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  Economics : Type Curve

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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

SOUTH TEXAS: AUSTIN CHALK SUCCESS CONTINUES AUSTIN CHALK AND EAGLE FORD TWO SUCCESS STORIES Austin Chalk Wells Currently Producing 800 days in 40 wells producing 50-90% liquids(1) 90 80 Eagle Ford 2 70 Average c o m p l eti o ns i n N o v. 2 0 2 1 Cumulative Production (MBoe per 1,000 / 3-stream) 60 Production(2) using 2021 well design 50 compete with Austin Chalk 40 a n d PAID O U T i n <6 30 8 20 months 10 0 0 100 200 300 400 500 600 700 800 800 Days on Production months Average Payout(3) 2021 & 2022 SM AC Wells (1) Based on wells (including joint-development wells) with more than 30 days of production; includes oil and NGLs based on IP30. (2) Includes 40 gross wells currently on production that have reached peak IP30, including three joint-development wells. (3) Payout based on actual data through January 2022 and projections using 4/13/22 strip prices; undiscounted. This includes 17 On average, wells have been producing for approximately 1 year. of 31 wells that have paid out as of 3/31/2022. 19
SM Energy Company
April 2022

Eagle Ford Shale Strong Catarina Well Performance Offers Potential to De-Risk Portfolio Achieving Strong Catarina Results Eagle Ford Shale Austin Chalk Peer Acreage 4 wells online in Catarina in 4Q 2021, 84% oil weighting 2 Upper EFS wells, 1 Austin Chalk well in-line with type curves 1 Lower EFS well significantly above type curve 4Q 2021 Austin Chalk well preliminary IP of 600 BOEPD with 76% oil 900 BOEPD when normalized to 10,000 lateral length Volatile Oil FY 2021 Catarina Lower EFS wells 50% above type curve Proposed Dimmit Continuous improvement through long laterals, enhanced completions technique Austin Chalk Test Condensate Adjacent operators reporting robust production rates in Austin Chalk Potential to de-risk 100 Catarina locations as of YE 2021 Wet Gas La Salle 2021 Catarina Lower EFS Well Performance 250,000 Webb Cumulative Oil (BBL) Dry Gas 200,000 150,000 100,000 MEXICO 50,000 0 0 50 100 150 200 250 300 350 10 Miles Days Online EFS HC phase windows are approximate Murphy 2019-2021 Recent Catarina Lower EFS Wells Average Catarina Lower EFS Catarina Chesapeake EOG SM Energy Permitted Austin Chalk www.murphyoilcorp.com NYSE: MUR 13
Murphy Oil Corp
January 2022

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