EOG Resources Quarterly & Full 2015 Report
EOG Resources had a record 2015 marked by reduced costs, improved productivity, and outstanding well performance in the Eagle Ford.
Related: EOG: Eagle Ford is Top Performer
During a recent earnings call, EOG executives commented on the Q4 and full year for 2015 and highlighted the company's three main goals during the downturn:
- Concentrating on reducing cost and improving well productivity
- Adding high-quality drilling inventory through organic exploration and tactical acquisitions
- Protecting the balance sheet
“After four years of 40% compound annual oil growth, we slammed on the brakes and decided to defer production growth. It was an easy decision. Outspending cash flow to grow oil into an oversupplied market makes no sense.”
Eagle Ford Operations
Throughout 2015, EOG used its Eagle Ford operations to showcase the company's technological advances in lateral placement and completion design. Eagle Ford Highlights for Q4 included:
- Karnes County:the Lightfoot Unit 5H through 8H four-well pattern had average 30-day initial production rates per well of 2,425 barrels of oil per day (Bopd), 285 barrels per day (Bpd) of natural gas liquids (NGLs) and 1.9 million cubic feet per day (MMcfd) of natural gas.
- Gonzales County: the Lepori Unit 4H had 30-day initial production rates of 2,915 Bopd, 370 Bpd of NGLs and 2.4 MMcfd of natural gas.
- McMullen County: the Naylor Jones Unit 31-1H had 30-day initial production rates of 1,780 Bopd, 165 Bpd of NGLs and 1.1 MMcfd of natural gas.
For 2016, EOG plans to complete approximately 150 net wells in the Eagle Ford, down from 329 net wells completed in 2015.