ConocoPhillips produced 121,000 boe/d from the Eagle Ford in the second quarter of 2013, or roughly double the rate the company produced during the same period in 2012. Maybe even more impressively, production grew almost 20% from the first quarter.
Operators are literally hitting their stride in development mode in the Eagle Ford. Don't be surprised to see similar performance throughout the year as companies work to make their operations more efficient.
“We had a very strong quarter, with our base operations and turnaround activity performing as planned,” added Ryan Lance, CEO. “Production exceeded expectations as growth continued from our development programs, notably in the Eagle Ford.”
Conoco is running 11 rigs in the region and expects to it will hold all of its acreage with production by year-end. Rigs will begin to shift to pad drilling and we'll likely see additional efficiency gains.
Other notable highlights from the company's quarterly earnings release include:
- Statement that "..our (COP) Eagle Ford position is truly best in class"
- Established Eagle Ford position at a cost of $300/ acre
- Reported peer leading average of 69% oil production from Eagle Ford wells
- 65 operated wells were brought to production in Q2
- Pumping more frac stages and seeing better results
- 227,00 net acre position with potential 1.8 billion boe of resource
- 1,900 identified drilling locations
- Expects to hit 130,000 boe/d by 2017 (I'll say that's conservative)
Read the full press release at conocophillips.com