Take a more focused approach to evaluating your drilling performance.
Solomon’s Drilling and Completion Cost Study is for companies that want to use consistent, reliable, and detailed information to assess their strengths, their weaknesses, and their opportunities for improving their current drilling programs. We measure your spending relative to other operators in the study and provide you with data points showing where your costs are high in relation to those with similar wells. This information alerts you to where opportunities exist to reduce the costs of future wells.
This study is aimed at operators drilling in unconventional formations and focuses on best practices related to the two key challenges: 1) expensive drilling and 2) completion efficiency.
This study analyzes industry performance by area/geology, depth range, and type of well, and includes multiple performance metrics, including cost per foot, feet per day, completion time, and more. It analyzes cost drivers such as well depth, well profile (vertical, horizontal, multilateral), geology, surface location, hydrogen sulfide, and completion design. The study also provides reliability metrics based on an analysis of daily production data to identify downtime incidents (planned and unplanned) and lost production.
Minimizing drilling costs is critical to profitability for E&P companies. Solomon’s detailed time, cost, and operational benchmarking allows participants to reduce drilling and completion costs through focused application of successful best practices.
Receive a clear view of performance gaps and improvement opportunities in your well construction process.
Answer key questions critical to your success:
- How reliable are my facilities?
- How does my equipment utilization compare with that of others?
- Are my operating expenses comparable to those of companies with similar facilities?
- Do my facilities produce a competitive gross margin, accounting for my utilization and complexity?
- How do I compare across the range of performance in the industry?
Learn How You Can Participate
Obtain a clear picture of your competitive position with data-driven, actionable insight. Make informed decisions and justify your strategies and improvement projects.
"If you always do what you always did, you will always get what you always got." ALBERT EINSTEIN
Data Quality, Benchmarking Methodology
A Foundation for Effective Comparative Performance Analysis and Decision Support
We prioritize the integrity and confidentiality of participant-submitted data and rigorously review that data before benchmarking begins. Then, we employ our normalization process and benchmarking methodology to provide valuable and trusted peer group comparisons that deliver meaningful KPIs. Finally, our staff of senior consultants apply their deep industry experience to develop practical insight and recommendations to enable your success.
Additional Studies & Analysis
With 30+ years of upstream benchmarking experience and the world’s largest database of upstream performance data and metrics, Solomon knows what “good” looks like for any given type of operation. The Offshore Study assesses your performance against peers and identifies cost and production improvement opportunities. The study focuses on critical KPIs, including operating cost, cost drivers, production efficiency, and uptime reliability.
If your organization is new to one of our studies or has experienced challenges completing the study data input forms, Solomon can help. Data quality and a proven benchmarking methodology enable results and insight you can trust. Contact us today!