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  Economics : Rates of Return/ IRR

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MIDLAND BASIN FOCUSED ON EXECUTION, WELL PERFORMANCE AND CAPITAL EFFICIENCY 2 0 2 1 O P E R AT I N G P L A N 2021 PLAN DETAILS HOWARD 2Q21: 40 net wells completed and 11 net wells drilled YTD 2Q21: 54 net wells completed and 24 net wells drilled RockStar 11,300 expected average lateral feet per well 45% Boe PDP decline expected (YE20 - YE21) ANDREWS MARTIN BEST IN CLASS WELL PERFORMANCE 2021-2022 drilling program expected breakeven flat pricing of 12 - 31/Bbl NYMEX(1) LEADING EDGE CAPITAL COSTS Expected DC&E costs: 520/lateral foot ECTOR GLASSCOCK (2) O P E R AT I N G D E TA I L S Sweetie Peck Rigs Completion Running: Crews: MIDLAND (1) (2) Breakeven 10% IRR assumes natural gas at 2.50/Mcf and 43% NGL to WTI pricing. As of July 29, 2021. 82,000 NET ACRES UPTON REAGAN 10
SM Energy Company
July 2021

High-Graded Delaware Inventory Delivers Solid Returns Inventory assumes 10-12 wells per section 5-7 Years of Inventory at Current Pace Dependent on of parent wells per section 200 Inventory DUCs Avg lateral length of 9,000 Focused primarily on WCA and WCB 150 Potential for organic inventory expansion 100 Increasing SRLs to XRLs through acreage trades Cost effective joint ventures 50 Increased density per bench (as result of increased prices) 0 YE20 Inventory 2021 - 2023 Spuds 2021 - 2023 TILs YE23 Inventory YE20 SEC proved reserves of 87 MMBoe 53% proved developed Area YE20 Inventory 2021e-2023e TILs EUR % Oil IRR PV10 Payback (incl. DUCs) (MBoe) (millions) (years) Block 4 70 35 1,594 56% 57% 6.5 3.0 N. Central 65 20 1,383 40% 25% 2.2 3.6 Total 135 55 1,473 47% 38% 4.1 3.3 Weighted-average undiscounted economics assume flat pricing of 45/Bbl WTI, 2.50/Mcf NYMEX natural gas and NGL realizations of 12/Bbl. June 2021 27
PDC Energy, Inc.
June 2021

A BALANCED APPROACH TO 2021 DEVELOPMENT 2021 KEY PROGRAM ELEMENTS 2021 CAPITAL ALLOCATION1 5 wells / Average Project Size / 8,800 Net Lateral Feet per Well 3 Operated Rigs 1-2 Operated Completion Crews 55 - 65 / Gross Wells Drilled / Completed 90 - 100 (WI: 80 95%) Operational Capital Budget of HIGHLIGHTS up to Relatively equal deployment of capital across quarters with consistent pace of activity 430 MM Balanced profile of project cash conversion cycles with diversified capital deployment Average project level IRRs2 (including central facilities) of over 45% at flat 45/Bbl WTI oil Program modified from previous guidance to provide improved operational activity flexibility into 2022 Delaware Midland Eagle Ford Other 3 1. 430 million operational capital budget includes all DC&E activity plus 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 45/Bbl and 2.50/MMBtu. 10 3. Other category includes primarily cost associated with central field facilities and capitalized workovers.
Callon Petroleum Co.
February 2021

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