Comstock Resources released its Q4 earnings report and confirmed their spending plan for 2015.
Comstock’s loss of $55.1 million in the last three months of the year are in contrast to a record 86% increase growth in oil production. Production in 2014 was at 4.3 million barrels, compared to 2.3 million barrels produced in 2013.
Looking to the new year, Comstock will be scaling back its drilling program due to the significant drop in oil prices.
“With the rapid fall in oil prices, we have shutdown our oil drilling program in late December, but we do have eight additional wells in our South Texas Eagle Ford and nine additional wells in our East Texas Eagle Ford area that we expect to put on production in the first quarter of 2015. So we do expect a little more oil growth in the first quarter, but then we expect oil to decline later in the year with no additional drilling budgeted. For all of 2015, we’re expecting oil production to average between 9,500 and 10,500 barrels per day.”
2014 Eagle Ford highlights:
- Successful drilling program in South Texas Eagle Ford shale drove oil growth in 2014
- 68 out of 68 wells drilled were successful
- Placed 91 (61.3 net) new Eagle Ford shale wells on production
- Four wells drilled in 2014 to be completed in 2015
Read more about Comstock Resources in the Eagle Ford
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