As noted in part 1 of this blog, I am taking this opportunity to look at the “other” operators in the Fayetteville Shale play and how they match up to the dominate operator, Seeco. Petrohawk is next in line with its 2 subsidiaries, One Tec Operating and KCS Resources. Petrohawk has 213 currently producing wells which pale in comparison to Seeco’s 1,162 or Chesapeake’s 491.
In the first part of this series we looked at acreage, permits, well performance and production as indicators of success and activity in the play. The following table allows us to easily see how each operator compares to the other top operators in the play.
As we can see in the table, Petrohawk only hold about 18% of the acreage that Seeco currently holds and they have roughly a tenth of the number of granted permits. Their average prac IP (2nd month production) is around 28% less than Seeco, with their average first 6-month cum 26% less. We recognize there are a variety of reasons why Petrohawk’s and Seeco’s these values may be different like varying rock quality where they are drilling or Seeco being further along the learning curve in this play. Next we can look at the type curves to get an overall sense of the type curve across the basin keeping in mind that these type curves are not necessarily an indication of operator performance since the potential for amount that can be produced can vary across the play.
That finishes up the top 3 operators in the Fayetteville. In the last part of the series we will look at XTO, the number 4 operator in the play.
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