EOG Resources credits its Eagle Ford activity as a major factor for expected 18% oil growth during 2017.
EOG released forth quarter and full 2016 results this week, along with spending predictions for the rest of 2017.
The company expects that capital expenditures for 2017 will range from $3.7 to $4.1, with 81% dedicated to exploration and development. Continued growth is predicted from EOG's major basins including the Eagle Ford Shale.
Eagle Ford Operations
EOG achieved strong results in the Eagle Ford during 2016 and executives say the region still holds lots of potential. The company characterized the region as their large 'laboratory' that they are using to experiment with new technological innovations.
Eagle Ford highlights include:
- Completed 75 wells in the Eagle Ford with an average treated lateral length of 5,700 feet per well
- Initial production rates per well of 1,190 Boed, or 990 Bopd, 85 Bpd of NGLs and 0.7 MMcfd of natural gas
- Crude oil production declined 8% year-over-year due to 28% reduction in well completions
- Production is expected to grow during 2017
- Will average 7 rig operating in 2017
- Lowering well costs due to innovations