(WO) — Drilling inventory in the Anadarko basin expanded 37% year over year to 8,055 gross operated locations, with the basin offering leading full-cycle economics among major Lower 48 plays at $60/bbl oil, according to Enverus Intelligence Research (EIR).
The increase of 2,175 locations reflects improving development economics across the basin, including the Northwest, Cherokee and Merge areas. EIR identified 1,554 locations with breakeven prices below $50/bbl WTI on a PV-10, half-cycle basis.
Private operators are playing an increasingly prominent role in the basin. They control about 70% of gross operated drilling inventory, while public operators’ share of operated production has fallen from approximately 50% in 2020 to 25%. The figures reflect different measures of market activity, with inventory share indicating the distribution of potential drilling locations rather than current production.
More than $4 billion in mergers and acquisitions has taken place in the basin year to date, as operators pursue assets and expand development opportunities. EIR expects Anadarko basin production to grow 15% through 2030, supported by the expanding inventory and continued investment.
Ryan Hill, principal analyst at EIR and author of the report, said consolidation, growing drilling inventory and private capital are shaping the basin’s outlook. The findings point to the importance of acquisition costs and development economics in sustaining activity as operators evaluate opportunities across the Lower 48.
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