2012 US Lower 48 Mid-Continent year in review Report

Insight 24 January 2013

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Report summary

Despite low gas prices and a mid-year collapse in NGL prices, Mid-Continent production increased by nearly 5% in 2012. With oil prices holding steady over US$80/bbl, operators scrambled to boost oil production, increasingly turning to horizontal drilling and hydraulic fracturing of conventional oil reservoirs throughout the year. The Mississippi Lime play in northern Oklahoma and Kansas continued to attract attention as top tier companies Shell, Apache, Devon and Encana amassed huge acreage,

Executive summary
Production rises despite gas prices and drilling slowdown
- Mississippi Lime: Land grab extends to Kansas and Nebraska
  - Infrastructure requirements cause delays
- ExxonMobil and Continental chase Woodford oil
Falling NGL prices squeeze returns
- Anadarko Woodford and Granite Wash returns squeezed
But low gas and NGL prices don’t hamper deal-making
- New plays emerge as oil takes centre-stage
  - Hogshooter Wash
  - Canyon Wash
- Looking ahead to 2013
- Analysis assumptions