Note: in a long note like this, there will be factual and typographical errors. If this is important to you, go to the source.
Later: kallanishenergy.
Original Post
MRO link. Data points:
- overall:
- free cash flow, nearly $300 million YTD, post-dividend
- full year US oil production increased to 13% from 12% previously
- 3Q19 production up 17% from year ago
- CAPEX in line with expectations; $2.4 billion budget unchanged
- plays:
- Eagle Ford and Bakken
- more than 500 locations added since beginning of 2018
- upgraded hundreds of locations to top tier returns
- Eagle Ford: added 18,000 net acres; bolt-on acres
- new Texas Delaware oil play
- 60,000+ net acres at low entry cost
- potential for 400 extended lateral locations
- Lousisiana Austin Chalk: exploration drilling
- bottom line across all plays: greater than three years of drilling inventory added
- Bakken:
- this is incredible -- record low completed wells are now costing less than $5 million
- $4.9 million average 3Q completed well cost -- down 20% from 2018
- new single well drilling records -- spud to total depth of less than 7 days
- established new pad record for completion efficiency -- 11 stages / day
- average 3Q stages/day up 35% vs 2018
- 4-well Herbert pad achieved average IP30 of 1,720 boed (86% oil) with average CWC of $4.5 million
- extending the Bakken core
- with well costs below $5 million, able to extend top tier locations
- and look at this: of the top 100 wells in the Bakken, MRO has 60 of those wells
- MRO accounts for only 9% of wells in the Bakken
- 2018 delineation tests paid out in ~ ten months
- Ajax wells, 4Q18
- four wells
- > 1 million boe (80% oil)
- total cumulative at 240 days
- S. Hector wells, 2H18
- four wells;
- > 950,000 boe (79% oil)
- total cumulative at 200 days
- 2020 guidance
- budget at $50-oil
- break-even below $50
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