We published details from the Texas RRC completion report related to EOG's record Eagle Ford well, but the company's second quarter operations update proved the well was better than first reported.
EOG reported the well came online at more than 9,200 boe/d. That compares favorably to the 8,600 boe/d that was reported to the commission. Better yet, the well was still producing more than 4,200 barrels of oil per day after 30 days. The well is easily the best in the Eagle Ford to date.
The well easily produced more than 150,000 barrels of oil in its first month online!
Eagle Ford Growth Leads To Company-wide Increase In Guidance
As a result of performance in the company's liquids plays (i.e. Bakken & Eagle Ford), EOG is increasing annual crude oil production guidance from 28% to 35%.
“We have the confidence to raise the bar on EOG’s performance expectations because our outstanding assets perform better and better, quarter after quarter,” said CEO William R. “Bill” Thomas. “EOG expects to achieve these higher goals within our previously stated capex estimate.”
t the end of the second quarter, EOG was producing 173,000 boe/d from the Eagle Ford and had more than doubled initial production rates across much of the play.
The company highlighted several wells across La Salle, McMullen, and Gonzales counties that produced ~1,500 barrels of oil per day or more. The record Burrow 5H well was part of a unit that had two other wells come online at ~3,000 b/d of oil. It's easy to see why the company is increasing its production guidance.
“With wells in our western drilling program following the same trend as those in the east, results from the EOG’s Eagle Ford activity continue to outpace our expectations.”