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  Economics : Break-Even

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Magnolia Oil & Gas Overview High-quality, low-risk pure-play South Texas operator with a core 460,000 Net Acre Position Targeting Two of the Top Eagle Ford and Austin Chalk position acquired at an attractive entry Oil Plays in the U.S. multiple Significant scale and PDP base generates material free cash flow, Giddings Field reduces development risk, and increases optionality Asset Overview: 23,500 net acres in a well-delineated, low-risk position in the core of Karnes County, representing some of the most prolific acreage in the United States with industry leading break-evens 440,000 net acres in the Giddings Field, a re-emerging oil play with significant upside and what we believe to be substantial inventory Karnes County Both assets expected to remain self funding and within cash flow Gonzales Wilson Market Statistics Dewitt Trading Symbol (NYSE) MGY Share Price as of 2/26/2021 12.06 Common Shares Outstanding (1) 249.1 million Market Capitalization 3.0 billion Source: IHS Performance Evaluator. Long-term Debt Principal 400 million Industry Leading Breakevens (/Bbl WTI) Cash as of 12/31/2020 193 million 45 39 39 Total Enterprise Value 3.2 billion 32 34 35 38 28 Operating Statistics Karnes Giddings Total Net Acreage 23,513 436,885 460,398 Karnes Austin Karnes Lower Midland Delaware DJ Basin Eagle Ford STACK Bakken 4Q20 Net Production (Mboe/d) (2) 32.3 28.3 60.6 Chalk Eagle Ford Source: RSEG. (1) Common Stock outstanding includes Class A and Class B Stock. (2) Giddings includes other production not located in the Giddings Field. 3
Magnolia Oil & Gas
March 2021

EMERGING OPPORTUNITY DJ BASIN Northern extension of Wattenberg field DJ BASIN 40,000 net acres in NW Weld County WYOMING Low entry price achieved through leasing and farm-in activity COLORADO Significant oil in place through all Niobrara benches and Codell 2017/2018 - 5 wells online Initial well results compare favorably to core DJ oil rates (4 Codell, 1 Niobrara) 2019 - 5 wells online 400 gross drilling locations(1) identified in southern acreage (4 Codell, 1 Niobrara) Based on 6-Codell and 6-Niobrara density 2020 - 2 wells online WELD (2 Codell) Additional benches with significant oil saturations offer upside Focused on enhancing well economics through further drilling MORGAN & completion optimization Line of sight to competitive cost structures ADAMS DENVER 21 1) Internally identified future drilling locations. Average working interest expected between 40% - 70%.
Enerplus Corp
November 2020

3 Develop Liquids-Rich Locations Superior Economics vs Dry Gas Antero has significant core drilling inventory with breakeven natural gas prices around 2.00 per MMBtu due to the liquids pricing uplift received Natural Gas Breakeven Price by Region 25% ROR Half Cycle Breakeven Prices(1)(2) AR Locations AR Drilling Rigs Antero has 1,205 locations with a breakeven price averaging 2.07/MMBtu, which AR Undrilled Locations Industry Dry Gas Locations equates to over 10 years of inventory life at (2,623 Premium Locations) the current pace 4.00 Nat Gas Breakeven (/MMBtu) 3.50 3.27 3.34 3.18 3.00 2.79 2.85 2.87 2.40 (2020-2023 Strip) 2.50 2.37 2.07 2.23 2.00 1.50 1.00 0.50 1,205 Undeveloped <2.00 Locations 147 1,271 0.00 Permian / Bakken / DJ / Marcellus 1250+ Btu / NE Marcellus OH Utica Dry Marcellus WV Haynesville Ohio Utica Marcellus Haynesville Eagle Ford SCOOP/STACK Utica (Susquehana Gas 1050 Btu Dry 1050 Btu Core Long Dry Gas SW PA + WV Core Standard Dry 1235 - 1307 Btu County) / Rich Laterals Dry Laterals 1150 Btu Associated Gas (Oily) Appalachia Associated Production: Current Dry Gas Production From Lowest Cost Areas: Gas (NGLs): 19 Bcf/d 10 Bcf/d 41 Bcf/d 75% of current natural gas supply (3) Source: JP Morgan Equity Research breakeven analysis for best industry dry gas drilling locations as of October 2019. Excludes associated gas inventory with 50% liquids. Breakeven analysis for AR prepared by management and excludes AR hedges. AR drilling inventory as of 4/1/20. Assumes midpoint of well cost target range at 830/foot of lateral in the Marcellus. 1) Breakeven price is defined as half cycle pre-tax ROR of 25%. Assumes average 2020-2023 strip WTI oil price of 54.18/Bbl as of 12/31/2019 and C3+ NGL pricing of 27/Bbl for 2020 2023 and 30/Bbl thereafter. Assumes 830/ft budgeted Marcellus well costs. 2) AR half cycle well economics assume 12,000 lateral lengths and 71% of AM gathering and compression fees paid by AR to AM to account for ARs midstream dividend stream from AM (based on 29% ownership of AM). 3) Based on Platts current lower 48 dry marketed natural gas production of 93 Bcf/d at 12/31/2019. 12
Antero Resources
February 2020

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