United States of America (USA) Lower 48 Unconventional Oil and Gas (Major Shale Plays) Market Analysis, Trends, Competitive Benchmarking, Deals and Forecast, 2021-2026

Pages: 39 Published: December 01, 2022 Report Code: GDGE0421MAR

Oil and gas shale plays across United States L48 play a vital role in the economy of the country as nearly three-fourth of the current US crude production is obtained from the shale plays in the Lower 48 (L48) region. The US crude oil production has witnessed an upward trend in 2022 amid a strong recovery in global energy demand from the COVID-19 pandemic. The OPEC+ group had also considerably reduced its crude output to alleviate the global oversupply situation and lift prices. This encouraged the US operators to expand their drilling activities and thus, oil and gas output. Many oil and gas producers in the US shale plays have increased their capital allocation for 2022, attributing to improving market conditions.

US Lower 48 Crude Oil Production Outlook by Major Shale Plays

Crude oil and condensate production is reviewed across the four major oil shales of Permian Basin, Eagle Ford, Bakken, and DJ Basin. During 2022-2026, the US L48 crude oil and condensate production is projected to increase, predominantly in the Permian Basin. This can be attributed to its sustained investments from operators in drilling and completion of wells in this play and backed by the availability of a large skilled workforce. Well-developed infrastructure and the Permian’s proximity to the refining and crude export terminals at the Gulf Coast would also help in driving the crude production growth.

Annual Crude Oil Production Outlook Across Major Shale Plays

Annual Crude Oil Production Outlook Across Major Shale Plays

For more crude oil production insights across major shale plays, download a free report sample

US Lower 48 Natural Gas Production Outlook by Major Shale Play

Natural gas production is reviewed across the major gas shales of Marcellus, Utica, Permian, Haynesville, and Scoop Stack. During the 2021-2026 outlook period, the biggest contribution to natural gas production growth in the US is expected to come from Marcellus and Permian resource plays. Marcellus, which is the largest natural gas formation in the country, contributed nearly one-third of all the unconventional natural gas produced in the country in 2021. The Permian Basin is a prominent producer of associated natural gas that is released during the extraction of crude oil.

Annual Natural Gas Production Across Major Shale Plays

Annual Natural Gas Production Across Major Shale Plays

For more natural gas production insights across major shale plays, download a free report sample

The US Lower 48 - Mergers and Acquisition Activity

Mergers and acquisitions (M&As) always play a major role for E&P companies in remaining competitive in the US shale oil and gas industry. During 2021-2022, oil prices were in a recovery mode after the OPEC+ group and several other crude producers lowered their daily production to align with the COVID-induced demand slowdown. This recovery encouraged operators with relatively stable balance sheets to undertake M&A activity and acquire US shale drillers.

Oasis Petroleum completed a merger with Whiting Petroleum. Following the transaction, Whiting shareholders owned approximately 53% and Oasis shareholders owned approximately 47% of the combined entity on a fully diluted basis. The combined company was named Chord Energy.

The US Lower 48 Oil and Gas Market Competitive Landscape by Total Net Acreage

Some of the major operators in the US lower 48 oil and gas market by total net acreage are Occidental Petroleum Corp, ConocoPhillips, Chevron Corp, Apache Corp, Exxon Mobil Corp, Chesapeake Energy Corp, CNX Resources Corp, Pioneer Natural Resources Co, EQT Corp, and Southwestern Energy Co.

The US Lower 48 Unconventional Oil and Gas Market Report Overview

Major Crude Oil Shales Permian Basin, Eagle Ford, Bakken, and DJ Basin
Major Natural Gas Shales Marcellus, Utica, Permian, Haynesville, and Scoop Stack
Major Operators Occidental Petroleum Corp, ConocoPhillips, Chevron Corp, Apache Corp, Exxon Mobil Corp, Chesapeake Energy Corp, CNX Resources Corp, Pioneer Natural Resources Co, EQT Corp, and Southwestern Energy Co

Scope

The report includes:

  • Comprehensive analysis of crude oil and natural gas historical production in US L48 shale plays during 2019-26
  • Detailed information on the well development, permits, and deals across US L48 shale plays during the aftermath of COVID–19 pandemic
  • In-depth information on economic viability, well productivity, and well completion parameters across major shale plays in the US
  • Analysis of top companies’ net acreage, and planned capital expenditure in 2022
  • Up-to-date information on major mergers and acquisitions across major shale plays during 2022

Reasons to Buy

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

Table of Contents

  • 1 About GlobalData
  • 1.1 List of Tables
  • 1.2 List of Figures
  • 2 Major Developments in the US Lower 48, 2022
  • 3 US Lower 48, Historical Production and Short-Term Outlook
  • 3.1 US Lower 48, Historical Production and Short-Term Outlook, 2019–2026
  • 4 US Lower 48, Recent Developments and Trends among Major Shale Plays
  • 4.1 Well Development Activity, January – June 2022
  • 4.2 Rig Count, January – June 2022
  • 4.3 Drilled Uncompleted Wells, January – June 2022
  • 4.4 Well Permits, January – June 2022
  • 4.5 Deals, January – June 2022
  • 5 US Lower 48, Economic Viability
  • 5.1 Crude Oil Break-even Price across Major Shale Plays
  • 5.2 Natural Gas Break-even Price by Major Shale Plays
  • 5.3 US Lower 48, Well Productivity
  • 5.4 US Lower 48, Well Completion
  • 5.5 US Lower 48, Cost Trend
  • 6 US Lower 48, Analysis of Top Companies
  • 6.1 Total Net Acreage of Major Operators
  • 6.2 Hydrocarbon Production of Major Companies, 2021
  • 6.3 Planned Capital Expenditure for Major Operators in 2022
  • 7 Mergers and Acquisition Activity in the US Lower 48, 2021 – 2022
  • 7.1 Overview of M&A Activity
  • 8 Appendix
  • 8.1 Abbreviations
  • 8.2 Methodology
  • 9 Contact Us

List of Tables

Table 1: Shale play-wise acreage of the major companies in the US, 2022 27

Table 2: Crude oil and condensate production of major operators by shale plays, 2021 (mbd) 29

Table 3: Natural gas production of major operators by shale plays, 2021 (mmcfd) 31

Table 4: Capital expenditure by major companies, 2021-22 ($M) 32

Table 5: US L48, major deals by oil and gas companies, 2021-22 35

List of Figures

Figure 1: Crude oil production in the US, 2018-2022 6

Figure 2: Rig count in the US shale and West Texas Intermediate (WTI) price trend, 2018-2022 7

Figure 3: Shale gas production in the US and Henry Hub price trend, 2018-2022 7

Figure 4: Annual crude oil production outlook across major shale plays, 2019–2026 9

Figure 5: Annual natural gas production across major shale plays, 2019–2026 10

Figure 6: Wells developed across major US shale plays, January – June 2022 11

Figure 7: Rig count across major US shale plays, January – June 2022 12

Figure 8: DUC wells count and total count of wells completed in US L48, January – June 2022 13

Figure 9: Well permits and wells drilled in major shale plays, January – June 2022 14

Figure 10: Deals announced in major shale plays, January – June 2022 15

Figure 11: Crude oil break-even price across major US oil shale plays 16

Figure 12: Natural gas break-even price across major US gas shale plays 17

Figure 13: Crude oil IP30 rates of major shale plays, January 2020 – June 2022 18

Figure 14: Natural gas IP30 rates of major shale plays, January 2020 – June 2022 19

Figure 15: Crude oil EUR by major shale plays, January 2020 – June 2022 20

Figure 16: Natural gas EUR by major shale plays, January 2020 – June 2022 21

Figure 17: Average lateral length by major shale plays, January 2020 – June 2022 22

Figure 18: Average proppant mass by major shale plays, January 2020– June 2022 23

Figure 19: Average proppant mass per lateral length by major shale plays, January 2020 – June 2022 24

Figure 20: Average well costs by major shale plays 25

Figure 21: Average production cost by major shale plays, 2019 – 2021 26

Frequently Asked Questions

Crude oil and condensate production is reviewed across the four major oil shales of Permian Basin, Eagle Ford, Bakken, and DJ Basin.

Natural gas production is reviewed across the major gas shales of Marcellus, Utica, Permian, Haynesville, and Scoop Stack.

Some of the major operators in the US lower 48 oil and gas market by total net acreage are Occidental Petroleum Corp, ConocoPhillips, Chevron Corp, Apache Corp, Exxon Mobil Corp, Chesapeake Energy Corp, CNX Resources Corp, Pioneer Natural Resources Co, EQT Corp, and Southwestern Energy Co.

The US L48 crude oil and condensate production is projected to increase due to its sustained investments from operators in drilling and completion of wells in this play backed by the availability of a large skilled workforce.

$3,999

Can be used by individual purchaser only

$11,997

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

Get in touch to find out about our multi-purchase discounts

reportstore@globaldata.com
Tel +44 (0) 20 7947 2960

Every customer’s requirement is unique. We understand that and can customize the report basis your exact research requirements pertaining to market insights, innovation insights, strategy and planning, and competitive intelligence. You can also avail the option of purchasing stand-alone sections of the report or request for a country specific report.

Still undecided about purchasing this report?

Enquire Before Buying

Request a Free Sample

Testimonial

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods