Houston-based Coterra Energy said last month it is drilling the largest 3-mile Wolfcamp development in the Delaware Basin. Enverus reported that Coterra’s 14-well Prewit-Justify/Authentic development (50 percent working interest) will have laterals averaging 15,750 feet and utilize 8-well-per-section spacing. Coterra predecessor Cimarex Energy reportedly completed only one Permian lateral of more than 15,000 feet (seven years ago). Cimarex merged with Cabot Oil and Gas Oct. 1, 2021, to form Coterra. The 14-well development in Culberson County will be brought online in 2022Q4.
Coterra plans to run 6 rigs and 2 completion crews in 2022 – mostly in Culberson and Reeves counties – to bring online 50 to 60 wells. Average lateral this year will measure 11,000 feet – up 12 percent from last year. Coterra plans to invest $1.4 billion to $1.5 billion in 2022 in capital spending, including $1.225 billion to $1.325 billion in drilling and completions (49 percent in Permian Basin). Production is forecast at 600,000 to 635,000 boed (81,000 to 86,000 bod). Coterra also has assets in Anadarko and Marcellus.