Baytex Energy reports strong performance in the Eagle Ford during the last quarter of 2015.
In a recent earnings call, Baytex executives reported on the company's fourth quarter and full 2015 results. They also announced a reduction in their 2016 exploration and development spending to between $225 - $265 million.
Eagle Ford Shale Operations
The main theme throughout the call circled around the fantastic performance of the company's Eagle Ford assets.
- Consistent pace of development, averaging six drilling rigs and two frac crews
- Q4: Production averaged 40,284 boe/d (78% oil and NGL) compared to 38,941 boe/d in Q3/2015 and 39,548 boe/d in Q2/2015.
- Q4: Capital expenditures totaled $132 million
- Q4: Participated in drilling of 42 (12.6 net) wells in the Eagle Ford and commenced production from 61 (16.6 net) wells
- Q4:36 (10.1 net) wells waiting on completion at the end of year
- Full year 2015: drilled 188 (50.2 net)
- 56% targeted the Lower Eagle Ford
- 26% targeted the Austin Chalk
- 11% targeted the Upper Eagle Ford
- 7% targeted the upper portion of the Lower Eagle Ford.
In the Eagle Ford, we now anticipate a reduced pace of development in 2016 with approximately 4 to 5 rigs and 1 to 2 frac crews working on our lands. At this pace, we anticipate bringing approximately 30 net wells on production in 2016 as compared to our prior expectations of 35 to 40 net wells. In aggregate, we now anticipate the 2016 capital expenditures of CAD225 million to CAD265 million of which approximately 95% will be invested in the Eagle Ford