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  Economics : Break-Even

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2021 guidance, operating statistics and well economics 2021 GUIDANCE(1) WELL ECONOMICS E&D capital spending (CMM)(2) 360-400 BAKKEN - FORT BERTHOLD(1) Total production (Mboe/d) 112-115 WTI oil price US50/bbl US60/bbl Liquids production (Mbbl/d) 69.5-71.5 Payout 1.5 years 0.9 years IRR: 60% 100%+ Avg. royalty & production tax rate 26% Breakeven (10% IRR) US38/bbl WTI Operating expense (/boe) 8.25 MARCELLUS(2) Transportation expense (/boe) 3.85 NYMEX natural gas price US3.00/Mcf US3.50/Mcf Cash G&A expense (/boe) 1.25 Payout 2.0 years 1.4 years Current income tax expense (USMM) 5-7 IRR 50% 90% Bakken oil price differential compared to WTI (US/bbl) (2.35) Breakeven (10% IRR) US2.30/Mcf NYMEX Marcellus natural gas price differential compared to NYMEX (US/Mcf) (0.65) 1) Fort Berthold well economics are based on the average 2P reserves booked per undeveloped location for a 2-mile lateral (730 mboe) and a total well cost of US5.7MM. 2) Marcellus well economics are based on the average 2P reserves booked per undeveloped location (18 2021 ASSET DETAILS(3) BAKKEN MARCELLUS CANADA DJ BASIN Bcf/well, 7,400 ft lateral) and a total well cost of US6.3MM. Capital allocation (approx.)(2) 76% 12% 6% 6% Wells drilled (gross) 19-23 54-66 2 - (99% WI) (5% WI) (15% WI) Wells online (gross) 42-50 64-72 2 3 (80% WI) (7% WI) (15% WI) (87% WI) 1) Guidance has not been adjusted for Williston Basin divestment announced Aug 30, 2021 (3 MBOE/d). Closing end of October 2021. 19 2) Capital spending includes capitalized G&A. 3) Wells drilled and completed are based on operated activity only except for the Marcellus and Canada which include non-operated activity.
Enerplus Corp
September 2021

Magnolia Oil & Gas Overview High-quality, low-risk pure-play South Texas operator with a core 476,000 Net Acre Position Targeting Two of the Top Eagle Ford and Austin Chalk position acquired at an attractive entry Oil Plays in the U.S. multiple Significant scale and PDP base generates material free cash flow, Giddings Field reduces development risk, and increases optionality Asset Overview: 23,500 net acres in a well-delineated, low-risk position in the core of Karnes County, representing some of the most prolific acreage in the United States with industry leading break-evens 450,000 net acres in the Giddings area, a re-emerging oil play with significant upside and what we believe to be substantial inventory Karnes County Both assets expected to remain self funding and within cash flow Gonzales Wilson Market Statistics Dewitt Trading Symbol (NYSE) MGY Share Price as of 7/30/2021 14.00 Common Shares Outstanding (1) 236 million Market Capitalization 3.3 billion Source: IHS Performance Evaluator. Long-term Debt Principal 400 million Industry Leading Breakevens (/Bbl WTI) Cash as of 6/30/2021 190 million 45 39 39 Total Enterprise Value 3.5 billion 32 34 35 38 28 Operating Statistics Karnes Giddings Total Net Acreage 23,513 452,496 476,009 Karnes Austin Karnes Lower Midland Delaware DJ Basin Eagle Ford STACK Bakken 2Q21 Net Production (Mboe/d) (2) 28.7 36.2 64.9 Chalk Eagle Ford Source: RSEG. (1) Common Stock outstanding includes Class A and Class B Stock. (2) Giddings Includes other production not located in the Giddings Field. 13
Magnolia Oil & Gas
August 2021

GULF OF MEXICO: WHY NOW Attractive Economics Deepwater Gulf Of Mexico Competes Favorably With The Best Onshore US Plays 100 Deepwater GoM Half Cycle Breakeven / bb (WTI to Henry Hub 20:1) Breakeven 80 <30/bbl WTI 60 40 20 0 Barnett Utica Marcellus SCOOP Bakken-US Haynesville Eagle Ford Delaware Midland GOM STACK Deepwater Source: RSEG Note: Half cycle breakeven includes drilling, completion and tie-in costs (excludes G&A, land acquisition costs, financing costs) Capital Markets Presentation February 25, 2019 22
Kosmos Energy
February 2020

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