American Oil and Gas Reporter - April 2017 - 38

SpecialReport: Market In Motion
cessful divestment of Clayton Williams
Energy in the past 12 months as an example of this new flexibility. In January,
Clayton Williams Energy agreed to a
$3.2 billion buyout offer from Noble Energy for 71,000 net acres in the core of
the Southern Delaware Basin.
As oil prices collapsed two years ago,
oil field service companies reacted quickly

to remain alive. However, operating companies should not hold their breath waiting
for the service sector to indebt itself again
to add capacity quickly. A new beta in
commodity price risk needs to be baked
in. Compound that factor with the outsized
beta the services sector exhibits to price
relative the exploration and production
sector, and the environment is not robust

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38 THE AMERICAN OIL & GAS REPORTER

for low-cost financing for building out
fleets as oil and gas prices rebound.
Combine this with recent surveys of
"rationalized" oil field services personnel
that indicate at least 80 percent "would
not get back into the oil patch" if the opportunity arose, and it strongly suggests
that service prices will spike as the economic environment improves, and that
will not be ameliorated in the short term
by swift reinforcments of new crews and
equipment. This will be most acute in
services surrounding pressure pumping,
since every well is requiring more stimulation intensity. We may be able to support
our historical production rates with half
the number of wells, but not with half
the amount of pressure pumping, fluids,
chemicals, and proppants. The need for
these services and products will only
continue to expand.
Extraordinarily Large
It may sound simple, but another key
lesson we have learned is that the recoverable resource available to develop in
the United States is extraordinarily large.
We are not talking about today's P1
(proved), P2 (probable) and P3 (possible)
reported reserves, but the natural positive
response to reserve volumes as operators
naturally down space reservoirs to progressively greater effect. One of the
biggest unwritten stories of the downturn
is how the industry increased per-well
estimated ultimate recovery rates (that
part is well understood) at the same time
it substantively lowered the amount of
stimulated rock volume (which the press
has not covered at all).
How does that jibe with increasing
proppant densities and bigger stimulations
per well?
It's simple. The rapid adoption of
more clusters and/or diverter agents to
more effectively grind up the rocks proximal to the wellbore is increasing the in-


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American Oil and Gas Reporter - April 2017

Table of Contents for the Digital Edition of American Oil and Gas Reporter - April 2017

Contents
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