Powder River Basin News Pulse May 2023

Posted: June 25, 2023

The Powder River Basin | May 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- 17 (+2)
Total Rigs in the United States- 682 (-32)
Total U.S. Rigs 10.4% YTD

State Permitting Data
Permits Approved – 39

Powder River Top Producer

Top Producer – EOG

Basin Highlights

SUPER DUG: Anschutz’s Growth and Potential in Powder River Basin

In an interview, Anschutz CEO Joe DeDominic discussed the bright future that the company sees in the Powder River. He mentions the progression toward three-mile Niobrara wells in the basin–an innovation being piloted by Devon. He discusses the confidence he has in Anschutz’s large inventory in the basin, which is largely centered on Campbell County. He mentions also some Uinta and Piceance testing that is diverting one of Anschutz’s four Powder River rigs for a few months in the upcoming year on the drilling calendar.

Interior’s Oil Plan is Coming. Here’s What to Watch.

A new vision for the Biden Administration’s policy towards oil and gas was the focus of a May 2 teleconference between the Natural Resources Defence Council, Earthjustice, the Sierra Club, and the National Parks Conservation Association. The considerations of this conference are all overwhelmingly anti-oil and gas. One of the groups estimated that the Inflation Reduction Act will reduce emissions 40% and that the nation ought to strive to cut oil and gas production on federal lands by 50% by 2030 in order to help get the nation to a 50% emissions reduction in that timeframe.

1876 Resources Acquires Gas Gathering Pipeline Infrastructure

1876 Resources, a subsidiary of Deutsche Rohstoff USA Inc. and formerly known as Cub Creek Energy, has agreed to purchase an existing gas gathering system in the Powder River Basin. The transaction includes 36.8 miles of pipeline, surface tanks, and other equipment. The gathering system connects 1876 Resources pads and has a capacity of 5,000 mcf/d with options to expand the capacity. With this step towards vertical integration, the firm expects to reduce gathering fee expenses by ~$2 million annually.

Most Permit Approvals by Operator

3Navigation Powder River4
4Continental Resources3
51876 Resources LLC2

Top Producers – Oil

RankCompanyMonthly Oil Production (MBO)
2Continental Resources671
3Anschutz Corp664
5Crescent Energy Company445

Top Producers – Gas

RankCompanyMonthly Gas Production (MMCF)
3Carbon Creek Energy5,005
4Continental Resources2,598
5Anschutz Corp1,536

Rig Count

Wyoming Oil Production

Wyoming Gas Production

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