EPL Oil & Gas announces set of 2013 results, looks to ramp up production
BY MELANIE CRUTHIRDS, News Editor
HOUSTON -- EPL Oil & Gas recently reported its financial and operational results for the second quarter and first half of 2013. In terms of oil production, EPL recorded a company high of 17,851 bopd in the year’s second quarter, which was 83% higher than its second-quarter 2012 results. The company marked its total production at 23,940 boed, a 91% increase over 2012. With these results, EPL said it will increase its annual oil production guidance to between 17,750 and 18,750 bbl per day (up from 17,000 to 18,500 bbl per day).
EPL recorded 25 successful projects to date, at an 83% success rate, and plans to expand its capital budget to accommodate additional oil-weighted development projects for the end of 2013, into early 2014. Its total company drilling inventory in the shallow depths has expanded to 79 projects, which represents a 36% gain.
The company credited its production gains to organic oil production growth within its existing core fields, and the recent Hilcorp acquisition of oil-weighted properties that closed late last year. Although EPL continues to focus on oil development, its natural gas production averaged 36.5 Mmcfpd.