Newfield Exploration (NFX) CEO Lee Boothby on Q4 2017 Results - Earnings Call Transcript Newfield Exploration Co. (NYSE:NFX) Q4 2017 Results Earnings Conference Call February 21, 2018, 11:00 AM ET Executives Steve Campbell - Vice President,… SEEKINGALPHA.COM
Newfield De-Risk's World Class North STACK SCORE Play with Excellent Returns On Par with Best of STACK! Plans for 80 Wells in 2018 in North STACK.
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Q4 2017 Newfield Exploration Earnings Conference Call
02/21/18 at 10:00 AM CST
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Presentations
2017
@NFX – YE17 Update and Outlook
@NFX – YE17 Update and Outlook
02/23/18
Lee Boothby
We issued some exciting new results in our SCORE program today as well. Recall that last year, we embarked on resource expansion program to unlock additional producing horizons on our existing acreage in the Anadarko Basin. I'll talk more about SCORE in a moment.
Let me stay in the Anadarko Basin but switch gears and talk a little bit about SCORE, where we invested in resource expansion program to test the Sycamore, Caney and Osage formations. In addition, we tested an exciting Northwest expansion of our STACK program in the Meramec and continue to extend our SCOOP oil play to the north and east.
On Page 17 in today's @NFX, we have detailed map and highlights recent score activity by Newfield and industry. Within our 3-year outlook, we plan to invest about $350 million to drill around 80 wells in these play types. In the North SCOOP, an area where we and industry have recently been more active, results in the oil window have been highly encouraging and set us up for additional development opportunities in 2018 and beyond. Our recent Larry well was very strong with an IP30 of nearly 2,000 barrels of oil equivalent per day.
Yesterday, we also released results from our Northwest STACK extension highlighting an area where the Meramec shale extends. Results are consistent and mimic what we have seen in the heart of STACK. We have an active HBP program planned for this area in 2018
Great. And for my follow-up, regarding the SCORE initiative. How would you characterize the results you've attained to date? I mean, they're better than we were modeling and projecting, but do they change your development for you guys over the next 3 years?
Lee Boothby
Well, I think what they do is we knew that we had oil saturated rock that we had high expectations that we and industry could drill horizontal wells in that would be ultimately competitive in the portfolio. I think we and the industry, there's a lot of other wells on that sheet that are drilled by other companies. I think it proved back and spaced, so I think all of the 3 intervals that we eliminated, the Sycamore, Caney and the Osage, that drilling activity, that resource has been substantively derisked like how the wells are dispersed around our acreage footprint, that gives you as an investor confidence in that resource. The challenge then becomes the learnings as we go through these multiwell DSU developments with a focus on returns and the challenges for John Jasek and the teams on the operating front are going to be how to fetter in additional work there and continue to work to progress those horizons so that we get the right projects at the front of the line. That's where we're going to be focused. And if it turned out that the right project on the front of the line as a Sycamore well, you'll hear us talking about Sycamore. We also mentioned the extensional work that was done, which I think is substantial North SCOOP, an area where EOG is coming and drilled some wells as well. It's another new entrant. And we where we announced the 2,000-barrel a day, 30-day rate on the Larry well, I think its evidence of that. I think our teams have been patient. But we are focused on working really, really hard. Let's call it sense of surge urgency to do the right things right and give the answers early because it's important to get it early so that you get it right early. And that's one of the big challenges for the team. So we'll continue to juggle those investments. We're investing in some 80 wells and those horizons that were derisked with the 2017 program in the 3-year plan. And it will be my expectation that you'll see a shift over time to various parts of that portfolio depending upon returns, commodity mix, macro, all the things that we use to judge where we want to be drilling. But we're very pleased with what we've seen from the SCORE program. And I think it gives us a good visibility on the integrity of the section that we need to be planning to develop, and we clearly achieved the objective expanding the resource. I think we got 3 billion barrels plus now in the Anadarko Basin alone.
Okay. And then on the SCORE, all the Osage wells on the slide are 5,000-foot or less lateral, other than that one interface test. Is that just a coincidence or is there some reason why you might not be able to get down to longer lateral in the Osage?
Lee Boothby
No coincidence. I'd say stretch your EMV dollars farther. So they're drilling 10,000-foot test in the horizon you're trying to de risk. Our team is pretty smart. They drilled 5,000-foot laterals, and they got 2 or 3 more wells out of it. So it was just the right plan to go out and get the information we needed to de risk the resource. And we have already drilled 10,000K Osage wells for the record.
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- Q4 2017 Newfield Exploration Earnings Conference Call | Newfield Exploration
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C.R. Smith Family Farm, LLC
OAP 201800511
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