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The administration released nearly 3 million barrels of oil from the Strategic Petroleum Reserve last week, bringing the reserves down to their lowest level since February 1983, according to Department of Energy data. About half of the 218.5 million barrels the Department of Energy said it would make available to the market have now left the salt caverns along the Gulf Coast.
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EOG operates over 3,000 active producing HZ wells in Lea County, New Mexico; in every bench known, laterals are stacked in the county like cord wood behind the barn. By the time 2022 rolled around and all of a sudden, after 12 years of drilling thousands of wells, it discovered it wanted to drill longer laterals. By then it had no room to squeeze them in their acreage positions.
All they could find room for was about 120. By April 2025 they were done with the longer lateral experience and quit. Their + 10,500 foot laterals then declined 66.5% in the next year.
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The materials provided on this site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice. I may make data related mistakes occasionally; if you use my opinions about oil reserves or shale well economics for financial purposes, to buy or sell stocks, your nuts. Don't do that. If I have used a photograph incorrectly it was for educational purposes and I have done my best of to give credit where credit is due. My stories are all true, slightly embellished, perhaps, but true; I don't change names to protect the guilty. I am as accurate as possible about history and historical facts; I work very hard at that.All rights are reserved, whatever that means. Don't blame me, I didn't do it.
