ConocoPhillips Eagle Ford Production Up 58% to 141,000 boe/d in Q4 2013

Conoco will spend ~$9 billion on its North American operations in 2014. $4.3 billion will be focused on U.S. shale plays

ConocoPhillips Eagle Ford Map

ConocoPhillips Eagle Ford Map | Click to Enlarge

ConocoPhillips’ Eagle Ford Shale production was 141,000 boe/d in the fourth-quarter of 2013, surpassing fourth quarter 2012 production from the formation by 58%.

The Lower 48 and Latin America accounted for ~28% of the company’s total production.

Read more: Conoco Increasing Eagle Ford Spending in 2014

ConocoPhillips Close to Hitting Projected Growth Targets in the Eagle Ford

In the fourth quarter of 2012, Conoco’s Eagle Ford production averaged 70,000 boe/d, but grew rapidly in Q4 2012 to 100,000 boe/d. In December of 2013,¬†Conoco announced a five year plan to invest $8 billion in the Eagle Ford and grow production to almost 150,000 boe/d by 2017.

Conoco will likely reach its goal of 150,000 boe/d from the Eagle Ford sometime in 2014 or almost three years earlier than planned.

ConocoPhillips Capital Budget in Unconventional Drilling

In 2014, Conoco will spend ~$9 billion on its North American operations. Approximately $4.3 billion will be focused on the Bakken, Eagle Ford and Niobrara Shale. In 2013, Conoco’s production in the Eagle Ford, Bakken and Permian grew 31% from ~167,000 boe/d in the fourth-quarter of 2012 to ~218,000 boe/d in 2013.

Eagle Ford Contribution to Conoco’s Reserves

The growth in unconventional drilling has contributed greatly to Conoco’s reserves.

CEO Ryan Lance, said, “2013 was a significant year for the company and we achieved several important, strategic milestones… [the company] achieved conventional and unconventional exploration success… [and] our capital program yielded strong organic reserve replacement”

In 2013, Conoco added 470 million boe in Lower 48, primarily in liquids-rich shale plays, including the Eagle Ford and Bakken.

ConocoPhillips Production in 2013 and Plans Moving Forward at a Glance

  • ConocoPhillips Eagle Ford Shale Q4 production up ~58% from 2012 to 141,000 boe/d
  • ~ 28% of ConocoPhillips Lower 48 Production is in Bakken
  • $4.3 billion will be focused on the Bakken, Eagle Ford and Niobrara Shale in 2014
  • 470 million boe in Lower 48 reserves added in 2013, primarily in liquids-rich shale plays, including the Eagle Ford and Bakken
  • 31% production growth in Bakken, Eagle Ford and Permian to ~218,000 boe/d in Q4 2013

Read more at ConocoPhillips.com

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Kirk Eggleston

Kirk Eggleston

Contributor at EagleFordShale.com
Kirk Eggleston writes on significant news developments in the Eagle Ford and Bakken Shale plays. He is a former broadcast journalist, and has experience covering news and politics in the Texas and Louisiana markets.

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