Powder River Basin News Pulse January 2023

Posted: February 22, 2023

The Powder River Basin | January 2023

Field Overview

The Powder River Basin, known for its coal deposits, is located in Southeast Montana and Northeast Wyoming. The basin is named so because it is drained by the Powder River. Major cities in the area include Gillette and Sheridan, Wyoming and Miles City, Montana. There is a recent resurgence in oil and gas production as a result of horizontal drilling and hydraulic fracturing. This resurgence is occurring mainly in the Wyoming part of the basin, which is historically known as the source of the basin’s oil.

State Drilling Statistics

Total Rigs in Wyoming- 18 (-)
Total Rigs in United States- 760 (-)
Total U.S. Rigs 18% YTD

State Permitting Data
Permits Approved – 13

Powder River Top Producer

Top Producer – EOG

Basin Highlights

Wyoming State Geological Survey Releases Annual Recap of State’s Oil and Gas Industry

2022 was a good year for the Wyoming oil and gas industry. The state produced 90 million barrels of crude, over half of which came form Converse and Campbell Counties in the Powder River Basin. Wyoming State Geological Survey Director and State Geologist Dr. Erin Campbell noted that Wyoming oil and gas production has doubled in the last ten years while natural gas production is slightly lower than the highs in 2009 which were driven largely by the coalbed methane boom in Sublette, Sweetwater, and Fremont Counties.

Lower 48 Natural Gas, Oil Permitting Rebounds in December, Led by Texas and Wyoming

National oil and gas drilling permits climbed by 13% from November to December, reversing a slightly downward trend in permitting observed throughout the tail part of 2022. Kansas, California, and Pennsylvania all reported decreases in December permitting relative to November while Wyoming was up 146 permits to 422 (53% m/m) and Texas was up 290 permits to 1,655 (21% m/m).

EOG Resources: Well-Positioned to Deliver Over the Long-Term

EOG Resources recently announced its strategy for 2023 which highlighted a few key items including increasing activity in the Dorado Basin in Western Australia and the newly-discovered Utica oil window. EOG also indicated the beginning of a shift of focus away from their long-held Bakken/Three Forks assets towards their Powder River Basin assets. The strategy indicates bullishness on natural gas in the long term with comments about contracts with LNG exporter Cheniere Energy and a gradual migration towards gassier regions in the Delaware Basin within the Permian.

Most Permit Approvals by Operator

1Anschutz Corp13
2Continental Resources9
4 (Tied)Vermillion4
4 (Tied)Devon4

Top Producers – Oil

RankCompanyJanuary Oil Production (MBO)
2Anschutz Corp722
3Continental Resources690

Top Producers – Gas

RankCompanyJanuary Gas Production (MMCF)
2Carbon Creek Energy5,184
4Continental Resources2,615

Rig Count

Wyoming Oil Production

Wyoming Gas Production

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