Newfield Exploration's Eagle Ford production grew 9% from the second quarter to the third quarter to average 8,200 boe/d. Fourth quarter production is expected to surge to more than 12,000 boe/d as well pads in the West Asherton area come online.
Growth in the last few months of the year puts Newfield on pace to grow production 70% year over year. The company's production is approximately 56% oil, 19% NGLs, and 24% natural gas.
Read more:Newfield Moving to Pad Completions in the Eagle Ford
Newfield is drilling horizontal laterals that range from 5,000-10,000 ft in the West Asherton Field in Dimmit County and has been able to drive well costs down approximately 20% to $7.3 million.
“We have even greater confidence in our ability to hit our corporate level targets and we intend to deliver on our promise of doubling liquids production from our four key plays by the end of 2015.”
Newfield Plans Fewer Wells, but Strong Growth in 2014
Newfield lowered its operated rig count from two to one in the third quarter.
The company plans to drill fewer wells next year, 20 in 2014 compared to 36 in 2013, but still expects play-wide production to grow 30%.
Read the company's third quarter press release at newfield.com