2017 oil production replacements rates were significantly higher than in prior periods. Study companies posted replacement rates above 100% for the three-year and five-year periods in all three categories of the replacement rates analysis. The five highest oil replacement rates for the past three years were:
- WildHorse Resource Development Corporation – 2,989% replacement
- Southwestern Energy Company – 1,124%
- Antero Resources Corporation – 887%
- Parsley Energy, Inc. – 795%
- RSP Permian, Inc. – 794%
Year-end natural gas reserves increased 19% in 2017 to 176 trillion cubic feet (tcf), marking the highest level of gas reserves since 2014 due to extensions, discoveries, and net upward revisions of 9.9 tcf – partially offset by sales of proved gas reserves and production.
Companies drilled 30% and 23% more development and exploration wells, respectively, compared to 2016. Production costs were $10.95 per barrel of oil equivalent (BOE) in 2017, relatively unchanged from 2016 but 27% lower than in 2013.
* About the study
The US Oil and Gas Reserves Study is a compilation and analysis of certain oil and gas reserve disclosure information as reported by publicly traded companies in their annual reports filed with the United States Securities and Exchange Commission (SEC). This report presents the US E&P results for the five-year period from 2013 through 2017 for the largest 50 companies based on 2017 end-of-year US oil and gas reserve estimates based on available information. For more information, visit: ey.com/oilandgas/USReserves.