Drilling & Completions | Quarterly / Earnings Reports | Third Quarter (3Q) Update | Drilling Activity
Jagged Peak Touts 88% Production Growth YOY, Improved Efficiencies
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Jagged Peak Energy reported its Q3 2018 results.
Record Production Up +88% YOY:
- Q3 production of 36.1 MBOEPD - this is up +5% from 2Q18 and up +88% YOY
- Production was above the midpoint of the Company's guidance range of 33.0 - 35.0 MBoe/d. Oil production for the quarter averaged 27.5 MBbls per day
- Better than expected production growth in the quarter is primarily attributed to the continued strong well performance from wells brought online, many of which are showing lower decline rates than expected
Touts Increased Efficiencies / Whiskey River Drilling Results
The Company continues to focus its efforts on increasing operational efficiencies through increased lateral footage drilled and completed per day.
During the quarter, the Company increased its average completed footage per crew per day to 623 feet, an increase of approximately 30% from the 2017 average, and achieved a Company record of over 1,000 lateral feet completed per day on a two-well zipper pad.
The Company's drilling efficiencies continue to increase, with the average drilled footage per day increasing by approximately 10% from 2017. Beginning in the fourth quarter of 2018, the Company began to upgrade its rig fleet to higher spec rigs, which are expected to further improve drilling efficiencies.
The Company has received fully processed 3D seismic data for both its Cochise and Whiskey River drilling programs, where it is assisting in geosteering, resulting in more optimally placed laterals, more efficient completions, and ultimately better well results.
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