News Release

Enverus Unearths Full, North America Inventory in Basin-By-Basin Deep Dive

byEnverus

Comprehensive analysis calculates 125,000 undeveloped drilling locations amounting to 60 billion barrels of untapped oil and 320 Tcf of undeveloped natural gas

Calgary, Alberta (October 25, 2022) — Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS platform, has released a basin-by-basin look at North American drilling inventory and an analysis of how many well locations remain at various prices.

“We believe the fear around near-term shale drilling inventory exhaustion is largely overblown,” said Dane Gregoris, report author and managing director at Enverus Intelligence Research.

“The limited response of U.S. crude oil and gas production to high commodity prices primarily reflects ongoing capital discipline by producers as well as availability constraints of drilling rigs, frac fleets and labor. Inventory exhaustion is not the problem in our view.

“We expect many non-Permian oil plays will face inventory exhaustion by the end of the decade at current activity levels.”

Key takeaways from our North American Inventory Analysis:

  • EIR estimates there are 125,000 remaining undeveloped locations, amounting to 60 billion barrels, that break even below $40 WTI across North America. The Midland and Delaware basins combined make up 85% of the sub-$40 WTI North American oil cost curve.
  • North America holds 320 Tcf of undeveloped natural gas resource (pre-shrink) that breaks even below zero HH at a flat $60 WTI price, of which 82% is Permian based. An additional 815 Tcf of resource breaks even between zero and $3 HH, with 92% residing in the Montney, Haynesville, Marcellus and Utica.
  • Privately funded E&Ps are running 45% of drilling rigs and 50% of completion crews in today’s U.S. growth basins, the Midland, Delaware and Haynesville. In EIR’s opinion, this cohort risks inventory exhaustion concerns over the next three to eight years; in contrast, large-cap independents, U.S. supermajors and natural gas-focused E&Ps are in far better shape and can hold activity levels for nearly 15 years without facing severe inventory deterioration.

Members of the media should contact Jon Haubert to schedule an interview with one of Enverus’ expert analysts.

About Enverus
Enverus is the most trusted, energy-dedicated SaaS platform, offering real-time access to analytics, insights and benchmark cost and revenue data sourced from our partnerships to 98% of U.S. energy producers, and more than 35,000 suppliers. Our platform, with intelligent connections, drives more efficient production and distribution, capital allocation, renewable energy development, investment and sourcing, and our experienced industry experts support our customers through thought leadership, consulting and technology innovations. We provide intelligence across the energy ecosystem: renewables, oil and gas, financial institutions, and power and utilities, with more than 6,000 customers in 50 countries. Learn more at Enverus.com

About Enverus Intelligence Research
Enverus Intelligence Research, Inc. is a subsidiary of Enverus and publishes energy-sector research that focuses on the oil and natural gas industries and broader energy topics including publicly traded and privately held oil, gas, midstream and other energy industry companies, basin studies (including characteristics, activity, infrastructure, etc.), commodity pricing forecasts, global macroeconomics and geopolitical matters.

Media Contact: Jon Haubert | 303.396.5996

Picture of Enverus

Enverus

Energy’s most trusted SaaS platform — creating intelligent connections that uncover insights and opportunities to deliver extraordinary outcomes.

Related News

Enverus Intelligence Research Press Release - Upstream M&A sails to $17 billion in 1Q25
News Release
ByEnverus

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 summary of 1Q2025 upstream M&A activity and outlook for the rest of the year.

Enverus Press Release - Enverus releases Investor Analytics: Refined, actionable financial insights at your fingertips
News Release
ByEnverus

Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, announced today it has added Investor Analytics to its suite of offerings.

Enverus Intelligence® Research Press Release - Pains and Gains in the Haynesville
News Release
ByEnverus

Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS company that leverages Generative AI across its solutions, is releasing a series of reports focused on its Haynesville growth forecast including natural gas production, operational efficiencies and...

Enverus Press Release - Welcome to EVOLVE 2025: Where visionaries converge to shape the future of energy
News Release
ByEnverus

Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, is inviting members of the media to EVOLVE 2025, a conference where visionaries converge to shape the future of energy. The conference will be held May...

Enverus Intelligence® Research Press Release -
News Release
ByEnverus

Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS company that leverages Generative AI across its solutions, is releasing a report looking at the impact of increased oil sands production on in-basin demand for condensate, a...

Enverus Intelligence® Research Press Release - The Canadian oil sands’ low-breakeven resource advantage
News Release
ByEnverus

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 Oil Sands Play Fundamentals report that examines recent development trends, remaining resource and associated economics...

Enverus Intelligence® Research Press Release - Waha prices expected to go negative (again)
News Release
ByEnverus

Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS company that leverages Generative AI across its solutions, is releasing a report examining how recent pipeline project approvals have changed the picture for natural gas transportation as...

Enverus_Press_Release_Fundamental_Edge_1Q25_Thumbnail
News Release
ByEnverus

CALGARY, Alberta (April 1, 2025) — Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS company that leverages Generative AI across its solutions, has released its latest Fundamental Edge report. EIR’s report focuses on the outlook...

Enverus Intelligence® Research Press Release - Surge in clean energy demand intensifies market competition
News Release
ByEnverus

Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, is releasing a report on the surge in renewable power purchase agreements (PPAs) taking place since 2020.

Find Out How Enverus Can Help Your Business

Subscribe to the Energy Blog

A weekly update on the latest “no-fluff” insight and analysis of the energy industry.

Let’s get started!

We’ll follow up right away to show you a quick product tour.

Let’s get started!

We’ll follow up right away to show you a quick product tour.

Get Started

Register Today

Sign Up

Power Your Insights

Connect with an Expert

Access Product Tour

Speak to an Expert