Economics : Rates of Return/ IRR

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Uinta Basin: Proved Horizontal Success in the Castle Peak Zone Corporate Presentation Current Castle Peak 1-Mile Horizontal Well Costs 5,200 and Development Phase Cost Reductions 5,000 5,000 Proven Castle Peak development, with 25 horizontal 4,800 150 Drilling Cost wells drilled to date in this zone Reduction 150 000s 4,600 50 4,400 150 150 Completions Cost Reduction Extending horizontal lateral length up to 2-miles 50 4,200 4,200 100 4,000 Facility Cost Expect to improve cost structure and efficiencies Reduction (i.e. reduced drilling days, pad drilling, frac optimization) 3,800 Reduced geo Current well cost Multi-well pads phase well cost Reduced drill Water transfer Frac optimization Multi -well pads produced water MWD tools Development days to 16 for drilling Frac with facilities lines Type Well (1-mile) Castle Peak Zone Crescent Point Energy Castle Peak 50 WTI Castle Peak 55 WTI Reserves IP 30 Rate IP 90 Rate Well Cost (mboe) (boe/d) (boe/d) (MM) NPV 10% IRR Payout NPV 10% IRR Payout (MM) (%) (months) (MM) (%) (months) 380 620 650 5.0 2.2 58 13 3.1 83 11 Well cost and NPV are in USD 9
Crescent Point Energy Corp.
October 2017

QEP Resources 3Q 2017 Financial & Operational Overview Asset Overview(1) 3Q 2017 Highlights Williston Basin Net Acres: 115,500 Total Net Equivalent Production: 14,124.1 Mboe 3Q17: 4,252.3 Mboe Oil Production: 4,827.1 Mbbl Gas Production: 46.7 Bcf NGL Production: 1,516.1 Mbbl Increased net equivalent production in the Permian Basin to a record 25.6 Mboed, a 57% yearoveryear increase Increased net equivalent production in the Haynesville/Cotton Valley to 216.6 MMcfed, a 63% year overyear increase Haynesville/ Completed four Williston Basin refracs with a nearly six Cotton Valley fold increase in average 30day incremental oil production Net Acres: 48,900 3Q17: 3,321.2 Mboe Uinta Basin Completed the sale of Pinedale Anticline assets for net Net Acres: 110,000 3Q17: 905.3 Mboe proceeds of 718.2 million QEP Production Mix Oil Permian Basin Net Acres: 73,400 NGLs 3Q17: 2,351.3 Mboe Gas (1) Equivalent production excludes 3,010.8 Mboe from Pinedale and 283.2 Mboe from Other Northern & Other Southern regions 4
QEP Resources, Inc.
October 2017

Uinta Economics Single Well Economics IRR Sensitivity Reserve Size 120 150 200 MBO MBO MBO Well Cost Economics based on 1.7MM/well 1.9 12% 24% 40% (MM) 1.7 18% 33% 52% 1.5 29% 45% 70% Economics at 50/Bbl Realized Payout for a 150 MBO well at 1.7MM = 30 months Ultra Petroleum Corp. NASDAQ: UPL 28
Ultra Petroleum Corp.
September 2017

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