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  Economics : Rates of Return/ IRR

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EOG Resources Returns EOG Premium Basins Most Stringent Investment Hurdle Rate in Industry: 60% Direct ATROR1,2 at Flat 40 Oil and 2.50 Natural Gas Bakken Capital Discipline Manage Investment at Appropriate Rate to Support Powder River Basin Continuous Improvement Across Multi-Basin Portfolio Wyoming DJ Basin Free Cash Flow Exceptional Balance Sheet with Commitment to Return Minimum 60% of Annual Free Cash Flow3 to Shareholders Sustainability Among Industry Leaders in ESG Performance Delaware Basin Eagle Ford Culture Dorado Division Offices Decentralized Company Focused on Organic Exploration and Corporate Headquarters Technology Leadership (1) Direct ATROR calculated using flat commodity prices of 40 WTI oil, 2.50 Henry Hub natural gas and 16 NGLs. (2) See accompanying schedules for reconciliations and definitions of non-GAAP measures and other measures. (3) Cash provided by operating activities before changes in working capital less CAPEX. 1Q 2022 3
EOG Resources, Inc.
May 2022

Deep, Quality and Highly-Delineated Inventory 20 Deep, High-Quality Eagle Ford Inventory 20 yr-inventory, with upside(1) Years of high-quality inventory 10 yrs: est. well-level IRR 100% at 80 WTI(2) 750 14 yrs: est. breakeven economics at 50 WTI(3) or lower Strong returns at current strip pricing Identified Eagle Ford locations Track record of low cost inventory growth Development optimization, well performance 200 enhancements, swaps / bolt-ons Active Peers in Region Est. locations in Upper Eagle Ford & COP, EOG, MRO drilled 30 wells near ROCC in 2021 Austin Chalk Gross Drilling Inventory* 2022-23 Type Curve TILs (bbl/d) 975 Type Curve Assumptions(4) 215 Oil bbl/d Gross IP-30 Rate (bbl/d) 925 Gross EUR (Mboe) 870 213 1,000 Gross Capex (MM)(5) 9.00 Upper Average LL (ft) 10,900 93 EF/AC 496 50 6 Well Level IRR(4) 100% at 80/4 flat 411 LONE/ % Oil 69% Drilling Swaps/ Lateral Rocky Avg. WI% 89% Leasing Length Creek 100 Avg. NRI% 68% Ext./Opt. Acq. YE 19 YE 20 YE 21 10 *excludes recent bolt-ons, data normalized to 7,500 1 11 21 31 41 51 61 71 81 91 101 111 121 131 Months 1) Assumes 50 wells drilled per year normalized to 7,500 lateral feet. 2) See slide 2 for details on pricing and cost assumptions. 3) Breakeven is defined as 10% BFIT IRR. 7 4) Assumptions are estimates based on 2021 YE DeGolyer & MacNaughton (D&M) Reserve Report, and capex is based on managements internal estimates as of March 7, 2022. 5) As of March 7, 2022, Capex includes Drilling, Completion, Facilities and Tie-in Expenditures.
Ranger Oil Corp.
May 2022

Webb County Austin Chalk Commentary Webb County Map Successfully completed four test wells to date 49 locations remain to be developed at Rio Bravo, Fasken and La Mesa Four single wells delivered to-date with average development costs of 6.5 million; expect to achieve 5.6 million or better on a 7,500 foot lateral Consistent results at Rio Bravo and Fasken delivering 1 RIO BRAVO STATE 201H normalized IPs over 11 MMcf/d 2 FASKEN STATE 201H 3 RIO BRAVO STATE 202H 4 LA MESA RANCH 201H Daily Production(1) Economic Potential Drilling Locations 49 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) 5.6 Average Type Curve NPV-10 (MM) 10.7 IRR(2) (%) 100% Payout (Years) 0.86 (1) Normalized to 7,500 ft.; Early flowback/cleanup production not shown (first 7 days) (2) Pricing: 2022: 70 5.00 35% 2023: 65 4.00 35% 2024+: 55 3.50 35% Corporate Presentation 20 5/3/2022
Silverbow Resources
May 2022

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