US upstream week in brief: Q3 2018 archive Report

Insight 25 September 2018

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Report summary

The US week in brief report highlights the need-to-know events from US upstream. It is a rolling document, continuously updated with our own analysis and opinion on events impacting the sector. Coverage includes US onshore and Gulf of Mexico. Sources for the news stories include company press releases, industry events, press coverage, and our own modelling changes. The facts are presented, but more importantly we discuss implications for our modelling.

Riley Permian set to become the second CBP pure play
Rock Science: Permian fracture study yields big benefits
Tall City gets a piece of the Warburg war chest
Industry and investor roadshows
Apache quietly pursues Montana exploration
Could a Permian NGL pipeline bring near-term relief to crude bottlenecks?
Hilcorp takes another step toward reigning the San Juan Basin
With an eye on costs, Pioneer locks up future sand supply
Diamondback and Carlyle ink strategic DrillCo in the Delaware Basin
LNG and pipeline agreements signal help for Permian gas
Louisiana Austin Chalk shows signs of possibly being a dud
Six-figure acreage prices in the Permian? Almost.
Cost inflation: cause for concern or minimal threat?
Multi-zone Marcellus: breaking out the upper potential
Appalachian consolidation continues: Rex assets a perfect fit for PennEnergy
Initiative 97 threatens to make Colorado's uphill battle significantly steeper
Alaska quietly becoming key exploration region for global companies
Riding out the Permian pipeline storm
Key Play update: Middle Bakken water saturation
The gas you don't model makes up a third of the market
Eclipsing the competition with more Utica consolidation
Calling out the biggest changes in our Permian models
Carrizo expands its Delaware footprint
Competition returns in Gulf of Mexico Lease Sale 251
A changing dynamic in the Gulf of Mexico
Diamondback rattles first and bites second
Powder River optimism surge?
Diamondback acquires Ajax Resources
Long-term production goals in jeopardy for Sanchez Energy?
Q2 earnings roundup: Maintaining capital discipline a thing of the past?
Kosmos the explorer acquires Deep Gulf Energy the developer
Everything Is Faster In The Permian - Including Decline Rates
Updated company acreage spreadsheet
Barnett Shale transactions confirm a new buyer class for mature shale assets
Investment in the Eagle Ford is increasing, and not only by BP
Permian slow down? EIA numbers catch some by surprise
Chesapeake sells Utica position to private Encino for $2 billion
Similar name, altered outlook: BP buys BHP's Lower 48 assets
URTeC 2018 Summary: more questions than answers?
Penn Virginia explores strategic alternatives amid strong stock performance
QEP Resources needs to get resourceful on Bakken divestment
What's new in the West Coast?
When Will Permian & US L48 Onshore Oil Supply Peak?
Upcoming Bakken technologies revealed
Mid-year M&A review reveals a generally sluggish market
ConocoPhillips' Alaskan assets easily compete with Permian tight oil
Plains tariff exemption rejected, down but not out
US tight oil supply curve update: competition for capital heats up
Key takeaways from our latest Niobrara key play update
Buyers benefit as QEP progresses towards a Permian pure play
Steel tariffs and early data points on pipe costs
Fed survey validates business concerns of Permian producers
Effective asset swap gives ConocoPhillips more flexibility in the US
Osaka Gas ventures into the Haynesville shale to build its LNG value chain
A combination of big Utica deals finally cross the line
Midstates makes moves again on proposed SandRidge merger
A 'diversified' buyer helps form a more focused EQT
Lifting the lid on artificial lift concerns
Is 2 bcfd of Permian gas takeaway relief coming soon?
Bakken asset sales: 'non-core' does not mean a lack of willing buyers
A clear message for northeast gas: keep dropping costs
Are Cushing bottlenecks back again?
Canary in the coal mine as basis differentials cause Halcón to drop a Permian rig
Denbury takes $1 billion FID on the first EOR project since the downturn
Cox Oil picks up Energy XXI's GoM Shelf assets
Oklahoma City roadshow notes
Pioneer to sell Rockies Raton
Midstream Texas conference takeaways
Permian Basin gets bigger and bigger - How we approach type curves
New Permianplayer DoublePoint Energypoisedfor growth
EIA Annual Conference: water and technology captured our attention
Updated type curves add more granularity to Wood Mackenzie's Key Play service
Permian bottlenecks will force production growth to slow over the next 12 months
BP well performance drives up Haynesville outlook
Does Permian Basin oil have a produced water problem?
SCOOP-STACK-SAND: Not just another acronym – It's Oklahoma's first in-basin sand mine
Permian-player Lilis gets flow assurance with no upfront costs or obligations
Shell finds more Jurassic GoM success with the Dover discovery
Cheniere Corpus Christi LNG expansion could offer relief for upstream gas assets
Callon picks up Delaware Wolfcamp acreage for $570 million
Cracking the code in the Powder River: geothermal hotspots demonstrate core acreage potential
DUG Permian takeaways
Podcast:Permian Oil Prices - Headed For Shut Ins?
Key changes to our Delaware Wolfcamp type curves
How much more US oil will comewith higher prices?
Matador equity raise: opposite approach to peers
Shortage of Tier 4 diesel engines: natural gas to the rescue?
Dallas Roadshow: What's on the industry's mind?
How exposed are operators to takeaway constraints and Midland basis pricing?
Why did companies overshoot capex in the first quarter?
Podcast: Higher oil prices are good for shale players, right?
New implications for deepwater Gulf of Mexico: our learnings from OTC
Devon's quarterly results set them apart
A resurgence in Louisiana: Marathon becomes the third large cap to throw its hat in the ring
Stone Energy acquires Ram Powell from Shell in deepwater GoM
Economics showdown: ESP vs gas lift in thePermian
Bucking the trend: Parsley Energy downsizes pads
US gas titans make progress on execution in Q1
EOG to free up more capital for Lower 48
DUG Rockies 2018: Rockies tight oil vs. the Permian
Vito sets new benchmark for GoM project redesign
Oklahoma water restrictions provide read-throughs for the Permian
Permian water issues remain front and center
Podcast: Do Shale Plays Create Value Or Destroy It
BHP updates divestment timeline
North Slope exploration results best in a decade.
Comstock aims to open up non-core Haynesville.
Permian highs and lows highlight recent industry conferences.
Carbon County, Utah: A drilling rush in the making?
Permian growing pains coming ahead of schedule.
Pushing the limits of the Wolfcamp C.
What impact would direct Chinese tariffs on US crude have on US shale producers?
CRC acquires non-op interests from Chevron in the Elk Hills field.
Kimmeridge increases stake in Carrizo Oil & Gas.
Revisiting old formations on the Austin (Chalk) board.
SM Energyonce again unloadsnon-core assets.
What does a deeper dive into Concho-RSP reveal?
Cabot to test sub-Utica potential in northern Ohio.
Alta Mesa turbocharges Mid-Continent activity.
Conchomakes a bold move in the Permian.
Gulf of Mexico Lease Sale 250was a bargain hunter's paradise.

Tables and charts

This report includes 54 images and tables including:

Apache (Alta Vista) Montana activity
Montana exploration area

Trend of Average of Proppant per Lateral Length
Additional cost buffer for new wells
Marcellus permits for Rex Energy & PennEnergy
Carrizo Permian acquired asset valuation
Map of lease blocks and bids in GoM Lease Sale 251
Operated wells: Diamondback, Energen, and Ajax
Productivity improvement in horizontal Turner wells since 2014
Ajax wells highlighted among Diamondback wells in northern Midland Basin:
Eagle Ford July 2018 update
Permian crude oil supply vs. takeaway capacity update
Wood Mackenzie base case valuation of BHP Lower 48 assets*
Cactus II pipeline
Niobrara breakeven map
Company-specific sub-play type curve half cycle IRR sensitivities
Northwest STACK: 2017 to 2018 Type Curve Comparison
Permian crude oil supply scenarios vs. pipeline takeaway capacity
Oklahoma sand mine location
FY 2018 % Infrastructure Spend (Mid-Point)
Callon Petroleum horizontal wells and operating areas with Wolfcamp sub-play outlines
Map of Powder River Basin hotspots
Midland Wolfcamp cost of supply
Total US Lower 48 crude oil supply
Takeaway & Midland pricing basis exposure comments
Stone/Talos WI production
Rigs per completion crew
Q1 Appalachian Basin operational summary:
EOG new project returns
Normalized IP30 results for 2017 XRL wells in the Hereford and Wattenberg fields
Cumulative cash flow of 1- and 2-mile lateral length wells
Wasatch wells brought online by year
Wolfcamp C - IP Oil (bbl/d)
WoodMac NPV vs Permian pure-play enterprise values (as of 4/3/18)