I noted some time ago that for all the rigs CLR has in the Williston Basin, it seems other drillers are completing wells at a similar rate despite having fewer rigs. It was just a "feeling."
Look at slide 26 of Whiting's most recent corporate presentation (June, 2011), in which Whiting lists about 35 drillers working in the Bakken, number of wells drilled, and six-month total production (MBOE 10); these are wells drilled since January, 2009 (I may be misreading the slide, but this is what is seems to say.) (The number of rigs is my estimate over time; subject to correction)(a select few):
- WLL: 15 rigs; 72 wells drilled; 7,221 mboe 10 -- 6 months total production; 100k/well
- EOG: 8 rigs (varies; bought AEZ); 119 wells drilled; 7,134 mboe 10; 60k/well
- CLR: 22 rigs; 69 wells drilled; 4,145 mboe 10; 60k/well
- BEXP: 6 rigs; 20 wells drilled; 1,628 mboe 10; 81k/well
- BR: x rigs; 44 wells drilled; 2,847 mboe 10; 65k/well
- Slawson: x rigs; 35 wells drilled; 2,613 mboe 10; 75k/well
- MRO: x rigs; 60 wells drilled; 2,187 mboe 10; 36k/well
- XTO: x rigs; 49 wells drilled; 1,950 mboe 10; 40k/well
- KOG: 2 rigs; 10 wells drilled; 571 mboe 10; 57k/well
- Hess: x rigs; 43 wells drilled; 2,148 mboe 10; 50k/well
It's possible that one rig/Eco-Pad, and the delay in completing the fourth well, is skewing CLR's results.
WLL's impressive 6-month production results are due to the impressive wells it has in the Sanish, and the way WLL is executing its Bakken strategy: at least one Sanish well for every other well it drills.
The graphic on that page lists the drillers in order of average production/well over the last six months:
- WLL: 100k/well
- Murex: 89k/well
- BEXP: 81k/well
- Hunt: 79k/well
- Slawson: 75k/well
- American: 72k/well
- Questar: 71k/well
- SHD: 68k/well
- Zavanna: 65k/well
- BR: 65k/well
- Petro-Hunt: 62k/well
- CLR: 60k/well
- EOG: 60k/well
- Fidelity (MDU): 57k/well
- KOG: 57k/well
- Anschutz (OXY): 57k/well
- SM: 54k/well
- Newfield: 53k/well
- Zenergy: 51k/well
- Hess: 50k/well
- Tracker (Hess): 49k/well
- Oasis: 46k/well
- Peak: 46k/well
- Encore (Denbury): 45k/well
- Sinclair: 44k/well
- XTO: 40k/well
- Lario: 40k/well
- MRO: 36k/well
- Baytex: 32k/well
- Cirque: 30k/well
- Samson Resources: 29k/well
- PDC: 27k/well
- Panther: 21k/well
- Sagebrush: 16k/well
Hopefully, WLL updates this data a year from now.
could the total be the net wells for the driller and be axcluding shairs owned by others such as nog ,etc? jj
ReplyDeleteI suppose it's possible, but I've been typing in IPs and cumulative totals (when available) for every well for over a year now, and the numbers really suggest this is average for each company's operated well. I can't imagine the average of all wells for Whiting, for example, to exceed 100,000 bbls/well. That's a huge number. 100,000 bbls/well in six months. If one thinks that there was even more oil/well not accounted for by others who had a working interest, the numbers would be even more astounding. 100,000 bbls/well/6 months is quite incredible.
ReplyDeleteLikewise it jives with what other folks have said about MRO wells.
I could be wrong, but I think this is the total amount of oil, on average, produced by a single well, produced by the operator -- if that makes sense (and does not include wells in which the company listed was a non-operator, which would make things even more confusing).
I meant to say that the net wells drilled not the amount produced per well.jj
ReplyDeleteWhatever the specifics, or the explanation, I hope WLL continues to report that metric in their presentations. It is a very interesting metric.
ReplyDeleteI'm looking for a handful of metrics to track Bakken companies, such as a) total net acreage; b) number of rigs; c) wells drilled/6 months; d) production/6 months; etc.