2013 US Lower 48 Mid-Continent year in review Report

Insight 12 February 2014

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Report summary

The Woodford Shale became the focus of Mid-Continent oil drilling activity as operators added rigs to delineate their positions in several oil-rich Woodford sub-plays, including Newfield's newly coined Woodford/Meramec STACK play in central Oklahoma and ExxonMobil's Ardmore Basin. Production also increased from niche tight oil plays like the Marmaton, Cleveland, and Tonkawa, led by Apache and Chesapeake, although disappointing Kansas results led to decreased activity in the Mississippi Lime.

Executive Summary
Oil development heats up in the Mid-Continent
- Working the Woodford Shale
  - Woodford Shale sub-plays
- ExxonMobil consolidates in the Ardmore Woodford
  - Woodford Shale sub-plays
- Oil pay STACKs up for Newfield
Regional issues
- Water supply and disposal
  - Increasing seismic activity
  - Natural gas replacing diesel as a fuel
- Electrical infrastructure demand
  - Electrical submersible pumps
  - Comparison of Mississippi Lime wells - with and without ESP
  - Mississippi Lime well economics with ESP installed
  - Company positioning
    - Implied acreage values across four key plays in the Mid-Continent
  - M&A activity highlights strategic shift toward more focused operations
    - Non-core divestment funds core operations
    - Move toward regional pure plays
    - Lacklustre Kansas results trigger Mississippi Lime exits
    - 2013 Mid-Continent deals