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U.S. Shale-Gas Players: Who’s Got What—and Where
Oct. 7, 2008
Nissa Darbonne,Executive Editor
A presentation to the Gas Processors Association, Houston Chapter, Annual Meeting
Kingwood, Texas
Capital Markets Affecting Shale Plays
• Antero Resources/Dominion/Marcellus
• Plains E&P/Occidental/Piceance/Haynesville
• Chesapeake/Plains/Haynesville
• Chesapeake/BP/Woodford
• Chesapeake/BP/Fayetteville
• Goodrich, Petrohawk, GMX, Chesapeake, Newfield Capex Cutbacks
Positive Notes
• Riverstone Holdings investment in Titan Operating/Barnett shale
• Carrizo Oil & Gas able to self-finance its Barnett drilling
• Current natural gas markets are based on gas coming online from shale plays that won’t come online at current gas prices
Woodford Shale Players
Chesapeake, BP, Newfield, PetroQuest, Unit Petroleum, St. Mary, Carrizo, Bankers Petroleum
Barnett Shale Players
Devon, EnCana, EOG, Chesapeake, Talisman, Carrizo, Pioneer, Williams, XTO, Range, Quicksilver, Denbury, Penn Virginia, Nortex Resources, Titan Operating, Spindletop O&G, Miller Energy, ReoStar, Exterra Energy
Fayetteville Shale Players
Southwestern, XTO, Chesapeake, BP, Petrohawk, Shell, Storm Cat, Energen, Maverick O&G
Marcellus Shale Players
Range, Equitable, Chesapeake, Talisman, Antero, Dominion, Anadarko, Southwestern, CNX, EOG, Cabot, Penn Virginia, Marathon, Exco, Unit Petroleum, Atlas Resources, Rex Energy, NFG/Seneca, J-W Operating, Trans Energy
Haynesville Shale Players
Chesapeake, Devon, Petrohawk, Goodrich, Shell, GMX, Shell, EnCana, Cabot, Southwestern, Plains, Exco, Cubic Energy, Rising Star, Camterra, Southern Star, St. Mary, Carrizo, Mainland Resources, Noble Energy, Continental Resources
Louisiana Haynesville Activity
Source: Bernstein Research, Petrohawk Energy Corp.
NPV of Base-Case Haynesville Well: Drilling Capex vs. Gas Price
Gas Price
Drilling Capex
$4MM $5MM $6MM $7MM $8MM $9MM $10MM
$6 (0.6) (1.5) (2.5) (3.4) (4.3) (5.2) (6.09)
$7 1.3 0.4 (0.5) (1.4) (2.3) (3.3) (4.16)
$8 3.2 2.3 1.4 0.5 (0.4) (1.3) (2.23)
$9 5.1 4.2 3.3 2.4 1.5 0.6 (0.30)
$10 7.1 6.2 5.3 4.4 3.4 2.5 1.62
$11 9.0 8.1 7.2 6.3 5.4 4.5 3.55
$12 10.9 10.0 9.1 8.2 7.3 6.4 5.48
$13 12.9 12.0 11.0 10.1 9.2 8.3 7.41Source: Bernstein Research
Exposure to the Haynesville Shale by Net AcresNet Haynesville Acres
Market Cap ($B) Haynesville Acres Per $MM/Market Cap
Devon 483,000 45.1 11
Chesapeake 480,000 23.7 20
EnCana 370,000 55.0 7
Petrohawk 300,000 6.2 48
Exco 119,800 4.1 29
Cabot 114,750 4.2 27
Plains 110,000 4.0 28
Forest 105,000 4.8 22
EOG 100,000 23.7 4
XTO 100,000 28.4 4
Anadarko 75,000 25.9 3
Comstock 67,918 2.6 26
Penn Va. 61,000 2.4 25Source: Bernstein Research, Capital IQ
Exposure to the Haynesville Shale by Acres Per $MM/Market Cap
Net Haynesville Acres
Market Cap ($B) Haynesville Acres Per $MM/Market Cap
Southern Star 2,120 0.04 58
Petrohawk 300,000 6.2 48
Exco 119,800 4.1 29
Plains 110,000 4.0 28
Cabot 114,750 4.2 27
Comstock 67,918 2.6 26
Penn Va. 61,000 2.4 25
Forest 105,000 4.8 22
St. Mary 50,000 2.4 21
Goodrich 39,000 1.9 21
Chesapeake 480,000 23.7 20
Meridian 2,600 0.2 13
Devon 483,000 45.1 11
Source: Bernstein Research, Capital IQ
Other North American Shale-Gas Plays
• Rockies: Mancos, Baxter, Gothic, Hilliard• E. Canada: Utica (Quebec), Eastern
Canada• W. Canada: Muska/Montney• West Texas: Barnett/Woodford• South Texas: Pearsall• SE U.S.: Floyd/Conasauga• North-Central: Michigan/Illinois
U.S. Shale-Gas Players: Who’s Got What—and Where
Oct. 7, 2008
Nissa Darbonne,Executive Editor
A presentation to the Gas Processors Association, Houston Chapter, Annual Meeting
Kingwood, Texas
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