Halcón Q3 2015
Halcón Resources Corporation reported a climb in third quarter earnings with its Eagle Ford operations seeing important growth.
Related:Halcón Plans to Reduce Rigs for 2015
During a recent earnings call, Halcon executives said its bottom line advanced to $21.18 million during the third quarter of 2015, compared to the $10.87 million in last year's third quarter. The company also reports record levels of production of over 43,500 barrels a day.
Eagle Ford Operations
Halcón controls 101,000 net acres in the Eagle Ford shale formation. During the third quarter of 2015, the company operated one rig in El Halcón and spudded four wells and put three wells online.
“This play has really bloomed. I think there is more than 25 rigs running the play and there is a lot of good information coming out of it. Our current drilling program is designed to capture leases and hold acreage over the next 12 to 18 months. We’ll get that done. Once we can go to development mode and pad drilling, completed well costs are expected to decline by up to $1 million per well.”
Other highlights include:
- Drilling days (spud to total depth) averaged 11.41 days per 3-string well during the third quarter of 2015, or 1,439 feet per day, representing an improvement of 32% compared to the third quarter of 2014.
- Halcón set a new drilling record during the period by drilling a 3-string well in 9.70 days (spud to total depth), or 1,562 feet per day.
- Halcón set a new record during the period by completing an average of five stages per day on a single well.
- Plans to drill two-four wells per pad throughout the remainder of 2015 and in 2016.
- Completed well cost is approximately $6.8 million for a three-string well.
- Currently 102 Halcón-operated East Texas Eagle Ford wells producing and 3 Company-operated wells being completed or waiting on completion.