Newfield's Bakken net production in 2013 was ~4.4 MMBOE or ~12,000 boe/d. That's a 40% increase over 2012 production. At the beginning of 2013, the company had only estimated a production growth rate of 15% year-over-year in the play.
In 2014, Newfield will continue its current 4 rig program, and expects to achieve 35% to 40% year-over-year production growth. Capital expenditures are set at $330 million for 2014.
Read more: Newfield Completes Record Bakken Wells
“In a company statement, CEO Lee Boothby said, “in 2013, we twice raised production guidance and once again, exceeded our guidance ranges in the fourth quarter, both domestically and internationally. The 2013 production from continuing operations was 40.1 million barrels of oil equivalent, exceeding our beginning-of-year estimates. The outperformance was primarily related to the Williston and Anadarko basins. ”
Newfield Bakken and Three Forks Activity in 2013
In the Bakken and Three Forks region, Newfield completed 42 wells and lowered average well costs to $8.4 million. The company drilled eight wells in the Three Forks. Seven test wells targeted the first bench and one was drilled in the second bench. The company indicates that it will continue testing these prospective horizons beneath the Middle Bakken.
In the Middle Bakken, 34 wells had an average gross initial production (IP) of 2,233. In the Three Forks, eight wells had an average gross initial production (IP) of 2,091.
Newfield Highlights
- Newfield's Bakken net production increased 40% in 2013 to ~12,050 boe/d
- Newfield completed 42 wells and lowered average well costs to $8.4 million
- Newfield Three Forks drilling tested seven wells in the first bench and one well in the second bench
- In the Middle Bakken, 34 wells had an average gross initial production (IP) of 2,233 in 2013
- In the Three Forks, eight wells had an average gross initial production (IP) of 2,091
- In 2014, Newfield expects to achieve 35% to 40% year-over-year production growth.
Read more at Newfield.com