Rosetta Resources Hits Record Production and Proved Reserves in 2013

Rosetta's development budget in the Eagle Ford accounted for ~67% of total spending in 2013

Rosetta Eagle Ford Map | Click to Enlarge

Rosetta Resources had a record setting year in 2013, increasing total annual production from ~37,000 boe/d in 2012 to 50,000 boe/d. That’s an increase of 34%.

The company also increased its total reservesby 39%  to 279 million boe.

Approximately 30% or 84 mmboe of the total added reserves came from Rosetta’s successful development of the Eagle Ford.

[Read more…]

Marathon Oil Expects to Exit 2013 Producing 100,000 boe/d from the Eagle Ford

Drilling & Completion Costs Are Down More Than 20% Since Q3 2012
Marathon Oil Eagle Ford Acreage Map & Improving Well Performance

Marathon Oil Eagle Ford Acreage Map & Improving Well Performance | Click to Enlarge

Marathon Oil’s Eagle Ford production averaged more than 90,000 boe/d at the end of October and is on pace to eclipse more than 100,000 boe/d by year-end 2013. Another important note is that more than 70% of oil production is now being transported by pipelines. [Read more…]

Swift Energy’s Eagle Ford Well Costs Are Down & IP Rates Are Up

Drilling Costs Are Down More Than $1 Million Per Well Over the Past Year
Swift Energy Eagle Ford Drilling Savings

Swift Energy Eagle Ford Drilling Savings | Click to Enlarge

Swift Energy has seen its well costs fall and its initial production (IP) rates rise in 2013. Across two areas in South Texas, the company’s IP rates are up 15% or more and drilling and completion costs are down 13% or more.

That’s exactly what operators want to see and its why several companies are selling assets to fund accelerated development programs in the Eagle Ford.

Swift is selling assets in Louisiana and just last week Forest Oil sold assets in the Panhandle to fund its Eagle Ford operations. [Read more…]

Pioneer Cuts Back Eagle Ford Dry Gas Drilling Again

White sand completions, that save $700,000 per well, are being tested in dry-gas areas of the play
Pioneer Eagle Ford Update Map

Pioneer Update | Click to Enlarge

Pioneer Natural Resources is cutting back its dry-gas development plans in the Eagle Ford from 15% to just 10% of its budgeted activity. Gas drilling is only going forward at this level to secure leases for when gas prices improve.

The company reported earnings for the second quarter at the end of July and is right on target to meet expectations for the year in South Texas. Highlights from the quarter include:

  • Drilled 34 wells and brought 37 to production
  • Added three central gathering plants to reach a total of 11 in operation
  • Lowered dry-gas activity from 15% to 10% of wells budgeted. Gas drilling is only being utilized to hold acreage by production
  • Expanding the use of White Sand into gas well completions ($700,000 savings)

Pioneer produced approximately 23,000 boe/d in the first quarter, 24,000 boe/d in the second quarter and has provided guidance of 25,000-29,000 boe/d for 2012. Expect the company to realize its biggest production increases in the second half of the year.

Read more about the company’s position at our Pioneer Eagle Ford page.

Newfield Q3 2011 Operations Update – Well Results and Costs

Newfield Exploration announced its third quarter earnings along with an update on its Eagle Ford operations. The company has a 335,000 acre position in the Maverick Basin across Dimmit, Maverick, and Zavala counties.

Drilling is currently focused in the southern portion of the company’s acreage where infrastructure is accessible. The company also has a pilot program active in the West Asherton area in Dimmit County. The company has completed 16 wells that have produced 650 barrels of oil equivalent in the first 24 hours. The wells have expected EUR’s of 300,000 barrels. Wells have been drilled in as little as 7 days at average costs of $6.6 million for drilling and completion. [Read more…]