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  Economics : Rates of Return/ IRR

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SOUTH TEXAS: AUSTIN CHALK SUCCESS CONTINUES OUTSTANDING PERFORMANCE FROM MOST RECENT AUSTIN CHALK DELINEATION WELLS Latest three Austin Chalk wells have a breakeven flat Austin Chalk Driving oil price range of 17 - 31/Bbl NYMEX(1) at go Increased South Texas Value forward development capital Outstanding new wells: Lateral 24-hour IP IP30 Oil IP30 Well Length 3-stream (Boe/d) (Bo/d) 3-stream (Boe/d) Oil % Liquids % 500 Briscoe G 109H 6,502 - 1,582 2,681 59 80 San Ambrosia D (SA4) 1009H 13,322 - 2,073 3,597 58 80 Galvan Ranch B910H 12,202 3,961 - - 32 61 109H 400 Cumulative Production Total Production Positive results across acreage position support (MBoe; 3-stream) expected increase in South Texas inventory 300 1009H 109H New wells producing 51-53 degree API oil/condensate 200 1009H 100 Oil Production 1009H 910H (MBo) 109H 910H 0 0 20 40 60 80 100 120 140 160 180 200 220 Days on Production (1) Breakeven 10% IRR assumes natural gas at 2.00/Mcf through 1H21, then 2.40/Mcf. 13
SM Energy Company
July 2020

Updated Game Plan Stay Flexible and Disciplined Through Low Commodity Price Environment Focused on Returns and Cash Flow - Drill and Complete Wells That Earn 30% DATROR1,2 - Defer and Shut-in Production at Lower Oil Prices - Hedge Opportunistically to Support Cash Flow - Target Full-Year 390 MBbld U.S. Oil Volume3 with 4Q Exit Rate of 420 MBbld 2020 Plan Summary - Cash Flow Funds Capital Budget and Dividend at Low 30 Oil in 2Q 4Q 2020 - Capital Budget of 3.5 Bn3 Funds: 485 Net Wells Online Focused in Delaware Basin and Eagle Ford Critical Infrastructure and Select Exploration Projects - Improved Liquidity With Refinance of 2020 Debt Maturities - Improve Capital Efficiency4 9% Inclusive of Deferred Production Impact 2020 Operations - Reduce Well Costs 8%5 - Continue to Improve Well Productivity Long-Term Game Plan Unchanged - Value Creation Through Reinvestment in High-Return Premium Wells Double-Digit Returns and Disciplined, Organic Growth Growth Rate Dependent on Market Fundamentals - Focus on Strong Free Cash Flow6 Generation at Conservative Oil Prices - Support Sustainable Dividend Growth (1) Direct ATROR calculated using flat commodity prices. (4) Capital Efficiency = amount of capital necessary to replace base decline and add new production in a (2) See accompanying schedules for reconciliations and definitions of non-GAAP measures and other calendar year. measures. (5) Well Costs = Drilling, Completion, Well-Site Facilities and Flowback. (3) Based on midpoint of 2020 guidance, as of May 7, 2020. (6) Discretionary Cash Flow less CAPEX. See reconciliation schedules for reconciliations and definitions of J.P. Morgan Energy Conf 16 non-GAAP measures.
EOG Resources, Inc.
June 2020

Enhanced Completions Drive Step Change in Well Performance 180 Day Cumulative Well Production 175 Well Economics (1) 17% increase 2019 over 2017 2019 150 5% increase 2019 over 2018 2018 WTI Oil Price 55/bbl 60/bbl Cumulative Production (mboe) 2017 125 Payout: 1.4 years 1.1 years 2016 IRR: 56% 77% 100 Recycle Ratio: 2.6x 2.9x 75 Breakeven: US35/bbl (10% IRR) 50 (1) Individual well economics based on constant pricing and costs, and Baytexs assumptions regarding an expected type curve that uses 25 the following assumptions: well cost US5.6 million (6,000 foot lateral); IP365 - 625 boe/d; EUR 700 mboe). 0 0 1 2 3 4 5 6 Months Completion Activity Hz Length Proppant Stage Spacing of (ft) (lbs/ft) (ft) Stages 2019 6,300 2,300 225 28 2018 6,000 2,000 215 28 2017 5,900 1,800 217 27 2016 5,500 1,600 221 25 21
Baytex Energy Corp.
March 2020

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