CLR's legacy of success:
- Cedar Hills field: first field developed completely with horizontal drilling
- Elm Coulee field: unlocked the code with horizontal drilling and open hole frac
- ND Bakken: first economic well that was horizontally drilled with a staged frac
- ND Bakken: proved the Three Forks as a separate reservoir
- Anadarko Woodford: extended the play significantly northwest and southeast
- today: extending laterals up to three miles (2012)
- 2010: 3x production year-end 2009 through year-end 2013, to 112 million boepd
- the 2010 goal will be achieved 18 months early (July, 2012)
- the 2009 production had been 13.6 million boepd; the 2014 goal was 41 million boepd
- CLR: #1 oil producer in the Williston Basin - 8 million bbls
- HES: 6 million bbls
- WLL: 5.2 million bbls
- EOG: 4.9 million bbls
- COP: 3 million bbls
- CLR and Hess accelerating; WLL, EOG, COP fairly flat
- 3x proved reserved year-end 2009 through year-end 2014
- proved reserves, 2009: 257 million boe
- proved reserves, 2014, goal: 771 million boe
- accelerate oil-rich inventory
- capitalize on growth platforms in place (Bakken, Anadarko Woodford)
- generate new oil plays
- USGS, 2008: 3.7 billion bbls technically recoverable oil
- CLR, 2010: 24 billion bbls technically recoverable oil
- CLR, 2012: 903 billion bbls of oi in place
- 2009: 645,347
- 2010: 855, 936
- 2011: 915,863
- 2012: 972,056
- $850 million: $235 development; $60 dev pilot; $80 lower TF accelerated de-risking; $60 other northern region new plays; $150 southern region new plays; $240 leasehold;
- 110 net wells
Slide 33: demand for Bakken growing faster than production
2012 goal
- 3x production by year-end 2017: from 97K boepd today to 300,000 boepd in 2017
- 3x proved reserves by year-end 2017: from 508 million boe to 1.524 billion boe in 2017
- CLR will move from independents (CXO, DNR, PXD, WLL, XEC, SD) to join the super-independent (EOG, DVN, APC, APA)
It is a good event. They have some new substance, some new people, and loads of optimism. Nice weather and nice people.
ReplyDeleteAnon 1
Some new substance... including a few more net acres in the Bakken.... a slight increase...and CLR always seems to deliver on its promises.
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