EOG Resources (ticker: EOG) had a Q2 net income of $23.1 million. A year ago, during the same quarter of 2016, the company reported a net loss of $292.6 million. EOG’s oil production grew to 334,700 BOPD during Q2, a 25% improvement from the previous quarter.
In its Delaware basin assets, EOG completed 25 wells in the Wolfcamp, 19 wells in the Bone Spring assets, and three wells in the Leonard assets. In its Eagle Ford assets, the company completed 51 wells, and in its South Texas Austin Chalk assets it completed nine wells. The company completed 22 wells in the Bakken assets and eight wells in the Powder River Basin assets. EOG also completed 10 wells in its DJ basin assets.
The company operated an average of 13 rigs in the Delaware, eight rigs in the Eagle Ford, and two rigs in the Rocky Mountain plays.
Internationally, EOG completed a five gross (three net) well program in its Sercan joint development program in Trinidad, with intentions to drill and complete another three net wells in the second half of 2017.
The company also began production in its East Irish Sea assets, reaching a production rate of 10,000 BOPD.
Future Growth
EOG hopes to complete 480 net wells by the end of 2017 using a capital budget of between $3.7 and $4.1 billion. The company increased its oil growth target to 20%, up from an initial 18% of expected production growth.
