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US Lower 48 Permian - a review of 2012

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Report summary

Production from the Permian region grew by 12% to average 2.0 million boe/d in 2012. Spending on unconventionals across the region totalled US$11 billion, trailing only the Eagle Ford and Bakken. Operators ramped up development in the Bone Spring while further delineating the Wolfcamp Shale. M&A activity remained hot totalling US$12.3 billion in 2012 as key assets shifted hands in the region.

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Table of contents

    • Rig count rises
      • We estimate Permian spending in 2012 was US$18 billion, 20% more than in 2011. Of this, US$11 billion was spent on unconventional plays, which trails only the US$18 billion spent in the Bakken and US$25 billion in the Eagle Ford. Occidental was the top spender in the region, spending over US$1.5 billion to develop its massive position throughout the region.
      • The Midland Basin dominated investment in 2012 due to the emergence of the Wolfberry Play. The Wolfberry commingles production from the conventional Spraberry field with the underlying Wolfcamp Shale. The Spraberry, Wolfcamp and Wolfberry all ranked in the top four regional plays in terms of spending.
    • Emerging plays drive production growth
    • Constraints in takeaway capacity depress prices

Tables and charts

This report includes 7 images and tables including:

Images

  • 2012 average Permian Region rigs by county
  • 2011-2012 Permian rig count
  • Permian growth driven by emerging plays
  • Top producer's regional growth projections 2012-2015
  • Capex spend by company 2010-2015
  • Per cent of capex spend by play 2010-2015

Tables

  • 2012 M&A deals

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