EOG Reports 2Q12 Production; Increases Forecast for 2012 Production to 37 Percent YOY

EOG's press release here.

Due to robust operational results from the Eagle Ford and Bakken plays, EOG's total crude oil and condensate production for the second quarter 2012 increased 52 percent compared to the second quarter 2011. Total crude oil, condensate and natural gas liquids production increased 49 percent over the same period in 2011. Based on these outstanding results, together with contributions from its West Texas Wolfcamp and New Mexico Leonard horizontal shale plays, EOG has increased its 2012 total company crude oil and condensate production growth target to 37 percent from 33 percent and its total liquids production growth target to 35 percent from 33 percent. Overall, EOG has increased its total company full year 2012 production growth target to 9 percent from 7 percent with no changes to its capital expenditure budget.

In the South Texas Eagle Ford, EOG drilled its best well to date. The Boothe Unit #10H in Gonzales County began initial production at 4,820 barrels of oil per day (bopd) while an offset well, the Boothe Unit #9H, had an initial production rate of 3,708 bopd. The Boothe wells produced 972 and 527 barrels per day (bpd) of natural gas liquids (NGLs) and 4.5 and 2.4 million cubic feet per day (MMcfd) of associated natural gas production, respectively.

"We continually focus on making better wells and with an initial flow rate in excess of 4,800 barrels of crude oil per day, EOG's Boothe Unit #10H is clearly the top producing oil well in the entire Eagle Ford play to date," Papa added.