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  Economics : Break-Even

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New Gas Supply Breakdown 45% of new gas supply needed in the 2019-2023 period is forecast to come from plays with breakeven gas prices that are higher than the long-term 2020-2023 strip 2.48/MMBtu New Supply Contribution by Basin Economic vs Non-Economic New Supply Breakeven Price Yields Pre-tax ROR of 25%(2) Non-Economic = Breakeven Price 2.48 Strip Eagle Ford Bakken 2% 7% DJ 15% 3% Rest of US Non-Economic Economic 45% 55% Greater Permian Permian Haynesville NE Marcellus SW Marcellus Dry 17% Utica Dry (Susquehanna) 18% SW Marcellus Rich Haynesville DJ Eagle Ford Dry Bakken Appalachian Rich SCOOP/STACK 10% Appalachian Dry 28% Higher Gas Prices Needed to Incentivize the Drilling 80 Tcf New Supply Required to Meet New 80 Tcf New Supply Needed Through 2023 (1) Supply Forecasts Needed Through 2023 (1) 1) Platts Analytics forecasted supply growth. 2) Breakeven analysis source: J.P. Morgan Equity Research estimates. Defined as half cycle pre-tax ROR of 25%. Assumes 50/Bbl WTI crude oil. Based on strip pricing as of 8/30/19. ANTERO RESOURCES NATURAL GAS FUNDAMENTALS 11
Antero Resources
September 2019

Highly Economic Mineral Portfolio RSEG Half Cycle Breakeven for Major North American Plays High breakeven and Low IRR Low breakeven and High IRR % of Brighams NRA(1) 10% 13% 14% 22% 28% 5% Greater than 90% of portfolio has weighted average break-even of 38 per bbl Source: RSEG. (1) Excludes net royalty interest owned in Carter and Love counties, Oklahoma (Extended Woodford play in Marietta and Ardmore Basins). Page 7 MNRL
Brigham Minerals Inc.
May 2019

DJ Basin: Analysts See the Value of the Basin Competitive with all other basins 90 70 % 63 % 83 Breakeven (PV-10, 20:1 WTI:HH Ratio, US / bbl) 80 74 60 % 54 % 70 70 67 64 50 % 58 59 60 55 50 50 48 48 48 48 40 % 41 % 41 % 45 46 IRR 41 30 % 38 39 39 40 30 % 34 31 % 34 % 30 25 % 23 % 20 % 20 % 19 % 20 17 % 10 % 10 11 % 11 % 5% 3% 4% 7% 0% 6% 0 0% (1) Piceance Basin Permian STACK Eagle Ford Powder River Basin SCOOP Haynesville TMS Marcellus Cotton Valley Barnett Gulf Coast Arkoma Woodford DJ Basin Bakken SK Bakken Utica Montney Fayetteville Uinta Basin Half Cycle: Excludes Acreage Acquisition Costs Source: RS Energy Group. Note: Basin breakeven reflect single well economics. (1) Permian basin breakeven represents Midland basin breakeven.
Extraction Oil and Gas
May 2019

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