Word to the Wise: Drilling Top Tens for 2019
March 10, 2020
It’s time for XI Technologies’ bi-annual look into our data to showcase the drilling successes in the Western Canadian Sedimentary Basin.
Each week, XI Technologies scans their unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you’d like to receive our Wednesday Word to the Wise in your inbox, subscribe here.
E&Ps continuing to drill in Canada remain among the most strategic and innovative in the world, doing everything in their power to maximize ROI from their drilling programs and achieving commendable results. Canadian E&P companies are continually at the forefront of developing more efficient and effective methods for resource exploration and exploitation.
Data-driven decision making is one of the ways Canadian E&Ps achieve results. By utilizing innovative drilling research tools such as XI Technologies’ OffsetAnalyst and TourXchange, operators are more informed than ever. Twice a year, XI digs into the most recent results to compile a series of Top Ten lists that showcase the successes of our drilling industry. We believe this is an important reminder of the great work happening here in the Western Canada, and that credit is due to those Canadian E&P operators who are leaders of our industry.
In our August 27th article, we pooled the data from the first half of 2019. This time around, we’ve pulled data to show you how the major players have performed in all of 2019, and how that compares to the drilling performance that we saw in 2018. Compare these results with our mid-year review, and last year’s summary to see some interesting shifts and emerging new operators on the podium.
Enjoy! If you’d like to find out how you can put this kind of drilling data to work for you, download a case study, or contact us for a quick demo of OffsetAnalyst.
Top operators for “productive” drilling
More important than the number of wells drilled is how much production you achieve with those wells. Crescent Point and Baytex Energy hold the top two spots on this chart for the year. Arrows indicate how these companies compare to their performance in 2018.
Top operators for new well production
Achieving a high initial production rate can have a significant impact on the overall ROI for a well or drilling program.
In the graphic below we’ve looked at IP 90 rates for new gas wells and oil wells drilled in 2019. Congratulations to Jupiter Resources and Petronas Energy for topping the list.
Which operators achieved the best rates from their best oil wells drilled during the same time frame? ConocoPhillips and Cenovus Energy topped the list in 2019, after ranking fourth (Cenovus) and fifth (ConocoPhillips) in 2018.
Top 10 new producing gas wells
Based on the data, Tourmaline Oil Corporation drilled the most successful gas well in 2019, while Jupiter Resources has 8 of the top 10 performing wells in this list.
Wondering where these wells are? Contact us and we’ll show you.
Top 10 new producing oil wells
When it comes to initial production rates for oil wells drilled in 2019, Cenovus Energy dominate the top ten with 7 out of 10 of the top wells (including the top 4). Seven Generations Energy also has multiple entries on the list with the fifth, sixth, and tenth highest producing new wells.
Wondering where these wells are? Contact us and we’ll show you.
Top 10 operators for new gas production
Which operators achieved the greatest gas production (in mmcf) from wells drilled in the WCSB in 2019? Tourmaline retained the top spot it had in the first half of 2019, with Ovintiv retaining second place for the year.
Top 10 operators for new oil production
Which operators added the highest cumulative total oil production (in mbbl) from wells drilled in the WCSB in 2019? Cenovus moved to the top of the list (up from third in 2018). They’re followed by Seven Generations, Crescent Point, and Ovintiv.
Congratulations to all our WCSB operators and producers. The last few years have been challenging and difficult for all of us, but the Canadian energy industry continues to exhibit a commitment to innovative, responsible production that rivals that of any producing nation. We will prevail!
Want to be able to easily pull stats and other market intelligence like the ones shown here? Contact XI Technologies for an demo or trial of OffsetAnalyst.