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首页> 外文会议>SPE/AAPG/SEG Unconventional Resources Technology Conference >Where Did All the Capital Go? A Look at Full Life-Cycle Economics on Key US Shale Plays
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Where Did All the Capital Go? A Look at Full Life-Cycle Economics on Key US Shale Plays

机译：所有首都哪里都在哪里？ 看看关键美国页岩剧上的全生命周期经济学

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The story of the US shale revolution is well known.Hydraulic fracturing techniques were executed by Mitchell Energy in vertical Barnett Play gas wells in the early 2000's,vertical wells matured into horizontal multi-stage frac wells,and one of the largest land leasing campaigns in history exploded as operators chased high gas prices.As the natural gas market became saturated,the industry started to strip the natural gas liquids(NGLs)out of the gas stream to take advantage of the ever-rising oil pricing.When gas prices tumbled in 2011,and oil prices climbed north of $100/bbl,the industry looked to the liquid rich/oil plays,such as the Williston Basin,the DJ Basin,and the Permian Basin.The turning point came in November 2014 when oil prices fell rapidly.As prices bottomed out at $22/bbl in February 2015,the industry saw a large exodus of operators and capital from the gas rich plays around the US to the liquid rich Permian.The Permian proved to be the haven for oil and gas development with its multiple pay zone targets,high EURs,low break-even costs,friendly regulatory environment,and access to markets.The rush for land,once again ensued,with the hope of an oil price rebound and promise of high returns to capital investors.The rapid ramp up in activity from 2015-2018 did not come without challenges as it put strain on the availability of services and people,access to pipelines and markets,and access to frac sand/water.This drove up costs and resulted in mixed results for many companies.In addition,operators soon saw that with higher-than-expected gas and water production,expenses to manage these by-products sky-rocketed.Water handling and disposal became a huge portion of operating expenses and with gas export facilities at full capacity,companies started to flare gas in large volumes.Associated gas became a waste product,causing operators needed remove the gas and associated liquids from the revenue stream,and in some cases pay a high cost for flaring permits,rather than shutting in wells.By 2019,a shift in the investment community was well underway.The days of growth-focused investment were coming to an end,and investors wanted to see returns on their investments.As prices still hovered around the $55/bbl range,investors were getting anxious to recover their capital invested in the industry,and throughout 2019 operators all talked about the ability to generate free cash flow.This paper analyses the free cash flow for three key unconventional basins across the US and discusses the associated economic impacts in each basin.
机译：美国页岩革命的故事是众所周知的。液压剥离技术是由垂直Barnett在2000年初的垂直Barnett Gas气井中执行的，垂直井成熟到水平的多级Frac井中，以及最大的土地租赁活动之一历史爆炸作为运营商追逐高天然气价格。天然气市场变得饱和，行业开始将天然气液体（NGLS）脱离气流，以利用不断上升的石油定价。当天然气价格下跌时2011年，油价攀升至100美元/桶装，该行业看着液体丰富/石油剧，如威利斯顿盆地，DJ盆地和二叠纪盆地。转折点于2014年11月出现，油价迅速下降。在2015年2月的价格下跌22美元/桶，该行业看到了一个大型的运营商和资本来自美国富裕的汽油富裕的汽油富有的普遍。二叠纪被证明是石油和天然气开发的避风港它的多个工资区域目标，高欧元，低休息成本，友好的监管环境，以及获得市场的额度。匆忙的土地，再次崛起，希望石油价格反弹和承诺高回报投资者从2015 - 2018年开始的活动中的快速增长并没有没有挑战，因为它对服务和人员的可用性进行了压力，可以访问流水线和市场，以及进入Frac Sand / Water。这使得成本并导致混合结果众多公司。此外，运营商很快看到了燃气和水资源高于预期的天然气和水产，以管理这些副产品的巨大天空的费用。水处理和处置成为了巨大的运营费用和天然气出口设施全部容量，公司开始闪烁大量的气体。随机的气体成为废物产品，导致操作员需要从收入流中取出气体和相关液体，并且在某些情况下支付燃烧允许的高成本，相反比2019年在韦尔斯闭合。在2019年，投资界的班次正在进行中。集中于增长的投资日的日子即将结束，投资者希望看到他们投资回报。仍然徘徊在55美元/伯尔范围，投资者越来越急于恢复投资业内的资金，在2019年的运营商中都讨论了产生免费现金流量的能力。这篇论文分析了美国三个关键非传统盆地的自由现金流，并讨论了相关的经济每个盆地的影响。

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