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EP Energy Reports 2013 Production Growth; CapEx
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Capital Budget - 2013
2013 capital expenditures were $1.9 billion as EP Energy invested significantly in its key programs, spending $1.2 billion, $0.5 billion and $0.2 billion in Eagle Ford, Wolfcamp and Altamont, respectively.
2013 Production Update
EP Energy also reported that its 2013 production averaged 86.1 MBoe/d. Total production volumes included approximately 37.0 MBbls/d of oil which increased 55 percent from 2012. Oil production growth was driven primarily by increased activity and improving results in the Eagle Ford, Wolfcamp and Altamont programs. Total company monthly average production for December 2013 was 90.0 MBoe/d, including 45.9 MBbls/d of oil.
Drilling Inventory
At year-end 2013 EP Energy's estimated future drilling inventory, which includes proved undeveloped reserves and unproven resources, had approximately 5,170 identified future drilling locations with nearly 5,000 in the Eagle Ford, Wolfcamp and Altamont areas. At current activity levels, this represents approximately 23 years of drilling inventory.
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