Eagle Ford producer, Cabot Oil and Gas, announced last year's earnings, boasting double-digit reserve and production growth for 2015.
Related: Cabot Oil & Gas Reducing Rigs in the Eagle Ford
In a recent earnings call, Cabot reported full 2015 production increases across the board including 566.0 billion cubic feet of natural gas, 5.4 million barrels of crude oil and condensate, and 667,000 barrels of natural gas liquids. The company also reported a 7% decrease in operating expenses from$2.56 per Mcfe in 2014 to $2.37 per thousand cubic feet equivalent (Mcfe) in 2015.
Eagle Ford Operations
Cabot executives said that the company's Eagle Ford operations experienced an exceptional 2015 with the following highlights:
- Reducing the spud-to-TD drilling days for a 7,700 foot lateral to eight days.
- 45% reduction in drilling cost relative to 2014
- Longest lateral drill to date of 11,588 feet in 11.6 days from spud to TD with the total measured depth of 19,930 feet.
- The company's one utilized rig ranked second in total footage drilled among 200 rigs throughout all basins in 2015.
“We do anticipate an and we believe our 86,000 net acres in the Eagle Ford can provide for long-term value creation in a slightly more favorable price environment. As a result our focus in 2016 is to reduce our operating activity to the minimum levels needed to ensure we maintain all our core acreage.”
For 2016, Cabot has allocated 30% of its drilling budget for the Eagle Ford Shale and plans to drill 5 net wells and complete 15 net wells.