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With the game-changing growth in U.S. oil and gas production, this docFinder Alert studies the largest publicly-traded U.S. Independents (as ranked by Enterprise Value) whose current production comes solely from domestic onshore sources. We excluded Independents like Apache, Devon, and EOG who have assets outside the U.S. This unique list of companies have grown their collective net gas production 48% over the last five years to 6.5 Bcfpd and oil/NGL production 177% to 331,000 bpd.
Top US-Only E&P Independents*
Annual Production by Year (Bcfe)
| Company |
2008 |
% Gas |
2009 |
% Gas |
2010 |
% Gas |
2011 |
% Gas |
2012 |
% Gas |
Enterprise Value($B) |
| Chesapeake Energy |
843 |
92% |
906 |
92% |
1,035 |
89% |
1,194 |
84% |
1,422 |
79% |
$33.4 |
| Pioneer Natural Resources |
246 |
56% |
252 |
55% |
251 |
53% |
274 |
49% |
341 |
41% |
$22.0 |
| Continental Resources |
72 |
24% |
82 |
26% |
95 |
25% |
135 |
27% |
214 |
30% |
$19.2 |
| Cabot Oil & Gas |
95 |
95% |
103 |
95% |
131 |
96% |
188 |
95% |
268 |
95% |
$16.1 |
| Southwestern Energy |
195 |
100% |
300 |
100% |
405 |
100% |
500 |
100% |
565 |
99% |
$15.0 |
| Range Resources |
141 |
81% |
159 |
82% |
139 |
76% |
189 |
77% |
275 |
79% |
$14.9 |
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| Source: PLS Inc. docFinder Database, CAP IQ |
| *Ranked by EV as of June 04, 2013 |
Topping the list is Chesapeake Energy with an Enterprise Value of $33 billion. Since 2008, CHK's gas production has grown 34% to 3.1 Bcfpd while its oil/NGL production has grown 336% to 134,000 bpd. Proudly heralding itself as the #1 gas producer in the US back in 2008, CHK is rapidly ramping its oil production and is now the largest oil producer among this group of six. CHK's oil growth focus is shown by the slide above left where S. Texas' Eagle Ford captures the largest share of its 2013 CAPEX. There is certainly running room here for CHK with 10-years of Eagle Ford drilling inventory in the bank (with 15 rigs running) as CHK executes on its goal to achieve 250,000 bpd of oil/NGL production by 2015.
Pioneer Natural Resources ranks second with an Enterprise Value of $22 billion. Pioneer's production is 59% oil/liquids weighted with its 2012 oil/liquids production averaging nearly 92,000 bpd - up over 70% in just two years. This growth has propelled PXD into the third largest oil producer in Texas where it has been operating in the prolific Spraberry/Wolfcamp trend in west Texas since the early 1980s and now holds 900,000 acres. In the conventional vertical Spraberry alone, PXD has 627 MMboe of proved reserves with 3,350 PUD locations plus an additional 0.9 BBoe based on 40 acre spacing and another 1.5 Bboe based on 20-acre spacing. Bigger than the Spraberry, however, is the horizontal Wolfcamp resource play where PXD has 4.6 Bboe of additional resources that are only now in the early stages of drilling. Impressively, the combined Spraberry/Wolfcamp resources would rank the field as the second largest oil field in the world - only behind Ghawar in Saudi Arabia. These resources already in inventory will allow PXD to continue a production CAGR of 13% to 18% through 2015.
More HOT slides and data below.
Shown below are more slides from the other 4 top US-only Independents along with their core resource plays for more growth. These include Continental Resources (Bakken), Cabot Oil & Gas (Marcellus), Southwestern Energy (Fayetteville) and Range Resources (Marcellus).
Did you know?
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