Bringing cost transparency and independent research to the Lower 48 oil and gas industry
Learn more about the mission behind AFE Leaks — and how we're bringing cost transparency to the Lower 48.
View the PresentationAFE Leaks was created as a platform for creative and independent research focused on the oil and gas industry, with a particular emphasis on operations. Our mission is guided by four core principles that drive everything we do.
AFE Leaks stands on a foundation of expertise and industry experience. Our founder's background spans roles as a Reservoir Engineer, Managing Director for an international financial services firm involved in oil and gas debt and equity transactions, and Head of Lower 48 Corporate Research at a leading oil and gas consultancy.
Building on this foundation, we continuously expand our network of industry experts to uphold and enhance the credibility of our insights.
Our research is driven by a single question: "Does this analysis provide tangible value to operators, service companies, or investors?"
Free from corporate subscriber bias and conflicts of interest, AFE Leaks leverages proprietary data to offer honest and actionable research. While our newsletter provides high-level commentary, deeper research and interactive data tools are available at paid tiers.
At its heart, AFE Leaks was born as a creative outlet, free from the constraints of corporate influence. Our research approaches problems from innovative angles, often incorporating interactive elements and non-traditional methodologies to uncover unique insights that others miss.
We believe that powerful analysis should be understandable and actionable, even for those unfamiliar with the nuances of the oil and gas industry. AFE Leaks prioritizes clear explanations of methodologies, findings, and their implications. For those interested in diving deeper, we often include reproducible code to empower subscribers to replicate and build on our work.
Lower 48 well costs are the foundation of every investment decision — yet most operators and investors are flying blind, relying on outdated benchmarks or incomplete data.
Real AFE and actual cost data changes everything: Operators can identify where they're overspending compared to peers. Investors can spot which management teams are capital efficient vs. those burning cash. Service companies can price competitively while protecting margins.
AFE Leaks was built to solve this fundamental problem. We aggregate 100,000+ wells of actual or AFE-level capex data so you can benchmark costs, validate AFEs, and make data-driven decisions in real-time. Whether you're drilling your next well or evaluating a $500M acquisition, having accurate cost intelligence is the difference between success and expensive mistakes.
We're not just another data provider. Here's what sets AFE Leaks apart in the energy data landscape.
No corporate bias, no conflicts of interest. Our research is funded by subscribers, not the companies we analyze, ensuring honest, unbiased insights.
We track capex Actuals and AFEs from 100,000+ wells across 9 states, giving you access to the real numbers operators are spending, not estimates or models.
Every analysis is designed to answer the question: "What can I do with this information?" We provide context, implications, and next steps—not just raw data.
See how AFE Leaks is transforming decision-making across the energy sector
At AFE Leaks, we're committed to fostering honest, useful, and innovative research while creating a community that values transparency and independent thought. Join us as we explore the operational and strategic challenges facing the oil and gas industry, one analysis at a time.
