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  Economics : Break-Even

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2021 Program: 1 Billion FCF for 1 Billion of Capex Fully consistent with reinvestment rate capital allocation framework 2021 capital program of 1B delivers strong financial and operational outcomes 2021 Free Cash Flow Sensitivity 1,600 80% 1B of FCF1 at 50/bbl WTI with 50% reinvestment rate1 Corporate FCF breakeven below 35/bbl WTI Free Cash Flow (MM) Before Dividend 70% 1,200 500MM of targeted gross debt reduction Reinvestment Rate GHG intensity reduction2 of 30% vs. 2019 60% Total oil flat vs. 4Q20 exit rate 800 90% of capex to Bakken and Eagle Ford, 50% industrys most capital efficient Basins Total of 5 to 6 rigs and 2 frac crews 400 40% Bakken: 60 to 80 wells to sales in 2021 Eagle Ford: 100 to 130 wells to sales in 2021 0 30% Oklahoma: 5 DUCs online 2H21 2021 FCF 2021 FCF 2021 FCF 2021 FCF 45/bbl, 50/bbl, 55/bbl, 60/bbl, Continued progression of Texas Delaware oil play 2.50/HH 3.00/HH 3.00/HH 3.00/HH Total FCF Reinvestment Rate 1 1.0B of expected 2021 FCF at 50/bbl WTI and 3.00/MMBtu comprised of approximately 2.0B of net cash provided by operating activities adjusted for working capital, EG LNG return of capital, and other less approximately 1.0B of capital expenditures; 1.0B of capital expenditures divided by approximately 2.0B of net cash provided by operating activities adjusting for working capital, EG LNG return of capital and other equates to a reinvestment rate of approximately 50% 6 2 Greenhouse Gas (GHG) intensity: as measured by metric tonnes carbon dioxide equivalent (CO2e) emissions per thousand barrels of oil equivalent of hydrocarbons produced from Marathon Oil-operated facilities
Marathon Oil Corp
February 2021

Immediate Reaction to Market Conditions Nimble market response; strategically shut in 10,000 Leasehold Position May 11, 2020 Operating breakeven 10.00/Boe gross bopd May 1, balancing economics, lease Monument obligations, well preservation & reservoir management D&C breakeven 28.00/Bbl WTI No further activity required in 2020 to hold position 9,900 Gross / 6,900 Net Bopd Q120 exit rate Balanced and complementary co-located asset base 44 Gross PDP wells with 95% WI (72% oil) Net Acreage: 51,900 (2,000+ Gross total locations) Net Acreage: 22,200 Current Net Oil Production Summary (Bopd) 45% shut-in 80% shut-in Operating breakeven 5.50/Boe 14,000 West Quito Monument West Quito D&C breakeven 35.00/Bbl WTI 12,000 60% 2,700 Gross / 1,800 Net Bopd Q120 exit rate 10,000 Hackberry 49 Gross PDP wells with 75% WI (41% oil) 8,000 50% shut-in Net Acreage: 10,850 6,000 4,000 Operating breakeven 7.00/Boe Hackberry 4,200 Gross / 3,000 Net Bopd Q120 exit rate 2,000 46 Gross PDP wells with 86% WI (69% oil) 0 Q1 2020 4/20 5/20 5/20 Shut-in Net Acreage: 18,850 (Actual) (Estimate) (Estimate) (Estimate) 2
Battalion Oil Corp.
May 2020

2020 Outlook Lowering Capital Spending Guidance Improved outlook underpinned by Delaware efficiencies 2020 CAPITAL ACTIVITY New Devon 2020e E&P capital E&P CAPITAL NEW WELLS ONLINE (MM) (Operated) Delaware Basin 1,050 (+15% YoY) 115-125 DELAWARE POWDER Powder River 350 45-55 60% RIVER 20% Eagle Ford 300 95-105(1) E&P CAPITAL +15% CAPITAL 1.70-1.85 STACK 75 (-75% YoY) 10 (VS. 2019) New Devon Total 1,700 - 1,850 BILLION (1) Average working interest for 2020 is 40-45%. Previous Guidance (1.7 - 1.9 billion) LOWERING top-end of 2020 capital guidance by 50 million Driven by improvements in Delaware costs & cycle times Low breakeven funding provides margin of safety (pg. 14) STACK EAGLE FORD Flexibility to tailor activity to market conditions 3% 17% WOLFCAMP success driving capital shift to Delaware (pg. 18) Activity targeting Wolfcamp to double in 2020 REALLOCATING CAPITAL TO DELAWARE BASIN Represents 65% of total Delaware drilling program Q4 2019 Operations Report 11
Devon Energy Corp
March 2020

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