Denver Julesburg (DJ) Basin in the Unites States of America (USA), 2021 – Oil and Gas Shale Market Analysis and Outlook to 2025

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The Denver-Julesburg (DJ) Basin crude oil and condensate production was 491.4 mbd while the natural gas production was 5,058 mmcfd in 2020. The crude oil and natural gas production in the DJ Basin are projected to recover, bringing in positive market sentiment during the forecast period. The DJ Basin also referred to Denver Basin, Julesburg Basin, or DJ Basin, is crude oil and natural gas-rich formation located in Northeast Colorado and Southeast Wyoming. The formation also extends to some parts of South Dakota, Nebraska, and Kansas.

DJ Basin oil & gas shale market overview

DJ Basin oil & gas shale market overview

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What was the impact of the COVID-19 on the oil and gas production in the DJ Basin?

The oil and gas production in DJ Basin was adversely affected by the outbreak of COVID -19 and followed restrictions on economic activity. However, the new year imparted optimism in the market, paving the way for recovery. Though Q1 2021 recorded a downward production trend for crude oil as well as natural gas, eased restrictions and travel bans are expected to improve the production from Q2 2021. However, the investment outlook by companies in the Basin is expected to be weak on account of new stringent rules for permit issuance implied by the Colorado Department of Natural Resources (COGCC) in 2021.

What are the key counties in DJ Basin crude oil and condensate production?

The key counties in DJ Basin crude oil and condensate production are Weld, Adams, Broomfield, Rio Blanco, and Arapahoe. Weld County in Colorado was the largest producer of gross crude oil and condensate in the DJ Basin in 2020 followed by Adams and Broomfield counties from Colorado.

DJ Basin crude oil and condensate production, by counties

DJ Basin crude oil and condensate production, by counties

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What are the key counties in DJ Basin natural gas production?

The key counties in DJ Basin natural gas production are Garfield, Weld, Rio Blanco, Mesa, and Adams. Weld County in Colorado was the largest producer of natural gas in the DJ Basin in 2020 followed by Garfield and Rio Blanco counties in Colorado.

DJ Basin natural gas production, by counties

DJ Basin natural gas production, by counties

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Which are the major companies in the DJ Basin?

The major companies in the DJ Basin are Occidental Petroleum Corp, Chevron Corp, Bonanza Creek Energy Inc, PDC Energy Inc, Extraction Oil & Gas Inc, Crestone Peak Resources Operating LLC, EOG Resources Inc, and Whiting Petroleum Corp. In 2020, Occidental Petroleum Corp was estimated to hold the largest remaining crude oil and natural gas reserves in the DJ Basin followed by Extraction Oil & Gas Inc and Chevron Corp. In terms of the net acreage, Occidental Petroleum Corp had the highest net acreage in the DJ Basin in 2021 followed by Chevron Corp and Bonanza Creek Energy Inc.

DJ Basin, by companies

DJ Basin, by companies

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Market Report Scope

Crude oil and condensate production capacity (Year – 2020) 491.4 mbd
Natural gas production capacity (Year – 2020) 5,058 mmcfd
Key counties (crude oil and condensate production) Weld, Adams, Broomfield, Rio Blanco, and Arapahoe
Key counties (natural gas production) Garfield, Weld, Rio Blanco, Mesa, and Adams
Major companies Occidental Petroleum Corp, Chevron Corp, Bonanza Creek Energy Inc, PDC Energy Inc, Extraction Oil & Gas Inc, Crestone Peak Resources Operating LLC, EOG Resources Inc, and Whiting Petroleum Corp

Scope

  • The report analyses the crude oil and natural gas appraisal and production activities in the DJ Basin shale play in the US. The scope of the report includes:
  • Comprehensive analysis of crude oil and natural gas historical production and outlook during 2018-25
  • Detailed information on the impact on well development, permits, and deals due to the COVID-19 pandemic
  • In-depth information on well productivity and well completion parameters across DJ Basin shale play in the US
  • Analysis of top companies’ net acreage, planned capital expenditure in 2021, as well as crude oil and natural gas reserves, and production stats as of 2020
  • Up-to-date information on major mergers and acquisitions across the DJ Basin shale play between 2020 and 2021

Reasons to Buy

  • Develop business strategies with the help of specific insights into the DJ Basin shale play in the US
  • Plan your strategies based on economic viability and expected developments in the DJ Basin shale play
  • Keep yourself informed of the latest M&A activity across the DJ Basin shale play
  • Identify opportunities and challenges across the DJ Basin shale play

Table of Contents

1. Overview 6

1.1 DJ Basin, Recent Developments and Trends 6

2. DJ Basin, Introduction 8

2.1 DJ Basin, Formation Overview 8

3. DJ Basin, Production and Activity Overview 9

3.1 DJ Basin, Production Analysis, 2018-2020 9

3.2 DJ Basin, COVID-19 Impact on Production 12

3.3 DJ Basin, Production Outlook, 2021-2025 13

3.4 DJ Basin, Drilling Activity 14

3.5 Well profile 17

4. DJ Basin, Competitive Benchmarking 19

4.1 DJ Basin, Major Companies with Prominent Presence, 2021 19

4.2 DJ Basin, Major Companies’ Financial Standings 21

4.3 DJ Basin, Operational Performance of Leading Operators 22

4.4 DJ Basin, Completion Parameters, 2019-21 23

4.5 DJ Basin, Future Plans of Major Companies 27

4.6 DJ Basin, Cost Trends, March 2021 28

5. DJ Basin, Analysis of Bankrupt Companies 29

5.1 HighPoint Resources Corp 29

5.2 Extraction Oil & Gas Inc 30

6. DJ Basin, Associated Infrastructure 31

6.1 Pipelines 31

7. Mergers and Acquisition Activity in the DJ Basin, 2019-2021 34

7.1 Overview of M&A Activity 34

7.2 Major Acquisitions 34

8. DJ Basin, Analysis of Major Companies 37

8.1 EOG Resources, Inc. 37

8.2 Whiting Petroleum Corporation 37

8.3 Extraction Oil & Gas, Inc. 38

8.4 Petroleum Development Corporation 38

8.5 Bonanza Creek Energy, Inc. 38

8.6 Occidental Petroleum Corporation 39

8.7 Crestone Peak Resources Operating LLC 39

8.8 Chevron Corporation 40

9. Appendix 41

9.1 Abbreviations 41

9.2 Methodology 41

| Contact Us 42

Table

Table 1: DJ Basin, Crude oil and natural gas production, 2018-2020 9

Table 2: DJ Basin, Net Acreage by Company, 2021 19

Table 3: DJ Basin, Reserves and Production by Major Companies, 2020 20

Table 4: DJ Basin, Financial Standings of Major Companies, 2020 21

Table 5: DJ Basin, Operational Performance of Leading Operators, January 2020 – March 2021 22

Table 6: DJ Basin, Planned Capital Expenditure by Major Companies, 2020-21 (US$ million) 27

Table 7: HighPoint Resource Corp, DJ Basin, Key Operational Parameters, 2020 29

Table 8: Extraction Oil & Gas Inc, DJ Basin, Key Operational Parameters, 2020 30

Table 9: DJ Basin, Reserves and Production by Major Companies, 2020 32

Table 10: DJ Basin, Major Deals by Oil and Gas Companies, 2019-21 35

Figures

Figure 1: Total Production Across Major Shale Plays, 2018-2021 6

Figure 2: Rig count in DJ Basin, and West Texas Intermediate (WTI) future prices, 2018-2021 7

Figure 3: DJ Basin, Crude Oil and Condensate Production by County (mbd), 2018-2020 10

Figure 4: DJ Basin, Natural Gas Production by County, mmcfd, 2018-2020 11

Figure 5: DJ Basin, COVID-19 Impact on Production, 2021 12

Figure 6: DJ Basin, Production Outlook, 2021 – 2025 13

Figure 7: DJ Basin, Number of Well Permits by County, January 2019 to March 2021 15

Figure 8: DJ Basin, Number of Well Permits by Key Operators, January 2019 to March 2021 16

Figure 9: DJ Basin, Well Profile for Crude Oil Production 17

Figure 10: DJ Basin, Well Profile for Natural Gas Production 18

Figure 11: DJ Basin, Proppant Mass (million lbs) vs Lateral Length (ft) 23

Figure 12: DJ Basin, Average Peak Crude Oil Production vs Lateral Length (ft) Quartile 24

Figure 13: DJ Basin, Peak Total Production vs Lateral Length, 2019-2021 25

Figure 14: DJ Basin, Total EUR vs Lateral Length, 2019-2021 26

Figure 15: DJ Basin, Major Companies by Well Costs (US$ mil), March 2021 28

Figure 16: DJ Basin, Major Active Crude Oil and Natural Gas Pipelines by Capacity, March 2021 31

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