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  Economics : Type Curve

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HOWARD COUNTY IS THE GROWTH ENGINE OF THE PERMIAN Howard County production mix has the highest oil percentage and margins across the Midland Basin (ie. best economics) and has seen the most rapid growth in oil volumes of all the major Midland Basin Counties Howard County: Highest Oil Content Drives Value Midland Basin Oil Production 5 yr CAGR by County (1) 100% Howard 49% 90% Midland 37% % of Cum Boe (2-stream) 80% Martin 36% 70% Glasscock 17% 60% Upton 15% 50% Reagan 14% 40% 0 6 12 18 24 30 36 Months Irion -6% HPK (Jasmine) Crockett Glasscock Howard Irion Martin Crockett -12% Midland Reagan Upton Source: Enverus. (1) From Jan 2015 to Jan 2020. 10
HighPeak Energy
March 2021

Top Tier Portfolio Drives Sustainability Positioned for continued industry leading capital efficiency Historical MRO vs. Historical Industry Capital Efficiency1 (Since 2018) Established track 50 record of top tier MRO Bakken Myrmidon & Hector/Ajax capital efficiency Avg 180D Cum mboe / TWC Over 90% of MRO Bakken and 40 EF forward inventory across broader Bakken (20:1 mboe/mil)1 MRO Eagle Ford Karnes, Gonzales, & Atascosa Counties concentrated in these high- and Eagle Ford 30 quality areas positions per Oil independent third party 20 Gas data 10 Sustainability of Each bar is the average of a given operators 2018-2020 capital efficiency in a given county capital efficiency 0 advantage MRO 2021 to 2025 Maintenance Scenario Capital Efficiency vs. demonstrated by 5 Year 50 Historical Industry Capital Efficiency1 Benchmark Avg 180D Cum mboe / TWC Capital efficiency of 5 Year Maintenance Scenario 40 Bakken Benchmark Maintenance (20:1 mboe/mil)1 Permian Scenario wells among best in High quality inventory 30 Eagle Ford industry across multi-basin Oklahoma Average 2021 to 2025 portfolio underpins 20 MRO Capital Efficiency in Maintenance Scenario delivery of consistently 10 strong financial outcomes Each bar is the average of a given operators 2018-2020 capital efficiency in a given county 0 1 Capital efficiency defined as average cumulative 180 day 20:1 mboe per total well cost (TWC) estimate from Rystad Energy in millions. Based on 24,000 wells from Anadarko, Delaware, DJ, Eagle Ford, Midland, Powder River, and Williston basins with first production in 2018 or later, 180 days of production data and a TWC estimate from Rystad Energys ShaleWellCube dataset, and lateral length of 2000 ft. Wells grouped by operator then by county into sub-groups; sub groups with <10 wells removed leaving 390 sub-groups with 18 10 or more wells
Marathon Oil Corp
February 2021

Passow-Gilbert Package Key to 1Q-21E Oil Production 15-well package fully completed in early December 2020 Package averaged oil production of 10,000 gross BOPD for 26 consecutive days prior to winter storms in Permian Basin All four Lower Spraberry wells recently cleaned up and oil production was increasing prior to winter storms Passow-Gilbert Cumulative Oil Production 180 Cumulative Production (MBO) LPI Leasehold Passow-Gilbert Package 150 120 90 60 30 0 0 60 120 180 240 300 360 Production Days Passow-Gilbert Wolfcamp Avg. Passow-Gilbert L. Spraberry Avg. Howard County Wolfcamp Budget Howard County L. Spraberry Budget Note: Production data normalized to 10,000 lateral length (average lateral length for package is 9,923); wells are considered producing when production reaches 200 BOPD; rates are preliminary field measurements and are subject to change; data as of 10 2-10-2021
Laredo Petroleum Inc.
February 2021

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