"The most successful company in the Eagle Ford has been EOG, which produced 94,000 barrels a day from the Eagle Ford in 2012. That's almost a quarter of the 399,000 b/d that the Texas Railroad Commission reported was produced by all the Eagle Ford producers put together in 2012, and a 150% increase over EOG's 2011 Eagle Ford production. But it's interesting that even though EOG reported an average price received around $98/barrel in 2012 compared to $93 in 2011, the company's operating income for the year was down 30% from 2011. Gains in revenue were outweighed by increases in marketing and depletion charges. Conoco Phillips produced 89,000 b/d from the Eagle Ford in 2012:Q4, almost as much as EOG, and a 144% increase over what the company produced from Eagle Ford in 2011. Although there are lots of other factors besides Eagle Ford that matter for COP's bottom line, operating income was basically flat year-to-year despite the success in the Eagle Ford. Chesapeake, another key Eagle Ford producer, reported a big operating loss for 2012 ... To be sure, other companies are still doing well with the Eagle Ford
and other tight formations. But among the challenges to making ongoing
profits at this game are the very rapid rates at which production flows
decline after peaking and the fact that the vast majority of wells
produce very little compared to those that receive the most publicity."
Zum Artikel von Prof. James Hamilton, erschienen auf Econbrowser (6. Oktober 2013) »
Zum Artikel von Prof. James Hamilton, erschienen auf Econbrowser (6. Oktober 2013) »
