June 6, 2023
Each week, XI Technologies uncovers trends and insights using our enhanced data and software focused on the WCSB. If you’d like Word to the Wise delivered directly to your inbox, subscribe here.
Today’s article is the first of a 2-part series where we take a closer look at drilling activity over the past year.
This week, we’ll be looking at the 25 most-active operators drilling wells across the WCSB.
A breakdown of the 25 companies who’ve drilled the most wells in the past 12 months.
Click an operator to highlight their drilling numbers and show their wells on the map.
When it comes to drilling wells, some companies have been leading the way with their impressive numbers. In the past year, it’s clear that Cenovus Energy has taken the top spot, showing their commitment to expanding their drilling operations by drilling a whopping 598 wells. Not far behind is Canadian Natural Resources Limited (CNRL), who takes the second position with 413 wells drilled. Another notable performer is Teine Energy Ltd. (“Teine”), securing the third spot with 283 wells drilled.
In terms of drilling ‘spend’, the number of wells drilled is only one part of the story. The depth & complexity of a well is the true driver of drilling cost, so let’s have a look.
Find a company’s average well depth by either:
From this angle, we see a very different story playing out. With 598 wells drilled, Cenovus Energy Inc (“Cenovus”) may have outdrilled the 2nd ranked operator by 45% (CNRL, with 413 wells), CNRL drilled over 150% more total meters!
Focusing solely on Total Meters Drilled, Tamarack Valley Energy Ltd. (“Tamarack”) has claimed the leading position, having drilled an impressive 3 million meters in the past 12 months.
And yet, the plot thickens further when well depth becomes a factor; 3 operators rise above the pack when we look at average well depth. Peyto Exploration and Dev. (“Peyto”), ARC Resources Ltd. (“ARC”) and Ovintiv Canada ULC (Ovintiv) may not have topped the charts for total wells or meters drilled, but they distinguish themselves with their average well depths of 4,485m, 4,237m, and 4,132m respectively.
The heavy-hitters in our industry are vastly diverse in terms of asset portfolios, growth objectives, and areas of focus. This couldn’t be more apparent, as when we observe this particular visual.
What This Tells Us:
* WCSB Regions – Wells throughout WCSB are assigned to one of 19 regions across 4 provinces. For reference, here’s a sample map showing all WCSB regions.
Not surprisingly, Alberta’s heavy oil regions dominate WCSB drilling activity with nearly 40% of wells drilled. As we look across to the western side of Alberta, the Peace River & Grande Prairie regions make up nearly 16%.
Saskatchewan drilling remains a core focus for several companies, as this makes up 28% of WCSB wells drilled last year.
Click here to access our interactive dashboard.
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