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  Economics : Rates of Return/ IRR

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Eagle Ford: Strong Free Cash Flow and Deep Drilling Inventory 10 year drilling inventory (2) Asset Level Free Cash Flow (1) (C millions) 300 250 net locations 1.0 billion cumulative asset level 250 free cash flow since 2016 200 150 23 100 net wells 50 on- stream 222 0 2021 Program Remaining Undrilled 96 Inventory 238 Well Economics (3) WTI Oil Price 50/bbl 60/bbl 285 Payout: 0.9 years 0.6 years IRR: 101% 203% 138 Recycle Ratio: 3.2x 4.0x 42 Breakeven: US30/bbl 2016 2017 2018 2019 2020 9 Months (10% IRR) 2021 (1) Asset level free cash flow represents field level operating netback less exploration and development capital. For illustrative purposes only and should not be relied upon as indicative of future results. Baytexs actual results may vary. (2) Net locations includes 210 proved plus probable undeveloped reserves locations at year-end 2020 and 38 unbooked future locations. See Advisories (3) Individual well economics based on constant pricing and costs, and Baytexs assumptions regarding an expected type curve that uses the following assumptions: well cost US5 million (6,000 foot lateral); IP365 - 700 boe/d; EUR 800 mboe). 18
Baytex Energy Corp.
November 2021

2021 Game Plan Details Increase Returns with Shift to Double Premium - Develop Wells that Earn Minimum 60% Direct ATROR1,2 at 40 WTI - Target 7% Well Costs3 Reduction - Lower Base Decline Rate - Less Than 49 WTI Oil Price Required for 10% ROCE2 in 2021 - Divested China Assets in 2Q 2021 Maintain Production in Unbalanced Oil Market - Maintain Oil Production at 440 Mbopd4 - Leasing and Testing Across Numerous High-Impact Oil Plays - Capital Budget of 3.9 Bn4,2 Fully Funded within Cash Flow at 30 WTI Oil Complete 500 Net Wells Focused on the Delaware Basin, Eagle Ford and Powder River Basin Focused Investments in Exploration, Infrastructure and Environmental Projects Generate Strong Free Cash Flow - Generate 4.7 Bn Free Cash Flow5,2 at 65 WTI - Doubled Regular Dividend to 3.00 per Share6 (Update) - Repaid 750 MM Bond in February 2021 - Committed 1.7 Bn in Special Dividends (Update) (1) Direct ATROR calculated using flat commodity prices of 40 WTI oil, 2.50 Henry Hub natural gas and 16 (4) Based on midpoint of full-year guidance as of November 4, 2021. NGLs. (5) Discretionary Cash Flow less CAPEX. Based on (i) year-to date 2021 results and (ii) full-year 2021 guidance, as (2) See accompanying schedules for reconciliations and definitions of non-GAAP measures and other measures. of November 4, 2021. Assumes 3.25 Henry Hub natural gas price for 2021. Includes 500MM cash paid for See also the discussion regarding forward-looking, non-GAAP financial measures included on slides 2 and 56. settlements of derivative contracts. (3) Well Costs = Drilling, Completion, Well-Site Facilities and Flowback. (6) Based on indicated annual rate, as of November 4, 2021. 3Q 2021 20
EOG Resources, Inc.
November 2021

Webb County Austin Chalk Transaction Overview Webb County Map Successfully completed three test wells to date 50+ locations added in 2021 48 locations added through organic exploration 4 locations added through acquisitions 3 wells delivered to-date averaged development costs of 5.6 million; expect to achieve 5.3 million or better Through first 60 days, cumulative production per well averaged 0.6 Bcf (11 MMcf/d per well) 1 RIO BRAVO STATE 201H 2 FASKEN STATE 201H Daily Production(1) Economic Potential Drilling Locations 52 Type Curve EUR 15 Bcfe % Gas 100% Type Curve EUR / 1,000 ft 2.0 Bcfe Average Lateral Length 7,500 Average Gross Well Cost (MM) 5.3 Average Type Curve NPV-10 (MM) 5.9 IRR(2) (%) 100% (1) Early flowback/cleanup production not shown (first 7 days) Payout (Years) 0.88 (2) Pricing: 2022: 70 4.50 35% 2023: 65 3.50 35% 2024+: 55 3.00 35% Corporate Presentation 20 11/3/2021
Silverbow Resources
November 2021

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