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Haynesville Shale in the US, 2019 – Gas Shale Market Analysis and Outlook to 2023

The Haynesville shale is spread across Northwest Louisiana and East Texas, in the US, covering an area of around 9,000 sq. miles. The strategic location of this shale play near to some of the world’s largest petrochemical complexes, LNG export facilities, and more importantly the Gulf of Mexico makes it one of the most revenue-generating shale plays in the US. The facilities around the shale formation help in rapid ‘spud-to-sale’ cycle time, thus, making it more attractive to the investors.

Due to the deposition of hydrocarbons in deeper layers than most of the other shale gas formations, ranging from 10,500 ft. to 14,000 ft., the companies initially found this play less feasible to extract shale gas with existing technology. However, over the years, innovation in drilling technology and updated completion techniques changed the competitive landscape attracting more players to increase their drilling activities.

Scope

Comprehensive analysis of natural gas production across major counties in Louisiana and Texas during 2013–2018, as well as production outlook from 2019 to 2023

In-depth information of well permits issued in Louisiana and Texas of the Haynesville shale, by county and by company from January 2018 to June 2019

Detailed understanding of IP rates and type well profiles in the Haynesville shale

Exhaustive analysis of competitive landscape in the Haynesville shale in terms of net acreage, gross production, cost trends and planned investments.

Comparison of type well economic metrics of major players were also analyzed

Up-to-date information on major mergers and acquisitions in the Haynesville shale between 2013 and 2019

Overview of existing and active pipeline infrastructure and LNG liquefaction terminals in and around the Haynesville shale, along with a review of the upcoming projects in the region

Reasons to buy

Develop business strategies with the help of specific insights into the Haynesville shale

Plan your strategies based on expected developments of the Haynesville shale

Understand the competitive landscape of the companies in the Haynesville play

Keep yourself informed of the latest M&A activity in this gas-rich shale play

Identify opportunities and challenges in the Haynesville shale in the US

Table of Contents

1. Table of Contents 1

1.1. List of Tables 3

1.2. List of Figures 4

2. Overview 5

2.1. Haynesville Shale, Recent Developments and Trends 5

3. Haynesville Shale, Introduction 7

3.1. Haynesville Shale, Overview 7

4. Haynesville Shale, Production and Activity Overview 8

4.1. Haynesville Shale, Production Analysis, 2013–2018 8

4.1.1. Haynesville Shale, Gross Natural Gas Production by County, Louisiana, 2013–2018 8

4.1.2. Haynesville Shale, Gross Natural Gas Production by County, Texas, 2013–2018 10

4.2. Haynesville Shale, Production Outlook, 2019–2023 12

4.2.1. Haynesville Shale, Natural Gas Production Outlook, 2019–2023 12

4.3. Haynesville Shale, Drilling Activity 13

4.3.1. Haynesville Shale, Permits Issued and Completed 13

4.3.2. Haynesville Shale, Well Permits by County 14

4.3.3. Haynesville Shale, Well Permits by Company 16

5. Haynesville Shale, Competitive Landscape 19

5.1. Haynesville Shale, Major Companies by Acreage, 2019 19

5.2. Haynesville Shale, Major Companies by Net Production, 2018 20

5.2.1. Haynesville Shale, Initial Production Rates 22

5.2.2. Well Profile 23

5.3. Haynesville Shale, Future Plans by Major Companies 23

5.3.1. Haynesville Shale, Planned Investments, 2019 23

5.4. Haynesville Shale, Cost Trends, 2018 25

5.4.1. Haynesville Shale, Well Costs 25

6. Haynesville Shale, Analysis of Top Five Companies 26

6.1. Haynesville Shale, Economic Metrics of Major Players 26

6.2. Chesapeake Energy Corporation 27

6.2.1. Key Operational Parameters 27

6.3. Indigo Natural Resources 29

6.3.1. Key Operational Parameters 29

6.4. Comstock Resources 30

6.4.1. Key Operational Parameters 30

6.5. BP Plc 32

6.5.1. Key Operational Parameters 32

6.6. Range Resources Corp. 33

6.6.1. Key Operational Parameters 33

7. Haynesville Shale, Associated Infrastructure 35

7.1. Pipelines 35

7.2. LNG 37

8. Mergers and Acquisition Activity in the Haynesville Shale, 2013–2019 39

8.1. Overview of M&A Activity 39

8.1.1. BP Completes Acquisition of Petrohawk Energy from BHP for US$10.5 billion 39

8.1.2. Comstock Resources to Acquire Covey Park Energy for US$2.2 billion 39

8.1.3. Osaka Gas acquired Sabine Oil and Gas 40

8.1.4. QEP exits Haynesville play following the sale of its assets to Aethon Energy 40

9. Appendix 43

9.1. Abbreviations 43

9.2. Methodology 43

9.2.1. Coverage 43

9.2.2. Secondary Research 43

9.3. Contact Us 44

9.4. Disclaimer 44

List of Tables

Table 1: Haynesville Shale, Natural Gas Production by State, mmcfd, 2013–2018 8

Table 2: Haynesville Shale, Natural Gas Production by Parish, Louisiana, mmcfd, 2013–2018 9

Table 3: Haynesville Shale, Natural Gas Production by County, Texas, mmcfd, 2013–2018 11

Table 4: Haynesville Shale, Natural Gas Production Outlook, mmcfd, 2019–2023 12

Table 5: Haynesville Shale, Number of Drilling Permits Issued and Completed, Jan 2018 to Jun 2019 14

Table 6: Haynesville Shale, Number of Well Permits Issued by County, Jan 2018 to Jun 2019 16

Table 7: Haynesville Shale, Number of Well Permits Issued by Operator, Jan 2018 to Jun 2019 18

Table 8: Haynesville Shale, Net Acreage by Operator, 2019 20

Table 9: Haynesville Shale, Major Companies by Net Production, 2018 (mboed) 21

Table 10: Haynesville Shale, Major Companies by Initial Production Rates, 2019 22

Table 11: Haynesville Shale, Planned Capital Expenditure by Major Companies, 2019 (US$ mil) 24

Table 12: Haynesville Shale, Major Companies by Well Costs, 2018 25

Table 13: Haynesville Shale, Major Companies by Well Costs, 2018 26

Table 14: Chesapeake Energy Corp., Haynesville Shale, Key Operational Parameters, 2018 27

Table 15: Chesapeake Energy, Haynesville Shale, Key Economics, 2018 28

Table 16: Indigo Natural Resources, Haynesville Shale, Key Operational Parameters, 2018 29

Table 17: Indigo Natural Resources, Haynesville Shale, Key Economics, 2018 30

Table 18: Comstock Resources, Haynesville Shale, Key Operational Parameters, 2018 31

Table 19: Comstock Resources, Haynesville Shale, Key Economics, 2018 31

Table 20: BP Plc., Haynesville Shale, Key Operational Parameters, 2018 32

Table 21: BP Plc., Haynesville Shale, Key Economics, Texas, 2018 33

Table 22: Range Resources Corp., Haynesville Shale, Key Operational Parameters, 2018 34

Table 23: Range Resources Corp., Haynesville Shale, Key Economics, 2018 34

Table 24: Haynesville Shale, Active, Planned and Announced Pipelines 36

Table 25: Haynesville Shale, Active, Planned and Announced Pipelines 38

Table 26: Haynesville Shale, Major Deals by Oil and Gas Companies, 2013–2019 41

List of Figures

Figure 1: Natural Gas Production Trend in Appalachia Basin and Haynesville Shale, 2010–2019 5

Figure 2: Relation between Lateral Length and Breakeven Pricing for Major Operators in the Haynesville Shale 6

Figure 3: Haynesville Shale, Natural Gas Production by Parish, Louisiana, mmcfd, 2013–2018 9

Figure 4: Haynesville Shale, Natural Gas Production by County, Texas, mmcfd, 2013–2018 10

Figure 5: Haynesville Shale, Natural Gas Production Outlook, mmcfd, 2019–2023 12

Figure 6: Haynesville Shale, Permits Issued and Completed, Jan 2018 to Jun 2019 13

Figure 7: Haynesville Shale, Number of Well Permits Issued by County, Jan 2018 to Jun 2019 15

Figure 8: Haynesville Shale, Number of Well Permits Issued by Operator, Jan 2018 to Jun 2019 17

Figure 9: Haynesville Shale, Major Companies by Net Acreage, 2019 19

Figure 10: Haynesville Shale, Major Companies by Net Production, 2018 (mboed) 21

Figure 11: Haynesville Shale, Well Profile 23

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