Is QEP Ready To Exit The Bakken? Focus On The Permian? QEP With Successful Re-Frack Program In The Bakken -- March 31, 2018 - Hallo friendsMY LIVE MY WAY, In the article you read this time with the title Is QEP Ready To Exit The Bakken? Focus On The Permian? QEP With Successful Re-Frack Program In The Bakken -- March 31, 2018, We have prepared this article for you to read and retrieve information therein. Hopefully the contents of postings Article my style, Article my way, Article New ways, Article their way, We write this you can understand. Alright, good read.

Title : Is QEP Ready To Exit The Bakken? Focus On The Permian? QEP With Successful Re-Frack Program In The Bakken -- March 31, 2018
link : Is QEP Ready To Exit The Bakken? Focus On The Permian? QEP With Successful Re-Frack Program In The Bakken -- March 31, 2018

Is QEP Ready To Exit The Bakken? Focus On The Permian? QEP With Successful Re-Frack Program In The Bakken -- March 31, 2018

From the earnings call, 4Q17, QEP, over at SeekingAlpha:

• earnings:
• • 4Q17: $195 million
  • 3Q17: $193 million
  • 4Q16: $175 million
• production:
• • 4Q17: 12 million boe (decrease primarily due to the Pinedale divestiture in 3Q17
  • 3Q17: 14 million boe (Pinedale: contributed 3 million boe)

Excerpts and data points from the earnings call follow.

Fracking

• Williston oil volumes were up about 334,000 barrels due to our refrac program
• in the Williston Basin, we began our refrac program using a design which was closely patterned after the successful methodology that we are utilizing in our Haynesville wells. As a reminder, because of well spacing in the Williston, we have to shut in offset wells during these refracs and also obviously during new well completions, which has a negative impact on production volumes. While we're still fine-tuning our re-frack design, we're very encouraged by the early results, and we look forward to continuing the program in 2018.

LOE:

• On a per unit basis, lease operating expenses were $6.58 per boe, which is up $1.19 per boe from the third quarter due to higher workover and repair expenses, primarily in the Williston Basin

CAPEX:

• capital expenditures on an accrual basis for E&P activities in the fourth quarter were $372 million, an increase of about $45 million from third quarter
• CapEx in the Permian Basin was $215 million which included $18.9 million from midstream infrastructure
• CapEx in the Williston Basin was about $88 million
• CapEx in Haynesville was about $58 million.

Conversion from natural gas to liquids:

Through a series of acquisitions and two world-class oil provinces, first, in the Williston Basin, and then in the Permian, and through divesture of non-core gas-weighted assets in the Midcontinent and the Rockies, we successfully increased liquids from less than 15% of total production in 2011 to almost 50% last year.

Exiting the Bakken:

• we plan to return cash to shareholders through a significant share repurchase program

So, how are we doing it? We outlined a couple of strategic initiatives. First, we've engaged financial advisors to assist us in the divesture of our Williston and Uinta Basin assets.

And when I say Williston assets, obviously there's two assets: there's a South Antelope asset and the Fort Berthold asset. We'll present those as two separate packages, but obviously, we'll allow bidders to make offers on the one or both of those assets. And we also will have an advisor engaged to divest at our Uinta Basin assets. 

Focus on the Permian:

We also announced a number of financial initiatives. First, we plan to use the proceeds from asset sales to fund development of our Permian properties until the program reaches operating cash flow neutrality, which we expect to occur in 2019. 

Frack spreads:

• on the 95 Permian completions in 2018, how many frac crews do you need to operate that plan?
• We'll average two. We may pick up an occasional third crew, but our frack efficiency is quite good.

Tank-style development of the Permian

• look at the slides below and read the conference call notes describing these slides
  
• go to the QEP website
• go to "slides" (I assume this presentation will disappear over time)
• slides 11 - 13 are the core of the "tank-style" development discussion

https://ift.tt/2dZyQXu

Thus Article Is QEP Ready To Exit The Bakken? Focus On The Permian? QEP With Successful Re-Frack Program In The Bakken -- March 31, 2018

That's an article Is QEP Ready To Exit The Bakken? Focus On The Permian? QEP With Successful Re-Frack Program In The Bakken -- March 31, 2018 This time, hopefully can give benefits to all of you. well, see you in posting other articles.

You are now reading the article Is QEP Ready To Exit The Bakken? Focus On The Permian? QEP With Successful Re-Frack Program In The Bakken -- March 31, 2018 with the link address https://mylivemyidea.blogspot.com/2018/03/is-qep-ready-to-exit-bakken-focus-on.html

Tweet

Subscribe to receive free email updates: