"In fact, our well performance this year is back at 2019 levels, when we were primarily targeting one-off wells in our best zones, which while having great performance and economics." "As a result, we're seeing material improvement in well productivity over the past 36 months," Stice said. Since then, it has learned how to optimize its development patterns and spacing, said Diamondback CEO Travis Stice. The company, starting in 2019, has been co-developing its primary geological subsurface target zones instead of drilling and completing one zone at a time. "And the result is better overall assets here over the last couple of years." "Our teams have done a good job of not only spacing within each zone, but on intrazonal spacing given that these zones talk to each other," Van't Hof said. The area is where its return rates and oil and gas yields have improved in recent years, the executives added.ĭiamondback has seen double-digit percentage improvements in its Midland Basin well productivity in 2022 while combined Midland-Delaware Basin well productivity is up by single digits, company President Kaes Van't Hof said in webcast remarks during Diamondback's third-quarter earnings call. Receive daily email alerts, subscriber notes & personalize your experience.
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