Insight
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7 Pages

US unconventional exploration creates value, just not for everyone


US unconventional exploration creates value, just not for everyone

Report summary

Of industry's 33 global exploration leaders, just 17 implement a US unconventional onshore exploration programme.  Combined, these companies' exploration efforts have created a net value of US$15.7 billion.  However, individual companies fair very differently.  Our work shows that only six of the 17 companies actually created any value at all.  Value creation may be elusive, but if companies spend the money then reserves will be added.  And this group of 17 companies has spent a mammoth...

What's included?

This report includes 2 file(s)

  • US unconventional exploration creates value, just not for everyone PDF - 497.63 KB 7 Pages, 0 Tables, 4 Figures
  • US unconventional exploration creates value just not for everyone October 2013.xls XLS - 133.50 KB

Description

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.

  • Executive summary
  • Scope
  • Reserve destruction does not exist, but value destruction does
    • Only Anadarko, ConocoPhillips, Noble, Murphy, Marathon and BG create value
    • Lots of companies create reserves, but only the best generate liquids reserves
  • Few strategies outperform, others provide lessons learned
    • Unproven acreage bundled in acquisitions
    • First movers and fast followers
    • Legacy acreage
    • Peripheral acreage
    • New plays
  • The domestic inequality gap widens as the search goes international

In this report there are 4 tables or charts, including:

  • Executive summary
  • Scope
  • Reserve destruction does not exist, but value destruction does
    • US unconventional value and reserves creation through exploration
    • US unconventional organic lease costs, exploration spend and commercial play development value
    • US unconventional organic liquid and gas reserves creation relative to global discoveries
  • Few strategies outperform, others provide lessons learned
  • The domestic inequality gap widens as the search goes international
    • Plays that companies have commercialised through exploration and the reserves created (mmboe)
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