EOG continues Bakken growth, Three Forks testing next

By Emily Aasand | August 07, 2014

EOG Resources reported a second quarter income of $706.4 million, compared to $659.7 million for the same time last year. The company reported a year-over-year 33 percent U.S. oil growth and a total company production growth of 17 percent.

In the Bakken, EOG is focusing activity on its core acreage in Mountrail County, North Dakota. EOG has 75 percent working interest in three core wells, all completed during the second quarter. EOG pointed out the initial production total of the combined well production in its second quarter call, noting that the three wells produced a combined total of 6,605 bopd.

 “EOG’s bottom line is a reflection of our top quality drilling operations and return focused capital investments,” said William Thomas, chairman and CEO of EOG Resources. “Because EOG has demonstrated its ability to sustain crude oil growth and reinvest cash flows in high return assets, we’ve increased the common stock dividend for the second time this year enhancing long-term value for our stockholders.”

In the first half of the year, EOG shifted to more multi-pad drilling in the Bakken with most activity focused in its core area. According to Billy Helms, EOG’s executive vice president of exploration and production, the wells were completed with larger fracks that took longer to flowback. Due to the extended flowback period, results from the wells were not yet ready.

“EOG’s assets in the Eagle Ford and Bakken continue to meet or in most cases exceed our high expectations,” said Bill Thomas, CEO of EOG. “Although we’ve been in the Bakken since 2006, we are steadily improving individual well results through continuing advancements in completion designs.”

According to the company, EOG plans to test several Three Forks wells to test various benches of the play on both its core and Antelope Extension acreage during the remainder of 2014.