Eagle Ford Shale

Plains Exploration and Production Company Updates Eagle Ford Shale Activities For Fourth Quarter Of 2010

Plains Exploration and Production Company (PXP) issued an operational update on its acreage in Texas that is prospective for the Eagle Ford Shale formation. 

Plains Exploration and Production Company is currently operating four rigs on its properties and has twelve wells waiting on completion or pipeline.  The company reported current sales volume of 1,800 barrels of oil per day, and expects to reach 2,500 barrels of oil per day by the end of the first quarter of 2011, and 5,000 barrels of oil per day by the end of 2011.

Conoco Phillips - Q4 2010 Conference Call - Eagle Ford Shale Comments

Conoco Phillips (COP) reported earnings for the fourth quarter of 2010 and held a conference call with analysts and investors to discuss the results.  The company disclosed additional data on its operations in the Eagle Ford Shale in Texas, where the company is pursuing development in the liquids area of the play.

 “But we continue to operate at an elevated development activity in the liquids-rich plays of Eagle Ford Shale. At Eagle Ford, we're currently running 12 rigs in the play, and we expect increase that to 13 rigs in the near future. We also have three dedicated completion crews working in the play.”

“We have very aggressive development programs going on in the Eagle Ford in particular. The Eagle Ford, as we mentioned earlier, we're running 12 rigs now. That's probably going up to 13.”

“Current Eagle Ford Shale production is around the eight or so thousand a day. And that will just continue to ramp up over time as we execute this drilling program we've talked about to where we would think over in three years time will be a 65,000 barrels a day.”

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Murphy Oil - Q4 2010 Conference Call - Eagle Ford Shale Commentary

Murphy Oil (MUR) reported earnings for the fourth quarter of 2010 and held a conference call with the investment community to discuss the results.  The company disclosed additional data on its operations in the Eagle Ford Shale in Texas, where it estimates that production will reach 8,000 barrels of oil equivalent (BOE) per day by the end of 2011.

Karnes County

“New development projects continue to be brought forward, and we sanctioned the first part our Eagle Ford program before yearend. This first one in Karnes County saw excellent oil results throughout the year and currently has two rigs working.”

“Our Board sanctioned the development of part of our Karnes acreage. We've built 10 wells to-date and completed four. A couple of wells have been on for quite a bit of time. One of them has achieved 170,000 barrels. One has achieved 83,000 barrels. We think both wells are above the tight curve that we use, and so they are likely to recover probably 700,000 barrels versus 500,000 which is kind of the tight curve when used there.”

“This year we are looking to build 16 wells. We may bring in another rig and be able to get more wells in that drill. We need to let this first quarter run for us and then see how we are going to move. We sanctioned that on a 160-acre spacing and we figure we'll get something like 40 million barrels out of that development.”

Dimmit County

“We have also got drilling in Dimmit County. We have three wells drilled and two completed. And these wells look like they are about based on the nearby results from others and ours, 35,000 EUR-type wells. Our best IP rate was just over 200 barrels, but we (choked) it back to be able to let the well unload and then extend its plateau around one that didn't have a high rate.”

McMullen County

“And then we are in the third oil area in our acreage in Northern McMullen County. We've just filled the well and log results are very encouraging, and we are going to move forward and frac that here and hope to have some results in the first quarter.”

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