Anadarko Petroleum released second quarter results and updated us on the company's Eagle Ford operations. The company spud 96 wells in the second quarter and plans to drill a total of 325 wells in 2013.
Eagle Ford production increased 13% over the first quarter to 48,000 boe/d. Liquids production accounted for almost 32,000 b/d or approximately two-thirds of the company's production in the region. That's up over 60% from the second quarter of 2012.
The company ran an average of nine rigs in the second quarter and invested a total of $35 million. Spud to rig release fell to 8.1 days from 9.5 days in the first quarter.
Much of Anadarko's Eagle Ford investment is carried as part of its JV with KNOC. The agreement called for KNOC to carry 90% of development costs up to $1.55 billion. The carry is expected to be exhausted by year-end 2013.
On the midstream side of the business, Anadarko brought on the 200 mmcfd Brasada natural gas processing plant in La Salle County, TX. The facility can recover up to 30,000 b/d of NGLs, which will add value to the company's production stream.
Anadarko also plans to bring on additional compression in the third quarter.
Read the company's full press release at anadarko.com