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Permian Basin Oil and Gas Magazine

PBOG is the Official Publication of the Permian Basin Petroleum Association and is published monthly by Zachry Publications, LP.

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EOG Resources to reduce 2020 drilling, production forecast

May 14, 2020 by PBOG

Houston-based EOG Resources, in its May 7 announcement of first quarter results, said it reduced rigs in the last six weeks from 36 to 8 and will have an average of 6 rigs for the remainder of 2020. EOG in 2020 will focus drilling in Permian Basin and Eagle Ford, produce about 390,000 b/d of oil (15 percent lower than 2019) and bring about 485 wells into production (down from 800 in original plan). Other recent announcements by Permian Basin operators include:

Callon Petroleum of Houston, which had 1,439 horizontal wells producing in Permian Basin and Eagle Ford as of March 31, suspended all completion activity in April and reduced drilling activity with plans for “a single rig by mid-May.”

Pioneer Natural Resources of Irving said in 2020Q2 through Q4 it will operate 5 to 8 horizontal rigs in Midland Basin and 2 to 3 frac fleets. In its May 6 announcement of first quarter results, Pioneer said it further reduced capital spending and added, “Pioneer will continue to evaluate drilling and completion activity on an economic basis with future activity levels assessed monthly.”

Filed Under: PBOG Newsletter, Producers and Exploration, Rig Count Reports Tagged With: eagle ford, horizontal drilling, permian basin, rig counts

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