Thursday, February 14, 2013

EOG Reports Q4 and Full Year 2012 Earnings

EOG Resources, Inc. has reported full year 2012 net income of $570.3 million, or $2.11 per share, as compared to $1,091.1 million, or $4.10 per share, for the full year 2011. For the fourth quarter 2012, EOG reported a net loss of $505.0 million, or $1.88 per share. This compares to fourth quarter 2011 net income of $120.7 million, or $0.45 per share.

Comments  on North Dakota production...

Over the course of 2012, EOG's North Dakota wells showed marked productivity improvement following the implementation of new completion techniques. On its 90,000 net acre Bakken Core, EOG confirmed that 320-acre well spacing is economically sound, and it is very encouraged by 160-acre results. Recent downspaced tests reflect a gain of approximately 30 percent to 70 percent in cumulative production over earlier wells drilled in the field. The Fertile 51-0410H, in which EOG has a 94 percent working interest, had a maximum initial production rate of 1,800 Bopd with 850 thousand cubic feet per day (Mcfd) of rich natural gas. The first 160-acre spaced wells in the Core area, the Wayzetta 022-1509H and 149-1509H, had maximum rates of 1,185 and 1,265 Bopd, respectively. EOG has 68 percent working interest in these wells.

Southwest of the Bakken Core in the Antelope Extension, the Hawkeye 01-2501H and 102-2501H were completed to sales in early January 2013. These McKenzie County wells, in which EOG has 75 percent working interest, were turned to sales at 2,445 and 2,945 Bopd, respectively. In the Stateline area near the North Dakota/Montana border, the Garden Coulee 001-1410H had an initial production rate of 1,415 Bopd with 1,260 Mcfd of rich natural gas. EOG has a 74 percent working interest in this Williams County, N.D., well.

Source: EOG Resources

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