The present study provides a comprehensive set of new analytical expressions to help understand and quantify well interference due to competition for flow space between the hydraulic fractures of parent and child wells. Determination of the optimum fracture spacing is a key factor to improve the economic performance of unconventional oil and gas resources developed with multi-well pads. Analytical and numerical model results are combined in our study to identify, analyze, and visualize the streamline patterns near hydraulic fractures, using physical parameters that control the flow process, such as matrix permeability, hydraulic fracture dimensions and assuming infinite fracture conductivity. The algorithms provided can quantify the effect of changes in fracture spacing on the production performance of both parent and child wells. All results are based on benchmarked analytical methods which allow for fast computation, making use of Excel-based spreadsheets and Matlab-coded scripts. Such practical tools can support petroleum engineers in the planning of field development operations. The theory is presented with examples of its practical application using field data from parent and child wells in the Eagle Ford shale (Brazos County, East Texas). Based on our improved understanding of the mechanism and intensity of production interference, the fracture spacing (this study) and inter-well spacing (companion study) of multifractured horizontal laterals can be optimized to effectively stimulate the reservoir volume to increase the overall recovery factor and improve the economic performance of unconventional oil and gas properties.