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Lower 48 oil and gas breakeven analysis update

Lower 48 oil and gas breakeven analysis update

Report summary

In an update to our March 2015 breakevens analysis, we assess the impact of a lower oil price on more than 1,600 company assets. This detailed data set demonstrates which operators and plays are most exposed to low prices and provides a rigorous look at what the future may hold. Key findings include:

  • The Wolfcamp edged out the Eagle Ford for the lowest weighted-average breakevens at US$52/bbl 
  • Gas-weighted operators with core positions have suffered less than liquids-focused players 
  • Three sub-plays spanning the Mid-Continent, Eagle Ford, and Permian can hold their own and generate positive cashflow at US$50/bbl WTI
  • More than 600,000 b/d in 2016 could be supported by a price change from US$45/bbl to US$65/bbl (WTI)

The analysis provides production forecasts for both oil and gas, supply curves, company weighted development breakevens, well cost sensitivities, debt adjusted company exposure and international comparisons to give you the information you need to succeed in uncertain times.

What's included?

This report includes 2 file(s)

  • L48 Breakevens Benchmarking September.xls XLS - 2.20 MB
  • L48 Breakevens Benchmarking September.pdf PDF - 1.08 MB


This Upstream Oil and Gas Insight report highlights the key issues surrounding this topic, and draws out the key implications for those involved.

This report helps participants, suppliers and advisors understand trends, risks and issues within the upstream oil and gas industry. It gives you an expert point of view to support informed decision making.

Wood Mackenzie's 500 dedicated analysts are located in the markets they cover. They produce forward-looking analysis at both country and asset level across the globe, backed by our robust proprietary database of trusted research.

Proprietary data means a superior level of analysis that is simply not available anywhere else. Wood Mackenzie is the recognised gold standard in upstream commercial data and analysis.

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