11.11.2015, 00:07
EOG Resources Reports Third Quarter 2015 Operational Highlights
OREANDA-NEWS. In the third quarter 2015, total crude oil and condensate production exceeded prior guidance due to improved well productivity.
Total company production decreased 5 percent compared to the third quarter 2014 excluding production related to EOG's Canadian operations, which were divested in the fourth quarter 2014. Total capital expenditures decreased 36 percent compared to the same prior year period.
EOG also continued to reduce completed well costs and operating costs compared to the same quarter last year. Lease and well expenses decreased 17 percent on a per-unit basis due to improved operational efficiencies and reduced service costs. Per-unit transportation costs decreased 11 percent, and total general and administrative expenses declined 6 percent.
"We are executing on our 2015 plan to reset the company to be successful in a low commodity price environment," said William R. "Bill" Thomas, Chairman and Chief Executive Officer. "By continuing to make the best oil wells in the industry, significantly reducing costs and expanding resource potential in the best North American oil plays, EOG is uniquely positioned for 2016 and to lead the industry for years to come."
For the period November 1 through December 31, 2015, EOG has crude oil financial price swap contracts in place for 10,000 Bopd at a weighted average price of USD 89.98 per barrel. In addition, EOG has put options in place which establish a floor price of USD 45.00 per barrel for 82,500 Bopd for November 2015.
For December 2015, EOG has natural gas financial price swap contracts in place for 175,000 million British thermal units (MMBtu) per day at a weighted average price of USD 4.51 per MMBtu, excluding unexercised options. Comprehensive summaries of crude oil and natural gas derivative contracts are provided in the attached tables.
Total company production decreased 5 percent compared to the third quarter 2014 excluding production related to EOG's Canadian operations, which were divested in the fourth quarter 2014. Total capital expenditures decreased 36 percent compared to the same prior year period.
EOG also continued to reduce completed well costs and operating costs compared to the same quarter last year. Lease and well expenses decreased 17 percent on a per-unit basis due to improved operational efficiencies and reduced service costs. Per-unit transportation costs decreased 11 percent, and total general and administrative expenses declined 6 percent.
"We are executing on our 2015 plan to reset the company to be successful in a low commodity price environment," said William R. "Bill" Thomas, Chairman and Chief Executive Officer. "By continuing to make the best oil wells in the industry, significantly reducing costs and expanding resource potential in the best North American oil plays, EOG is uniquely positioned for 2016 and to lead the industry for years to come."
For the period November 1 through December 31, 2015, EOG has crude oil financial price swap contracts in place for 10,000 Bopd at a weighted average price of USD 89.98 per barrel. In addition, EOG has put options in place which establish a floor price of USD 45.00 per barrel for 82,500 Bopd for November 2015.
For December 2015, EOG has natural gas financial price swap contracts in place for 175,000 million British thermal units (MMBtu) per day at a weighted average price of USD 4.51 per MMBtu, excluding unexercised options. Comprehensive summaries of crude oil and natural gas derivative contracts are provided in the attached tables.
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