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
Cabot Completing First Six Well Pad in 2014
Cabot is completing its first six-well pad, which includes four wells with lateral lengths of approximately 8,000'. The six-well pad is expected to provide approximately $600,000 of cost savings per well.
Cabot Eagle Ford 2014 Plans
Cabot is planning on 40 - 50 Eagle Ford wells in 2014. If the company sees better than expected results from its drilling efforts in the Eagle Ford, you may see more activity than currently planned, according to CEO, Dan Dinges.
“We are [] at 36 to 38 [] Eagle Ford wells right now, so [] that’s incorporated already in our guidance. So, moving that up to even 50 would be an impactful move for our current guidance.”
abot, which is also active in the Marcellus Shale, is focused on maximizing operating efficiencies and managing its price risk in 2014. Cabot announced that it will continue to monitor regional natural gas prices before making a decision on further acceleration in 2014 in the Marcellus. Maintaining the Marcellus rig count at six rigs will reduce the 2014 capital budget from $1.375 to $1.475 billion to $1.3 to $1.4 billion.
“We have elected to stay at eight rigs in our total program, which is what we ended at our — ended ‘13 with, which includes six in the Marcellus and two in the Eagle Ford. And while we will be permitting and be prepared to add additional rigs during the year, we are pleased that our revised program spending — spends less capital but delivers the same absolute midpoint of production guidance.”
Cabot Highlights
- Record production of 413.6 billion cubic feet equivalent bcfe, an increase of 55 % over 2012
- 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.
- Peak 24-hour rate of 1,344 boe/d (92% oil) for Eagle Ford lateral well
- Completing its first six-well Eagle Ford pad, which includes four wells with lateral lengths of approximately 8,000'
- Maintaining Marcellus Shale rig count at 6 will reduce 2014 capital budget to $1.3 to $1.4 billion
Read more at Cabotog.com