EOG Production Up In 1Q; Company Adds Four New Plays for 2014
Houston-based EOG Resources Inc. announced it is ramping up production goals in 2014 with an expansion of the company’s activity in the Eagle Ford, and with the addition of four new plays.
EOG Resources, which is a major player in the Eagle Ford shale formation, currently has 26 rigs running in the formation, and the company plans to drill 520 new wells in the Eagle Ford this year. Some of the company’s wells in the formation produced more than 4,000 barrels of oil daily (bopd).
The Eagle Ford played a role in the company’s robust first-quarter 2014 performance. In a 1Q earnings call, company CEO Bill Thomas noted that the company increased its total crude oil and condensate production by 42 total, and by 45 percent in the United States, during the first quarter of 2014, compared to the first quarter of 2013.
For 2014, EOG has added four horizontal plays in the DB Basin and the Powder River Basin: the Codell, Niobrara, Parkman and Turner plays. The four plays are expected to add 735 net drilling locations to EOG’s inventory, Thomas said.
In a presentation, the company said it planned to grow crude oil in 2014 by 29 percent, and total production by 12 percent, year on year.
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