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Track Drilling (Rigs by operator) | Completions (Frac Spreads)

  Economics : Rates of Return/ IRR

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SIGNAL PEAK WOLFCAMP D ECONOMICS(1) Base Capital Economics 90/bbl 100/bbl 110/bbl D,C,E&F Capital (mm) 10.73 Gross IP365 (Boe/d) 731 % Oil 75% Oil EUR (Mbo) 660 Gas EUR (Mmcf) 1,999 Total EUR (Mboe) 993 Reserves (% oil / % liquid) 57% / 83% F&D (/Boe) 12.39 NPV10 (mm) 19 22 26 IRR 160% 200% 200% Recycle Ratio2 5.4x 6.2x 7.1x Payout (years)3 0.6 0.5 0.4 Single well economics deliver quick payout & high NPV10 Low break-even oil price of 34/bbl 1. Single well economics based on type curves from year-end 2021 reserve report for Wolfcamp D for 15,000 laterals 3. From first production. 2. Recycle Ratio calculated using 1Q22 differentials & costs excluding G&A & hedging expenses 12
HighPeak Energy
May 2022

MIDLAND BASIN FOCUSED ON EXECUTION, WELL PERFORMANCE AND CAPITAL EFFICIENCY 2 0 2 2 O P E R AT I N G P L A N 2022 PLAN DETAILS HOWARD 40 net wells completed and 55 net wells drilled RockStar 12,360 expected average lateral feet per well 38% Boe PDP decline expected (YE21 - YE22) ANDREWS MARTIN BEST IN CLASS WELL PERFORMANCE New completion design expected to drive higher EUR and NAV per well 2022-2023 drilling program expected breakeven flat pricing of 16 - 45/Bbl NYMEX(1) 2022 completion designs expected to utilize average fluid loading of 60 Bbls/ft and 2,800 lbs/ft sand ECTOR GLASSCOCK (2) O P E R AT I N G D E TA I L S Sweetie Peck Rigs Running: Completion Crews: 82,000 MIDLAND NET ACRES UPTON REAGAN (1) Breakeven 10% IRR assumes natural gas at 2.50/Mcf and 43% NGL to WTI pricing. (2) 2022 expected average. 13
SM Energy Company
February 2022

Permian Basin Leads The Way in 2022 2022 Key Program Elements 2022 Operational Capital Allocation1 85% Permian Focused 6-7 Operated Rigs 2 Average Completion Crews Budget: 125 - 130 / 113 - 118 Gross Wells Drilled / Completed (WI: 85 95%) 725 MM 9,000 ft. Average Delaware Lateral Highlights Maintenance level capital program after normalizing for acquisitions and divestitures Delaware Midland Meaningful shift to Permian base with sustained FCF Eagle Ford Environmental CapEx contribution from Eagle Ford Complete transition of acquired properties to scaled development model in 1Q22 (DUC increase to 45) Large scale Permian projects with capital efficiencies Factors Driving Increase in 2022 Capital Spending3 and life of field co-development D&C cost inflation (net of efficiencies) of 10% Average project level IRRs2 (including central facilities) Acceleration of key environmental projects targeting the of over 45% at flat 50/Bbl WTI oil reduction of methane emissions Maintain appropriate DUC inventory to provide flexibility into 2023 1. 725 million operational capital budget includes all DC&E activity but excludes leasehold, seismic, and other. It does not account for capitalized interest and capitalized G&A costs which are provided as separate guidance items. Please see guidance slide for additional information 2. Assumes flat 50/Bbl and 2.50/MMBtu 16 3. In August 2021, provided guidance of 2022 capital spending of approximately 650 MM
Callon Petroleum Co.
February 2022

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