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【出版时间及名称】：2010年3月美国石油开采行业研究报告
【作者】：Prichard Capital
【文件格式】：pdf
【页数】：36
【目录或简介】：
Summary
Detailed acreage positions, pipeline takeaway capacity, results to date, IP rates and EUR data is provided in this report
on each player in the Eagle Ford play. This report also includes permits issued by company, permits issued year to date
by company and breakdowns of horizontal and vertical drilling to date by county.
Key Points
• Acreage Prices Trending Up: On March 2, BP (BP-$56.69) reportedly entered into a 50/50 JV with Lewis Energy
Group on 80,000 net acres in McMullen and La Salle counties for $160 million ($4,000/acre). In February, Murphy
Oil Corporation (MUR-$53.43) said that some leases in McMullen and La Salle Counties were selling for
$5,000/acre. On March 2, Lucas Energy (LEI-$0.81) announced that entered into a letter of intent for a JV on its
acreage in Gonzalez County for undisclosed price. The deal is expected to close by March 31. A major upcoming
potential data point will be from Pioneer Natural Resources (PXD-$52.80) if it announces a JV in the second
quarter of 2010 as is anticipated.
• Recent IP Rates: On March 23, PXD reported that the Charles Riesdel GU 1-1 in DeWitt County had an IP rate of
15.7 MMcfe/d (11.6 MMcf/d and 680 Bc/d). The well had 4,500 ft. lateral and was frac'd in 14 stages. On March 22,
El Paso Corporation (EP-$10.60) reported that its second well, the Hixon 1H, in La Salle County had a 24 hr rate of
7.2 MMcfe/d (2.9 MMcf/d and 721 Bbls/d). The well had a 4,100 ft. lateral and was frac'd in 14 stages. Petrohawk
Energy Corporation (HK-$19.55) announced that its first Black Hawk well in De Witt County, the Krause #1H,
had an IP rate of 3.3 MMcf/d and 1,150 Bc/d, and that its first Red Hawk well in Zavala County had an IP rate of 350
BO/d. The wells had laterals of 4,100 and 5,000 ft. respectively and were fracced in 12 and 14 stages.
• Rig Count: As of March 12, 2010, there were approximately 47 rigs running in the Eagle Ford, which was down
from 51 that were reported on February 26, 2010. The four most active operators in the play were Lewis Energy
Group, EOG Resources (EOG-$89.59), ConocoPhillips (COP-$51.02), and HK. As of March 19, Lewis Energy
had nine rigs running in its acreage position which is prospective for the Eagle Ford: seven in Webb County, one in
La Salle, and one in Dimmit. EOG had three rigs running: one in Atascosa, one in Gonzales, and one in Karnes. COP
had four rigs running: two in Webb, one in DeWitt, and one in Live Oak; and HK was operating two rigs: one in
McMullen and the other in La Salle.
• New Horizontal Permits: 51 horizontal permits were issued from 01/01/2010 to 02/16/2010. Since then, from
2/17/2010 to 3/23/2010, approximately 44 new horizontal permits have been issued. The majority of new permits
were issued in Dimmit (13), Webb (10), McMullen (8) and LaSalle (8) counties. Anadarko Petroleum Corporation
(APC-$69.40) and HK were issued the most new permits with 13 and 10, respectively. For 2010, the top four
companies that have received the most permits are Lewis Energy Group (16), HK (16), APC (15), and Rosetta
Resources (ROSE-$22.89) (11).
• Investment Thesis: We like Eagle Ford levered names ahead of EOG's analyst meeting in early April. They are the
second most active operator in the play. Based on preliminary data, the Eagle Ford shale may be the most economic
shale play in the United States. At $4, $5, and $6 per Mcf Henry Hub gas, we estimate a dry gas Eagle Ford well has
an IRR of 60%, 89%, and 119%, respectively, and that a wet gas Eagle Ford well has an IRR of 47%, 67%, and 88%,
respectively. Results remain speculative, with the play in its infancy, but we like what we see with preliminary
returns better than those of the Haynesville and Marcellus. Our top picks for Eagle Ford exposure are Swift Energy
Company (SFY-$30.10), MUR, and HK.
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