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  Economics : Rates of Return/ IRR

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Flexibility and Execution Drive Strong Results Delivering Sustainable Improvements to Business Through Downturn in Oil Price - Generated 200 MM Free Cash Flow1,2 Despite Record Low Oil Prices 2Q 2020 Results - Crude Oil Production 7% Above Target3 with Capex 26% Below Target3 - Cash Operating Costs2,3,4 10% Below Target - Identified 1 Tcf Gross, 500 Bcf Net Natural Gas Resource Potential5 in Trinidad Focused on Returns and Cash Flow - Drill and Complete Wells That Earn 30% DATROR2,6 at 30 WTI - Cash Flow Funds Capital Budget and Dividend at Average 40 WTI in 2020 - 200 MM Cash Flow Uplift from Deferral and Shut-in of Production - Offset Jun. Dec. 2020 Oil Hedges to Lock in 360 MM Cash Flow in 2H 2020 2020 Operations - Improve Capital Efficiency7 14% - Well Cost Reduction Target Increased from 8% to 12%8 - Continue to Improve Well Productivity 2020 Plan Summary - Raised Full-Year U.S. Oil Volume9 Target to 405 MBbld - Target 4Q 2020 Exit Rate Increased to 440 MBbld - Capital Budget of 3.5 Bn9 Funds: 500 Net Wells Online Focused in Delaware Basin and Eagle Ford Critical Infrastructure and Select Exploration Projects - Improved Liquidity With Refinance of 2020 Debt Maturities (1) Discretionary Cash Flow less CAPEX. (6) Direct ATROR calculated using flat commodity prices. (2) See accompanying schedules for reconciliations and definitions of non-GAAP measures and other (7) Capital Efficiency = amount of capital necessary to replace base decline and add new production in a measures. calendar year. Adjusted for the impact of shut-in production. (3) Based on midpoint of 2Q 2020 guidance, as of May 7, 2020. (8) Well Costs = Drilling, Completion, Well-Site Facilities and Flowback. (4) Total LOE, transportation and gathering and processing expense. (9) Based on midpoint of 2020 guidance, as of August 6, 2020. Barclays 2020 18 (5) Estimated resource potential net to EOG, not proved reserves.
EOG Resources, Inc.
September 2020

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

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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