Sanchez Energy Expects Eagle Ford Development Spending to Near $600 Million

Sanchez Energy has set its capital budget for 2014 at $650-700 million.

Approximately 95% ($617-665 million) will be spent on drilling and completing wells and 90% of that ($556-599 million) will be spent in the Eagle Ford.

Sanchez expects to double production in 2014 and average 21,000-23,000 boe/d.

“All of our core Eagle Ford positions are performing at or above our expectations and are in full scale development mode. We made tremendous strides last year strategically and operationally.”

— Tony Sanchez III, President and Chief Executive Officer

Sanchez acquired Tuscaloosa Marine Shale (TMS) acreage in 2013, but the play is not expected to materially contribute to the company's bottom line in 2014. Sanchez will spend approximately $65 million drilling exploration wells in the TMS this year.

Read the full press release at sanchezenergycorp.com