Chesapeake plans on increasing pad drilling in the Eagle Ford in 2014 and reducing average completed well costs to $6.4 million or less per well. The company has eased into pad drilling in the Eagle Ford, while other operators have aggressively pursued the procedure.
Read more: Chesapeake Eagle Ford Spending $1.82 Billion in 2014
“Transitioning to pad drilling a little bit slower has allowed us to see what the competition is doing [in the Eagle Ford]”
n the second quarter of 2014, Chesapeake intends on accelerating its production growth in the play.
Chesapeake Q4 Eagle Ford Production
Read more: Chesapeake's Eagle Ford Production Set to Top 100,000 boe/d by Year's End
In the fourth-quarter of 2013, Chesapeake's Eagle Ford net production was 87,000 net (191,000 gross) boe/d. That's down slightly from average production in the third-quarter, which was 95,000 net (211,000 gross) boe/d.
The peak average production rate was also down quarter-over-quarter from ~930 boe/d in the third quarter to 800 boe/d in the fourth-quarter.
Weather and a planned inventory reduction in the second and third quarters impacted fourth-quarter production in the Eagle Ford.
“In South Texas, we had a significant rain event that caused some flooding on the roads, [and slowed some of our operations in the fourth-quarter].”
Chesapeake's Eagle Ford production breakdown for the fourth-quarter was as follows:
- Crude oil - 68%
- NGL's - 14%
- Natural Gas - 18%
In the fourth-quarter of 2013, 12 rigs were running in the Eagle Ford Shale, and Chesapeake brought 65 gross wells to sales. That's down slightly from the third-quarter where 13 rigs were running and 100 gross wells were brought to sales.
Chesapeake Highlights
- Reducing average completed well costs to $6.4 million or less per well in 2014
- 87,000 net (191,000 gross) boe/d production in Q4 2013 - Down ~8% from Q3 2013
- Peak average production - 800 boe/d in Q4
- Weather impacted production in Q4
- 12 rigs running and 65 gross wells to sales in Q4 2013
- Eagle Ford production - 68% crude oil, 14% NGLs, 18% Natural Gas
Read more at chk.com