EOG Resources says new Permian wells "shattered" records
EOG Resources (NYSE:EOG) -0.5% AH after matching Q1 earnings expectations and beating on revenues, which nearly doubled from the year-ago quarter.
EOG says Q1 production rose 18% Y/Y to 315.7K bbl/day of oil, and average completed well costs fell 6% vs. 2016 averages in the Eagle Ford, Delaware and Bakken formations, which the company says reflects its premium drilling strategy and technical advances in plays across multiple basins.
EOG says its Whirling Wind wells "shattered" industry records in the Permian Basin, with new records for 30-day initial production from horizontal wells in the play.
The company says its increased its Delaware Basin premium net locations during Q1 by 700 to 4,150 locations and expanded its Eagle Ford premium net locations by 500 to more than 2,400 locations, through techniques including extending the length of horizontally drilled wells.
EOG forecasts Q2 crude production rising to 322.2K-332.4K bbl/day, up 20%-24% Y/Y or 2%-5% Q/Q.
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