EP Energy Expands in Texas
Houston -based EP Energy plans to expand its presence in the Eagle Ford by adding new training, office and warehouse space to its operations in Dilley.
Related: Penn Virginia Invests in the Eagle Ford
EP Energy currently holds over 91,000 acres in the Eagle Ford with activity in La Salle and Atascosa counties. In addition to adding 8,300 square feet of work, the $1.3 million construction project will likely add new jobs to the area.
The company reported strong first quarter results for its Eagle Ford operations and touted improved well performance and significantly lowering well costs. Additionally, about two-thirds of the Q1 capital was allocated to the Eagle Ford program.
“We also continue to see execution improvements. We have reduced our average drilling cycle times from 10 days to 9 days and this is in an asset that we have been drilling in for over five years. Our 40-acre development is driving cost efficiencies, due to the use of three and four well pads. Importantly this development is improving our reserve recoveries per section which results in improved returns from our capital program.”
Q1 Highlights for Eagle Ford:
- Completed 38 wells across its Eagle Ford program
- Grew oil production to 38.0 MBbls/d, a 20 percent increase compared with the same period in 2014
- Total equivalent production was 54.7 MBoe/d, an 18 percent increase compared with the same period in 2014
- Reducing the midpoint of our per unit cost ranges by over 5%
- Reduced the average drilling cycle times from 10 days to 9 days
