Operators

Bolstering the Bakken’s twilight years

EIR’s annual Williston Play Fundamentals urges operators to redevelop amid limited sub-$50/bbl locations, emphasizing refracs and other drilling strategies

byEnverus

CALGARY, Alberta (Aug. 20, 2024) — Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, is releasing its annual Williston Play Fundamentals that examines the distribution of remaining inventory across the play using economic and geologic viability. The report also dives into redevelopment performance and remaining potential, including refracs, lease line wells and drill-overs.

“Bakken operators are facing a critical decision: when to lean into redevelopment, with only 1,400 sub-$50/bbl breakeven locations remaining,” said EIR analyst and co-author Morgan Howrish. “We suggest sooner than later, by executing on multiple strategies: refracs, tight-infills, drill-overs and lease line wells. These options could unlock nearly 3,000 additional locations across the basin, all vying for investment particularly in the play’s core where remaining inventory is scarce.

“Refracs, especially those with high proppant intensity, are emerging as contenders to help supplement basin wide production. Their mid-$50s breakevens can contend with new drills, albeit with a wider range of outcomes. While long laterals are becoming more common, they represent just 20% of new drilling activity as they are largely being executed in the extensional regions of the basin,” Howrish said.

Key takeaways from the report:

  • Williston operators have executed about 15% more refracs than those in the Eagle Ford. While results vary, EIR finds that average refracs in the Williston produce about 50% of new drill estimated ultimate recovery (EUR), outperforming the Eagle Ford’s roughly 25%.
  • Co-completing the Three Forks with Middle Bakken results in up to 15% better recoveries than lagged equivalents, presenting a strategy best suited for operators in the core of the play where most sub-$50/bbl Three Forks locations are held.
  • Some refracs are averaging 45% of new drill EUR.

Play Fundamentals is an EIR research series that dives into a key geographical basin or technology. A collective series, with each play updated annually, it includes technical research and interactive maps, investment opportunities, benchmarking, macro trends and basin analytics, empowering readers to make intelligent connections and, overall, more informed investment, operating and strategic decisions. It is considered the most in-depth research EIR offers and among the most-read analysis series in the energy industry.

EIR’s analysis pulls from a variety of Enverus products including Enverus Intelligence® Research, Activity Analytics, Forecast Analytics and Placed Well Analytics.

You must be an Enverus Intelligence® subscriber to access this report.

About Enverus Intelligence® Research
Enverus Intelligence ® | Research, Inc. (EIR) is a subsidiary of Enverus that publishes energy-sector research focused on the oil, natural gas, power and renewable industries. EIR publishes reports including asset and company valuations, resource assessments, technical evaluations and macro-economic forecasts; and helps make intelligent connections for energy industry participants, service companies and capital providers worldwide. Enverus is the most trusted, energy-dedicated SaaS company, with a platform built to create value from generative AI, offering real-time access to analytics, insights and benchmark cost and revenue data sourced from our partnerships to 95% of U.S. energy producers, and more than 40,000 suppliers. Learn more at Enverus.com.

Media Contact: Jon Haubert | 303.396.5996

View all press releases at Envers.com/newsroom.

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