Denver-based Centennial Resource Development said recently it delivered three of the top-performing wells in its history during 2021Q4 on its acreage in Delaware Basin. During the quarter Centennial completed 9 wells across two developments in the southern part of its New Mexico position. The four-well package was drilled in second Bone Spring sand interval with average laterals of 7,150 feet. The wells delivered an average 30-day initial production rate of 3,080 boed (82 percent oil).
Sean R. Smith, CEO, said, “These wells generated outstanding results and now represent three of the top 10 wells drilled in the company’s history based on 90-day rates. The development highlights the quality of our asset base and our technical expertise – averaging almost 1,700 barrels of oil per day during the first 90 days.” Total capital expense in the quarter was $86.5 million.
In 2022 Centennial plans to continue its current drilling program of 2 rigs with production growth of 10-to-15 percent by completing 47-to-53 wells with laterals averaging 8,750 feet. Total capital expense budget for 2022 is $365 million to $425 million. Lea County, N.M., will account for 80 percent of completions in 2022 with the remainder in Reeves County.