Efficiency in operations and capital expenditure is now king in the shale patch, and companies are trying to prove this by having longer wells drilled
. The records in longer well drilling are being set by gas producers more than their primarily oil-focused peers. on its Q2 earnings call in July that it continued to improve efficiencies and set new program records during the second quarter.
Efficiencies led to an average daily lateral footage drilled exceeding 4,700 feet per day in Q2, representing a 42% jump from last year's average. The laterals of the horizontal wells in the U.S. have jumped in the decade since 2010, when the shale industry was in its infancy. in 12 years—it increased to more than 10,000 feet in the first nine months of 2022, compared with less than 4,000 feet in 2010, the EIA said last year, commenting on record new well productivity in the most prolific U.S. shale basin.dividends and share buybacks
With fewer rigs, the shale patch—especially gas producers in Pennsylvania—are looking to drill the longest laterals to boost growth without too much new drilling. production gains this year.Large companies, including Chevron, Exxon, ConocoPhillips, and Pioneer Natural Resources, reported record Q2 production in the Permian or raised full-year 2023 guidance, or both.
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