将水平井的渗流场划分为以水平井两端点为焦点的椭球体内部三维渗流和以椭圆柱状直井为中心 的外部平面渗流，分别推导出内部渗流区域和外部渗流区域考虑流体压缩性和油层应力敏感性的渗流模 型，再利用保角变换和等值渗流阻力法来整合内外部渗流，最终求得考虑流体压缩性和油层应力敏感性 的水平井稳定渗流产能公式。与经典公式对比计算表明，该公式合理、可靠。考虑流体压缩性和油层应力 敏感性，即α≠0 时，水平井产量与生产压差不再呈线性关系；产量随C_K的增大而减小，随C_ρ的增大而增大；当储层的应力敏感性较强时，产量随生产压差增大而增加缓慢。

The seepage field of horizontal wells can be divided into outer region, which is a radial flow to an ellipse vertical well, and inner one, which is an ellipsoid flow to horizontal well. Each seepage model is deduced considering fluid compressibility and stress sensitivity, and then the formula for the performance of horizontal well is gained by utilizing conformal transformation and equivalent flow resistance law. Compared with classic formula, the derived formula is reasonable and reliable. When considering fluid compressibility and stress sensitivity, it means when α is not equal to zero, there is no longer a linear relationship between conduction of horizontal well and the drawdown pressure; the production will decrease with the increasing of CK and increase with the increasing of Cρ . When stress sensitivity is strong, it increases slowly with the increasing of drawdown pressure.