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  Economics : Break-Even

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2021 guidance, operating statistics and well economics 2021 GUIDANCE(1) WELL ECONOMICS E&D capital spending (CMM)(2) 360-400 BAKKEN - FORT BERTHOLD(1) Total production (Mboe/d) 112-115 WTI oil price US50/bbl US60/bbl Liquids production (Mbbl/d) 69.5-71.5 Payout 1.5 years 0.9 years IRR: 60% 100%+ Avg. royalty & production tax rate 26% Breakeven (10% IRR) US38/bbl WTI Operating expense (/boe) 8.25 MARCELLUS(2) Transportation expense (/boe) 3.85 NYMEX natural gas price US3.00/Mcf US3.50/Mcf Cash G&A expense (/boe) 1.25 Payout 2.0 years 1.4 years Current income tax expense (USMM) 5-7 IRR 50% 90% Bakken oil price differential compared to WTI (US/bbl) (2.35) Breakeven (10% IRR) US2.30/Mcf NYMEX Marcellus natural gas price differential compared to NYMEX (US/Mcf) (0.65) 1) Fort Berthold well economics are based on the average 2P reserves booked per undeveloped location for a 2-mile lateral (730 mboe) and a total well cost of US5.7MM. 2) Marcellus well economics are based on the average 2P reserves booked per undeveloped location (18 2021 ASSET DETAILS(3) BAKKEN MARCELLUS CANADA DJ BASIN Bcf/well, 7,400 ft lateral) and a total well cost of US6.3MM. Capital allocation (approx.)(2) 76% 12% 6% 6% Wells drilled (gross) 19-23 54-66 2 - (99% WI) (5% WI) (15% WI) Wells online (gross) 42-50 64-72 2 3 (80% WI) (7% WI) (15% WI) (87% WI) 1) Guidance has not been adjusted for Williston Basin divestment announced Aug 30, 2021 (3 MBOE/d). Closing end of October 2021. 19 2) Capital spending includes capitalized G&A. 3) Wells drilled and completed are based on operated activity only except for the Marcellus and Canada which include non-operated activity.
Enerplus Corp
September 2021

Appendix Consolidated Seneca and Gathering Economics Average Realized Pricing (2) Locations Average 15% IRR (3) Completed EUR Prospect Reservoir Remaining CAPEX 2.50 2.25 2.00 Realized Lateral (Bcf/1000') to Be Drilled (M/1000') IRR (%) (3) IRR (%) (3) IRR (%) (3) Price Length (ft) Tract 100 & Gamble 5,500 - 1,050- Marcellus 30-35 2.5-2.9 89% 73% 59% 1.11 Lycoming Co. 6,000 1,100 EDA 8,500 - 1,250- Tioga Co Utica 180 2.0-2.3 68% 57% 47% 1.34 9,000 1,300 9,000- CRV Return Trip Utica 70-75 1.6-1.7 900-950 39% 30% 25% 1.60 WDA 10,000 8,500- CRV Return Trip Marcellus 10-15 1.1-1.2 675-725 42% 33% 26% 1.57 9,500 Over 1,000 Potential Additional Marcellus and Utica Locations Economic on a Stand-Alone Basis at 2.00/MMBtu(1) (1) Stand-alone Seneca breakeven economics (15% pre-tax IRR) by prospect are as follows: Tract 100 & Gamble: 1.51; Tioga County: 1.68; CRV Return Trip (Utica): 2.00; CRV Return Trip (Marcellus): 1.95. Internal Rate of Return (IRR) for stand-alone Seneca is pre-tax and includes estimated well costs under current cost structure, LOE, and Gathering tariffs anticipated for each prospect. (2) Net realized price reflects either (a) price received at the gathering system interconnect or (b) price received at delivery market net of firm transportation charges. (3) Consolidated Seneca and Gathering IRR is pre-tax and includes expected gathering capital expenditures, well costs under current cost structure, and non-gathering LOE. 68
National Fuel Gas Co.
May 2020

GULF OF MEXICO: WHY NOW Attractive Economics Deepwater Gulf Of Mexico Competes Favorably With The Best Onshore US Plays 100 Deepwater GoM Half Cycle Breakeven / bb (WTI to Henry Hub 20:1) Breakeven 80 <30/bbl WTI 60 40 20 0 Barnett Utica Marcellus SCOOP Bakken-US Haynesville Eagle Ford Delaware Midland GOM STACK Deepwater Source: RSEG Note: Half cycle breakeven includes drilling, completion and tie-in costs (excludes G&A, land acquisition costs, financing costs) Capital Markets Presentation February 25, 2019 22
Kosmos Energy
February 2020

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