Wednesday, July 24, 2019

Austin Chalk 3.0 - A Comparison of EOG and COP

As we await results from ConocoPhillips' 3rd Austin Chalk well (Erwin #1) and the EOG Ironwood 37H-1, it's interesting to review Austin Chalk 3.0 in South Texas where these two companies are competing "head-to-head" in the same fairway.  The Erwin #1 and Ironwood 37H-1 have similar geological parameters so this will be a great operational comparison.  ConocoPhillips took a long conventional core in the Erwin #1 so the lateral placement should be ideal.  For this, advantage goes to ConocoPhillips.

The chart below, based on DrillingInfo's "Prac IP", EOG has 17 of the top 20 wells in South Texas (EOG and COP completions since Jan-2016).  The best wells are in the 38-45 API oil gravity range.  The Karnes Trough is a special place.  EOG named their wells after "tall peaks" for a reason!

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