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EOG Flips to Profit in Q2; Delaware Basin Well Costs Down -11% from 2016
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EOG reported its Q2 2017 results. Highlights from its release / conference call include:
Swings to Profit:Q2 2017 net income of $23.1 million (compared to a Q2 2016 net loss of $292.6 million)
Operational Highlights:- Continued to decrease well costs in Delaware Wolfcamp, Eagle Ford and Bakken (-11%, -4% and -6% from 2016, respectively) - see graphs below
- Record crude oil production: Q2 crude oil volumes up 25% to 334,700 BOPD, a company record
- EOG will maintain its current 2017 capex of $3.7-4.1 billion
- 26 Rig Average for 2017: 13 in Delaware / 8 Eagle Ford / 3 Bakken / 2 Rockies (Powder River/DJ)
- ~480 net wells planned for 2017: 140 Delaware Basin (110 Wolfcamp / 25 2nd Bone Spring / 5 Leonard) / 195 Eagle Ford / 35 Bakken / 45 Rockies (30 Powder River / 15 DJ…
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