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  Economics : Rates of Return/ IRR

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Bakken Significant inventory of high return locations Future Locations with IRRs at 15% or Above 2022 Bakken Development Well Plan Gross number of economic locations at various WTI prices1 Tioga 3 rig program Goliath 2,100 future locations Beaver and 70 rig years at Lodge East 60/BBL WTI 2,300 Nesson 2,200 Stony Capa 2,100 Creek 85 new wells online in 2022 1,600 Keene Buffalo Continued focus Wallow on maximizing 800 DSU value Beaver Lodge, East Keene Capa, Goliath, Nesson Buffalo Wallow, Tioga EUR (MBOE) 1,450 1,200 1,100 WTI 40/BBL 50/BBL 60/BBL 70/BBL 80/BBL IP180 Oil (MBO) 140 120 115 Rig IRR 60 WTI(%) 100% 100% 100% 27 53 70 73 77 Years1 2022 wells online 15 40 30 Table values approximate Optimized well spacing and completionshigher DSU NPV higher asset value (1) Point forward January 2022, locations generating 15% after tax return. Assumes 30 wells/rig/year. Operating cost assumptions include Hess net tariffs and field G&A. 18
Hess Corp
March 2022

2021 guidance, operating statistics and well economics 2021 ANNUAL GUIDANCE(1) Q4 2021 GUIDANCE WELL ECONOMICS E&D capital spending (CMM)(2) 380 BAKKEN - FORT BERTHOLD(1) Total production (Mboe/d) 113.75-114.75 Total production (Mboe/d) 124.5-128.5 WTI oil price US50/bbl US60/bbl Liquids production (Mbbl/d) 69.75-70.75 Liquids production (Mbbl/d) 80-83 Payout 1.5 years 0.9 years Operating expense (/boe) 8.80 Operating expense (/boe) 8.80 IRR: 60% 100%+ Cash G&A expense (/boe) 1.15 Breakeven (10% IRR) US38/bbl WTI Transportation expense (/boe) 3.85 MARCELLUS(2) Avg. royalty & prod. tax rate 26% NYMEX natural gas price US3.00/Mcf US3.50/Mcf Current income tax expense (USMM) 3 Payout 2.0 years 1.4 years Bakken oil price diff. vs WTI (US/bbl) (2.00) IRR 50% 90% Marcellus natural gas price diff. vs NYMEX (US/Mcf) (0.55) Breakeven (10% IRR) US2.30/Mcf NYMEX 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. 2021 ASSET DETAILS(3) BAKKEN MARCELLUS CANADA DJ BASIN 2) Marcellus well economics are based on the average 2P reserves booked per undeveloped location (18 Bcf/well, 7,400 ft lateral) and a total well cost of US6.3MM. Capital allocation (approx.)(2) 80% 10% 5% 5% 18-20 66-72 2 Wells drilled (gross) - (99% WI) (4% WI) (15% WI) 50 77-83 2 3 Wells online (gross) (80% WI) (6% WI) (15% WI) (87% WI) 1) Guidance has been adjusted for Williston Basin divestment which closed Nov 2, 2021 . 21 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
December 2021

Click toContinues Bakken edit Master title style to Deliver as Economic Potential Expands Continued Repeatability from Bakken Wells 4Q20 Wells Performing in Line with Prior Years Projecting Consistent Well Results in 2021 Step-Outs Expanding Bakken Potential 5 Unit Wells Outperforming Legacy Well Economics Exceeding 30% ROR at 50 WTI 6.4 MM Average CWC per Well Southern Step Out Unit 1. Normalized to 10,000 Lateral Length. PROPERTY OF CONTINENTAL RESOURCES, INC. REPRODUCTION AND DISTRIBUTION WITH WRITTEN PERMISSION ONLY 8
Continental Resources, Inc.
February 2021

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