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Tuesday, August 7, 2012

Random Look At Bakken Operators With IPs > 1,000

The following data was sent to me by a reader; I'm posting it "anonymously." The reader has done a fair amount of work.

He took all of the IP data that was provided for the second quarter, 2012. He placed them in a spreadsheet, and then computed percentage of all wells with IPs > 1,000 bbls. This is what he got. All wells were counted, even if they were on DRL status. 

For the 2nd qtr 2012,   top 25% (  i.e. 12 companies out of total 48 reporting)
                              total                                   
                              Wells                                   Wells IP over 1,000
CLR                       45           9.83%                                 3
Hess                      36           7.86%                                  1
Whiting                35           7.64%                                  15
BEXP                     34           7.42%                                17
Oasis                    31           6.77%                                  14
EOG                      27           5.90%                                  2
Petro Hunt          20              4.37%                                  6
OXY                       19           4.15%                                1
XTO                       17           3.71%                                 5
MRO                     16           3.49%                                  10
Denbury               14           3.06%                                   7
KOG                      14           3.06%                                 5            
 
All other:            150          32.74%            

Honorable mention  BR:  9 wells completed – 6 with IP over 1,000
 
Total:                     458        100.00%

I went back to the 2nd quarter and updated any of the DRL wells that were now completed and had an IP reported. About 63 wells on DRL status now had an IP.  
For CLR,  one additional DRL well reporting, not > 1,000
For Hess, 17 DRL wells reporting; 3 more wells with IPs > 1,000
For Whiting, I did not see any more DRL wells coming off DRL status
For BEXP, six DRL wells reporting; all with IPs > 1,000
For Oasis, four more DRL wells reporting, one with an IP > 1,000
For EOG, I did not see any more DRL wells
For Petro-Hunt, two more DRL wells reporting; one with an IP > 1,000
For OXY, one more DRL well reporting; but the IP was not > 1,000
For XTO; two more DRL wells reporting; one with an IP > 1,000
For KOG, four more DRL wells reporting; three with an IP> 1,000
Comments:
1) IPs are simply one data point. Analyzing data points is difficult, but comparing them between operators is very difficult; within an operator, IPs might be more meaningful

2) CLR drills the most, but few wells with an IP>1,000

3) Whiting, BEXP, and Oasis stand out. 

4) BEXP might be an outlier, and one may want to remove BEXP from the list. That leaves Whiting and Oasis as the stand outs. But others are doing pretty well also, for example: MRO and Denbury.  
5) A lot wells came close to 1,000, but by the rules, even a well with an IP of 999 was not counted as a well > 1,000.

2 comments:

  1. The percentages are only of the number of wells reported by company divided by total number of wells reported for 2nd qtr 2012.

    No percentage was computed with respect to number of wells with IP initially reported of over 1,000.

    1,000 is a totally arbitrary cut off point - nice round number - no other meaning. Without inside info, it is just a start at getting some idea of better drilling performance and/or indication as to who started out with better acreage.

    ReplyDelete
    Replies
    1. I understand.

      It's just one more data point for folks to note.

      Delete

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