Sixteen slides.
Some numbers rounded; ranges may differ.
Slide 3: emphasis on STACK/SCOOP
Slide 4:
- 2016 - CAPEX slightly less than $1 billion to maintain 200,000 BOEPD
- cash flow neutral at ~ $37 WTI
- $200 million cash flow impact +/- $5 move in WTI
- 19 operated drilling rigs (32% reduction from 2015 average)
- 2.5 completion crews in South; 0 to 1 in the Bakken
- over-pressured STACK shows 3X production uplift compared to normally-pressured wells
- enhanced completions in SCOOP generating 35% increase in 180-day IP rates
- Bakken DUCs provide catalyst for high ROR with lower incremental cost in 2017
- Bakken drilling: $320 million
- SCOOP/STACK drilling: $400 million
- Slide 5, continued, DUCs:
- Bakken: 195 year-end 2016; compare to 135 year-end 2015
- Oklahoma: 50 year-end 2016; compare to 35 year-end 2015
- Bakken: 1,045,000 acres
- Oklahoma: 850,000 acres
- Slide 13, the Bakken
- average EUR up 13% from 2015
- 2016 target average EUR: 900,000 boe/well
- 2015 target average EUR: 800,000 boe/well
- finding/development costs cut by 50% in 2015 (per boe)
- increasing DUC backlog (see above
- year-end DUC EUR average of 850,000 boe
- company records:
- two-mile lateral drilled in 2.2 days
- three-mile lateral drilled in 4.7 days
- completion cost reductions
- fresh water: down 55%
- water handling: down 55%
- stimulation services: down 55%
- perforating: down 30%
- no near-term debt maturities
- earliest is $500 million 11/2018
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