Wyoming Q2, Q3, Q4 2023 lease sale analysis - Center for Western Priorities

	B	C	D	E	F	G	H	I	J	K	L	M	N
1	Analysis of 2023 BLM Wyoming Oil and Gas Lease Sales
2	Data:	EnergyNet Government Sales Results
3
4	Sold/unsold acres and parcels
5		Wyoming Q2			Wyoming Q3			Wyoming Q4			Total
6	Sold?	Parcels	Acres	Percent of acres offered	Parcels	Acres	Percent of acres offered	Parcels	Acres	Percent of acres offered	Parcels	Acres	Percent of acres offered
10	No	49	57,865	46%	28	31,482	47%	19	13,859	39%	96	103,206	45%
11	Yes	67	69,149	54%	53	35,701	53%	18	21,495	61%	138	126,346	55%
12	Grand Total	116	127,015	100%	81	67,183	100%	37	35,354	100%	234	229,551	100%
13	Analysis: Even though almost every parcel that was offered for lease was nominated by oil and gas companies, drillers didn't bother to bid on about half of the acres BLM offered. Even as BLM offered fewer and fewer acres in subsequent sales, interest in the acres offered did not increase significantly.
14
15	Sold for minimum $10 bid
16		Parcels	Acres	Percent of acres that received bids
18	Wyoming Q2	32	47,253	68%
19	Wyoming Q3	20	17,702	50%
20	Wyoming Q4	8	9,864	46%
21	Grand Total	60	74,819	59%
22	Analysis: Of the acres that did receive bids, 3 out of every 5 was sold for the minimum $10 bid, meaning only one company was interested in the parcel.
23
24	Sold for >$10
25		Parcels	Acres	Percent of acres that received bids	Percent of acres offered
27	Wyoming Q2	35	21,897	32%	17%
28	Wyoming Q3	33	17,999	50%	27%
29	Wyoming Q4	10	11,631	54%	33%
30	Grand Total	78	51,527	41%	22%
31	Analysis: Only 1/5th of the acres offered sold for more than the minimum $10 bid.
32
33	Acres with bids >$100
34		Parcels	Acres	Percent of acres that received bids	Percent of acres offered
36	Wyoming Q2	18	4,957	7%	4%
37	Wyoming Q3	25	11,036	31%	16%
38	Wyoming Q4	2	840	4%	2%
39	Grand Total	45	16,834	13%	7%
40	Analysis: Only 7% of the acres offered received bids of more than $100 per acre.
41
42	Acres unsold or sold at minimum bid
43		Parcels	Acres	Percent of acres offered
45	Wyoming Q2	81	105,118	83%
46	Wyoming Q3	48	49,184	73%
47	Wyoming Q4	27	23,723	67%
48	Grand Total	156	178,025	78%
49	Analysis: 4 out of every 5 acres offered didn't sell or sold for the minimum $10 bid. This shows how little overall interest there is in new leasing in Wyoming.
50
51	Total sales
52		Parcels	Acres	Total Bonus Bid	Median Bonus Bid	Average Bonus Bid	Revenue per acre sold	Revenue per acre offered
54	Wyoming Q2	67	69,149	$14,549,220	$13	$805	$210	$115
55	Wyoming Q3	53	35,701	$13,082,767	$24	$1,159	$366	$195
56	Wyoming Q4	18	21,495	$3,337,191	$30	$290	$155	$50
57	Grand Total	138	126,346	$30,969,178	$21	$874	$245	$135
58	Analysis: The huge gap between the median and average bonus bids show that a tiny number of parcels are responsible for the vast majority of revenue from the sale. Oil and gas companies think most of the parcels they've nominated for drilling aren't worth spending significant money on.
59
60	Largest sales (by total bonus bid)
84	Largest sales (by total bonus bid)	Number of acres	Percent of acres offered	Total Bonus Bid	Percent of Total Bonus Bids
85	Q2
86	1 Largest	640	0.5%	$5,125,120	35.2%
87	3 Largest	1,720	1.4%	$9,246,080	63.6%
88	5 Largest	2,643	2.1%	$11,034,856	75.8%
89	10 Largest	4,202	3.3%	$12,854,615	88.4%
90	Q3
91	1 Largest	240	0.4%	$2,640,240	20.2%
92	3 Largest	1,044	1.6%	$6,097,876	46.6%
93	5 Largest	1,804	2.7%	$8,292,636	63.4%
94	10 Largest	2,637	3.9%	$10,785,628	82.4%
95	Q4
96	1 Largest	720	2.0%	$2,603,520	78.0%
97	3 Largest	3,048	8.6%	$2,895,799	86.8%
98	5 Largest	7,810	22.1%	$3,079,992	92.3%
99	10 Largest	15,752	44.6%	$3,263,002	97.8%
100	Total
101	1 Largest	640	0.3%	$5,125,120	16.5%
102	3 Largest	1,640	0.7%	$10,890,480	35.2%
103	5 Largest	2,520	1.1%	$15,599,600	50.4%
104	10 Largest	4,444	1.9%	$21,127,436	68.2%
105	15 Largest	5,917	2.6%	$24,325,137	78.5%
106	20 Largest	8,042	3.5%	$26,139,409	84.4%
107	Analysis: More than 84 percent of the revenue from oil and gas lease sales in Wyoming this year came from less than 4 percent of the acres BLM offered for leasing. (Just 8,000 acres out of 230,000 offered.) In the most recent lease sale, a single 720-acre parcel—just 2 percent of the sale—brought in nearly 80 percent of the revenue. Even though oil and gas companies drive the leasing process from the beginning, they're just not interested in spending money on most of the acres they nominate. The vast majority of national public land in Wyoming that will ever produce oil and gas has already been leased. Drillers are only willing to spend significant money on a tiny fraction of what's left, because they know what's valuable — and most of the public land that's left is not valuable for oil and gas production. Going forward, BLM can easily meet driller demand in Wyoming while offering the bare minimum of acres it's required by law to put up for auction. In the case of the Rock Springs Resource Management Plan, this data means that BLM can easily designate 1.6 million acres of land as areas of critical environmental concern without disrupting the oil and gas industry, because the industry has repeatedly shown this year that it's not interested in spending money to lease almost all of the public land it's nominating for future leasing.
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