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  Economics : Type Curve

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2020 WELL PERFORMANCE SETTING RECORDS NYSE American: NOG Completion technology and high-grading of well locations has led to improved well recovery across the basin NOGs INCREASING WELL PRODUCTIVITY 2015 Cum (1) +90% HIGHER RECOVERIES + STABLE COSTS = 280,000 2016 Cum (1) 2017 Cum (1) IMPROVED CAPITAL EFFICIENCY 2018 Cum (1) (1) 2019 Cum 240,000 2020 Cum (1) Higher type-curves versus 200,000 other US basins Cum Production (Boe) 160,000 2019 wells in-line with 2018 results 120,000 80,000 despite more step-out wells in 2019 40,000 0 - 30 60 90 120 150 180 210 240 270 300 330 360 2020s program the strongest in company history Days Online 1. Wells assigned to years based on year in which they started producing. Cumulative type curves comprised of the following numbers of gross wells: 2015 296; 2016 162; 2017 291; 2018 479; 2019-460 ; 2020-266. Includes producing wells as of December 31, 2020. 15
Northern Oil and Gas, Inc.
March 2021

NON-GAAP RECONCILIATIONS Free Cash Flow(1)(2) Three Months Ended Twelve Months Ended Net Debt(1) As of December 31, RECONCILIATION OF PRIOR CALCULATION METHOD TO NEW METHOD December 31, December 31, (in thousands) (in thousands) 2020 2020 2020 (4) Net cash provided by operating activities (GAAP) 256,860 790,944 Senior Secured Notes 512,160 Net change in working capital (52,002) (11,591) Senior Unsecured Notes(4) 1,674,581 Revolving credit facility(4) 93,000 Cash flow from operations before net change in working capital 204,858 779,353 (3) Total funded debt 2,279,741 Exploration 10,571 37,541 Less: Cash and cash equivalents 10 Discretionary cash flow 215,429 816,894 Net debt 2,279,731 Capital expenditures (GAAP) 128,008 547,785 Reinvestment Rate(1) Increase (decrease) in capital expenditure accruals and other 9,440 (7,965) Twelve Months Ended Capital expenditures before increase (decrease) in capital expenditure 137,448 539,820 December 31, accruals and other (in thousands) Capitalized interest (4,206) (15,807) 2020 Exploration (3) 10,571 37,541 Capital expenditures before decrease in capital expenditure accruals and other 539,820 Other 4,368 4,628 Divided by: Total capital spend 148,181 566,182 Cash flow from operations before net change in working capital 779,353 Reinvestment rate 69% Free cash flow (old method) 67,248 250,712 Capitalized interest (4,206) (15,807) Other 4,368 4,628 Free cash flow (new method) 67,410 239,533 (1) See above Definitions of non-GAAP measures as Calculated by the Company. (2) In order to better align discussion of results with GAAP reporting, the Company will no longer use the non-GAAP measures discretionary cash flow and total capital spend. The Company has replaced these terms, respectively, with net cash provided by operating activities and capital expenditures, both found in the GAAP Statement of Cash Flows, as adjusted for changes in net working capital accruals. These new terms will not be directly comparable to the prior non-GAAP definitions. The reconciliation above identifies the fourth quarter and full year 2020 difference between the new free cash flow calculation method and the method used previously. (3) Stock-based compensation expense is a component of exploration expense and general and administrative expense on the consolidated statements of operations. Therefore, the exploration line items shown in the reconciliation above will vary from the amount shown on the consolidated statements of operations for the component of stock-based compensation expense recorded to exploration expense. (4) Amounts are from Note 5 Long-term Debt in Part 2, Item 8 of the Companys Form 10-K for the year ended December 31, 2020. 38
SM Energy Company
March 2021

Top Tier Portfolio Drives Sustainability Positioned for continued industry leading capital efficiency Historical MRO vs. Historical Industry Capital Efficiency1 (Since 2018) Established track 50 record of top tier MRO Bakken Myrmidon & Hector/Ajax capital efficiency Avg 180D Cum mboe / TWC Over 90% of MRO Bakken and 40 EF forward inventory across broader Bakken (20:1 mboe/mil)1 MRO Eagle Ford Karnes, Gonzales, & Atascosa Counties concentrated in these high- and Eagle Ford 30 quality areas positions per Oil independent third party 20 Gas data 10 Sustainability of Each bar is the average of a given operators 2018-2020 capital efficiency in a given county capital efficiency 0 advantage MRO 2021 to 2025 Maintenance Scenario Capital Efficiency vs. demonstrated by 5 Year 50 Historical Industry Capital Efficiency1 Benchmark Avg 180D Cum mboe / TWC Capital efficiency of 5 Year Maintenance Scenario 40 Bakken Benchmark Maintenance (20:1 mboe/mil)1 Permian Scenario wells among best in High quality inventory 30 Eagle Ford industry across multi-basin Oklahoma Average 2021 to 2025 portfolio underpins 20 MRO Capital Efficiency in Maintenance Scenario delivery of consistently 10 strong financial outcomes Each bar is the average of a given operators 2018-2020 capital efficiency in a given county 0 1 Capital efficiency defined as average cumulative 180 day 20:1 mboe per total well cost (TWC) estimate from Rystad Energy in millions. Based on 24,000 wells from Anadarko, Delaware, DJ, Eagle Ford, Midland, Powder River, and Williston basins with first production in 2018 or later, 180 days of production data and a TWC estimate from Rystad Energys ShaleWellCube dataset, and lateral length of 2000 ft. Wells grouped by operator then by county into sub-groups; sub groups with <10 wells removed leaving 390 sub-groups with 18 10 or more wells
Marathon Oil Corp
February 2021

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