Major players in Oklahoma’s STACK and SCOOP oil and gas plays were active this week in the J.P. Morgan 2017 Energy Equity Investor Conference in New York City.
It was the second year for the energy conference and one of the participants was Houston-based Newfield Exploration, a firm that sought investors by focusing on its success in the STACK and SCOOP.
Newfield pointed with pride to its successful Burgess well in Kingfisher, a well that was 4,859 feet in lateral length and produced a 24-hour flow rate of 2,931 barrels of oil equivalent a day. The well is described as the heart of Newfield’s more than 300,000 net STACK acres.
Newfield announced the well in March and said it was one of 16 recent wells at the time with enhanced completion designs. In its portfolio for the Energy Investor Conference, the company said it was running 4-5 rigs in 2017 in the STACK and 3 to 5 rigs in the SCOOP.
With its 2017 capital budget increased to $1.1 billion, the company said its enhanced completions are significantly improving well results across the Company. It said execution was already leading to a higher full-year 2017 production guidance.
Newfield also promoted its Barton Water Recycle Facility, an operation in Kingfisher county capable of handling 30,000 barrels of water a day. It is part of the company’s Anadarko Water Management System.
Chesapeake Energy was another presenter at the Investors Conference. The Company’s chairman, Doug Lawler focused on what he called a robust portfolio of six strong assets.
“We thought it important today, just given the environment, pullback in prices that we should highlight for you that we have ample liquidity,” said Lawler. “The financial strength of the company, as I’ve said a few times this year, is better than it’s ever been before, greater than $3 billion in our liquidity.”
Lawler said the company recently signed a revolver in the past few weeks of $3.8 billion and has $350 million in asset sales to date.
“We’re still targeting additional asset sales and have great confidence in our ability to meet our stated target of $2 billion to $3 billion of additional asset sales over the next few years.”