Bernstein: Wells with IPs of 1,000 boe/d the ‘New Norm’
The share of 1,000 boe/d producers in the overall population of wells drilled in 2024 rose to 46% year-over-year; 2025 could be the year a majority of wells hit the “thousand club” threshold, Bernstein reports.
Bernstein, a research joint venture with Societe Generale Group, reports that the number of wells with IPs of more than 1,000 boe/d—the “thousand club” continues to rise every year—and 2025 may be the year such wells make up the majority of big producers.
“The share of thousand club wells in the overall population rose again this year to 46% of all wells drilled as fewer wells are drilled versus 2023 with similar number of thousand club wells,” Bernstein’s Bob Brackett wrote in an April 11 report. That’s consistent with technical and operational improvements and discouragement of "rank exploration,” he said.
This year, Bernstein speculates, could be the start of “thousand club” wells making up the majority.
“This is a true technological revolution—from 5% at the ‘start of shale’ to >50% in around a decade,” Brackett wrote.
The best states for such wells—Texas, New Mexico, North Dakota and Pennsylvania—correspond with the related basins’ reservoirs: the Permian and Eagle Ford Shale; Appalachian; and the Williston’s Bakken.
In 2024, Texas, New Mexico and North Dakota hosted the majority of the 'thousand club' wells. (Source: Enverus, Bernstein)
However, the hunt for new resource plays “continues to be exceedingly difficult,” Brackett wrote.
Some good wells from Oklahoma’s Marietta and Ardmore basins performed well but far less were drilled outside of core producing basins.
“Mid-con and Arkoma wells in the thousand club also rose slightly to support gas demand,” the report said.
A few top companies dominate the “thousand club wells,” with about 75% of 1,000 boe/d oil wells drilled by publicly traded E&Ps.
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