Breaking even in a recovery: Lower 48 oil and gas breakeven analysis and company benchmarking Report

Insight 19 December 2016

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Report summary

Where will capital be deployed as the Lower 48 moves further down the cost stack? Which operators are best positioned to take advantage of the move into the middle of the supply curve? And how will rising service costs impact available supply? We have updated our comprehensive breakeven analysis of more than 800 oil & gas assets in Wood Mackenzie's Lower 48 coverage to answer the new questions on the minds of operators and investors. Based off our proprietary Global Economic Model ('GEM'), this detailed data set and analysis goes across plays and operators to benchmark performance, demonstrate exposure to low prices and provide a look at what the future may hold in a rising cost environment.

Executive summary
- What do breakevens look like now?
  - An updated Lower 48 cost curve to analyse how oil & gas plays compete for capital
- How have breakevens fallen during the downturn?
  - Examination of the impact of cost reductions vs. improving productivity rates on breakevens
- Where could breakevens go as costs begin to recover?
  - Scenarios on increasing service costs and the resulting impact on at-risk supply