Economics : Break-Even
Showing 3 Results
58
Eagle Ford
US American shale gas break-even price (half-cycle)
Dry Gas
Haynesville
Shale - LA
Important gas resource plays remain economic at current prices
Haynesville
Shale - TX
Barnett
Shale
Diversity of supply Pembina is not reliant on one resource play
Fayetteville
Shale
Eagle Ford Shale
Gas Condensate
Marcellus Shale
- Dry Gas
Marcellus Shale
Liquids Rich
6.00
5.00
4.00
3.00
2.00
1.00
0.00
Pembina has a presence
US / Mcf
Duvernay Liquids Rich
Horn River Shale
Canadian gas plays break-even price (half-cycle)
Montney Groundbirch)
Montney (Town)
Wilrich (Resthaven/Kakwa)
Source: Peters & Co. Limited estimates based on a 10% discount rate. Liquids are based on US65/B WTI.
Wilrich (Sundance)
Montney (Pouce Coupe)
Montney (Elmworth/Wapiti)
Montney (Simonette)
Glauconite (Hoadley)
Cardium Deep Basin Gas
Montney (Umbach/Birley)
Montney (Bigstone)
Wilrich (Edson/Nosehill)
Montney (Dawson/Parkland)
Montney (Kakwa)
7.00
6.00
5.00
4.00
3.00
2.00
1.00
0.00
CAD / Mcf
Pembina Pipeline Corp
December 2015
Profit to investment ratio (NPV/well cost)
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
0.45
0.50
15
Spirit River-Ferrier
Montney-Dawson
Spirit River-Kakwa
Montney-Glacier
Lower Montney-Parkland- natural gas plays
Montney-Kakwa Nest 2
Montney-Septimus-Parkland
Spirit River-Ansell
Montney-Town - West Royalty
Low Supply Cost
Montney-Wapiti
Montney-Groundbirch
PROFIT TO INVESTMENT RATIO
Duvernay-75bbl/MMcf
CBM-Horseshoe Canyon
Horn River-NE BC
0.00 Break even AECO price (C/Mcf)
1.00
2.00
3.00
4.00
5.00
6.00
Montney-Kakwa Nest 2
Spirit River-Ferrier
Spirit River-Kakwa
Lower Montney-Parkland-
Montney-Septimus-Parkland
Source: Macquarie Capital Markets Canada Ltd. August 4, 2015. Pricing: C60/bbl Edm Par, C3.00/Mcf AECO, NGLs 30% Edm Par
Montney-Dawson
Montney-Glacier
Montney-Wapiti
Spirit River-Ansell
Montney-Town - West Royalty
Montney-Groundbirch
HALF CYCLE SUPPLY COSTS
Duvernay-75bbl/MMcf
Ferrier Spirit River economics are robust and rank best-in-class across all Canadian
Horn River-NE BC
CBM-Horseshoe Canyon
Bellatrix Exploration Ltd.
September 2015
Marcellus Shale Advantaged Economics
Low Breakeven Provides Attractive Returns in Most Commodity Environments
Gas Shale Play Breakeven Prices
(/MMBtu)
6.00
Acreage by Window
Marcellus
SWPA
(Dry)
9%
5.00
CPA
South (Dry)
29%
Marcellus
(Wet)
34%
4.00
Breakeven to Achieve a 15% IRR
WV
North (Dry)
28%
3.00
2.00
1.00
0.00
Utica (Wet) Marcellus Marcellus Granite Cana- Marcellus WV CPA Barnett Fayetteville Horn River Piceance Eagle Ford Huron Arkoma- Haynesville Granite
SWPA (Wet) Wash Woodford NE North South Valley (Dry) Woodford Wash
(Dry) (Wet) (Dry) (Dry) (Dry)
Note: Assumes 90.00 / Bbl WTI Reflects breakeven to achieve 15% after tax rate-of-return
Source: CONSOL and Noble Energy Estimates, Credit Suisse Research Report dated February 2014
12
Cone Midstream Partners Lp
June 2015