Excellent report below from the folks at Enverus Intelligence Research (EIR) tallying the known inventory of drilling locations for each major shale play by breakeven cost. While many continue to hype claims that all the profitable locations have already been drilled up, Enverus comes with the receipts detailing that many thousands of prime locations remain undrilled.
Thanks to everyone at Enverus for letting me repost this release here.
Operators boost inventory quality and cut costs in Powder River, Anadarko and Williston Basins
Longer laterals, disciplined spacing and targeted completions are key drivers of improved economics and inventory quality in major U.S. oil plays
CALGARY, Alberta (Nov. 4, 2025) Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, is releasing new research that reveals how leading operators are adapting strategies and technologies to unlock value and extend inventory life across the Powder River, Anadarko and Williston Basins.
Operators in these three major U.S. basins are increasingly turning to longer laterals, disciplined spacing and targeted completions to drive down costs and improve breakeven economics.
“Our latest research shows that the Powder River, Anadarko and Williston Basins are at a pivotal moment. Operators are leveraging longer laterals, conservative spacing strategies and targeted completions to maximize returns and extend the productive life of these plays,” said Ryan Hill, CFA, P.Eng., principal analyst at EIR.
“Notably, nearly 40% of remaining inventory in each play now breaks even below $55 per barrel, with some intervals achieving breakevens as low as $30–$40 per barrel.”
Key takeaways:
Longer laterals drive efficiency: Across all three basins, the shift to 3-mile and even 4-mile laterals is delivering 10–20% per-foot cost savings, with some operators posting breakevens below $50 per barrel.
Inventory quality and upside: The Powder River Niobrara and Anadarko Basin each hold hundreds of sub-$50/bbl locations, with semi-conventional intervals in Powder River breaking even in the $30–$50/bbl range. The Williston Basin, despite a year-over-year drop in locations, still offers nearly 7,500 remaining sites, with 40% breaking even below $55/bbl.
Spacing and parent-child relationships: Operators are mitigating parent-child well degradation in the Powder by upspacing and co-completing pads, resulting in up to 20% improvements in recoveries. In the Anadarko Basin, spacing discipline and targeted completions have improved economics in secondary intervals such as the Springer, which now achieves breakevens as low as $31/bbl.
Redevelopment and undercompleted upside: In the Williston Basin, undercompleted wells outnumber remaining inventory, with more than 8,000 candidates identified. Infill development continues to outperform refracs, offering less volatility and stronger returns.
Regional activity and expansion: The Western Anadarko Basin and extensional areas of the Williston are seeing increased activity, with private operators overcoming historical sentiment and driving new development.
EIR research reports cannot be distributed without a scheduled interview. If you have questions or are interested in obtaining a copy of this report, please use our Request Media Interview button to schedule an interview with one of our expert analysts.
About Enverus Intelligence® Research Enverus Intelligence ® | Research, Inc. (EIR) is a subsidiary of Enverus that publishes energy-sector research focused on the oil, natural gas, power and renewable industries. EIR publishes reports including asset and company valuations, resource assessments, technical evaluations and macro-economic forecasts; and helps make intelligent connections for energy industry participants, service companies and capital providers worldwide. Enverus is the most trusted, energy-dedicated SaaS company, with a platform built to create value from generative AI, offering real-time access to analytics, insights and benchmark cost and revenue data sourced from our partnerships to 95% of U.S. energy producers, and more than 40,000 suppliers. Learn more at Enverus.com.
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The bottom line here is obvious: Despite the last decades wealth of false narratives claiming that U.S. shale is entering its late-in-life stage, the truth is that these massive resources have tons of running room still ahead.
Yup, for us who know, it is not new news. It is great to have data to prove it, but how many will look at investing in US energy correctly? Energy Security starts at home! Great post.
Just when everybody is saying Trump’s oil price objectives are unrealistic and prices below $55/bbl are unsustainable and we’ll never see gas at the pump under $2/gal again… 🤷🏻♂️
Yup, for us who know, it is not new news. It is great to have data to prove it, but how many will look at investing in US energy correctly? Energy Security starts at home! Great post.
Just when everybody is saying Trump’s oil price objectives are unrealistic and prices below $55/bbl are unsustainable and we’ll never see gas at the pump under $2/gal again… 🤷🏻♂️