It’s been awhile since we’ve blogged on the Barnett and I believe it’s about due time. Since natural gas prices still remain low, I’m going to stick to the hot spot of liquids production and provide an update on the combo play. Full year and fourth quarter 2011 results are coming in looking pretty good. Operators are announcing liquids growth out of the Barnett and expecting that trend to continue next year. So, I decided to take the information coming in from the quarterly releases and investigae a bit deeper using Drilling Info.
Right off the bat, I wanted to see oil wells compared to gas wells spatially. Here is a map showing Barnett wells histogram and bubled by GOR over the past 2 years.
Next, I decided to look at who the top operators were in the combo based off of permits. Shown below is a map broken down by operator over the past year.
Now that I have a general idea of who the top operators are in the combo play I took the top 3: EOG, Pioneer, and Devon. Here are some 2011 highlights along with 2012 drilling plans.
-200,000 net acres
-Total liquids production increased 107% from 2010. Driven by a 124% increase in crude oil and condensate production. 13.3 Mbo/d to 27.3 Mbo/d
-Drilled 249 net combo wells in 2011 and plan to complete 200 net wells in 2012
-Montague County key 5 wells:
Initial peak oil production rates ranging from 525 to 659 Bopd
106 to 205 Bpd of NGLs
-Self-sourcing frac sand
Pioneer Natural Resources:
-YE 2011 Proved Reserves = 33 MMBOE
-Q4 2011 Net Production = 6 MBOEPD
-Drilled 43 wells in 2011; with 42 wells put on production
-2012 CapEx = $215 million
-2 rigs operating currently and drilling program includes deferring increase from 2 rigs to 4 rigs until 2013
-Well costs = $3.5MM with 5000ft lateral (lengths were in the range of 3500 to 4000 ft)
-Gross EUR ~ 460 MBOE (16% oil, 42% NGLs, 42% gas) EURs were around 320 MBOE with shorter lateral lengths mentioned above
-Production averaged a record 1.32 Bcfe/d in 4Q 2011, an 11% increase over 4Q2010 with liquids production accounting for 21% of total production, averaging 47,000 barrels/d
-Brought 70 Barnett wells online in 4th quarter along with a 22-well pad online
-Average IPs of 3.2 MMcfe
-Including 175 b/d of natural gas liquids
-2012 CapEx = $950 million with plan to drill 300 wells
-Currently operating 12 rigs (plan to drop that to 10 rigs in 2nd quarter 2012)
-Expect liquids growth to be at an average of 53,000 b/d
Taking into account the push for crude, I wanted to take a glance at where the bigger oil wells were in the play. Shown below is a map displaying wells bubbled by cumulative barrels of oil.
It will be interesting to see operational plans unfold throughout the year in the Barnett. A good place to stay informed on operator news and presentations is the Operator Folder in the DNA Unconventional Updates.
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