March 8, 2022
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.
Once a year, XI Technologies reaches into the public data stored in its applications to chart which companies had the most successful production from new wells. 2021 was a year of recovery from a tough previous year with this data as proof of our industry’s upswing.
More important than the number of wells drilled, is the production achieved with those wells. Tourmaline Oil ranked first in 2021, followed by Teine Energy and Canadian Natural Resources in a virtual tie for second. Arrows indicate how they compare to their ranking from mid year 2021.
Note: Wells drilled in December will not show as “productive”, as we have not received their production data yet from the government.
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 2021. Congratulations to Murphy Oil for topping the list this year, followed by Strathcona Resources, Ovintiv, and Pacific Canbriam.
Which operators achieved the best rates from their best oil wells drilled during the same period? CNOOC and Suncor were significantly higher than the rest of the field in 2021.
Which operators achieved the greatest gas production (in mmcf) from wells drilled in the WCSB in 2021? Tourmaline stays in the top position it held in 2020, followed once again by Ovintiv Energy. Canadian Natural Resources leapt from ninth in 2020 to third place in 2021.
Which operators added the highest cumulative total oil production (in mbbl) from wells drilled in the WCSB in 2021? Cenovus made a big leap from fourth in 2020 to lead 2021, doubling the total of last year’s top producer. They’re followed by Canadian Natural Resources, ARC Resources, and Whitecap Resources.
Congratulations to all our WCSB operators and producers. Your commitment to innovative, responsible production helped re-energize our sector in 2021. Here’s hoping for an even more successful 2022. If you’d like a pdf version of this data, click here to download.
Want to learn more about these top-rated operators and their high performing wells? Contact XI Technologies for a demo.