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SM's Permian Completions Jump +71% YOY as Eagle Ford Drops 60%; Touts Latest IP30s
SM Energy Co. reported its Q1 2019 results. Highlights from its report and presentation are below.
Q1 Summary: Permian Ops Up +71% YOY as Eagle Ford Drops -60%
- Well Activity: Drilled 35 / Completed 29 wells in Q1 - Drilling was down -15% and completions were up +32% YOY
- Permian: Drilled 28 / Completed 27 - up +6% and +71% YOY, respectively
- Eagle Ford: Drilled 7 / Completed 2 - down -13% and -60% YOY, respectively
- Q1 D&C Spending: $316 million - down -14% YOY
- Q1 Production: Total equivalent production averaged 118.7 MBOEPD - up +5% YOY
Touts Latest Midland Well Results - Wolfcamp, Spraberry
Results from 20 new RockStar wells, having an average lateral length of 10,714 feet, have reached their 30-day peak IP rates that averaged 1,430 Boe/d per well and 88% oil. This includes wells across three intervals, all of which wells are fully or half bounded (16 fully bounded).
- 11 Wolfcamp A wells averaging 1,645 Boe/d per well
- 4 Wolfcamp B wells averaging 1,350 Boe/d per well
- 5 Lower Spraberry wells averaging 1,021 Boe/d per well
19 of the wells are part of the Merlin Maximus development, with all 24 producing wells expected to meet 30-day peak IP rates by the end of the second quarter.
- One of the wells is a successfully executed 15,000 foot lateral in the Lower Spraberry
Latest Drilling Efficiency Improvements
The company also noted its faster drill times, longer laterals and other efficiencies achieved in Q1:
South TX Drilling
A second Austin Chalk test in South Texas is showing encouraging preliminary results with current rates of more than 3,500 Boe/d (three-stream) and liquids content exceeding 55%. This second Austin Chalk well has an effective lateral length of 12,875 feet. The Austin Chalk presents the potential for higher margin/higher return wells due to higher liquids revenue and lower transportation costs per Boe.
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