HOUSTON, Jan. 28 (UPI) -- Sanchez Energy Corp., a U.S. company focused on shale in the Gulf Coast region, said its fourth quarter production rate was nine times greater year-on-year.
Sanchez, which has headquarters in Houston, said its fourth quarter production rate of 18,810 barrels of oil equivalent per day was 60 percent greater than the previous quarter and nine times more than the same time last year.
The company said crude oil represented 73 percent of the total production from the fourth quarter. It offered no breakdown of production from individual assets, but said its current focus is onshore in the Eagle Ford shale in Texas and the Tuscaloosa Marine shale, located primarily in Louisiana.
"Our focus in 2014 will be to continue to execute on our Eagle Ford development program, increasing efficiency and further reducing costs," Tony Sanchez, the company's president and chief executive officer, said in a statement Monday.
The company said 90 percent of its $650 million capital plan for 2014 focuses on the Eagle Ford shale.
The U.S. Energy Information Administration singled out Eagle Ford as one of the premier shale basins in the country. Last year, the government estimated natural gas production from Eagle Ford was near 5 billion cubic feet per day.