Low-Risk, Low-Cost, Long-Life
Our asset base is comprised of approximately 60,000 conventional and unconventional natural gas, natural gas liquids, and oil producing wells. Our shallow-depth vertical and long-lateral horizontal wells produce from low permeability reservoirs sitting above and within the prolific Marcellus and Utica shale plays of the Appalachian Basin.
These mature wells benefit from simple and low-cost maintenance operations and require low ongoing capital expenditures. The wells exhibit long-term low decline rates with little water content, resulting in an average well life of ~40 to 50 years. The characteristics of our assets earn us a high-quality and reliable stream of free cash flow.
In addition to the upstream assets, our portfolio contains approximately 10,500 miles of natural gas gathering pipelines and a network of compression stations and processing facilities. The margin-enhancing benefits of owning and operating these midstream assets arise from increased control of our production flow, where we can identify both optimum routes and improved pricing points; increased operational efficiencies through ongoing optimization efforts; and increased third-party revenue streams.
Smarter Well Management
We have developed a niche for adding value to our assets through proven and engaging processes developed by our key personnel and our on-the-ground leadership team. As such, our field operation teams take a precautionary approach to wellhead compression management, fluid load deduction, pumpjack optimization, and other techniques developed within our “Smarter Well Management” program. We maintain our objective to extend the life of our wells and limit the rate of depletion of our assets.
Our Vast Land Bank
Since inception, we have drilled 150 wells across our portfolio, none of which have been dry holes. The vast size of the land bank means that the assets have only been sparsely drilled presenting an infill drilling opportunity that we will seek to exploit in a higher commodity price environment. As the wells are onshore and shallow, development wells are relatively cheap and quick to drill.
By leveraging our scale and cost efficiencies, we have demonstrated our ability to maximize value for our stakeholders and will continue to do so as we execute our growth strategy.