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EOG notches record Permian wells

US independent says Lea County wells are the best ever drilled in the basin

US tight oil specialist EOG Resources said it has drilled the four best wells ever in the Permian basin at a field in the Delaware sub-basin in New Mexico.

The wells in EOG’s four-well pattern on the Whirling Wind project in Lea County, New Mexico targeting the Wolfcamp Shale production tested at an average rate of 5060 barrels of oil equivalent per day during their first 30 days of production.

The production was split between 3510 barrels of oil, 700 barrels of natural gas liquids and 5.1 million cubic feet of natural gas from an average lateral length of 7100 feet.

"EOG's Whirling Wind wells shattered industry records in the Permian Basin," chief executive Bill Thomas. "Our advanced technology and proprietary techniques are leading to break-through well performance across our diverse portfolio of premium plays."

Overall in the Delaware basin, EOG drilled 33 wells targeting the Wolfcamp Shale with an average lateral length of 5600 feet that came on at an average 30-day initial production rate of 2855 boepd, split between 1850 bopd, 450 bpd of natural gas liquids and 3.3 million MMcfd of natural gas.

The strong results in the Permian basin helped EOG boost production 18% to 315,700 bpd – a new record for the company.

"EOG continues to lead the industry in well productivity, with record-setting well performance driving company record crude oil volumes," Thomas said.

For the quarter, EOG booked net income of $28.5 million (5 cents per share) on revenue of $2.6 billion, compared to a net loss of $471.8 million (86 cents per share) on revenue of $1.35 billion.

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