EOG -- 2Q18 Earnings -- Press Release -- August 2, 2018

From the press release:

• beats oil, natural gas and NGL production targets
• EOG grew total crude oil production 15 percent year-over-year to 384,600 barrels of oil per day (bopd), setting a company record.  Total company production increased 16 percent in the second quarter 2018 compared to the same prior year period.  Growth in the Delaware Basin, Eagle Ford and Powder River Basin drove EOG's strong performance.  [The Bakken was not mentioned.] The company maintained its target for 18 percent crude oil growth for full year 2018.
• maintains full-year exploration and development expenditure target
• announces Powder River Basin Mowry and Niobrara Shale plays and expands Turner Sand inventory, adding 1,560 net premium drilling locations and 1.9 bnboe net resource potential
• increases common stock dividend a second time in 2018; tear-to-date increase 31 percent
• EOG's Board of Directors increased the cash dividend on the common stock by 19 percent. Effective with the dividend payable October 31, 2018, to holders of record as of October 17, 2018, the board declared a quarterly dividend of $0.22 per share on the common stock. The indicated annual rate is $0.88 per share.
• EOG Resources, Inc. today reported second quarter 2018 net income of $696.7 million, or $1.20 per share. This compares to second quarter 2017 net income of $23.1 million, or $0.04 per share. [At $1.20, EOG missed estimates of $1.23.]
• adjusted non-GAAP net income for the second quarter 2018 was $794.9 million, or $1.37 per share, compared to adjusted non-GAAP net income of $46.7 million, or $0.08 per share, for the same prior year period. 

Specific reference to the Williston Basin:

During the second quarter 2018, EOG resumed completion activity in the Williston Basin as part of its seasonal development program.

The company further lowered well costs by improving drilling and completion times and making other efficiency improvements.

In the North Dakota Williston Basin, EOG drilled nine wells and began production from two wells in the second quarter.

The Clarks Creek 108 and 155-0706H targeted the Three Forks formation in McKenzie County, ND and were completed with an average treated lateral length of 9,200 feet per well and average 30-day initial production rates per well of 2,980 boed, or 2,240 bopd, 345 bpd of NGLs and 2.4 MMcfd of natural gas.

Compare that Bakken IP data with that of the DJ Basin:

EOG began production from eight wells in the DJ Basin during the second quarter 2018. In particular, a four-well package of DJ Basin Codell wells in Laramie County, WY, the Windy 576 and 577-1702H and the Windy 591 and 593-1705H, was completed with an average treated lateral length of 9,300 feet per well and average 30-day initial production rates per well of 870 boed, or 755 bopd, 70 bpd of NGLs and 0.3 MMcfd of natural gas. All four of these wells are premium. They were drilled in an average of 4.4 days per well with an average cost of $3.4 million per well.

Share price: fairly flat today; not too far away from 52-week high.

Right Down The Line, Gerry Rafferty