Production profiles in the Permian
In this part, we’ll look at the production profiles of top Permian oil and gas companies and compare their recent performances to each other. We’ll examine Apache (APA), Concho Resources (CXO), Occidental Petroleum (OXY), and Pioneer Natural Resources (PXD).
As we can see in the image above, the majority of these companies saw over 50% of their total production come from the Permian Basin. While CXO and PXD saw a YoY increase in production (as compared to 3Q15 levels), APA and OXY saw declines of 2% and 34%, respectively.
Eagle Ford and Bakken Players
Now let’s compare these figures to top players in other Oil-rich regions—namely, Eagle Ford and Bakken. The top players in the Eagle Ford include EOG Resources (EOG) and ConocoPhillips (COP). EOG reported a YoY decline of 3% in its 3Q16 production, while COP saw a flat production rate in 3Q16, as compared to 3Q15.
The top players in the Bakken include Continental Resources (CLR) and Whiting Petroleum. These companies saw their 3Q16 productions fall 9% and 25%, respectively, YoY.
Average realized prices
CXO saw the highest realized crude oil prices, including the effect of hedges, in 3Q16. OXY and PXD saw relatively lower realized prices (note that PXD’s realized price mentioned above does not include the effect of hedges).
EOG saw crude oil price realizations of $43.63 in 3Q16. COP’s total realized price was $26.84 per boe in the first nine months of 2016 (ended September 30, 2016).
Continental Resources’ average realized price of crude oil (OIL) was $37.66 per barrel in 3Q16. WLL’s average realized price for crude oil was $41.88 per barrel in 3Q16.