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Track Drilling (Rigs by operator) | Completions (Frac Spreads)

  Economics : Type Curve

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Enhanced Completions Drive Step Change in Well Performance 180 Day Cumulative Well Production Completion Activity 175 Stage Hz Length Proppant of 17% increase 2019 over 2017 2019 Spacing (ft) (lbs/ft) Stages 5% increase 2019 over 2018 2018 (ft) 150 9 Mths Cumulative Production (mboe) 6,200 2,600 230 27 2017 2020 125 2019 6,300 2,300 225 28 2018 6,000 2,000 215 28 2016 2017 5,900 1,800 217 27 100 2016 5,500 1,600 221 25 75 50 25 0 0 1 2 3 4 5 6 Months 18
Baytex Energy Corp.
November 2020

Eagle Ford & Bakken Capital Efficiency Best of U.S. Shales MRO results exceed top quartile in both basins Independent third party data (well productivity and total well costs) validates superior capital efficiency1 for Bakken and Eagle Ford relative to other U.S. shale plays MRO capital efficiency1 in Bakken and Eagle Ford exceeds: 1) top quartile industry results within both of those plays and 2) top quartile results across all other primary U.S. oil basins Industry Capital Efficiency1 since 2018 40 Avg 180D Cum mboe / TWC Oil 35 Gas (20:1 mboe/mil)1 30 25 20 15 10 5 0 MRO Bakken Bakken MRO Eagle Eagle Ford DJ Basin Delaware Midland Powder River Oklahoma Avg. Top Quartile Ford Avg. Top Quartile Top Quartile Top Quartile Top Quartile Top Quartile Top Quartile 1 Capital efficiency defined as average cumulative 180 day 20:1 mboe per total well cost (TWC) estimate from Rystad Energy in millions. Based on 20,000 wells from Anadarko, Delaware, DJ, Eagle Ford, Midland, Powder River, and Williston basins with first production in 2018 or later, 180 days of production data and a TWC estimate from Rystad Energys ShaleWellCube dataset, and lateral length of 2000 ft 6
Marathon Oil Corp
November 2020

SOUTH TEXAS: AUSTIN CHALK SUCCESS CONTINUES OUTSTANDING PERFORMANCE FROM RECENT AUSTIN CHALK DELINEATION WELLS J.P. Morgan Research: These wells are tracking roughly in-line with an average Permian well from 2018-2020... If SM could replicate its Latest three Austin Chalk wells have a breakeven flat 2019 well performance going forward, it would be a tailwind to our 2021+ oil production. oil price range of 17 - 31/Bbl NYMEX(1) at go forward development capital RSEG/Enverus Research: SMs initial Austin Chalk wells are producing at encouraging rates and achieve stronger netbacks Its too Outstanding new wells: early to determine the geographic extent and ultimate recoveries of the Lateral IP30 Oil IP30 formation on SMs acreage, but assuming the zone performs in line with Well Length (Bo/d) 3-stream (Boe/d) Oil % Liquids % SM's latest wells would increase our NAV 60%. 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 1,145 3,787 30 59 600 1009H 109H Positive results across acreage position support 500 Total Production expected increase in South Texas inventory Cumulative Production (MBoe; 3-stream) 400 New wells producing 49-54 degree API oil/condensate 300 1009H 109H 910H 200 1009H Oil Production 109H 100 910H (MBo) 910H 0 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 Days on Production (1) Breakeven 10% IRR assumes natural gas at 2.00/Mcf through 1H21, then 2.40/Mcf. (3) RSEG / Enervus research, October 18, 2020. (2) J.P. Morgan E&P Shale Well Watcher, Arun Jayaram, October 19, 2020. 13
SM Energy Company
October 2020

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