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Company Adding 4 Rigs To Eagle Ford In November 2016
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ConocoPhillips noted during its 3rd quarter 2016 earnings call that the company is ramping up rig count in the eagle ford from 1 to 4 rigs before the end of the year.
The company mentioned that its supply cost is now in the $25/bbl price range and as such it is increasing its drilling activity in the play, by putting rigs back to work.
The company noted that its decision to ramp up rig count was based on cost deflation, with service companies offering "deals" on products.
When asked by analysts, here is what the company had to say.
"Alan J. Hirshberg - ConocoPhillips
we are adding in the Eagle Ford and in the Bakken. So we have the three rigs, there's been two in Eagle Ford, one in Bakken.
We're going to add three rigs in the Bakken and two rigs in the Eagle Ford, so that we'll be four…
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