Drilling & Completions | Well Cost | Well Lateral Length | Quarterly / Earnings Reports | First Quarter (1Q) Update | Drilling Activity
Southwestern Drills Longest PA Lateral Ever in Q1; Cuts Well Costs
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Southwestern Energy reported its Q1 2019 results.
The company's capital spend totaled $325 million in the quarter.
Highlights:
- Appalachia production up 14% to 182 Bcfe
- Liquids up 33% to 71,740 barrels per day
- Cuts Well Costs by 10%: Reduced well cost on wells to sales by 10% from 2018 full year average, on track to meet guidance of $875 per lateral foot for the year
- Record Lateral Drilled: Drilled five wells in excess of 15,000 feet, including an 18,683 foot state record lateral in Pennsylvania
- Cuts G&A Expenses 32%: Realized a $46 million, or 32%, reduction in general and administrative and interest savings in the first quarter
Record IP in Tioga County; PA Lateral Record
The Company placed 10 wells to sales in the first quarter in Susquehanna and Tioga Counties. One of the wells in Tioga County achieved a Company record initial production rate of 39 MMcf per day on an 11,130 foot lateral.
The Company also drilled a Pennsylvania state record lateral of 18,683 feet.
Lower Well Costs in SW Appalachia
Well costs on wells to sales were reduced 22% in the quarter compared to fourth quarter 2018 with an average lateral length of 8,644 feet. The Company also drilled and cased an ultra-long lateral of approximately 18,000 feet, a division record in West Virginia.
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