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EOG Q1: Completions Up +13% YOY, Bulk in Eagle Ford, Permian; Crude Output Up 20% YOY

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   |    Tuesday,May 07,2019

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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