Innovation unlocked the door to America's shale revolution, and innovation will carry the industry through the current business cycle. Over the last decade, West Texas' Permian Basin emerged as the top crude-producing region in America. From a low of 850,000 bpd in 2007, regional oil production soared to 1.84 MMbbl/d by December 2014. And despite declining rig counts, the EIA forecasts Permian Basin oil production will climb to 1.92 MMbbl/d this February.
The landscape of the oil and gas industry may be evolving, but the fundamentals remain the same. Producers throughout the region are focused on finding innovative ways to do more with less by driving efficiency throughout the exploration and production process. Increased pad drilling, longer laterals, enhanced completions and well refracturing are just some of the many ways E&P companies are saving valuable time and money.
This May, DUG Permian Basin explores what's working for leading producers in the nation's top oil province. Hear directly from 25 executive-level speakers in 14 uniquely candid conference sessions. And with 250+ exhibitors, you'll get a first-hand look at new technologies that can impact your bottom line today. Plan now to join the 2,700+ industry professionals set to converge May 19-21 in Fort Worth, Texas!
Featured Event: DUG Permian Basin Midstream Program
Tuesday, May 19
A global leader in oil and gas production, Texas enjoys the benefits of well-developed midstream infrastructure. Yet to keep up with ever-growing production, more takeaway capacity is needed. Get a head start on your DUG Permian Basin experience with the 2015 Midstream Program. Hear directly from top executives from the region's most active midstream operators in 9 targeted midstream conference sessions.
DUG Permian Basin sponsors will have the opportunity to increase brand awareness, obtain valuable leads and connect with thousands of potential clients — all in one venue! Click here to learn more.
DUG Permian Basin exhibitors get unique access to a select group of industry executives, new sales leads, the opportunity to solidify customer relationships, and the ability to showcase new products/services to a targeted audience.
Click here to learn more.
J. Ross Craft
Founder, Chairman, President and CEO Approach Resources
Co-Founder, Chairman & CEO Drillinginfo
Chairman & CEO Laredo Petroleum
President, Midstream Energy Transfer Partners LP
Gen. Keith B. Alexander
Retired, U.S. Army, and CEO & President IronNet Cybersecurity
CEO RSP Permian, LLC
Chairman Petrie Partners
President Three Rivers Operating Co. LLC
President Matador Resources
The Year Of The Scoop/Stack Over the past four months, operators have become increasingly discerning of asset quality, focusing drilling activity on their highest-returning assets. The result has been a major retrenchment of 2015 capex budgets across the industry as companies attempt to align spending with shrinking cash flows. While the “big three” U.S. oil resource plays have experienced a significant reduction in horizontal rig counts as a result of this—the Williston Basin is down 34%, the Permian Basin, 27%, and the Eagle Ford, 24%—one region has held its own: the Scoop/Stack of central Oklahoma.
The Scoop’s main target is the Woodford Shale, a 200- to 400-foot-thick, highly siliceous unconventional interval that generally exhibits thickening from the north to the south. The predictability of reservoir performance across the oil/condensate/gas windows coupled with low breakeven costs supports the flight to quality this region has seen.
The Woodford Shale represents a premier source rock with hydrocarbon diversity across its various phase windows. EURs in the condensate window approach 1,800 Mboe (52% liquids) with breakeven oil prices below $30/bbl, while EURs in the oil window approach 690 Mboe (80% liquids) with breakeven oil prices at $35/bbl (assuming $3 flat gas prices and 35% of WTI for NGLs).