Rosetta Resources had a record setting year in 2013, increasing total annual production from ~37,000 boe/d in 2012 to 50,000 boe/d. That's an increase of 34%.
The company also increased its total reservesby 39% to 279 million boe.
Approximately 30% or 84 mmboe of the total added reserves came from Rosetta's successful development of the Eagle Ford.
Rosetta Resources Eagle Ford Drilling and Completion Initiatives
In total, Rosetta spent ~67% of it's development budget in the Eagle Ford in 2013. $600 million was spent on drilling and completion activity in the Eagle Ford shale, with Rosetta drilling 111 wells and completing 79.
As of late 2013, Rosetta still had a lot of running room in the Eagle Ford. Approximately 23% of the wells the company has drilled in the Eagle Ford were sitting idle and waiting to be completed.
According to the company, well costs improved in the Eagle Ford and have fallen to $6.5 - $7 million for average wells.
Rosetta Resources Expanding in Delaware Basin
Rosetta is also expanding into other areas, including the Delaware Basin. On December 3o, 2013, the company entered an agreement to acquire assets in the basin for $85 million. The purchase covers 5,078 net acres (14,985 gross) in Reeves County.
Rosetta at a Glance in 2013
- Total annual production up ~34% to 50,000 boe/d
- Eagle Ford added 30% or 84 mmboe to company's reserves
- $600 million spent on drilling and completion in Eagle Ford
- Eagle Ford wells drilled - 111
- Eagle Ford completed wells - 79
- Purchase of 5,078 net acres for $85 million in Delaware Basin