Enverus Western Scout, December 17, 2019
Devon Energy kicked off its Q4 Powder River Basin activity with a number of horizontals targeting the Teapot and Turner formations in Converse County, Wyoming. One Teapot producer delivered Devon’s top rate in the formation to date. The MLT Fed #19-303668-1XTPH was completed with a 9,581-ft effective lateral fracked in 49 stages with 4.7 MMlb of proppant. During an initial 24-hour test, the well flowed 2,805 boe/d (91% oil), or 293 boe/d per 1,000 lateral ft, on a 35/64-inch choke at 432 psi FTP.
October completions also included Devon’s highest IP24 yet in the Turner. Sporting a 9,431-ft effective lateral, the RU JFW Fed #12-013972-CXTLH was completed in 24 stages using 8.8 MMlb of proppant. On test, the well produced 2,526 boe/d (82% oil), or 268 boe/d per 1,000 ft, on a 28/64-inch choke at 2,100 psi FTP.
Devon Has Lowered Turner Costs By More than $1MM Compared to 2018
In early November, Devon raised its 2019 exit guidance for Powder River Basin oil production growth. It now expects oil output from the basin to be up more than 70% YOY at YE19, compared to the prior target of more than 50% growth. The company has also improved its capital efficiency, especially in the Turner. Well costs are down more than $1 million per Turner well, nearly 20%, compared to the 2018 average. They are expected to improve further to $6.5 million by year’s end. Devon is currently running three rigs in the Powder River Basin. One is drilling a disposal well, another a Turner well and the third a Parkman well.
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