Halcon Reduces 2014 Capital Spending Plans – Production Guidance Flat

Also Planning $300-400 Million in Asset Sales in 2014
El Halcon Eagle Ford Play Map

El Halcon Eagle Ford Play Map | Click to Enlarge

Halcon Resources is lowering its capital budget for 2014 and keeping its production guidance the same at 38,000-42,000 boe/d.

The company originally planned to spend more than $1 billion, but has lowered its budget 14% to $950 million.

Approximately $125 million will be spent on leasehold, infrastructure, and seismic. Halcon also plans to divest $300-400 million in properties in 2014.

Floyd C. Wilson, CEO, stated, “We expect to fund our entire 2014 capital budget with a combination of cash flow from operations, borrowings under our revolving credit facility and proceeds from additional non-core asset sales.”

Read more at halconresources.com

Rosetta Resources Plans to Spend $735 Million in the Eagle Ford in 2014

Production Growth of 20-30% Expected in 2014
Rosetta Resources Eagle Ford Acreage Map By Area

Rosetta Resources Eagle Ford Acreage Map By Area | Click to Enlarge

Rosetta Resources will spend approximately tw0-thirds of its $1.1 billion budget in 2014 in the Eagle Ford.

The company will spend $735 million running 4-5 rigs, with plans to drill and complete 90-95 gross wells. Approximately half of the activity will target the Eagle Ford from the company’s Gates Ranch leases.

Read more: Rosetta Acquires Additional Eagle Ford Interests at Gates Ranch

As a result of Eagle Ford and Permian Basin growth, Rosetta expects production to grow 20-30% to 60,000-65,000 boe/d. [Read more…]

Comstock Resources Focused on the Eagle Ford in 2014 – Almost $400 Million Planned

Zero Natural Gas Wells Will be Drilled by Comstock in 2014
Comstock Eagle Ford Drilling Plans 2013

Comstock Eagle Ford Drilling Plans 2013 | Click to Enlarge

Comstock Resources will spend $394 million of the company’s $450 million 2014 budget in the Eagle Ford.

The company will spend $264 million drilling 59 gross (40.2 net) wells in the South Texas Eagle Ford, $80 million completing wells in the South Texas area, and $50 million to drill 10 gross (5.6 net) East Texas Eagle Ford wells (Burleson County) for a total of $394 million.

Read more: Comstock – Ursa Resources Reach Eagle Ford Deal Worth $66.5 Millon [Read more…]

Goodrich Increases 2014 Budget by 50% & Is Shifting to the Tuscaloosa Marine Shale

Eagle Ford Spending Down 70% & TMS Spending Up 400% in 2014
Goodrich Petroleum Eagle Ford and Pearsall Activity Map

Goodrich Petroleum Eagle Ford & Pearsall Activity Map | Click To Enlarge

Goodrich Petroleum will spend 44% or $100 million of the company’s $255 million budget in 2013 in the Eagle Ford. That will change in 2014 when the company will spend just $30 million in the play. [Read more…]

Carrizo Expects The Eagle Ford To Drive Oil Production Growth Higher

2013 Oil Production Growth Guidance Raised To 40% From 28%
Carrizo Oil &Gas Eagle Ford Well Pad Map

Carrizo Oil & Gas Eagle Ford Well Pad Map | Click to Enlarge

Carrizo Oil & Gas raised oil production growth guidance from 28% to 40% earlier in the summer due to improving well results in the Eagle Ford.

The company also raised second quarter oil production guidance from ~9.800 boe/d to ~11,000 boe/d. That represents and increase of more than 12%. There were a few factors that led to the increase:

“Key drivers of the outperformance have been flatter-than-expected decline rates from new wells in a number of areas, successful results from artificial lift installations and less well downtime than expected.”

Oil production is outperforming expectations, while gas and NGL production is coming in at the high end of guidance. Carrizo increased its company-wide growth target from 6% to 10% for the year.

Carrizo is running three rigs in the Eagle Ford, one in the Niobrara Shale, and one in the Marcellus Shale. Along with production guidance, Carrizo increased its capital spending plans by ~$35 million to $530-540 million in 2013.

In the Eagle Ford Shale, Carrizo is increasing planned 2013 drilling activity by three wells as a result of increases in drilling efficiencies, and increasing planned completion activity by 35 net frac stages primarily for lease management purposes.

Read the full press release at crzo.net

Chesapeake’s Eagle Ford Shale Production Tops 20,000 boe/d

Chesapeake’s Eagle Ford Shale asset is garnering much of the company’s attention in 2012. To the tune of almost 25% of the company’s capital, with 33 of the company’s 161 rigs focused in the Eagle Ford.

Total net production averaged a little less than 18,000 boe/d net in the fourth quarter of 2011 and current production stands at 22,600 boe/d net. Production was up 60% quarter over quarter and 370% year over year. (You can get pretty amazing growth rates running 33 rigs) Gross operated production is close to passing 50,000 boe/d and stands at a little over 45,000 boe/d. CNOOC owns a 33% interest in Chesapeake’s acreage, so net will always be a close to 50% when you account for royalties and other WI owners. [Read more…]

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