Eagle Ford Basin | November 2020
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 November)
Active Drilling Rigs in Basin- 23
Total Rigs in Texas- 146
Total Rigs in United States- 320
Total U.S. Rigs down 60% YTD
Eagle Ford Top Producers
Top Gas Producer- EOG Resources, INC.
Top Oil Producer- EOG Resources, INC.
Ovintiv Out of the Eagle Ford
As prices continued to stay low in November, more and more companies chose to limit their activity in Texas. Ovintiv is the latest company to bail on the Eagle Ford entirely. The Denver based company bought their Eagle Ford acreage from Freeport-McMoRan Inc. for $3.1 billion in 2014, and any money they generate from sales will be helpful in staving off some of the $7 billion dollars in debt the company has, even though they are only likely to get $600 to $700 million back. With shale production struggling, it is becoming more and more common to bail on less popular shale fields like the Eagle Ford. Ovintiv plans to focus on further reducing its debt. Earlier this year it cut its workforce by 25% and slashed 2020 capital investment by $500 million.
Top Gas Producers (2020 cum)
Top Oil Producers (2020 cum)
Texas Oil Production
Texas Gas Production
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