So, here's a look at the August, 2019, corporate presentation for Oasis Petroleum. Link here.
Disclaimer: this was done quickly. Some charts hard to interpret without the narrative. There will by typographical and factual errors. If this is important to you, go to the source. This was posted just to help me compare the Bakken with the Delaware (Permian)
Net acres
- Williston: 414,000
- Delware: 23,000
- Williston: 1,385 drilling locations
- Delaware: 600 - 700 drilling locations
- Williston: 2 - 3 (look at the efficiency -- 70 wells to be completed; 2 or 3 rigs)
- Delaware: 2 (ten wells to be completed; 2 rigs)
- Williston: 82,000 boepd ((will drop slightly y-o-y in 2019)
- Delaware: 6,000 boepd (will increase y-o-y in 2019)
- Williston: $7.6 million / well
- Delaware: $11.5 million / well (target: $9.6 million / well)
- Williston, 2019: target ~ 70 well completions
- Delaware, 2019: target ~ 10 well completions
- Year-to-date: positive cash flow: targeting $16 million in 2019
- Williston asset producing FCF to fund Delaware and OMP growth
- full year (2019): targeting $80 million FCF at $50 WTI
- full year (2019): targeting $110 million FCF at $60 WTI
- OMP outspend due to Delaware infrastructure build-out and funding Oasis' interest in Bobcat DevCo
- enhanced completions expand top tier position
- top tier:
- Montana: 27
- enhanced completions
- Red Bank perimeter: 56
- Red Bank, Painted Woods, Indian Hills: 63
- S Cottonwood: 8
- additional upside:
- N Cottonwood: 7
- others:
- Montana perimeter
- Wild Basin (North Dakota)
- Alger (Mountrail County)
- 1,385 top-tier operated locations: 20+ year inventory life at current rig pace
- South Cottonwood now top-tier inventory
- South Cottonwood
- pre-2016: 2,122 bbls cum 3 months
- 2016+ wells: 5,189 bbls cum 3 months
- Bakken average, 2016+: 5,358 cum 3 months
- Painted Woods
- pre-2016: 3,028
- OAS recent tests: 5,720
- 2016+ Bakken average: 5,358
- similar in Montana
- Oasis is #2 boe / #3 bo in "Williston well productivity" but pretty much tying #1
Other:
- Oasis' MLP is now the 2nd largest gas processor in the Williston Basin after hte startup of Wild Basin Gas Plant II in December 2018
- Bobcat DevCo
- Panther DevCo -- crude oil gathering and produced water in the Delaware Basin
- UL Rattlesnake: one month cum of 3,500 bo/1,000 feet of lateral
- UL Kerwin: three month cum of 7,500 bo/1000 feet of lateral
- UL Stampede: 12 month cum of 21,000 bo/1000 feet of lateral
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