What is AFE Leaks?
Bringing cost transparency to the industry
💥 Why AFE Leaks?
I’ve spent two decades focused on Lower 48 valuations — and one of the biggest blind spots has always been cost transparency. Investors are often handed company-provided estimates that are… optimistic at best. Approving an AFE as a non-op can feel like signing a blank check — without full visibility into costs or context. And most “should-cost” models don’t reflect how things actually play out in the field.
So I built what I wish I had all along:
A capability to systematically gather real AFE and actual well cost data across the space — and to use it to drive operationally grounded, bottom-up analysis.
That turned into AFE Leaks — a platform for interactive research, benchmarking, and useful context for operators, advisors, and investors alike.
Bottom-up, data-driven, operationally realistic insights on well costs, design, and returns — using AFE and actual cost data across the Lower 48.
🔍 What You’ll Find at AFE Leaks:
Detailed capex benchmarking across 92,000+ wells
Well-level details on design, production, etc.
Full cost-breakdowns on thousands of wells, whether actual or AFE-level
Interactive dashboards and real-world commentary
📦 Current Offerings:
Basic (10$/month): Access to paid research and basic-level access to the AFE Leaks App for quick benchmarking.
Premium (100$/month): Access to paid research, full access to AFE Leaks App, which includes full single-well breakdowns of costs and information (like production, surveys, etc.), with additional granularity of cost components where available and links to the source data.
API Access (Contact Us): Full programmatic access to our cost and well data for integration into your internal tools, models, or dashboards.
🚀 The Goal: Bring transparency and realism to shale cost and performance analysis — whether you’re an operator, investor, or advisor.
Research: Blog
App Access: Well Cost Dashboard
Questions? DMs open or email bd@afeleaks.com
Hello there,
Huge Respect for your work!
New here. No huge reader base Yet.
But the work has waited long to be spoken.
Its truths have roots older than this platform.
My Sub-stack Purpose
To seed, build, and nurture timeless, intangible human capitals — such as resilience, trust, truth, evolution, fulfilment, quality, peace, patience, discipline, relationships and conviction — in order to elevate human judgment, deepen relationships, and restore sacred trusteeship and stewardship of long-term firm value across generations.
A refreshing take on our business world and capitalism.
A reflection on why today’s capital architectures—PE, VC, Hedge funds, SPAC, Alt funds, Rollups—mostly fail to build and nuture what time can trust.
Built to Be Left.
A quiet anatomy of extraction, abandonment, and the collapse of stewardship.
"Principal-Agent Risk is not a flaw in the system.
It is the system’s operating principle”
Experience first. Return if it speaks to you.
- The Silent Treasury
https://tinyurl.com/48m97w5e