The Woodford Shale, like all plays, has been on a bumpy road since the hit to commodities saw companies pull down rigs.

Nevertheless, the Woodford continues to surprise with production and well economics.

Cana-Woodford production was on the rise in 2014 with companies such as Cimarex Energy Co. (NYSE: XEC) expanding its internal rates of return (IRR) to match the Permian Basin.

Since the new year, E&P deals have cratered across the board. But in 2014, $1.6 billion worth of deals were done in the play, the largest involving Aubrey McClendon’s American Energy - Woodford LLC and American Energy Partners LP purchase of Woodford/Mississippi Lime acreage for $680 million.

Cimarex has committed $179 million of its $312 million capex to the play in 2015. As efficiencies have increased and average service company costs have fallen, the company’s well costs have decreased by 15% to $7 million in the first quarter of 2015 from $8.2 million in the fourth quarter of 2014.

The company said March 23 that it expected a 39% IRR before tax. Assuming gas prices of $3 per Mcf and NGLs making up 35% of oil price, IRR rapidly increases as when oil prices nudge back up. At $60 WTI, Cimarex would see a 49% IRR while at $70 the IRR jumps to 61%.

On March 23, Continental Resources Inc. (NYSE:CLR) said it will spend $720 million on drilling in the South-Central Oklahoma Oil Province (Scoop) in 2015. Though Continental will spend the bulk of its capex in the Bakken, the Woodford will command as many average operated rigs.

Continental Resources, capex, Scoop, Woodford, shale, oil, gas, Springer, Bakken Continental also said March 23 that it has seen expanded production as it pushed 12 miles south in the play. Continental has also moved west, with impressive results.

To the south, the Connell 1‐13‐12XH’s IP was 10,951 million cubic feet per day (Mcf/d) and 518 barrels per day (bbl/d) of oil using a 9,500-foot lateral. The Ritter 1‐3‐34XH IP hit 11,747 Mcf/d using a 6,500-foot lateral.

To the West, Continental’s Wilkins 1‐29H saw an IP of 11,461 Mcf/d and 51 bbl/d of oil with a 4,700-foot lateral. And the massive Oceana 1‐17‐8XH saw an IP of 20,669 Mcf/d using a 9,200-foot lateral.

At Newfield Exploration Co. (NYSE: NFX), the company has 85,000 net acres in the Scoop which identifies as Woodford Shale. The company said pre-tax IRR for wet gas is 40% and for oil 35%.

Not all Woodford results have come up rosy, though. Jones Energy Inc. (NYSE: JONE) is capable of delivering strong production growth through development of the Cleveland and Woodford plays over the next several years, while spending largely within cash flow, said Jeffrey W. Robertson, analyst, Barclays, in a March 10 report.

However, for now the company is taking a step back from the Woodford.

Baker Hughes, rig counts, oil, gas, Woodford, shale, Cana Woodford, Ardmore, Arkoma “Overall development costs were negatively impacted by lackluster well results in the Woodford Shale, which accounted for roughly 15% of capital spent but did not contribute meaningfully to new reserves,” Robertson said in a March 10 report.

Excluding the Woodford, reserve replacement costs in the Cleveland were an estimated $20 greater per barrel of oil equivalent (boe).

Jones considers the Arkoma Basin, and the Woodford, a key formation. Production there was 4 Mboe/d, according to a March 24 presentation. The company has a history of waiting out downturns, including dropping all rigs in the fourth quarter of 2008 before ramping back up in 2010 as prices recovered. The company has reduced its 2015 activity and put its focus on the Cleveland in the Anadarko Basin.

“Management has established a 2015 capital budget of $210 million with about $190 million dedicated to Cleveland drilling and completion activity and the remainder allocated to capital workovers and field maintenance projects,” Robertson said. “The company plans to run three rigs in the Cleveland during the first half of the year and could add two additional rigs by mid-year. The addition of the two rigs is dependent on the commodity price outlook and the company’s ability to achieve anticipated cost reductions in the Cleveland.”

Much smaller producers, such as PetroQuest Energy Inc. (NYSE: PQ), are investing in the play as well. PetroQuest’s 2015 drilling program is expected to be up to $49 million, with 25% allocated to the Woodford.

For now, contending with the realities of the downturn will hold back the Woodford, thought the play is holding its own in rig counts as companies continue to see promise there.

As with Jones from 2008-10, the path continues to be rocky, but expect a swift ascent in the Woodford as commodity prices stabilize and recover.