Chord: Three Rigs; More Miles WIth More Three-Mile Laterals -- August 24, 2022

From The Williston Herald, "The Energy Chaser":

Whiting and Oasis had its first earnings call as the newly named Chord Energy, and outlined an ambitious game plan for the Bakken. 

They plan to run a three-rig program here, with 1.5 hydraulic fracturing crews. 

While that's a reduction in rigs, it's not a reduction in lateral miles, signaling a shift to more three-mile laterals. 

CEO Danny Brown during the conference call with investors said that the companies integration process is being seen as an opportunity to challenge the status quo, and improve how it's doing everything up and down the line. The result of that is $100 million per year in "synergies" that the company will implement over time. 

These range from a shift to more modular buildings to using less sand down the wellbore. 

While none of the changes is earth-shattering, the combination of them is adding up. As for whether there's an appetite for adding more acreage to its already 10 years worth of inventory that's economic at $60 per barrel WTI, there is absolutely is, Brown said. 

It will have to be the right opportunity, though, as the company will continue to guard against having high debts. The merger of equals between Whiting and Oasis has created the Bakken's second largest producer, just behind Continental. 

The company is essentially debt free, putting it in an enviable position in the Bakken.

Earnings call, at The Williston Herald.