ConocoPhillips Raises Eagle Ford Reserve Estimates By 39% to 2.5 Billion BOE

ConocoPhillips' Eagle Ford Geologic Map
ConocoPhillips' Eagle Ford Geologic Map

ConocoPhillips increased its Eagle Ford reserve estimates in early April 2014 by 39% from 1.8 billion to 2.5 billion bbls of oil in place. Company officials say production is expected to exceed 250,000 boe/d in the Eagle Ford by 2017. That's nearly 100,000 more BOE than the company's target goal at the end of 2013.

Read more: Conoco Phillips' Eagle Ford Production Up 58% to 141,000 boe/d in Q4 2013

ConocoPhillips’ wells in the Eagle Ford have the highest oil rates per well and are leading the industry in value. This is attributable not only to the fact that we are in the best part of the play, but also to our relentless focus on technical innovation and drilling and completion cost efficiencies,” Lance said. “We are applying these benefits and efficiencies across our unconventional portfolio in the Bakken, Permian, Niobrara, Canada, and outside of North America.
— ConocoPhillips CEO, Ryan Lance

ConocoPhillips' Eagle Ford acreage is in a prime part of the Eagle Ford, with much of it centered in Karnes and Live Oak counties. The company has 221 M net acres across its' Eagle Ford portfolio, with more than 3,000 identified drilling locations. ConocoPhillips' has a 96% average operated working interest in its Eagle Ford wells.

In 2014, ConcoPhillips plans to spend $4.3 billion on the Bakken, Eagle Ford and Niobrara Shale. Drilling costs and completion costs have decreased by 37% and 41% consecutively since 2010 in the Eagle Ford.

ConocoPhillips' Highlights

  • ConocoPhillips pushes Eagle Ford reserves estimates up 39% to 2.5 billion bbls of oil in place
  • ConocoPhillips predicts 250,000 boe/d by 2017
  • More than 3,000 prospective drilling locations identified
  • Drilling and completion costs down 37% and 41% consecutively