Prices:
- average realized sales price (excluding effects of derivatives), oil: $90
- average realized sales price (excluding effects of derivatives), NG: $5
- average realized sales price (excluding effects of derivatives), boe: $72
- hedging loss: $0.63/bbl boe
- $5.70/boe, significantly lower than $5.90/boe from 4Q12
- 10.9 million boe x 20 cents/boe savings = $2 million in savings past quarter on production expense
- expense higher than annual guidance ($5.20 to $5.60) due to typical winter weather
- expectation: production cost to decrease through majority of rest of year
- Production taxes:8.2% of oil and natural gas sales
- DD&A: $20/boe
- B&A: $3/boe
- Total cash: $60 million
- Total debt: $4 billion
- net production: 76,900 boepd; up 12% from previous quarter; up 60% from year ago
- 22 rigs
- 1.2 million net acres
- 66 net wells in 1Q13
- backlog: 80 gross wells drilled but not completed; down from 4Q12, but will grow at various times during the year due to pad drilling;
- ND wells: 84% oil; IPs averaged 1,125 boepd; EUR 603,000;
- MT wells: 87% oil; IPs averaged 670 boepd; EUR 430,000;
- Barney 2-29H-2, 2nd bench, IP of 1,075 boe, 16 miles north of Charlotte pad
- Stedman 2-24H-2, 2nd bench, IP of 1,030 boe, Stedman pad, western flank near Montana stateline, 35 miles NW of Charlotte pad,
- Stedman 3-24H-3, 3rd bench, IP of 465, Stedman pad, see above
- inclusive of these wells: 6 producing wells in the lower benches with average 1,170 boepd
Charlotte pad and Angus:
- Charlotte 2-22H, 2nd bench, 116K boe over 18 months
- Charlotte 3-22H, 3rd bench, 55K boe over 5.5 months
- Angus 209H-2, 2nd bench, 53K boe over 2 months
- test 320-acre and 160-acre spacing in Middle Bakken and first three benches of the Three Forks
- 47 gross wells in the pilot density program
- Hawkinson pad, Dunn County: has drilled 8 wells; currently drilling the 9th on its first 320-acre pilog density project
- Wahpeton pad, McKenzie County: drilling underway on the 13-well, 160-acre pilot
- Tangsrud pad, Divide County: drilling underway on 12-well, 320-acre pilot
- Rollefstad pad, 320-acre pilot; scheduled to spud in 2H13
- Summary: 47-well pilot density program: 10 wells currently drilling; 10 wells waiting completiong; 27 wells yet to be drilled
- Once each pad has reached IP, the wells will be announced together as part of quarterly results
- 22 currently; but will reduce to 20 due to efficiencies
Great summary Bruce. Thanks.
ReplyDeleteThank you. I was a bit late getting to this. Earnings season is always overwhelming.
DeleteI think one could be fully occupied just tracking Continental Resources.
Doing these summaries is the only I can (sort of) keep up.