Comstock Resources Q4 Report

Company Reports 86% Increased Production for 2014
Comstock Wells in Eagle Ford

Comstock Wells in Eagle Ford | click to enlarge

Comstock Resources released its Q4 earnings report and confirmed their spending plan for 2015.

Comstock’s loss of $55.1 million in the last three months of the year are in contrast to a record 86% increase growth in oil production. Production in 2014 was at 4.3 million barrels, compared to 2.3 million barrels produced in 2013.

Looking to the new year, Comstock will be scaling back its drilling program due to the significant drop in oil prices.

Related: Revised 2015 Budget is Slashed for El Halcón

Related: Sanchez Reduces 2015 Capex by 60%

CFO Roland Burns reported that “With the rapid fall in oil prices, we have shutdown our oil drilling program in late December, but we do have eight additional wells in our South Texas Eagle Ford and nine additional wells in our East Texas Eagle Ford area that we expect to put on production in the first quarter of 2015. So we do expect a little more oil growth in the first quarter, but then we expect oil to decline later in the year with no additional drilling budgeted. For all of 2015, we’re expecting oil production to average between 9,500 and 10,500 barrels per day.”

2014 Eagle Ford highlights:

  • Successful drilling program in South Texas Eagle Ford shale drove oil growth in 2014
  • 68 out of 68 wells drilled were successful
  • Placed 91 (61.3 net) new Eagle Ford shale wells on production
  • Four wells drilled in 2014 to be completed in 2015

Read more about Comstock Resources in the Eagle Ford 

Read more at crxfrisco.com

Clayton Williams Grew Eagle Ford Oil Production ~430% in Fourth-Quarter of 2013

Eagle Ford Capital Budget - ~$160 Million in 2014
Clayton Williams Eagle Ford Acreage Map

Clayton Williams Eagle Ford Acreage Map | Click to Enlarge

Clayton Williams Energy grew its Eagle Ford oil production in the fourth quarter of 2013 over 2012 by ~430% from 312 b/d – 1,354 b/d.

The increase in production is a sign that the company is gaining confidence in moving forward with its Eagle Ford operations. In an early February 2013 statement, the company alluded that additional drilling and production data would be needed to determine if the Eagle Ford Shale drilling program could be economically viable.

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Cabot Completing First Six-Well Pad in Eagle Ford in 2014

Four Well Pads Come Online in Eagle Ford at Average Peak 24-hour Rate Per Well of 885 boe/d
Cabot Eagle Ford Drilling

Cabot Eagle Ford Drilling | Click to Enlarge

Cabot’s first four-well pads in the Eagle Ford came online during the fourth-quarter of 2013 and produced an average peak 24-hour rate per well of 885 boe/d.

The company had record production in 2013 of ~412 bcfe or 1.13 bcfe/d, an increase of 55% over 2012. Also, the company’s longest lateral well (8,708′) came online in the Eagle Ford in 2013. The well was completed with 31 frac stages, and reached a peak 24-hour rate of 1,344 boe/d (92% oil).

 

Read more: Cabot Oil & Gas More Confident in the Eagle Ford and Pearsall

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