Eagle Ford News Pulse April 2023

Posted: May 21, 2023

Eagle Ford Basin | April 2023

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 play with smaller oil plays, it boasts proven reserves of 3.37 billion bbl of oil and 2.5 TCF of gas.

State Drilling Statistics

Active Drilling Rigs in Basin- 59 (-9)
Total Rigs in Texas- 357 (-9)

Total Rigs in the United States- 720 (-11)
Total U.S. Rigs 1.0% YTD

Eagle Ford Permitting Data

Permits Approved – 93

Eagle Ford Top Producer

Top Producer- EOG Resources

Basin Highlights

Japan’s Mitsui Acquires Unconventional Gas Asset in US

Japan’s Mitsui Company has acquired 92% of Silver Hill’s Hawkville Field acreage in South Texas. This acreage is very near LNG export terminals and ammonia plants, provided higher spot prices and more constant demand for produced gas. Mitsui has also been actively promoting LNG export terminals in the US Gulf Coast region and may pursue something like Tellurian’s natural gas production and LNG export model.

Oil Drillers See Costs Peaking in Fields from Texas to Canada

Oil rig counts have been stable for a few weeks and gas rigs have slightly decreased. Along with that, drilling costs have been stable, with steel prices even deflating slightly. Oil and gas firms are receiving some pressure from observers to drill while costs are easing, supply and labor constraints are largely solved, and OPEC seems inclined to cut production. Drillers in several major basins, including the Eagle Ford, have all expressed that drilling and completion costs are falling and have indicated a faith that oil and gas prices will not fall much further in the year.

Eagle Ford Shale Region Sees Benefits, Concerns

The Eagle Ford Shale stretches from Laredo to East Texas. Laredo’s population has increased by a third since 2000–driven in some measure by the influx of capital and jobs brought about by the Eagle Ford Shale. Concerns have been raised about water in the area, and one energy advocate mentioned that each frac job now uses only 3 million gallons of water, down from the 5 million gallons per well that the process required in 2010. New pipelines like the 140-mile Double Eagle Pipeline from Karnes to Mont Belvieu were raised as points of concern as well.

Top Operators By Permit Approvals

4Silverbow Resources7
5Ranger Oil Corporation6

Top Operators by Production

RankCompanyApril Oil Production (MBO)

Rig Count

Texas Oil Production

Texas Gas Production

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