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But more importantly for a returns-focused company, we’ve reduced our capital cost by 40% and our lifting cost by 30% since 2014, even while we were increasing the size of our completions. And: We currently estimate that we have about 3,500 locations to drill that have a fully burdened cost of supply that’s less than $40 a barrel. In fact, we estimate about 25% of our remaining resource in the Eagle Ford has a cost of supply that’s below $25 a barrel. Source: ConocoPhillips Goldman Sachs Presentation As a result, COP is pivoting from large capex mega-projects like oil sands and Australian LNG to its lower-48 unconventional plays. And while the company chose not to exploit its Eagle Ford acreage during a low price cycle, it is clear the company plans to accelerate Eagle for exploitation in 2017 as it said on the Q3 conference call that it has recently added two rigs to the play, saying: In the Eagle Ford, if you look at our cost of supply there, we’ve got such a huge segment that’s got down in below $25 fully burdened cost of supply … So who wouldn’t want to go run more rigs there in the Eagle Ford? COP’s latest presentation says it has 5 rigs in the Eagle Ford, as compared to 2 throughout 2016. Now to be sure, not all of COP’s additional production in the Eagle Ford will be transported by NuStar pipelines – Conoco’s daughter company Phillips 66’s (NYSE: PSX ) midstream operations will surely get a cut – but the additional activity in the play from a leading company like Conoco – and the higher oil price environment expected in 2017 as compared to 2015-2016 – generally bode well for NuStar’s South Texas pipelines’ volumes. Speaking of Phillips 66, the start-up of the company’s LPG export terminal is also a positive development for the Eagle Ford. While oil companies have been flocking to the Permian for its generally higher oil yields, we may find the NGL heavy Eagle Ford will be another positive trend in 2017. Enterprise Products Partners (NYSE: EPD ), the largest domestic NGLs exporter, expects NGL production to potentially grow by 1 million bpd (25%) by 2021 driven by the LPG export market: Source: EPD UBS presentation (available here ).
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