Word To The Wise: Top Ten for 2022: New Well Production
March 7, 2023
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 Word to the Wise in your inbox, subscribe here.
Twice a year, XI Technologies reaches into the public data stored in its applications to highlight the top companies who achieved the most successful production from new wells.
To compare these results against previous years, check out our Production Top 10s blog history (click here).
To find out how you can put this kind of drilling and production data to work for you, download a case study, or contact us for a quick demo of OffsetAnalyst and/or AssetBook.
Top operators for “productive” drilling
More important than the number of wells drilled, is the production achieved with those wells. CNRL ranked first in 2022, followed by Teine Energy, and Tourmaline took away the third spot. Arrows indicate how they compare to their ranking from mid-year 2022.
Note: Wells drilled in December will not show as “productive,” as the production data for these wells had not been received from the government at the time this report was created.
Figure 1 – Top Operators for Productive Drilling in 2022
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 graphics below we’ve looked at IP 90 rates for new gas wells and oil wells drilled in 2022.
To view and compare the mid-year results to these, click here.
Congratulations to Shell Canada for topping the list in the Initial Gas Rates category this year, followed by Harvest, Murphy Oil, and Ovintiv.
Figure 2 – Best Initial Gas Rates in 2022
Which operators achieved the best rates from their best oil wells drilled during the same period? ConocoPhillips and Cenovus were significantly higher than the rest of the field in 2022.
Figure 3 – Best Initial Oil Rates in 2022
Note also, the many operators shown that were NOT listed in the mid-year 2022 Top 10 list. Since June of this year, six new operators have since jumped into the Top 10 list for 2022 for initial gas rates and eight for oil rates, respectively.
Top 10 operators for new gas production
Which operators achieved the greatest gas production (in mmcf) from wells drilled in the WCSB in 2022? Tourmaline remains in top position from the mid-year mark, and in 2021. They are followed by Ovintiv Energy who gained four places by jumping from sixth to second. Canadian Natural Resources finished in third place in 2022.
Figure 4 – Top 10 Gas Producers from New 2022 Wells.
Top 10 operators for new oil production
Which operators added the highest cumulative total oil production (in mbbl) from WCSB wells drilled in 2022? Cenovus continues to lead, going from mid-year 2022 to beginning of 2023. They’re followed by two operators who both jumped in the Top 10 ranking, with Canadian Natural Resources, who leaped from fifth to second place, and Tamarack going from fourth to third.
Figure 5 – Top 10 Oil Producers from New 2022 Wells
Congratulations to all our WCSB operators and producers. Your commitment to innovative, responsible production helped re-energize our sector in 2022. Here’s hoping for an even more successful 2023!
If you’d like a pdf report, click here to download.
Want to learn more about these top-rated operators and their high performing wells? Contact XI Technologies for a demo.