Baytex Energy Reduces Eagle Ford Spending
Baytex Energy 2nd Quarter Earnings
Baytex has reduced development and spending in the Eagle Ford for the second quarter of 2016
Related: Baytex Energy: Big Results in Eagle Ford
Baytex Energy executives announced their second quarter results today that highlighted significant cost reductions and a lowered net debt of $39 million.
In their Eagle Ford operations, Baytex reduced capital spending to$35.5 million, down from $81.7 million in Q1/2016 and $140.8 million in Q4/2015.
Other Eagle Ford highlights include:
- Disposed operated assets in the Eagle Ford for approximately $55 million
- Participated drilling 11 (net) wells
- Began production on six of the new wells (40% drop from 2015)
- Production rate of on new wells was approximately 1300 BOEs per day
- Three drilling rigs (compared to six inQ1/2016)
- Cost in the Eagle Ford has continued to decrease with wells now being drilled, completed and equipped for approximately US$5.4 million as compared to US$8.2 million in late 2014