Playbooks Supplements

Unconventional Yearbook 2018

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42 | January 2018 | 2018 UNCONVENTIONAL YEARBOOK | KEY PLAYERS In April 2017 Parsley acquired undeveloped acre- age and producing oil and gas properties in the Midland Basin from Double Eagle Energy Permian LLC for about $2.8 billion, a press release stated. The company reported third-quarter 2017 net production of an average 71.5 Mboe/d, up 11% vs. second-quarter 2017 and 66% year-over-year, according to the company's third-quarter 2017 financial and operating results news release. In addition, daily net oil production increased 10% vs. second-quarter 2017 and 63% year-over-year. "The company continues to execute acreage trades that optimize the development potential of its Midland Basin footprint. Net of acreage traded away, Parsley added more than 1.2 million net lat- eral feet to the company's horizontal drilling inven- tory through trades executed since its last quarterly update in August," the release stated. For 2018 Parsley Energy estimates capex of $1.35 billion to $1.55 billion would translate to oil production of 67.5 Bbbl/d to 72.5 Mbbl/d of oil, according to the third-quarter 2017 report. "While almost half of the wells Parsley has drilled and completed over the past four quarters have been located in new counties, targeted new forma- tions and/or implemented new spacing arrange- ments, the company intends to focus on relatively established areas, formations and configurations in 2018," the report stated. PDC Energy Inc. ■ Third-quarter 2017 production of 8.5 MMboe ■ Planned to divest Utica Shale assets Independent E&P company PDC Energy has its primary operations in the Wattenberg Field in Col- orado and the Delaware Basin in Reeves and Cul- berson counties in Texas. The company also has operations in the Utica Shale in Southeastern Ohio, but the company announced in April that it plans to divest those assets. PDC's operations are focused in the horizontal Niobrara and Codell plays in the Wattenberg Field and in the Wolfcamp zones in the Delaware Basin. At year-end 2016, PDC closed the acquisition of about 4,500 net acres in Reeves and Culber- son counties in Texas from Fortuna Resources Holdings LLC for about $118 million, according to a news release. The company's projected to deliver about 40% production growth to 32 MMboe to 33 MMboe in 2017, according to PDC's website. In third-quarter 2017, the company reported production of 8.5 MMboe (about 92,500 boe/d), a 42% increase year-over-year; average daily produc- tion of about 92,500 boe; and oil production of 3.4 MMbbl, a 47% increase year-over-year, according to PDC's third-quarter 2017 results report. In the Wattenberg Field PDC spud 46 wells and had 39 turn-in-lines in the third quarter with average production of about 77,580 boe/d. "Due to increased drilling efficiencies throughout the year, the company reduced its Wattenberg rig count from four to three early in November and plans to turn-in-line 22 operated wells in the fourth quarter of 2017," the report stated. "In addition, PDC has PDC Energy projected to deliver about 40% production growth to 32 MMboe to 33 MMboe in 2017. (Photo by David Tejada Photography, courtesy of PDC Energy)

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