Powder River Basin News Pulse June 2023

Posted: July 18, 2023

The Powder River Basin | June 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, historically known as the source of the basin’s oil.

State Drilling Statistics

Total Rigs in Wyoming- 19 (+2)
Total Rigs in the United States- 675 (-7)
Total U.S. Rigs 10.7% YTD

State Permitting Data
Permits Approved (10/1/2022 to 4/30/2023) – 279

Powder River Top Producer

Top Producer – EOG

Basin Highlights

Public Revenue in Oil- and Gas-Producing Regions, Dependent on Fiscal, Climate Problems

Resources for the Future, a group that is working on modeling the impact of climate policy, has made several predictions about the future of the oil and gas industry in several of the basins in the US that are comprised largely of public lands, like the Powder River Basin. The study indicates that many basins will likely lose revenue as climate policies become more strict, including the Green River Basin in Wyoming. However, many basins, like the Powder River Basin, will benefit from increased fossil fuel consumption more than they will suffer from climate policies.

PE Firm Acquires Powder River Basin E&P Northwoods Energy

PE firm OneRock Energy is adding 160,000 net acres to its portfolio by acquiring Northwoods Energy. The land will transact for an undisclosed sum, but the production on the land is about 5,000 boe/d. OneRock Energy acquired 112,000 acres from SM Energy in 2018 in a similar deal and has expressed interest in growing its acreage position. The acreage acquired from Northwoods Energy is largely contiguous, with one large block directly west of the Thunder Basin National Grassland, and the other southwest of Gillette.

Coal, Oil and Gas Rebound Push Campbell County Assessed Valuation to $5.7 Billion

Campbell County is the largest energy-producing county in Wyoming. Recent assessments of the energy assets in the state have increased the calculated total of the County’s energy assets by $2.3 billion in the last two years, driven largely on the back of higher coal prices recently, inflated gas prices in Q4 2022 and Q3 2023, and elevated oil prices at the beginning of last year. A very small amount of uranium production also contributed $6,872 to the bottom-line asset valuation as well.

Most Permit Approvals by Operator

3Navigation Powder River4
4Continental Resources3
51876 Resources LLC2

Top Producers – Oil

RankCompanyMonthly Oil Production (MBO)
2Anschutz Corp703
3Continental Resources694
5Crescent Energy Company453

Top Producers – Gas

RankCompanyMonthly Gas Production (MMCF)
3Carbon Creek Energy4,688
4Continental Resources2,766

Rig Count

Wyoming Oil Production

Wyoming Gas Production

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