99% held by production
“EOG’s Eagle Ford operations remained resilient during the third quarter, as robust infrastructure and comprehensive technology and communication assets enabled EOG to manage operations in a safe and efficient manner during Hurricane Harvey. Ongoing efficiency improvements have enabled EOG to add five net wells to its planned 2017 completions, for a total of 200 net wells.”