Operating as Burlington Resources Oil & Gas Co. LP, ConocoPhillips submitted applications with the Railroad Commission of Texas last week for permission to drill 11 new wells in DeWitt County’s Eagleville Field. The future well sites are spread across two leases the company holds in DeWitt, one near the border with Karnes County and another 15 miles northwest of the more centrally located town of Cuero.
The applications were filed March 18 and 19, a two-day period when oil prices swung between $20 and $25 per barrel, causing many major producers to cut spending as drilling becomes less profitable.
ConocoPhillips is one of those companies. On March 18, it told investors that it was reducing projected spending by 10% in part by drilling fewer wells in the continental United States. The Houston-based company expects to produce 20,000 fewer barrels per day than it promised investors earlier this year.
So far this year, ConocoPhillips has filed 56 applications for drilling permits in South Texas, though five of those were for amendments updating previously held permits.
Source: San Antonio Business Journal