American Oil and Gas Reporter - July 2023 - 68
SpecialReport: Rocky Mountain Playmakers
mode in the Bakken where we were fivesix
years ago, when there were massive
changes in stimulation design, we still
are tweaking the recipe and the approach, "
he says. Both 30-day and 180-day IPs
continue to track company type curves,
with current rates exceeding last year's.
Although inflationary pressures pushed
up well costs post-Covid, Hutchings reports
that strategies such as buying tubulars
and consumable materials on a quarterly
basis are helping drive them lower this
year for his company.
Although EnerPlus has interests in the
Marcellus and 33,000 acres in the D-J
Basin, where executives are evaluating
the best value option, the company will
continue to focus mostly on the Williston
and eye potential bolt-on opportunities
and acquisitions to propel growth, according
to Hutchings.
" There will be more transactions and
more consolidation in the basin and we
want to be in a position to take advantage
of that, just as we did a couple of years
ago, " Hutchings concludes.
Focused On The D-J
In late June, Civitas Resources Inc.-
a homegrown Colorado company that
had billed itself as the largest " pure
play " D-J Basin producer-announced
that it had entered the Permian Basin
through two purchase agreements totaling
$4.7 billion. While Civitas is stepping
into the Permian's Midland and Delaware
sub-basins through acquisitions of affiliates
of Hibernia Energy III and Tap
Rock Resources, Chief Executive Chris
Doyle says the D-J will very much remain
in its focus. The Permian deals
add an expected 105,000 boe/d of production
to Civitas' leading production
position in the D-J.
" Simply put, these transactions make
Civitas a better company, and we see
tremendous opportunity to add value in
the Permian that will complement our
leading oil position in the D-J Basin, " he
comments.
Chevron's acquisition of PDC has
consolidated the D-J even more, but he
insists that the high-profile transaction
also speaks volumes about the basin's
premium quality. " Because the D-J is so
consolidated, a lot of times what gets
lost is the high-quality nature of this
basin, " he says.
With 1,000 gross locations across
470,000 net acres, Doyle says Civitas
holds a differentiated D-J position with
liquids output expected to be 70% this
year. Oil production alone made up 45%
of total 2022 production. Overall, firstquarter
2023 production approached
160,000 boe/d.
" We are in one of the few real oil
provinces that are most attractive to our
industry, and we have one of the oiliest
positions in the entire D-J, " he offers.
Running two rigs with plans to drill as
Civitas Resources' first-quarter D-J Basin production was nearly 160,000 boe/d, predominately
liquids. The company is running two rigs and plans to drill as many as 110
horizontal wells this year on its 470,000-net acre position in the D-J Basin, including
some three- and four-mile laterals.
68 THE AMERICAN OIL & GAS REPORTER
many as 110 horizontal wells this year,
the company has begun developing some
three- and four-mile laterals, although the
average is 2.5 miles (drilled in just over
five days per lateral), Doyle points out.
With operations divided into four segments,
the company plans to later use
more up-to-date lateral lengths and completion
techniques in the gassier northern
area in Weld County, Co., where drilling
was concentrated during the basin's earlier
days, he says.
For now, the company is spending most
of its $725 million-$825 million capital
budget this year to target the Niobrara in
its western and southern acreage areas, according
to Doyle. In fact, he points out
that results from the southern position have
driven much of the company's growth and
performance since its founding 18 months
ago from the combination of Bonanza
Creek Energy, Extraction Oil & Gas, HighPoint
Resources and Crestone Peak Resources.
In early 2022, the company acquired
D-J producer Bison Oil & Gas II.
Civitas continues to improve well
performance and capital efficiency in
the D-J, Doyle says. In late 2022, the
company ran fiber optics on three wells
and continues to mine data to identify
how to further optimize completion designs,
he reports.
In the Watkins Field, the company
has created an exceptional dataset over
the past few years and has arrived at the
best balance of fracturing design performance
versus cost, Doyle claims. Generally,
the Codell needs less water and
sand because of the reservoir's good deliverability,
while the Niobrara requires
more to unlock its potential, he explains.
Civitas is in the second phase of a
trial project to replace frac plugs on
shorter laterals with ball seats, Doyle
American Oil and Gas Reporter - July 2023
Table of Contents for the Digital Edition of American Oil and Gas Reporter - July 2023
Contents
American Oil and Gas Reporter - July 2023 - Intro
American Oil and Gas Reporter - July 2023 - Cover1
American Oil and Gas Reporter - July 2023 - Cover2
American Oil and Gas Reporter - July 2023 - Contents
American Oil and Gas Reporter - July 2023 - 4
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American Oil and Gas Reporter - July 2023 - Cover3
American Oil and Gas Reporter - July 2023 - Cover4
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