Finalized 1Q24 Results, US E&P

US E&P 1Q24 Dashboard Results

A short note to follow up from my earlier US E&P commentary (link) regarding 1Q24 earnings results. The following dashboard summarizes the production and Capex activity across 28 US-based E&Ps. In addition to the projected full-year capital spend estimates, I have also noted the remaining Capex anticipated for 2024.

From the initial 2024 budget estimates released at the start of the year aggregated production for FY24 is trending downwards with a forecasted -2% reduction in production anticipated among the 28 E&Ps researched. In conjunction with the production downturn, capital spend is also expected to decline ~$700MM, from $72.4B to $71.7B following the 1Q24 earnings results.

As a key takeaway from the 1Q24 earnings calls, each E&P’s approach to capital spend reflects a balance between maintaining operational efficiency, managing costs, and investing in strategic growth areas to enhance shareholder value. These strategies are particularly focused on adapting to current market conditions and preparing for future growth opportunities, particularly in natural gas and LNG markets.

Looking ahead, among the 28 E&Ps researched ~$53B in Capex remains for 2Q24 - 4Q24. Capex and D&C activity estimates include:

• Permian: ~$33.9B and 3,000+ TILs

• Appalachia: ~$4.6B and 300+ TILs

• Eagle Ford: ~$3.4B and 430+ TILs

• Bakken: ~$2.9B and 300+ TILs

• DJ/Powder River: ~$2.6B and 375+ TILs

• Haynesville: ~$1.7B and 85+ TILs

• Anadarko: ~$0.6B and 70+ TILs

Companies Mentioned

• Exxon Mobil Corporation (XOM)

• Pioneer Natural Resources Company (PXD)

• Chevron Corporation (CVX)

• Chesapeake Energy Corporation (CHK)

• Southwestern Energy Company (SWN)

• ConocoPhillips (COP)

• EOG Resources, Inc. (EOG)

• EQT Corporation (EQT)

• Occidental Petroleum Corporation (OXY)

• Coterra Energy Inc. (CTRA)

• Devon Energy Corporation (DVN)

• Antero Resources Corporation (AR)

• Ovintiv Inc. (OVV)

• Diamondback Energy, Inc. (FANG)

• Endeavor Energy Resources, LP (Private)

• Marathon Oil Corporation (MRO)

• APA Corporation (APA)

• Range Resources Corporation (RRC)

• Comstock Resources, Inc. (CRK)

• Permian Resources Corporation (PR)

• Matador Resources Company (MTDR)

• Civitas Resources Inc. (CIVI)

• CNX Resources Corporation (CNX)

• Murphy Oil Corporation (MUR)

• Chord Energy Corporation (CHRD)

• Magnolia Oil & Gas Corporation (MGY)

• SM Energy Company (SM)

• Crescent Energy Company (CRGY)

• High Peak Energy Inc. (HPK)

_{Disclaimer: All information contained in this publication has been researched and compiled from sources believed to be accurate and reliable at the time of publishing. However, in view of the natural scope for human and/or mechanical error, either at source or during production, Patrick Enwright accepts no liability whatsoever for any loss or damage resulting from errors, inaccuracies or omissions affecting any part of the publication. All information is provided without warranty, and Patrick Enwright makes no representation of warranty of any kind as to the accuracy or completeness of any information hereto contained.}