When Aubrey McClendon expanded the Big Four North American gas shales to six to include the Eagle Ford Shale, we paid attention. E&P companies are excited about this shale, from gas giant Chesapeake Energy Corp. looking to expand its focus in the oil window, to big oil names like ConocoPhillips Co. and BP plc looking for domestic gassy exposure. And with estimated internal rate of returns (IRRs) of 89% and 67% at US $5/Mcf Henry Hub gas in the dry and wet areas, respectively, investors should be excited as well. Upcoming catalysts, permitting activity, acreage and pipelines, drilling results, and M&A activity are all up and to the right, which is catching investors' attention. Based on preliminary data (play in its early stages, 199 horizontal permits issued to date), the Eagle Ford Shale is the most economic of any shale we've seen, beating out Haynesville core and Marcellus handsomely. At $4, $5, and $6/Mcf Henry Hub gas, the dry gas and wet gas windows have IRRs of 60%, 89%, 119%, 47%, 67%, and 88%, respectively, although the database of reported wells is limited. The industry is running 47 rigs in the play, showing its ability to monetize new shale olavs. especially when valuable liquids are at play.
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机译：当奥布里·麦克伦登（Aubrey McClendon）将北美四大气页岩扩展到六种时，其中包括鹰福特页岩，我们引起了注意。勘探与生产公司对此页岩气感到兴奋，从天然气巨头切萨皮克能源公司（Chesapeake Energy Corp.）寻求扩大其在油窗中的关注范围，到大型石油公司如ConocoPhillips Co.和BP plc寻求国内天然气暴露。而且，在干燥和潮湿地区，Henry Hub天然气价格为5美元/千立方英尺时，内部收益率（IRR）估计分别为89％和67％，因此投资者也应该感到兴奋。即将到来的催化剂，许可活动，种植面积和管道，钻探结果以及并购活动都是正确的，正引起投资者的注意。根据初步数据（处于早期阶段，迄今已获得199个水平许可），Eagle Ford页岩是我们见过的所有页岩中最经济的页岩，击败了Haynesville核心和Marcellus。尽管报告井的数据库显示，在$ 4，$ 5和$ 6 / Mcf Henry Hub天然气下，干气窗和湿气窗的IRR分别为60％，89％，119％，47％，67％和88％。是有限的。该行业正在运行47台钻机，这表明它有能力从新的页岩油中获利。尤其是当贵重液体在起作用时。
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