ConocoPhillips continues to invest in the Eagle Ford Shale through a combination of refracturing existing wells and drilling new development wells, demonstrating the company’s confidence in the long-term value of its South Texas assets.
During its Q1 2026 earnings call, ConocoPhillips highlighted the competitiveness of its Eagle Ford refrac program. Management noted that the company typically executes 50 to 60 refracs annually and can complete a refrac for approximately 60% of the cost of a new development well while achieving about a 60% uplift from the original completion. The company estimates Eagle Ford refracs have a cost of supply in the mid- to upper-$30s per barrel range, making them highly competitive with new development opportunities elsewhere in the portfolio.
The Eagle Ford remains an important part of ConocoPhillips’ Lower 48 strategy. Through the first half of 2026, the company has drilled 95 wells across its Eagle Ford acreage. Activity has been concentrated in DeWitt County (36 wells), Karnes County (29 wells), and Live Oak County (21 wells), with additional drilling occurring in Atascosa County.
Helmerich & Payne has been the primary drilling contractor supporting the program, drilling 79 of the 95 wells through six active rigs. The most active rig has been H&P 450 with 16 wells drilled, followed closely by H&P 248 with 15 wells and H&P 627 with 14 wells. Nabors contributed 15 wells using rigs X03 and 7ES.
ocoPhillips Eagle Ford Wells Drilled (2026 YTD)
Total Wells Drilled: 95
Wells Drilled by County
| County | Wells Drilled |
|---|---|
| DeWitt | 36 |
| Karnes | 29 |
| Live Oak | 21 |
| Beechey Point | 6 |
| Atascosa | 3 |
| Total | 95 |
County Highlights
- DeWitt County accounted for the largest share of activity with 36 wells (38%).
- Karnes County followed with 29 wells (31%).
- Live Oak County contributed 21 wells (22%).
- These three counties represented approximately 91% of all ConocoPhillips Eagle Ford drilling activity during the period.
Wells Drilled by Contractor and Rig
| Contractor & Rig | Wells Drilled |
|---|---|
| H&P 450 | 16 |
| H&P 248 | 15 |
| H&P 627 | 14 |
| H&P 372 | 13 |
| H&P 464 | 12 |
| Nabors X03 | 10 |
| H&P 494 | 9 |
| Nabors 7ES | 5 |
| Doyon 25 | 1 |
| Total | 95 |
Rig Activity Highlights
- Helmerich & Payne (H&P) drilled 79 of the 95 wells (83%) across six rigs.
- The most active rig was H&P 450 with 16 wells drilled.
- Nabors drilled 15 wells (16%) using rigs X03 and 7ES.
- Doyon 25 drilled 1 well.
Key Takeaway
ConocoPhillips’ 2026 Eagle Ford drilling program remains heavily concentrated in DeWitt, Karnes, and Live Oak Counties, with Helmerich & Payne serving as the dominant drilling contractor. Activity is distributed across several H&P rigs, indicating a multi-rig development program rather than reliance on a single drilling unit.
ConocoPhillips’ comments suggest the company sees refracs and new drilling as complementary opportunities within the Eagle Ford. While Delaware Basin developments currently offer slightly stronger returns, management indicated Eagle Ford refracs remain “very, very competitive” with only a small difference in cost of supply between the two opportunity sets.
As operators across the shale industry continue to focus on capital efficiency and maximizing returns from existing assets, ConocoPhillips’ combination of refrac activity and an active drilling program highlights the ongoing importance of the Eagle Ford as a core development area within its Lower 48 portfolio.
Author: phinds