Friday, April 15, 2011

Petrohawk Energy reported 34% increase in 2010 hydrocarbon production over 2009; Announced $2,300 million Capital Program for 2011; Plan to double its liquid production in 2011

Petrohawk produced an average of 562 Mmcfepd during 2010. The midpoint of full year 2011 production guidance is 885 Mmcfepd, representing an estimated 31% year over year increase and a 57% year over year increase pro forma for 2010 divestitures. The midpoint of first quarter 2011 production guidance is 770 Mmcfepd.

Petrohawk announced $2,300 million capital program, of which $1,900 million (82%) is allotted to drilling and completion activities.

Eagle Ford Shale:
- Planned 12 rigs for 1H 2011 and 15 rigs for 2H 2011. ~347,600 risked net commercially productive acres

Black Hawk:
- Estimate of ~73,600 risked commercially productive net acres. Currently operating eight rigs ramping to 10 rigs by June 2011

Hawkville Field:
- Currently operating 5 rigs with plan to hold constant in 2011. Risked estimate of ~224,000 commercially productive net acres

Red Hawk:
- Five wells scheduled for 2011, two waiting on completion. 

Haynesville Shale:
- Estimated ~225,000 risked commercially productive net acres; 75% operated. Operated rig count currently 16 and will hold thru 1st half 2011, 7 in 2ndhalf of 2011; leasehold requirements primarily met by mid-year

Lower Bossier Shale:
- Estimate ~150,000 risked commercially productive net acres. The company anticipates initiating Bossier development once Haynesville lease capture complete in mid-2012

PDC Energy 2011 IPAA OGIS New York

- Projecting 19% year-over-year growth in production (over 20% if successful partnership repurchase).

- 9 wells planned in 2011, all drilling capital provided by partner and JV liquidity

Lukoil planning Shale JVs in 2011

Lukoil is scouting for oil and natural- gas investments in U.S. shale fields, President Vagit Alekperov said.

Lukoil joins a line of companies looking at the NorthAmerican shale industry, as much to get the drilling technology as the oil andgas. Exxon Mobil Corp. (XOM) bought shale gas producer XTO EnergyInc. for $41 billion and PetroChina Co. last month made its biggestoverseas investment of $5.4 billion for a stake in Encana Corp.’s Canada shalefield.

Lukoil is hunting for new ways to recover oil

Through JVs Lukoil wants to access the technology and be able to apply those techniques tooil-rich shale deposits in Russia. Lukoil already is experimenting in theBazhenov formation in West Siberia, which has liquids.

Russia has seen a burst of transactionsthis year.

BP Plc agreed a $7.8 billion stock swap withstate- controlled Rosneft Oil Co., though it’s being challenged byBP’s Russian partners in TNK-BP. On March 3, France’s Total SA agreed to pay $4billion for 12 percent of Russia’s NovaTek. Both groups aim to developfields in the Russian arctic.
Lukoil pioneered such transactions, with ConocoPhillips taking a stake that at one point reached 20 percent. ConocoPhillipshas since sold out as part of a larger asset- disposal program.

Joint Ventures byRussian and Asian companies to continue

Joint ventures will continue to be used by international oiland gas companies, particularly for most Russian and Asian companies wanting to acquire shale acreage in the U.S. Companies won’t want the negative political backlash that CnoocLtd. went through when it tried to buy Unocal Corp. in 2005. The next round ofjoint ventures may come from Russian,Japanese and South Korean companies.

Stone Energy 2011 IPAA Oil & Gas Investment Symposium

Leverage high cash flow generated from existing Conventional
Shelf GOM assets to:
1.  Maintain relatively stable GOM Shelf production,
2.  Profitably grow gas reserves and production in price-advantaged basin (Appalachia, Gulf Coast Basin)
3.  Profitably grow oil reserves and production in material impact areas (Deepwater GOM and Rocky Mountains

Apache 2011 IPAA Oil & Gas Investment Symposium

- 13‐17% Production Growth Expected
- $7.5BN Initial Capital Program
Significantly below plan cash flow->1/3 future growth capital: no ‘11 production


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