E&P activity targeting the Cleveland formation in the Anadarko Basin more than doubled in 2023 with 46 new wells reaching first production, compared to 20 in 2022 and similar levels the previous two years. The increase has bucked the overall trend in the Anadarko Basin, where completion activity decreased to 589 new wells in 2023 from 630 in 2022.
A large portion of the increase is attributable to privately owned Mewbourne Oil increasing its program from 11 wells in 2022 to 21 in 2023. In particular, Mewbourne ramped up activity in Ellis County, Oklahoma, to 16 new wells last year versus two in 2022.
Even excluding Mewbourne from the tallies, there was still an 11-well increase last year at 25, with the most active operators being Duncan Oil Properties (six wells), Latigo Petroleum (six) and Upland Operating (five). Each of these companies at least doubled their tally YOY. Nine companies had new wells tapping the Cleveland in 2023, up from six in 2022.
So far in 2024, permitting activity suggests another active year for the formation. A total of 72 Cleveland permits were approved in 2023 compared to 25 in 2022. As of April 10, 19 permits have been approved YTD, including 14 filed by Mewbourne.
Big increase in laterals and frac loads helped boost Mewbourne IP90s 44%.
Besides being the most active Cleveland player, Mewbourne’s productivity in the formation also leads its peers. In 2023, the company’s new wells delivered 90-day cumulative volumes of 71,608 boe (59% oil) per well—a 44% increase from its 2020-2022 average. To achieve that increase, Mewbourne is using 31% longer laterals at 9,201 ft, more than 2.5x higher proppant intensity at 1,703 lb/ft and more than double the fluid intensity at 43 bbl/ft, according to Enverus Foundations data. On a normalized basis, the company’s 2023 IP90s averaged 6% higher than the previous three years at 91 boe/d per 1,000 ft.
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