Economics : Break-Even

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Alluring Macroeconomic Fundamentals High quality rock drives compelling returns, robust rig activity Major U.S. Oil Plays Breakeven Prices (/BBL)1 Alta Mesa Type Well IRR3 33.36 34.66 34.76 32.14 169.3% 27.71 27.53 27.16 24.40 102.6% 89.7% 137.1% Reeves Wolfcamp A Over-Pressured Oil DJ Basin - Wattenberg Wolfcamp A&B N. Delaware Basin - Alta Mesa - Updip Oil SCOOP Woodford Eagle Ford - Karnes STACK Meramec - Core Midland - S. Delaware Basin - Condensate Wolfcamp XY 82.3% STACK 2 71.2% Core XRL Trough 4 5 NYMEX Strip Broker Consensus 70.00/bbl / 3.50/mcf Gen 2.0 Gen 2.5 KFM Acreage Dedications / Resource Allocations Breakdown6 KFM Gas Inlet Volumes by Producer (MMCF/D) (000 of gross acres) % Alta Mesa(7) 69% 52% 55% 175 541 639 366 393 193 86 118 239 50 22 128 Phase I + II Phase III / Western Phase I + II + III Additional Acreage 2017E 2018E 2019E Expansion Under Negotiation Alta Mesa Other Producers (Phase I & II) Other Producers (Phase III) Source: BakerHughes, Wall Street Research. 1 Based on 15% IRR hurdle. Assumes gas price deck of 2017: 3.10/mcf; 2018: 2.99/mcf; 2019: 2.83/mcf; 2020: 2.82/mcf; thereafter: 2.83/mcf. 2 AMR breakeven price company prepared. Based on AMR 651 MBOE mean type curve. 3 Osage type curves assume 17% royalty burden and 3.2mm D&C well cost. Adjusted for transportation costs paid to KFM. Excludes 1.25 / bbl oil transportation costs. 4 NYMEX strip pricing as of 8/3/2017 close until 2021 and held flat thereafter. 5 Assumes Broker Consensus Price Deck (2017: 51.16/bbl / 3.16/mcf; 2018: 54.90/bbl / 3.14/mcf; 2019: 58.00/bbl / 3.05/mcf and held flat thereafter). 6 Not inclusive of producer customers entire gross acreage position; additional gross acreage proximate to KFM available for gathering and processing services. Includes additional acreage to come and/or under negotiation. 13 7Percentage of Phase I & II shown.
Silver Run Acquisition Corp II
August 2017

Oil Price Breakevens by Basin Breakeven oil prices for most US shale plays are below the current WTI price. Several plays including areas in the Permian basin, Eagle Ford, and MidCon remain viable with WTI in the mid to high 30s. Oil Breakevens by Basin (at 15% ATAX IRR) Assumes gas price of 3.00 per MMBtu Source: Equity Research www.emergelp.com PAGE 23
Emerge Energy Services Lp
August 2017

Operational Update Highlights LOE (including Gathering & Treating) 2nd consecutive quarter with LOE reduction (2Q results 8 over 10% below low end of guidance) 6 9.7 net completions during 2Q17 and on pace to /Boe complete 42 net wells in 2017 4 Operated Delaware Basin program initiated in July 2 Currently 3 Midland and 1 Delaware 0 Starting with 2 single-well pads in L WC A before 1Q17 2Q17 moving to multi-well pad development Saltwater disposal Fuel & power Repairs & maintenance Gathering & treating Downhole Jobs / Workover Other LOE Net Completions: Quarterly Progression (1) Net Wells Spud: Geographic Breakdown (2) 15 100% 20% 16% 16% 14.0 80% 21% 51% 10 11.0 60% 9.7 26% 40% 80% 84% 14% 5 6.6 20% 37% 35% 0% 1Q17 2Q17 3Q17E 4Q17E 0 1Q17 2Q17 3Q17E 4Q17E WildHorse Spur Monarch Ranger 1) 3Q17E and 4Q17E based on midpoint of guidance. 2) Operated Callon wells. 7
Callon Petroleum Co.
August 2017

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