One of our most distinctive characteristics is our commitment and ability to grow production and reserves organically through the drillbit. We’re currently utilizing approximately 105 operated drilling rigs and approximately 70 non-operated drilling rigs to conduct the most active drilling program in the U.S. We are active in most of the major unconventional plays in the U.S., where we will drill more horizontal wells than any other company in the industry.
For several years, we have been actively investing in leasehold, 3-D seismic data and human capital to take advantage of the favorable drilling economics that exist today. We are one of the few large-cap independent natural gas and oil companies that have been able to consistently increase production, which we have successfully achieved for the past 19 consecutive years.
We believe key elements of the success and scale that our drilling programs have achieved has been our recognition earlier than most of our competitors that:
- Natural gas and oil prices were likely to move structurally higher for an extended period
- New horizontal drilling and completion techniques would enable development of previously uneconomic natural gas reservoirs
- Various shale formations could be recognized and developed as potentially prolific natural gas reservoirs rather than just as sources of natural gas
In response to our early recognition of these trends, we have proactively hired thousands of new employees and have built the nation’s largest onshore leasehold and 3-D seismic inventories. These stand as the building blocks of a successful large-scale drilling program and the foundation of value creation for our company.