Looking ahead to 2024, we have designed a plan to deliver a step-change improvement in capital efficiency. By allocating additional capital to the core of the Delaware Basin and high-grading activity across our diversified portfolio, we expect to efficiently sustain our oil production for roughly 10 percent less capital.
Permian Resources anticipates that approximately 70% of its operating activity will be directed towards the Northern Delaware Basin and approximately 25% towards the Southern Delaware Basin, with the remaining portion to be allocated to its Midland Basin position.
SWN Invested $2.1 billion of capital and placed 132 wells to sales, including 67 in Appalachia and 65 in Haynesville
“Pioneer continued to deliver strong operational performance in the Midland Basin, which led to the Company placing 482 horizontal wells on production during 2023, including 135 horizontal wells placed on production during the fourth quarter”, the oil and gas exploration and production company said in an earnings news release referring to a sub-basin of the Permian basin.
Fourth quarter production was above the high end of guidance and averaged 103.4 MBoe/d (57% oil and 79% liquids). During the quarter, 14 gross wells were TIL. Notably, cumulative oil production from fourth quarter wells were 51% more productive on a per lateral foot basis in the first 90 days of production (6,848 Bbl / 1,000 lateral ft.) compared to third quarter 2023 wells.
Coterra announced on Friday during its fourth quarter and full-year 2023 update that in 2024, the company will slash spending on new drilling in the Marcellus by 55% (dropping $460 million) and that production will drop by an estimated 6% in the Marcellus.
Total expenditures for 2024 are expected to range from $6.0 to $6.4 billion, including exploration and development drilling, facilities, leasehold acquisitions, capitalized interest, dry hole costs, and other property, plant and equipment, and excluding property acquisitions, asset retirement costs and non-cash exchanges and transactions. The capital program also excludes certain exploration costs incurred as operating expenses.
Our focus right now is the Midland Basin. As we mature, I tell people about our franchise through relationships and opportunities. We will look to expand where it makes sense; if that means another basin, we’re happy to expand there. We’re always looking for what’s next,” he said.
he allocation of drilling and completion capital is expected to be roughly 60% to the Midland Basin and 40% to South Texas and assumes the fourth rig in the Midland Basin remains in place for the majority of 2024.
Matador began 2024 operating seven drilling rigs in the Delaware Basin and added an eighth drilling rig in late January 2024. At February 20, 2024, Matador expects D/C/E capital expenditures for the first quarter of 2024 will be approximately $350 to $420 million, which is a 48% increase as compared to $261 million for the fourth quarter of 2023, primarily due to completion costs associated with the 21 Dagger Lake South wells expected to be turned to sales in the second quarter of 2024.
