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ConocoPhillips (NYSE:COP) is giving more importance to the Eagle Ford shale play than the crowded Permian Basin, per Ryan Lance, CEO of the upstream energy giant.
Since mid-2016, there are has been a steep rise in oil rig count in the Permian Basin, where the number of rigs currently stands at more than 400, per U.S. Energy Information Administration. Meanwhile, in the Eagle Ford, the count is considerably lower at less than 100.
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In terms of production, the EIA graph shows consistent growth in the Permian Basin. Since mid-2016, the growth gets steeper and production is now heading toward 3.5 million barrels per day. Meanwhile the latest EIA data shows that production in Eagle Ford is below 1.5 million barrels a day.
With the gradual recovery in crude that started after the commodity touched multi-year lows in early 2016, majority of the drillers and explorers flocked to the Permian Basin. This has resulted in a bump up in cost of production in Permian Basin following a bottleneck in oil pipeline and labor shortage.
ConocoPhillips is expecting to benefit from the current scenario as cost of operations in the Eagle Ford is relatively lower. The company's prime focus on the Eagle Ford is reflected in the first-quarter 2018 production picture. Through the quarter, the company's daily oil equivalent production from the Permian Basin was recorded at 19,000 barrels, considerably lower than 163,000 barrels from Eagle Ford.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.