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  Economics : Rates of Return/ IRR

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2021 Game Plan Details Increase Returns with Shift to Double Premium - Develop Wells that Earn Minimum 60% Direct ATROR1,2 at 40 WTI - Target 7% Well Costs3 Reduction - Lower Base Decline Rate - Less Than 49 WTI Oil Price Required for 10% ROCE2 in 2021 - Divested China Assets in 2Q 2021 Maintain Production in Unbalanced Oil Market - Maintain Oil Production at 440 Mbopd4 - Leasing and Testing Across Numerous High-Impact Oil Plays - Capital Budget of 3.9 Bn4,2 Fully Funded within Cash Flow at 30 WTI Oil Complete 500 Net Wells Focused on the Delaware Basin, Eagle Ford and Powder River Basin Focused Investments in Exploration, Infrastructure and Environmental Projects Generate Strong Free Cash Flow - Generate 4.7 Bn Free Cash Flow5,2 at 65 WTI - Doubled Regular Dividend to 3.00 per Share6 (Update) - Repaid 750 MM Bond in February 2021 - Committed 1.7 Bn in Special Dividends (Update) (1) Direct ATROR calculated using flat commodity prices of 40 WTI oil, 2.50 Henry Hub natural gas and 16 (4) Based on midpoint of full-year guidance as of November 4, 2021. NGLs. (5) Discretionary Cash Flow less CAPEX. Based on (i) year-to date 2021 results and (ii) full-year 2021 guidance, as (2) See accompanying schedules for reconciliations and definitions of non-GAAP measures and other measures. of November 4, 2021. Assumes 3.25 Henry Hub natural gas price for 2021. Includes 500MM cash paid for See also the discussion regarding forward-looking, non-GAAP financial measures included on slides 2 and 56. settlements of derivative contracts. (3) Well Costs = Drilling, Completion, Well-Site Facilities and Flowback. (6) Based on indicated annual rate, as of November 4, 2021. 3Q 2021 20
EOG Resources, Inc.
November 2021

CHK Strategic Priorities 2022 Value Drivers Disciplined capital investment Disciplined capital allocation Focused on highest ROR opportunities 85% of 2022 Capex focused on high-certainty Targeting 60% 70% reinvestment of projected adjusted return opportunities in Marcellus, Haynesville EBITDAX through cycles and STX Lower EF 15% of 2022 Capex focused on further portfolio Return cash to shareholders delineation Base dividend increase 27% to 1.75/share/year - Austin Chalk in STX business unit Variable return program will deliver 50% of the (1)(2) - Wider spacing in Brazos Valley and PRB expected previous quarters FCF to investors in cash, beginning to deliver superior results in March 2022 Lowering breakevens across portfolio Maintain balance sheet strength <1x long-term leverage(1) Achieve net-zero direct GHG emissions by 2035 Marketing 3 bcf/d RSG(6) certified volumes Eliminate routine flaring on all new wells completed from 2021 forward and enterprise-wide by 2025 Reducing GHG and methane emissions Reduce methane intensity(3) to 0.09% and enterprise-wide GHG intensity(4) to 5.5 by 2025 Deliver sustainable free cash flow 6B of FCF projected through 2025(5) (3) Defined as volume methane emissions / volume gross gas produced. (1) A non-GAAP measure as defined in the appendix. (4) Defined as tCO2e/gross mboe produced. (2) CHK plans to adopt a variable return program that will result in the payment of an additional dividend, payable beginning in (5) Estimated based on actual results through 9/30/21 and incorporates 10/29/21 strip pricing from 4Q 2021 to 2025. March 2022, equal to the sum of free cash flow from the prior quarter less the base quarterly dividend, multiplied by 50%. (6) Responsibly Sourced Gas 3Q21 Earnings November 3, 2021 3
Chesapeake Energy Corp
November 2021

ATAX IRR (%) 20% 40% 60% 80% 0% 100% Ellerslie Frobisher/Alida Marten Hills Montney Montney Montney Eagle Ford Eagle Ford Condy Marcellus Viking Montney Cantuar Mannville Ellerslie Charlie Lake Montney Upper Mannville Frobisher / Alida SE SK Unfracked Dunvegan Montney Upper Mannville Montney Montney Bakken Permian SE SK Bakken Midale Bakken Montney Cold Lake SE SK Fracked Midale Cardium Duvernay Austin Chalk Permian Viking Provost Permian Cold Lake Permian SW SK Viking Shaunavon Mannville Ratcliffe/Midale Cardium Montney VET Sparky Eagle Ford Permian Permian ROBUST RETURNS AMONGST NORTH AMERICAN PROJECTS Gething Ratcliffe/Midale Woodford Permian Permian Permian Montney Bakken Uinta Spirit River Bakken Permian Oil/Liquids Cardium Permian Cardium Pembina Powder River Beaverhill Lake Eagle Ford Montney Shannon; Vermilion capital program targets the Turner only in the Hilight area of the Powder River Basin. ** Permian -3%; Mississippian Mid-Con -4%. PROJECT RANKING BY ATAX IRR Duvernay Montney Permian Gas Utica Permian Utica PRB Parkman / Montney Turner / Shannon* Marcellus Deep Basin Woodford Bakken Bakken Torquay NORTH AMERICAN PROJECT RANKING Montney Woodford Permian SAGD - Heavy Oil Montney Marcellus Spirit River Duvernay Marcellus Marcellus DJ Basin Montney Scotia Capital research, November 2019. Price assumptions: WTI US55/bbl, HH Natural Gas US2.50/mcf, AECO 1.85/mcf, USD/CAD 0.76. * Scotia analyzes a composite of the Parkman / Turner / Eagle Ford Duvernay Woodford Haynesville SAGD - Oil Sands Spirit River DJ Basin Eagle Ford Woodford Gulf Coast Eagle Ford Permian Marcellus Permian** Mississippian** 26
Vermilion Energy Inc.
December 2020

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