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 2^nd 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.