EP Energy targets 2014 capital program of $2B, budget for Eagle Ford at $1B Sees 20% increase in well completions in 2014 compared to 2013. Sees 40% increase in oil production in 2014 compared to 2013. Substantially all of 2014 estimated oil and natural gas production hedged at favorable prices. In total, EP Energy expects to complete 265 to 290 wells in 2014 compared with 231 wells in 2013, which is approximately 20 percent higher than 2013 levels at the mid-point of estimates. Per-unit adjusted cash costs are expected to be $12.25 to $14.25 per Boe before transportation costs of $3.00 to $3.50 per Boe and DD&A rates are expected to be $24.00 to 26.00 per Boe. These costs reflect the company's increased oil production, which is expected to continue to generate significant EBITDAX margin expansion.
On The Fly: Analyst Upgrade Summary Today's noteworthy upgrades include: Angie's List (ANGI) upgraded to Market Perform from Underperform at Raymond James... CGI Group (GIB) upgraded to Buy from Hold at Societe Generale... Devon Energy (DVN) upgraded to Buy from Neutral at Guggenheim... EP Energy (EPE) upgraded to Neutral from Sell at Citi... Franco-Nevada (FNV) upgraded to Buy from Hold at Canaccord... Galena (GALE) upgraded on commercial business divestment at Oppenheimer... KPN (KKPNY) upgraded to Buy from Hold at HSBC... Macy's (M) upgraded to Buy from Neutral at Northcoast... Magic Software (MGIC) upgraded to Overweight from Equal Weight at Barclays... Range Resources (RRC) upgraded on valuation, 2016 outlook at RBC Capital... Raytheon (RTN) upgraded to Buy from Hold at Argus... Trend Micro (TMICY) upgraded to Buy from Neutral at Nomura.