EOG Resource's Eagle Ford resource potential went up 45% to 3.2 billion boe from 2.2 billion boe in 2013.
In 2014, EOG will be focusing a large portion of its $8.1 - $8.3 billion capital budget in the Eagle Ford Shale. This decision comes on the heels of increased well productivity and initial production rates in the play in 2013.
The company has plans to drill 520 net wells across its Eagle Ford acreage. At that rate, the company has a drilling inventory in the Eagle Ford of more than 12 years.
Read more: EOG Resources Western Eagle Ford Acreage Looks Better & Better
EOG Resources Reserves in the Eagle Ford
EOG's resource potential increased from 2.2 billion boe to 3.2 billion boe. That's a significant increase, and it gives EOG a lot of running room to develop the play and produce better results over a long time frame.
“To put our Eagle Ford position in simple terms, our current reserve potential is almost four times what we estimated four years ago when EOG discovered the play. With approximately 7,200 total identified individual net well locations, we still have about 6,000 net wells to drill across EOG’s 120-mile crude oil window,” said CEO, William Thomas. “Our in-house talent keeps finding ways to improve development of this world-class shale asset where we hold a critical mass of very desirable acreage.”
n 2013, EOG continued its downspacing efforts in the Eagle Ford. Even with downspacing, net reserves per well increased to 450,000 boe from 400,000 boe in 2013.
“Forty acre spacing per well is how we are moving forward [for the immediate future].”
EOG Eagle Ford Well Highlights
Boothe Unit #3H, #4H and #17H (Gonzales County)
Initial production began during the fourth-quarter - 2013
- 2,630 - 3,375 b/d crude oil
- 365 - 520 b/d NGLs
- 2.1 - 3 mmcf/d natural gas
Rudolph Unit #1H (Gonzales County)
- 4,230 b/d crude oil
- 505 b/d NGLS
- 2.9 mmcf/d natural gas
Nichols Unit #3H (Gonzales County)
- 3,830 b/d crude oil
- 390 b/d NGLs
- 2.3 mmcf/d natural gas
Wilde Trust Unit #1H, #2H and #3H (Gonzales County)
- 960,000 b/d crude oil over 200 day time period
Fleetwood Unit #1H and #2H (Karnes County)
- 3,630 - 3,435 b/d crude oil respectively
- 345 and 350 b/d NGLs respectively
- 2.0 mmcf/d natural gas each
Naylor Jones Unit 42 #1H, #2H and 60 #2H (McMullen County)
- 1,755 - 2,050 b/d crude oil
- 195 - 205 b/d NGLs
- 1.1 - 1.2 mmcfd of natural gas
Further Unit #1H and #2H (LaSalle County)
- 2,605 - 2,550 b/d crude oil
- 125 - 155 b/d NGLs
- 725 - 900 mcf/d
EOG has approximately 68,000 net acres prospective for natural gas. If the price of natural gas stays high, then EOG may decide to spend more in this area.
