Eagle Ford News Pulse December 2020

Eagle Ford Basin | December 2020

Field Overview

A heavy shale play, the Eagle Ford basin is located east of the Permian, stretching from Dallas to San Antonio. Primarily a gas field with smaller oil plays, it boasts proven reserves of 3.37 billion bbl of oil and 2.5 TCF of gas.


State Drilling Statistics (End of December)

Active Drilling Rigs in Basin- 26
Total Rigs in Texas- 161
Total Rigs in United States- 351
Total U.S. Rigs down 56% YTD

Eagle Ford Top Producers

Top Gas Producer- EOG Resources, INC.
Top Oil Producer- EOG Resources, INC.


Basin Highlights

Eagle Ford Gets Worse Before it Gets Better

Shale players, especially those in the Eagle Ford, were hurting hard through 2020 and attempted to mitigate the bleeding of funds through lowering CAPEX for the remainder of the year, which in turn led to huge drops in upstream activity in the Eagle Ford. Projections into 2021 show that there will likely be a 10% decrease in production year-on-year due to the slump in new well development. A December report from analyst firm GlobalData suggests that average production will be just over 1 million barrels per day for 2021 as opposed to the already dwindling 1.13 million observed in 2020. While this may sound gloomy, this report was released when oil futures were averaging just $42 for the first half of 2021. When looking at natural gas prices, the futures were expected to average nearly $3 per mcf for the first half of 2021 which could spark interest for further Eagle Ford development. Either way, future projections don’t change the fact that the 16 major Eagle Ford operators cut capital spending by 44% or over $3 billion. 2021 seems like the year that will either make or break the Eagle Ford.

Article Link


Top Gas Producers (2020 cum)

RankCompanyProduction
(MCF)
1EOG104,513,353
2Burlington76,299,992
3Chesapeake68,051,882
4Marathon48,932,832
5XTO40,032,968
Hyperlinks to available Q3 2020 Reports

Top Oil Producers (2020 cum)

RankCompanyProduction
(Bbl)
1EOG58,893,849
2Chesapeake37,601,275
3Burlington26,920,860
4Marathon24,511,673
5Murphy10,683,574
Hyperlinks to available Q3 2020 Reports

Refining


Texas Oil Production


Texas Gas Production


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The information contained in this newsletter is provided by RARE
PETRO Engineering, PLLC via the following sources unless otherwise
noted:

www.eia.gov
www.drillinginfo.com
www.bhge.com
RARE Petro Analytics

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