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  Economics : Break-Even

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Appendix Consolidated Seneca and Gathering Economics Average Realized Pricing (2) Locations Average 15% IRR (3) Completed EUR Prospect Reservoir Remaining CAPEX 2.50 2.25 2.00 Realized Lateral (Bcf/1000') to Be Drilled (M/1000') IRR (%) (3) IRR (%) (3) IRR (%) (3) Price Length (ft) Tract 100 & Gamble 5,500 - 1,050- Marcellus 30-35 2.5-2.9 89% 73% 59% 1.11 Lycoming Co. 6,000 1,100 EDA 8,500 - 1,250- Tioga Co Utica 180 2.0-2.3 68% 57% 47% 1.34 9,000 1,300 9,000- CRV Return Trip Utica 70-75 1.6-1.7 900-950 39% 30% 25% 1.60 WDA 10,000 8,500- CRV Return Trip Marcellus 10-15 1.1-1.2 675-725 42% 33% 26% 1.57 9,500 Over 1,000 Potential Additional Marcellus and Utica Locations Economic on a Stand-Alone Basis at 2.00/MMBtu(1) (1) Stand-alone Seneca breakeven economics (15% pre-tax IRR) by prospect are as follows: Tract 100 & Gamble: 1.51; Tioga County: 1.68; CRV Return Trip (Utica): 2.00; CRV Return Trip (Marcellus): 1.95. Internal Rate of Return (IRR) for stand-alone Seneca is pre-tax and includes estimated well costs under current cost structure, LOE, and Gathering tariffs anticipated for each prospect. (2) Net realized price reflects either (a) price received at the gathering system interconnect or (b) price received at delivery market net of firm transportation charges. (3) Consolidated Seneca and Gathering IRR is pre-tax and includes expected gathering capital expenditures, well costs under current cost structure, and non-gathering LOE. 68
National Fuel Gas Co.
May 2020

3 Develop Liquids-Rich Locations Superior Economics vs Dry Gas Antero has significant core drilling inventory with breakeven natural gas prices around 2.00 per MMBtu due to the liquids pricing uplift received Natural Gas Breakeven Price by Region 25% ROR Half Cycle Breakeven Prices(1)(2) AR Locations AR Drilling Rigs Antero has 1,205 locations with a breakeven price averaging 2.07/MMBtu, which AR Undrilled Locations Industry Dry Gas Locations equates to over 10 years of inventory life at (2,623 Premium Locations) the current pace 4.00 Nat Gas Breakeven (/MMBtu) 3.50 3.27 3.34 3.18 3.00 2.79 2.85 2.87 2.40 (2020-2023 Strip) 2.50 2.37 2.07 2.23 2.00 1.50 1.00 0.50 1,205 Undeveloped <2.00 Locations 147 1,271 0.00 Permian / Bakken / DJ / Marcellus 1250+ Btu / NE Marcellus OH Utica Dry Marcellus WV Haynesville Ohio Utica Marcellus Haynesville Eagle Ford SCOOP/STACK Utica (Susquehana Gas 1050 Btu Dry 1050 Btu Core Long Dry Gas SW PA + WV Core Standard Dry 1235 - 1307 Btu County) / Rich Laterals Dry Laterals 1150 Btu Associated Gas (Oily) Appalachia Associated Production: Current Dry Gas Production From Lowest Cost Areas: Gas (NGLs): 19 Bcf/d 10 Bcf/d 41 Bcf/d 75% of current natural gas supply (3) Source: JP Morgan Equity Research breakeven analysis for best industry dry gas drilling locations as of October 2019. Excludes associated gas inventory with 50% liquids. Breakeven analysis for AR prepared by management and excludes AR hedges. AR drilling inventory as of 4/1/20. Assumes midpoint of well cost target range at 830/foot of lateral in the Marcellus. 1) Breakeven price is defined as half cycle pre-tax ROR of 25%. Assumes average 2020-2023 strip WTI oil price of 54.18/Bbl as of 12/31/2019 and C3+ NGL pricing of 27/Bbl for 2020 2023 and 30/Bbl thereafter. Assumes 830/ft budgeted Marcellus well costs. 2) AR half cycle well economics assume 12,000 lateral lengths and 71% of AM gathering and compression fees paid by AR to AM to account for ARs midstream dividend stream from AM (based on 29% ownership of AM). 3) Based on Platts current lower 48 dry marketed natural gas production of 93 Bcf/d at 12/31/2019. 12
Antero Resources
February 2020

Dry Gas Basin Economics Under Pressure at Current Strip Supply Growth Needed from Dry Gas Basins EIA forecasts 6.7 Bcf/d of 2019-2024 supply growth from outside of Northeast (mostly associated gas) Demand growth forecast of +21 Bcf/d from 2019-2024 will require growth from dry gas basins to balance market Higher-Than-Strip Prices Will Be Needed to Support Dry Gas Basin Growth Northeast PA will face constraints given current lack of infrastructure Dry gas basins likely require 3/Mmbtu natural gas to support sustainable growth Industry Break-Evens Above NYMEX Futures Curve 5.00 4.50 4.30 4.00 3.75 3.32 3.33 3.37 3.40 3.50 3.07 NYMEX Gas /mcf 3.00 2.43 2.50 2.00 1.50 1.00 0.50 0.00 Marcellus - NE PA Marcellus - SW Marcellus - WV Marcellus - SW Marcellus - Upper Utica - Dry Gas Utica - Wet Gas Marcellus - PA Dry Dry PA - Wet Marcellus Ohio Central PA Source: J.P. Morgan. Break-evens assume 25% pre-tax full-cycle rate of return to account for corporate G&A, interest expense and acreage costs. 34
Range Resources Corp
October 2019

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