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Jefferies LLC November 2015/
Jefferies Energy ConferencePermian Basin Technical Overview
Jefferies LLC November 2015/
Permian Basin Play Outlines
Permian Basin Activity Map with Type Curve Areas
Key Points
The Permian Basin is one of the most prolific oil and gas basins in the onshore U.S.─ Several thousands of feet of
horizontal targets─ 20+ target intervals
economic at today’s commodity pricing
The Midland Basin has 1,500+ horizontal shale wells completed in Spraberry and Wolfcamp benches─ Completion optimization has
advanced rapidly compared to other basins
─ OOIP up to 300+ MMBo / section
The Delaware Basin has 4,500+ horizontal shale wells, with highly economical results in the Avalon, Bone Spring, Delaware Sands, Wolfcamp, and Yeso horizons─ OOIP up to 500+ MMBo /
section─ Until recently, completion
evolution has lagged the Midland Basin
─ Horizontal targets can have more geologic complexity than the Midland Basin
3
Wolfcamp
Avalon
Bone Spring
Middle Spraberry
Lower Spraberry
Wolfcamp
TX
NM
Delaware Basin
Midland Basin
Central Basin Platform
Wolfcamp
Bone Spring
Middle Spraberry
Lower Spraberry
Avalon
Jefferies LLC November 2015/
Evolution of Permian Hydraulic Fracturing
Key Points
The ability to create complexity and reservoir contact area through a fracture system depends on the well completion and the fracture treatment design
Permian productivity enhancement is highly correlated towards operators’ adaptation of highly-propped slickwater fracs
Tightening spacing while maintaining as complex a fracture as possible near-wellbore will provide the most efficient and economic development
HIGHER IPHIGHER EURHIGHER RF
MODERATE IPLOW EURLOW RF
FRAC INTENSITY / COMPLEXITY
Illustrative Stimulation OptimizationReagan County
Levers to Pull on Frac
Slickwater frac efficacy is tied to many key factors, including:
─ Pump rate─ Fluid type─ Fluid vol─ Sand vol─ Sand type
─ Prop conc / ramp─ Pad size─ Stage spacing ─ Cluster spacing─ Perforated hole size
─ Limited entry─ Perforating schedule─ Diversion (induced or material)─ Nano-surfactants
Higher Rate, Large Volume Slickwater, Plug & Perf
Low Rate, Small Volume Gel, Plug & Perf
Low Rate, Small Volume Gel, Sliding Sleeves
10
100
1,000
- 20 40 60 80 100 120
WH
Dai
ly P
rodu
ctio
n (B
o/d)
Months
589 MBo, 1,705 lbs / ft
447 MBo, 1,191 lbs / ft
345 MBo, 795 lbs / ft
Permian Completion Evolution
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Jefferies LLC November 2015/
Midland Basin Technical Review
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Jefferies LLC November 2015/
Wolfcamp / Spraberry GOR
Midland Basin Overview
Midland Basin
Core area is in the deeper part of the basin and is the most oil-rich with highest deliverability reservoirs
Moving updip to Irion County, the Wolfcamp becomes gassier as type III kerogen is more prevalent
Horizontal development program
─ Horizontal drilling / stimulation has been employed successfully since 2009
─ Southern Reagan / Irion County area has been a great incubator for
stimulation advances as completions evolved from gel to slickwater with higher proppant concentrations to improve economics
2,000'+ column of stacked oil plays encompassing 300+ MMBo / section, including:
─ Clearfork
─ Spraberry (Upper & Lower)
─ Wolfcamp A,B,C & D
─ Cline
─ Strawn and Deeper
Midland Basin Structure – top of Wolfcamp (Subsea Datum)
Source: DrillingInfo.
GOR (Mcf/Bbl)
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Jefferies LLC November 2015/
Wells Permitted Since 2010Energen - Wolfcamp AJones-Holton #1-01H
30-Day IP: 1,171 Boe/dLat Length: 6,675 ft
RSP - Wolfcamp BCross Bar Ranch 1811H30-Day IP: 650 Boe/dLat Length: 6,967 ft
Pioneer – SpraberryUniversity 7-43 #16H
IP: 1,660 Boe/dLat Length: 7,502 ft
Pioneer - Wolfcamp D/ClineUniversity 7-43 10H
IP: 3,605 Boe/dLat Length: 7,382 ft
Athlon - Wolfcamp BDavidson 27C #12H
IP: 2,078 Boe/dLat Length: 7,426 ft
SM Energy - Wolfcamp BDorcus 3035H
30-Day IP: 1,226 Boe/dLat Length: 4,960 ft
Diamondback - Wolfcamp BMabee Breedlove #22-1H
IP: 1,029 Boe/dLat Length: 8,296 ft
Energen – Wolfcamp BWilbanks SN 16-15 101H
IP: 970 Boe/dLat Length: 6,930’
Apache- Wolfcamp AEastland 15 #2WH
IP: 1,124 Boe/dLat Length: 4,700’
Big Star- Wolfcamp ARyder Unit #A2H
IP30: 1,417 Boe/dLat Length: 7,500’
Pioneer - Wolfcamp DScharbauer Ranch #201H
IP: 1,509 Boe/dLat Length: 7,862 ft
Pioneer - SpraberryScharbauer Ranch #5-01H
IP: 691 Boe/dLat Length: 7,052 ft
Pioneer - Wolfcamp BET O’Daniel #1HIP: 2,801 Boe/d
Lat Length: 9,229 ft
Athlon – Wolfcamp ATubb 39 #5H
30 Day IP: 1,594 Boe/dLat Length: 6,705’
Laredo - Wolfcamp DGlass-Glass 10-153H
IP: 1,886 Boe/dLat Length: 6,933 ft
Parsley - SpraberryTexas Ten Y #17H
30-Day IP: 1,650 Boe/dLat Length: 7,500 ft
Element - SpraberryWright Unit 44-41 3H
IP: 776 Boe/d (90% oil)Lat Length: 6,776 ft
AEP - Wolfcamp ALoftin Hughes 13-1212 1HIP: 1,549 Boe/d (82% oil)
Lat Length: 5,123 ft
Midland Basin Activity Map
Key Points Rig pace moderating with lower crude
price─ 99 rigs running in the Midland
Basin
Core of play is expected to remain active
Downspacing activity underway in the south
(1) Source: DrillingInfo.(2) Normalized.
Peak IP Rates Range Up to 3,000+ Boe/d
Pioneer - Wolfcamp BUniversity 2-20 #12
IP: 3,176 Boe/dLat Length: 9,542 ft
Foreland – Wolfcamp A Elmira 34 1H
IP: 500+ Boe/dLat Length: 7,016 ft
Devon - Wolfcamp BHarris Ranch BB2-8 1H
Day IP: 1,437 Boe/dLat Length: 6,902 ft
Parsley - Wolfcamp BChar-Hughes 2H
IP24: 1,107 Boe/dLat Length: 7,500 ft(2)
EP Energy – Wolfcamp B University E 43-17-AH
IP: 1,560 Boe/dLat Length: 7,168 ft
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Jefferies LLC November 2015/
Stratigraphic Column and Type Log
Key Points
World-class source rock
50 BBoe of recoverable resource-in-place(1)
Found at depths of 5,300’ – 10,000’
Gross thickness of Wolfcamp A+B+C is up to 1,100’
Regional pressure gradients range from 0.55 – 0.70 psi/ft(1)
The Wolfcamp, Spraberry, and Cline Shales are highly economic plays with multiple de-risked target zones
Predominantly oil-bearing
High BTU gas (1,300 – 1,400) with attractive NGL content for further enhanced value
Well and completion designs have trended toward 10,000+ foot laterals with 50+ fracture stimulation stages
Additional upside resource in Strawn, Atoka, Mississippi Lime, and Woodford
Stratigraphic Column and Type Log
(1) Pioneer Natural Resources, November 2013 Investor Presentation.
D
Penn/Cline Shale
C
L. Spraberry
Dean
Wolfcamp A
Wolfcamp C
Wolfcamp D
Strawn
Wolfcamp /Cline
Industry’s Current Primary Midland Basin Horizontal
Targets
U. Spraberry
Type LogMidland Basin
Clearfork
Wolfcamp B
Spraberry Clastic
Jo Mill
Target OOIP
Upper / Middle Spraberry
20 - 55 MMBo / Section
Lower Spraberry 15 - 70 MMBo / Section
Wolfcamp A 25 - 60 MMBo / Section
Wolfcamp B 25 - 60 MMBo / Section
Wolfcamp C 10 - 50 MMBo / Section
Wolfcamp D / Cline 10 - 45 MMBo / Section
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Jefferies LLC November 2015/
Proppant Concentration (lbs) per Lateral Foot
Heat Map of Proppant/Ft Over the Midland Basin
Key Points
More mature basin relative to completions progression than the Delaware Basin
─ 13% of Wolfcamp or Spraberry horizontal / directional wells with proppant data have over 1,500 lbs / ft proppant
─ These wells have shown definitive evidence of sustained productivity trends versus more lightly propped wells
─ Most completion progression has taken place in the south where operators have needed larger stimulations to deliver economic results in more challenging reservoirs
Many operators in the deeper parts of the basin have not yet tested the larger completions that were effective in the south
Operator Well Count (Horizontal Wells) (1)
(1) Source: IHS
Wel
l C
ount
9
400
350
300
250
200
150
100
50
0PXD DVN APA EOG EPE LPI AREX FANG HUNT CXO CPE EGN OXY END PE CVX XOM ECA RSPP
Jefferies LLC November 2015/
30-Day IP (Bo/d) (1)
348 501
876
1 2 3
Proppant (Pounds / Ft)
Case Study: Completion Optimization, Reagan County, TX
Key Points
Well #1 was stimulated with gel / hybrid frac and 857 lbs/ft proppant
─ Completed: 9/12/2012
─ EUR: 31 Bo/ft
Well #2 was stimulated with slickwater and 1,715 lbs/ftproppant
─ Completed: 7/25/2012
─ EUR: 69 Bo/ft
Well #3 was stimulated with slickwater and 1,900 lbs/ftproppant
─ Completed: 7/16/2014
─ EUR: 85 Bo/ft
Complexity of slickwater fracsis driving higher early-time production and higher EURs
Lateral Length (Bo / Ft)
+152%
+174%
+122%Generation 11
Best Practice3
Generation 22
Source: Company investor presentations.(1) Normalized to 7,500’ lateral.
31
69 85
1 2 3
857
1,7151,900
1 2 3
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Jefferies LLC November 2015/
Type Curve Comparison
Case Study: Optimized Completion Analysis in Sugg Area, Irion County
Key Assumptions
On average, high-proppant wells exhibited substantially lower initial decline rates
High-proppant wells average 61% more proppant and are estimated to have an approximately 60% higher EUR than low-proppant wells
High-proppant wells (>1,500 lbs/ft):
─ Average proppant: 1,840 lbs/ft
─ 24hr IP: 600 Bo/d
─ 30-day IP: 505 Bo/d
─ Di: 75%
─ B-factor: 1.60
─ EUR: 507 MBo (5,000’)
Low-proppant wells (<1,500 lbs/ft):
─ Average proppant: 1,145 lbs/ft
─ 24hr IP: 600 Bo/d
─ 30-day IP: 428 Bo/d
─ Di: 85%
─ B-factor: 1.60
─ EUR: 304 Mbo (5,000’)
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100
1,000
10,000
100,000
0 3 6 9 12 15 18 21 24
Oil, Bbl/M
o
Months
Low Proppant Type Curve
High Proppant Type Curve
Low Proppant Avg
High Proppant Avg
Jefferies LLC November 2015/
Oil Type Curve Trend Plot – Normalized to 7,500’
Midland Basin Illustrative Wolfcamp A / B Type Curve
Key Assumptions
Type curve derived by fitting to the average oil production curve of 30 analog wellbores normalized to 7,500’ lateral lengths
Type curve EUR (50-year life): 709 MBoe
Technical parameters:
─ 30-day IP: 979 Bo/d
─ Dinit: 87%
─ B-Factor: 1.45
─ Dfinal: 6%
─ GOR: 1.500 Mcf/Bbl
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Peak Month 30-day IP (per day) 1st-day IP (per day) Di (%) Df (%) b GOR (Mcf/Bbl) Shrink NGL (bbl/MMcf)
Oil (bbl) 29,765 979 1390
Gas (Mcf) 44,647 1468 2085
EUR Gas (Mmcf) EUR Oil (Mbbl)EUR Sales
Gas (Bcf)
EUR NGL
(Mbbl)EUR Mboe EUR Bcfe
Exponential
Switch (Yrs)
850.9 567 0.851 0.0 709.1 4.25 11.1
87 6.0 1.45 1.500 100% 0
1
10
100
1,000
100
1,000
10,000
100,000
0 3 6 9 12 15 18 21 24
Well Cou
nt
Oil, Bbl/M
o
Months
"All Wells" Type Curve
"All Wells" Average
Well Count
Jefferies LLC November 2015/
Midland Basin Illustrative Lower Spraberry Type Curve
Key Points
Type curve derived by fitting to the average oil production curve of 14 analog wellbores normalized to 7,500’ lateral lengths
Type curve EUR (50-year life): 1,230 MBoe
Technical parameters:
─ 30-day IP: 1,221 Bo/d
─ Dinit: 82%
─ B-Factor: 1.60
─ Dfinal: 6%
─ GOR: 1.600 Mcf/Bbl
Oil Type Curve Trend Plot – Normalized to 7,500’
13
Peak Month 30-day IP (per day) 1st-day IP (per day) Di (%) Df (%) b GOR (Mcf/Bbl) Shrink NGL (bbl/MMcf)
Oil (bbl) 37,132 1221 1600
Gas (Mcf) 59,411 1953 2560
EUR Gas (M mcf) EUR Oil (M bbl) EUR Sales Gas (Bcf)
EUR NGL (M bbl)
EUR M boe EUR Bcfe Exponent ial Switch (Yrs)
1,553.0 971 1.553 0.0 1,229.5 7.38 10.0
082 6.0 1.60 1.600 100%
1
10
100
1,000
10,000
100,000
0 3 6 9 12
Well Cou
nt
Oil, Bbl/M
o
Months
Jefferies LLC November 2015/
Delaware Basin Technical Review
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Jefferies LLC November 2015/
Wolfcamp / Bone Spring GOR
Delaware Basin Overview
Delaware Basin
Basin is oilier in the deeper eastern portion of the basin and gassier in the shallow west─ Combination of depth, pressure, rock quality, thickness / number of
targets, and hydrocarbon mix makes this one of the highest-performing resource plays
Horizontal development progression
─ Horizontal drilling has been employed successfully on a broad scale since 2012 in the Avalon, Bone Spring and Wolfcamp
─ Recently, highly-propped slick water / thin fluid fracs have dramatically improved well results
─ Targeting specific facies has also improved results and exposed new areas to develop
3,500’+ column of stacked oil pays encompassing 10+ potential target horizons with up to 500+ MMBo per section, including:
─ Delaware Sands
─ Avalon Shale (Upper and Lower)
─ 1st / 2nd / 3rd Bone Spring Sands
─ Wolfcamp A / B / C / D (multiple potential targets in each)
─ Strawn and deeper
Delaware Basin Structure – top of Wolfcamp (Subsea Datum)
Source: DrillingInfo.
GOR (Mcf/Bbl)
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Activity Map
State Mercury IOH2,123 Boe/d IP24
1st Bone SpringEOG Resources
Delaware Basin Poised for Play Expansion and Optimization
Key Points
Most of the basin has converted from a vertical commingled play to a horizontal play (80% of current activity is horizontal)
Plays such as the Wolfcamp and Bone Spring appear to be pervasive across basin, while Yeso and Avalon plays are more discrete
Concho, Cimarex, Devon, Anadarko, EOG, Oxy, and others have led horizontal development in the basin
Completion optimization and targeting of specific facies has yielded some of the highest-performing wells of any basin─ Slickwater and increased
proppant concentrations have been effective by increasing frac complexity
Multiple stacked targets ranging from black shale to sandstones
Source: Publicly available information.
Guitar #202H1,273 Boe/d IP24
Wolfcamp AMatador
Langley 2-36 #1H (B Bench)
1,813 Boe/d IP30Wolfcamp B
Energen
Apache St. 57 1101H2,002 Boe/d Peak IP
Wolfcamp BEOG Resources
State Pathfinder #1H1,832 Boe/d IP24
Avalon UpperEOG Resources
State Galileo #6H3,160 Boe/d Peak IP
2nd Bone SpringEOG Resources
Big Chief 4802H 848 Boe/d IP 24 Hr
2nd Bone SpringConcho
Copperhead 34 2H1,247 Boe/d IP 24 HrWolfcamp Debris Flow
J. Cleo Thompson
Dorothy White 1H991 Boe/d IP
Wolfcamp A – X-SandMatador Resources
Harrison 29-28 1H1,650 Boe/d IP24Wolfcamp A Lower
Anadarko
Miami Beach 34-123-1H 1,500 Bo/d IP303rd Bone Spring
Cimarex
Calamity Jane 22 1H1,687 Boe/d IP30
Wolfcamp ARosetta Resources
Johnny Ringo 2H1,000 Bo/d IP 24 Hr
3rd Bone SpringRosetta
Tiger #224H1,525 Boe/d IP24
Wolfcamp BMatador
Formation Targets
Wolfcamp 7+
Bone Spring 3+
Avalon 2
Brushy Canyon 1
Strawn & Deeper NA
Trinity 15-33 1H1,271 Boe/d IP Peak
Wolfcamp AJagged Peak Energy
Count Fleet 48 State 2H1,416 Boe/d IP30
Wolfcamp DCimarex Energy
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oHz Target Optimization
oCompletion Optimization
Coopperhead 23 - 1H837 Bo/d IP30
Wolfcamp BRed Willow Production
Macho Grande State 1H1,290 Boe/d IP24
1st Bone SpringNadel and Gussman
Big Timber State3309 Boe/d IP30
49% OilWolfcamp A
Cimarex
Ava State770 Bo/d IP24
Wolfcamp ACapitan Energy
Osprey State Un #200H1161 Boe/d IP24
56% OilUpper 3rd Bone Spring
Apache
Neal Lethco 28-27811 Boe/d IP 24 Hr
Wolfcamp A / Debris FlowBrigham Resources
Hearns 27 703 H2,465 Bo/d IP24
Wolfcamp AEOG Resources
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Jefferies LLC November 2015/
Stratigraphic Column and Type Log
Stratigraphic Column and Type Log
Industry’s Current Primary Delaware Basin Horizontal Targets
Type LogBrackenridge 57 44 1
Type LogBrackenridge 57 44 1
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Jefferies LLC November 2015/
Delaware Basin WolfcampLanding Zone Analysis
GOR by Landing Zone and Depth
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Jefferies LLC November 2015/
Proppant Concentration (lbs) per Lateral Foot (1)
Proppant / Ft for Hz Wells in Delaware Basin
Key Points
The Delaware Basin is in the early stages of completion evolution
Of over 2,700 horizontal / directional Wolfcamp or Bone Spring wells with proppant data, only 3% of wells were pumped with over 1,500 lbs / ft proppant
─ Many Midland Basin operators have been pumping 1,500 lbs/ft fracs since 2012
Wide spatial distribution of highly-propped best practice completions show that only a small areal extent of the Delaware Basin has been optimally stimulated and the corresponding production data is in its early days
─ Even less optimization has occurred when multiple targets are taken into account
Wide variance in how top operators’ completions have evolved
Operator Well Count (Horizontal Wells)
(1) Source: IHS.
19
Wel
l C
ount
800
700
600
500
400
300
200
100
0CXO XEC DVN APC MEW RDS EOG YAT OXY BOP EGN LGCY RKI CVX BHP END
Jefferies LLC November 2015/
Proppant / Ft. Versus Time (1)
Completions Evolution By Operator
Key Operators
Delaware Basin Completions Chronology
Key Points
The bulk of wells were treated with <1,000 lbs/ft fracs before 2014
─ Bone Spring wells generally treated with less sand
Recently fracs have increased to over 1,400 lbs/ft and well performance has improved accordingly
─ Other critical factors for success include employing slick water and thin-fluid fracs
Additional optimization can include adjusting other parameters, such as:
─ Pump rate and proppant concentration (ppg)
─ Cluster spacing
─ Landing zone
─ Early-time flowback management
Operators such as EOG, Anadarko, Cimarex, and Concho have led the charge in optimizing completions
(1) Select Operators’ completions chronology (shown: horizontal wells at least 2,000’ long since 01/2009).
CimarexDevon
AnadarkoShell
EOGEnergen
ConchoMatador
2009 2010 2011 2012 2013 2014 2015
APC APA CVX XEC CXO DVN EGN EOG MTDR MEW OXY ROSE RDS YATE
20
Jefferies LLC November 2015/
Normalized EUR (Bo / Ft)
51 79
132
1 2 3
30-Day IP (Bo/d)
349
867
1,028
1 2 3
Proppant (Pounds / Ft)
1,213
1,7472,143
1 2 3
Case Study: Completion Optimization, Reeves / Pecos County, TX
Source: Company investor presentations.
Key Points
Well #1 was stimulated with gel / hybrid frac and 1,213 #/ft proppant
─ Completed: 9/9/2013
─ EUR: 51 Bo/ft
Well #2 was stimulated with slickwater and 1,747 #/ft proppant
─ Completed: 2/2/2014
─ EUR: 79 Bo/ft
Well #3 was stimulated with slickwater and 2,143 #/ft proppant
─ Completed: 7/26/2014
─ EUR: 132 Bo/ft
Complexity of slickwater fracsis driving higher early-time production and higher EURs
+195%
+159%
+77%Generation 11
Current Design3
Generation 22
1 Mile
21
Jefferies LLC November 2015/
Delaware Basin Illustrative Wolfcamp Type Curve
Key Points
High-proppant type curve parameters (5,000’ lateral):
─ Wellhead EUR of 1,007 Mboand 1.6 Bcf
─ Initial rate (30-day) oil production of 1,031 Bbls/d
─ B factor of 1.50
─ Initial decline rate of 74%
─ Well life of 50 years
Parameter Low Prop
High Prop %Δ
Avg.Proppant Conc. (lbs
/ ft)
702 1,477 +110%
30-day IP Rate
(bopd)537 1,031 +92%
B-factor 1.50 1.50 N/A
Initial Decline
(%)74% 74% N/A
EUR (MBBL)
778 1,007 +29%
22
Peak Month 30-day IP (per day) 1st-day IP (per day) Di (%) Df (%) b GOR (Mcf/Bbl) Shrink NGL (bbl/MMcf)
Oil (bbl) 31,351 1031 1200
Gas (Mcf) 50,953 1675 1950
EUR Gas (Mmcf) EUR Oil (Mbbl)EUR Sales
Gas (Bcf)
EUR NGL
(Mbbl)EUR Mboe EUR Bcfe
Exponential
Switch (Yrs)
1,637.1 1,007 1.637 0.0 1,280.2 7.68 10.6
74 6.0 1.50 1.625 100% 0
1
10
100
1,000
100
1,000
10,000
100,000
0 3 6 9 12 15 18 21 24
Well Cou
nt
Oil, Bbl/M
o
Months
High Prop Average
High Prop Type Curve
Low Prop Average
Low Prop Type Curve
Well Count
Jefferies LLC November 2015/
Delaware Basin Illustrative 2nd Bone Spring Type Curve
Key Points
High proppant type curve parameters (5,000’ lateral):
─ Wellhead EUR of 734 Mbo and 1.1 Bcf
─ Initial rate (30-day) oil production of 1,253 Bbls/d
─ B factor of 1.30
─ Initial decline rate of 84%
─ Well life of 50 years
23
Parameter Low Prop
High Prop %Δ
Avg.Proppant Conc. (lbs
/ ft)
696 1,731 +149%
30-day IP Rate
(bopd)692 1,253 +81%
B-factor 1.30 1.30 N/A
Initial Decline
(%)84% 84% N/A
EUR (MBBL)
388 734 +89%
Peak Month 30-day IP (per day) 1st-day IP (per day) Di (%) Df (%) b GOR (Mcf/Bbl) Shrink NGL (bbl/MMcf)
Oil (bbl) 38,121 1253 1600
Gas (Mcf) 57,181 1,880 2,400
EUR Gas (Mmcf) EUR Oil (Mbbl)EUR Sales
Gas (Bcf)
EUR NGL
(Mbbl)EUR Mboe EUR Bcfe
Exponential
Switch (Yrs)
1,101.5 734 1.101 0.0 917.9 5.51 12.3
84 6.0 1.30 1.5 - 1.5 100% 0
1
10
100
1,000
100
1,000
10,000
100,000
0 3 6 9 12 15 18 21 24 27 30 33 36
Well Cou
nt
Oil, Bbl/M
o
Months
Low Prop Type CurveLow Prop AverageOptimized Type CurveOptimized AverageWell Count