Comstock Resources announced it will focus 2016 resources on its natural gas assets while reducing spending on the ‘un-drillable’ Eagle Ford Shale region.
In an earnings call this morning, Comstock discussed its 2015 full year results and plans for 2016. Fourth quarter highlights included production volumes of 14.9 billion cubic feet of natural gas and 493,300 barrels of oil. This is an increase of 65% for natural gas over the 2014 Q4.
For its Eagle Ford operations, Comstock completed four horizontal Eagle Ford shale wells (2.2 net) in South Texas which were drilled in 2014 and installed artificial lift on many of the wells in that field. Spending in the region included $42.6 million on the company’s Eagleville properties.
In 2016, Comstock plans to focus on its natural gas assets, leaving only a small portion of its budget for the oil rich has allocated $7.3 million for activity in the Eagle Ford Shale.