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  Economics : Type Curve

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Exceptional Well Results and Deep Inventory Premier Oil Strong PDP Base with High Margin / Strong Balance Advantaged Regulatory and Weighted Asset Substantial Inventory Improving Efficiency Sheet / Liquidity Infrastructure Position D&M Avg. Oil Type Curve for 2021 and 2022 TILs (BBL/d) Fayette 10,000 Type Curve Assumptions (1) TEXAS Oil BBL/d Oil IP30 Rate (BBL/d) 900+ Matocha(5) Nevels Addax(5) 1H: IP-9 1,256 BBL/d EUR (MBoe) 625 (2) 1H: IP-20 912 BBL/d CLL: 8,568 Capex (MM) 6.25 CLL: 6,298 1,000 Average LL (ft.) 8,300 Well Level IRR 50/BBL 40% Gonzales % Oil 80% NAB Hunter 100 Avg. WI% 82% 1H: IP-20 1,237 BBL/d CLL: 9,510 10 0 10 20 30 40 50 60 70 80 90 100 110 Lombardo Unit Months 2H: IP-30 1,102 BBL/d CLL: 5,652 2020 Outperformance and Future Inventory Javelina (PSA) A1H: IP-30 1,150 BBL/d 2020 spud wells currently outperforming D&M projections by CLL:7,822 B2H: IP-30 1,126 BBL/d approximately 12% on a cumulative basis Southern Bock (PSA) CLL: 6,604 A1H: IP-30 1,549 BBL/d D&M total inventory of 500 locations(3) CLL:6,381 B2H: IP-30 1,284 BBL/d Lavaca CLL: 8,349 o Top 250 locations average 40%+ IRR at 50/BBL(4) Blonde Unit 2H: IP-30 1,040 BBL/d Relatively open undrilled lease geometries allow for long CLL:5,920 ACREAGE PVAC laterals and efficient multi-well pads De Witt RECENTLY ACQUIRED EAGLE FORD PEERS 1) Type curve assumptions are estimates based on 2020 YE D&M Reserve Report and on managements internal estimates as of March 8, 2021. 2) Capital expenditure assumptions include Drilling, Completion, Facilities, and Tie-in expenditures. Average Drilling and Completion capital of 5.75 MM per well. 3) Based on 2020 YE D&M Reserve Report. 10 4) Estimated well level returns based on D&M type curves at December 31, 2020. 5) As of March 7, 2021.
Penn Virginia Corp
March 2021

SOUTH TEXAS: AUSTIN CHALK SUCCESS CONTINUES OUTSTANDING PERFORMANCE FROM RECENT AUSTIN CHALK DELINEATION WELLS 2020 Austin Chalk completions have an expected Austin Chalk Wells Currently Producing breakeven flat oil price range of 13 - 28/Bbl NYMEX(1) at go forward development capital New wells producing 61-81% liquids(2) Austin Chalk operating costs per Boe are 35-40% lower than existing average SM Energy South Texas 1,000 costs New wells producing 49-54 API oil/condensate(2) Cumulative Production 800 600 Austin Chalk Wells 2020 Average 400 MBoe, 3-stream 200 - 0 60 120 180 240 300 360 420 480 540 600 660 720 780 840 900 Days on Production Completed through 2020 2021 planned completions of delineation and development wells (1) Breakeven 10% IRR assumes natural gas at 2.50/Mcf and 43% NGL to WTI pricing. (2) Includes oil and NGLs based on IP30. 17
SM Energy Company
March 2021

Top Tier Portfolio Drives Sustainability Positioned for continued industry leading capital efficiency Historical MRO vs. Historical Industry Capital Efficiency1 (Since 2018) Established track 50 record of top tier MRO Bakken Myrmidon & Hector/Ajax capital efficiency Avg 180D Cum mboe / TWC Over 90% of MRO Bakken and 40 EF forward inventory across broader Bakken (20:1 mboe/mil)1 MRO Eagle Ford Karnes, Gonzales, & Atascosa Counties concentrated in these high- and Eagle Ford 30 quality areas positions per Oil independent third party 20 Gas data 10 Sustainability of Each bar is the average of a given operators 2018-2020 capital efficiency in a given county capital efficiency 0 advantage MRO 2021 to 2025 Maintenance Scenario Capital Efficiency vs. demonstrated by 5 Year 50 Historical Industry Capital Efficiency1 Benchmark Avg 180D Cum mboe / TWC Capital efficiency of 5 Year Maintenance Scenario 40 Bakken Benchmark Maintenance (20:1 mboe/mil)1 Permian Scenario wells among best in High quality inventory 30 Eagle Ford industry across multi-basin Oklahoma Average 2021 to 2025 portfolio underpins 20 MRO Capital Efficiency in Maintenance Scenario delivery of consistently 10 strong financial outcomes Each bar is the average of a given operators 2018-2020 capital efficiency in a given county 0 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 24,000 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. Wells grouped by operator then by county into sub-groups; sub groups with <10 wells removed leaving 390 sub-groups with 18 10 or more wells
Marathon Oil Corp
February 2021

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