Operations Overview
Black Gold Texas Tea Oil LLC:
Strategic Operations Centered on Safety and Responsible Development.
At BGTTOil, our operational philosophy is grounded in a straightforward and efficient business strategy. We prioritize the optimization of margins and cash flow, all while upholding a robust balance sheet and maintaining solid debt metrics. Our core focus lies in horizontal drilling and the low-risk, organic development of oil and natural gas reserves sourced from shales and tight reservoir rocks.
This commitment to simplicity and effectiveness underscores our dedication to responsible development practices. By emphasizing safety and sustainability, we not only maximize operational efficiency but also contribute to the long-term well-being of the environments in which we operate. BGTTOil remains steadfast in our pursuit of excellence, ensuring that our strategies align with both economic prosperity and environmental responsibility.
Commitment to Health, Safety, and Environment
Fiscal Management and Marketing Strategy
Drilling and Development
Strategic Emphasis on Oil
Diverse Geographic Presence
GEOGRAPHICAL DIVERSITY
- Denver – Julesburg Basin
- Core Wattenberg Field – Weld County, Colorado
- Permian Basin
- Delaware Basin – Reeves County, West Texas
EMPHASIS ON OIL AND NGL
Our focus is on horizontal Niobrara and Codell development in the liquid-rich Wattenberg Field, where liquid content in new horizontal wells is expected to average 50% – 75% of the production stream. In the Delaware Basin, the Company is primarily targeting Wolfcamp A and B development where we expect the Eastern acreage block to be 70-80% liquids and the Central block 60-70% liquids.
DRILLING AND DEVELOPMENT
Annual production for 2021 averaged 195,000 Boe per day and proved reserves at year-end 2021 totaled 814 MMboe.
FISCAL MANAGEMENT AND MARKETING STRATEGY
We are committed to maintain a strong balance sheet as part of our fiscal strategy. This is partially done through the utilization of an active hedging program for oil and natural gas aimed at reducing the potential effects of variable commodity prices while insulating our cash flow that funds our capital investment program.
COMMITMENT TO HEALTH, SAFETY AND ENVIRONMENT
At PDC Energy, our core values emphasize integrity and respect for the environment and for the health, safety and well-being of our employees and the communities where we live and work. We seek to live our core values every day.