Couple of points: - yes decline curves are fairly steep, requiring constant investment to maintain production (often referred to as the drilling wedge) see pg.

Couple of points: - yes decline curves are fairly steep, requiring constant investment to maintain production (often referred to as the drilling wedge) see pg.20-21 [1] - However, almost all of a new well's cost is the drilling and completion costs on the front end vs the lease operating expense to produce oil/gas once the well is online -IRRs are pretty high on individual wells (see. pg. 15 [2]) - since decline curves are so steep the pricing environment when the well comes online is tremendously important to well economics [1] https://d1io3yog0oux5.cloudfront.net/_be06fc1138095794ea39e91c0db9899c/anteroresources/db/641/5541/pdf/Credit_Suisse_Conference_Presentation_February_2019+vF5.pdf https://d1io3yog0oux5.cloudfront.net/_be06fc1138095794ea39e9... [2]http://investors.eogresources.com/Cache/1500112768.PDF?O=PDF&T=&Y=&D=&FID=1500112768&iid=4075407 http://investors.eogresources.com/Cache/1500112768.PDF?O=PDF...