F&D Costs and my OCD for energy data

A few months ago someone reached out about finding & development (F&D) costs for the industry and I sent them some quick one offs for a couple companies like XOM 0.00%↑ CVX 0.00%↑ PXD 0.00%↑ EOG 0.00%↑

But me being me I wanted to know what F&D looks like going back a few decades.

So my obsessive compulsive disorder (OCD) kicked in and I started gathering data from the 10ks and annuals going back as far as they disclosed the appropriate metrics.

This process started out with a couple F&D posts for the Supermajors (HERE) and the N. American oil focused E&Ps (HERE).

I was going to put another one out for the gas focused E&Ps but I can summarize my findings in one chart. They found A TON of really really cheap gas.

But the problem with the chart above is not the cost to drill and develop gas resources it’s pipelines and transportation, particularly out of the Marcellus. And that is both unquantifiable due to the political nature and not disclosed in an SEC filing. Contact your local representative. Good luck.