Eagle Ford News Pulse June 2020

Eagle Ford Basin | June 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 June)

Active Drilling Rigs in Basin- 9
Total Rigs in Texas- 107
Total Rigs in United States- 284
Total U.S. Rigs down 73% YTD

Eagle Ford Top Producers

Top Gas Producer- XTO
Top Oil Producer- EOG


Financial & Economic Updates

Oxy Suing Sanchez Energy over Deal Fallout

Occidental is suing Sanchez Energy in bankruptcy court. Sanchez recently filed chapter 11 bankruptcy but originally planned to buy 155,000 acres of Eagle Ford leases from Anadarko in January of 2017 for $2.3 billion. Sanchez’s bankruptcy is pending, but Occidental is worried that the restructuring will leave Occidental holding the liability on deals that were used to support the sales. attorneys for Occidental summed everything wup very well with, “Anadarko would not have sold the Comanche leases and wells to Sanchez and the other purchasers without the assurance that Sanchez would perform all of Anadarko’s obligations.”

Article Link


State Highlights

Rig Count in Eagle Ford Rushing Towards 0

At the end of June, the total number of rigs in the Eagle Ford was 11. This is down 85% from the number or rigs seen one year ago today which was 73. Texas as a whole has seen its rig count fall from 463 to 111 with most of these rigs being within the Permian thanks to easier access to resources and lower associated cost of production. These are the lowest numbers for rig count since Baker Hughes started recording these statistics in 1987.

Article Link


Top Gas Producers

RankCompanyProduction
(MMscf / Month)
1XTO31,347
2BP16,736
3Lewis Petroleum16,594
4EOG14,121
5Rockcliff13,902

Top Oil Producers

RankCompanyProduction
(STB/Month)
1EOG6,537,188
2Chesapeake3,472,498
3Marathon3,084,157
4Burlington3,051,061
5Devon1,659,467

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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