What Are WLL’s Plans in the DJ Basin for the Rest of This Year?
WLL’s Redtail operations
Whiting Petroleum (WLL) controls 159,994 gross (134,771) acres in the Redtail region of the DJ Basin. In the DJ Basin, the company focuses its operations on the Niobrara A, B, and C zones and the Codell and Fort Hays formations.
As of September 1, 2017, the company had 5,441 gross drilling locations in the region. WLL expects to spend $332 million in its Redtail operations this year.
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Whiting’s DJ Basin 2017 operating plan had initially comprised completion of 105 drilled uncompleted (or DUC) wells by the end of 2017. However, in departure to this plan, the company now expects to end the year with only 38 DUCs. This is probably on the back of reduction in WLL’s capex forecasts this year (read Part 1). WLL had initially forecasted its DJ Basin capex in 2017 to be $420 million, which was scaled down to $332 million.
WLL’s management said that it would continue completing its DUC inventory into 2018, and expects to have most of that completed by the end of 1Q18.