"We’re reaping some of the best basis differentials in the Permian Basin among our peers. We expect this to continue over the next couple of years."PRESS RELEASE
WPX reported 2Q oil volumes of 80,800 bbl/d from the Delaware and Williston basins, which were approximately 5,000 bbl/d higher than expected.2Q INVESTOR UPDATE
In the Delaware Basin, WPX had 20 wells with first sales during the second quarter, including 15 long laterals of at least 1.5 miles each.
Seven 1.5-mile laterals on the Tucker Draw pad posted 24-hour highs averaging more than 2,400 barrels of oil per day during initial production on restricted flow. The Tucker Draw wells are averaging approximately 1,200 barrels of oil per day for each well after 60 days of production, with cumulative oil volumes approaching 500,000 barrels. Cumulative production for the wells is roughly 1,000,000 Boe.
On the Lindsay pad, the 1.5-mile 10-3B-2H lateral posted a high of approximately 3,600 barrels of oil per day during initial production from the Wolfcamp X/Y interval. It produced nearly 50,000 barrels of oil in its first 20 days. Cumulative production exceeds 85,000 Boe. WPX increased cluster spacing and used 100 percent 100 mesh frac sand in the completion design.
In the Williston Basin, WPX completed 12 wells during the second quarter, evenly split between the Bakken and Three Forks formations. All of the wells are two-mile laterals. Three of the wells were in the North Sunday Island area.
The three new North Sunday Island wells on the Mandan North pad have cumulative 90-day production of more than 530,000 Boe (81% oil). Initial production highs averaged 4,326 Boe/d per well, with a high of 4,558 Boe/d on the Mandan North 13-24HB well.
Another well on the Mandan pad (13-24HA completed on March 30) has posted an even higher IP than previously reported. Its new high for a 24-hour volume is 5,990 Boe/d, made possible by being the first of the four 2018 wells on the pad to begin flowback. This well now has cumulative production of more than 215,000 Boe (81% oil) after its first 100 days.
Five wells on the Mandaree South pad were part of WPX’s second-quarter completions. After 60 days, the wells have cumulative production of more than 426,000 Boe (81% oil). Initial production highs averaged 2,714 Boe/d per well, with a high of 3,335 Boe/d on the Mandaree South 19-18HA well.
Two other second-quarter completions on the Joseph Eagle pad posted 24-hour highs of 3,596 Boe/d and 3,465 Boe/d, each at 81 percent oil.
The 7-well Arikara pad in the North Sunday Island area that went online during late first-quarter 2018 now has cumulative volumes of more than 1,445,000 Boe (81% oil) after roughly 130 days of production. The top producer is the Arikara 15-22HB, with nearly 230,000 Boe after its first 130 days.
WPX's CEO Rick Muncrief, COO Clay Gaspar and CFO Kevin Vann hosted our 1Q webcast on May 3 starting. You can catch the replay here.
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