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EOG Q1: Completions Up +13% YOY, Bulk in Eagle Ford, Permian; Crude Output Up 20% YOY
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EOG Resources has reported its Q1 2019 results. Here are the highlights.
In Q1, total capital expenditures were $1.7 billion of cash capital expenditures before acquisitions - this is up from $1.5 billion (+13%) spent in Q1 2018.
No Change to 2019 Plan
The company has reaffirmed its plans for 2019, which includes a capex of $6.3 billion, 740 net completions, 40 rigs and 781,000-842,000 BOEPD in production.
Drilling Activity - Bulk in the Eagle Ford, Delaware Basin
EOG completed 177 net wells in Q1 2019 - this is up +13% YOY
- The Eagle Ford and Delaware Basin saw the bulk of the activity with 89 and 68 wells, respectively. This was followed by 25 DJ Basin wells, 5 Powder River wells, 4 Anadarko Basin wells and 2 Bakken wells.
Production - Up +17% YOY; Crude Volumes Jump 20%
Q1 Production: 773.6 MBOEPD (up +17% YOY)
- Crude oil volumes grew 20% compared to the first quarter 2018 to 435,900 BOPD.
- NGL production increased 19%
- Natural gas volumes grew 11%
Q1 Well Results - IP30s
EOG reported its well results for Q1:
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