Bakken Major Contributor to EOG’s Production Growth in Q2

EOG: Three Mountrail County Core Wells Completed in Second Quarter
EOG Resources Bakken Acreage Map

EOG Resources Bakken Acreage Map

In its second quarter report, EOG Resources said the Bakken and Eagle Ford Shale plays were major contributors to EOG’s overall production growth.

EOG’s U.S. crude oil production grew 33% year-over-year and associated natural gas liquids NGLs grew 22% year-over-year.

See below for EOG’s U.S. production volumes for the quarter:

  • Crude Oil and Condensate – 274,600 b/d
  • NGLs – 78,500 b/d
  • Natural Gas – 925 MMcfd

The company said most of its activity was focused on its core acreage in Mountrail County during the quarter. According to company officials, well productivity improved due to continued refinements in completion designs.

In EOG’s first-quarter report, the company indicated its activity in the Bakken would nearly double. So far, the company is on track to hit their target goal.

Read more: EOG Resources Plans to Nearly Double Bakken Activity in 2014

EOG Bakken Second Quarter Operations Update

Three Core wells were completed during the second quarter in Mountrail County:

  • Wayzetta 43-0311H – 1,505 b/d
  • Wayzetta 44-0311H – 2,410 b/d
  • Wayzetta 45-0311H – 2,690 b/d

EOG says it plans to drill several Three Forks wells to test various benches of this play on both its core and Antelope extension acreage during the remainder of 2014. Currently, the company has a six rig program running in the Bakken, and 80 net wells planned for the full-year.

Read more at eogresources.com


Is the Bakken America’s Last Oil Boom?

EOG CEO Bill Thomas Says There's Not Another Bakken Out There
EOG CEO Bill Thomas

EOG CEO Bill Thomas

At the Thirtieth Annual Sanford C. Bernstein Conference on May 29, 2014, EOG Resources CEO Bill Thomas indicated the company doesn’t see another shale play of the same magnitude as the Bakken or Eagle Ford on the horizon.

According to Thomas, the Bakken and the Eagle Ford currently produce 75% of all horizontal oil production in the U.S., but he notes the two plays are beginning to mature, and their growth rates are beginning to slow.

 

 

Thomas said, “we don’t see another play out there that’s like an Eagle Ford or Bakken that will maintain this tremendous growth that we have had going forward. So production we believe is beginning to slow. In 2012, [production] was about 1-million b/d per year and then last year was a little over 800,000 b/d per year. We are looking at maybe this year 750, maybe in 2016 650,000 b/d per year and really over a fairly short period of time we really believe that the U.S. will be in kind of a very low growth mode. So oil is not going to just go on forever because there is not really another Eagle Ford or Bakken out there.”

Thomas’ postulation about the Bakken and Eagle Ford, which is likely an accurate depiction, doesn’t diminish the impact these plays have already had, or will continue to have on the oil and gas industry, and the U.S. economy. According to the EIA, production in the Bakken Shale has now exceeded the 1-million b/d mark. Recently, Continental Resources, the Bakken Shale’s largest producer, released data showing the Bakken field of North Dakota and Montana reached the milestone of 1-billion bbls of cumulative light, sweet crude oil produced during first quarter of 2014.

Read more: Continental Resources: Bakken Hits 1-Billion Barrel Mark


EOG Resources Nearly Doubling Bakken Activity in 2014

EOG to Drill 80-Net Wells in the Bakken in 2014
EOG Bakken Acreage Map

EOG Bakken Acreage Map | Click to Enlarge

EOG Resources sees the Bakken as a high rate of return growth play, and plans on drilling 80-net wells in 2014.

That’s nearly double the number of net-wells drilled in 2013, which was 54. At that rate, the company has a drilling inventory in the Bakken of ~8 years.

Read more: EOG Will Utilize Self Sourced Sand in Bakken Completions

[Read more…]


EOG Will Utilize Self-Sourced Sand in Bakken Completions

The Best Wells in Q3 Came Online Producing More Than 2,000 b/d
EOG Resources Bakken Map

EOG Resources Bakken Map | Click to Enlarge

EOG Resources is shifting to self-sourced sand for use in completions in the Bakken and Three Forks. The company has owned and operated sand mines supplying other plays for years.

EOG’s sand mines will contribute to significant well cost savings. [Read more…]


EOG Resources’ Secrets To Success In The Bakken & Other Shale Plays

Rail Cars, Sand Mines, & Microseismic Add Value In EOG's Shale Plays
Oil Rail Car Image

Click to Enlarge

EOG Resources opened North Dakota to the modern oil industry when the company discovered the Parshall Field in 2006. The company led the shift to horizontal drilling and hydraulic fracturing in oil plays like the Bakken and Eagle Ford. Forbes published an interesting article on the company in July. [Read more…]


EOG’s Bakken Downspacing & Three Forks Second Bench Look Promising

EOG Grows Company-Wide Crude Oil Production 33% Year-Over-Year
EOG Resources Bakken Shale Map

EOG Bakken Map | Click to Enlarge

EOG Resources announced results from the first quarter of 2013 and impressive well results in the Bakken and Three Forks were included.

The first test of the second bench of the Three Forks yielded promising results in the company’s Antelope Extension acreage in McKenzie County, ND. The Riverview 03-3130H was completed to sales at 3,150 b/d of oil. Additional tests are planned in the same area. [Read more…]


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