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ConocoPhillips' Eagle Ford output at pre-Harvey level

12 Sep 2017 21:34 (+01:00 GMT)
ConocoPhillips' Eagle Ford output at pre-Harvey level

Houston, 12 September (Argus) — US independent ConocoPhillips has restored output at Texas' Eagle Ford basin back to pre-Hurricane Harvey levels.

Output is back at 130,000 b/d of oil equivalent (boe/d), it said.

As a safety measure, the company shut in its operated Eagle Ford production on 25 August as Harvey came ashore and began to re-start operations on 27 August. The pace and level of ramp-up was dependent on third party offtake and downstream constraints. Its total lower 48 output in the second quarter was 448,000 boe/d.

Despite the unscheduled shut ins, the world's biggest independent kept its third-quarter production guidance unchanged, at 1.17mn-1.21mn boe/d. Its full-year target also remained intact, at 1.34mn-1.37mn boe/d.

ExxonMobil's onshore subsidiary XTO Energy, another large Eagle Ford producer,has also returned production to pre-Harvey levels. XTO had last week begun bringing wells online when safe to do so.

Not all producers will be able to immediately offset the decline in production caused by the hurricane. EOG has lowered its third quarter output, while fellow independent Chesapeake is yet to quantify the impact as it tries to fully restart operations.

Further clarity on the impact of Harvey and Hurricane Irma, which hit Florida on 10 September, will come from the US Energy Information Administration's (EIA) weekly data due tomorrow. US domestic oil production declined by 749,000 b/d to 8.8mn b/d, the EIA had said last week, largely as producers shut in or pared back onshore and offshore Gulf of Mexico operations. US output has held steady above 9.2mn b/d since end-March.