Eagle Ford News Pulse August 2021

Posted: September 22, 2021

Eagle Ford Basin | August 2021

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

Active Drilling Rigs in Basin- 32
Total Rigs in Texas- 232
Total Rigs in United States- 497
Total U.S. Rigs up 94% YTD

Eagle Ford Permitting Data

Permits Approved – 96

Eagle Ford Top Producers

Top BOE Producer- ConocoPhillips

Basin Highlights

SilverBow Resources Acquires Eagle Ford Assets for $33M

SilverBow Resources, Inc., a Houston-based exploration and production company, has announced plans to grow its acreage and overall portfolio in the Eagle Ford basin. For around $33 million in SilverBow stock, SilverBow will purchase the assets from an unknown seller. According to the company, the purchase will bring 45,000 net acres in the Eagle Ford under the SilverBow umbrella, including gas assets in McMullen and Live Oak counties, as well as oil acreage in Atascosa, Lavaca, and Fayette counties. CEO Sean Woolverton commented, “This announcement expands our gas portfolio in the Western Eagle Ford, while also adding oil acreage in three new counties.”

Article Link

Buyout firm EnCap Investments Agrees $1.5 B Purchase of EP Energy

EnCap Investments has agreed to buy EP Energy for $1.5 billion, according to sources familiar with the issue, less than a year after the oil and gas company emerged from a bankruptcy proceeding in which its creditors took control. According to the sources, EnCap intends to break EP, which owns production assets in South Texas and Northeastern Utah, into distinct geographies and merge them with existing portfolio firms. According to the sources, the Utah assets in the Uinta Basin would be merged with XCL Resources, while the Eagle Ford activities will be merged with an EnCap business having land in the area.

Article Link

Penn Virginia Continues To Acquire More Bolt-On Eagle Ford Acreage

Penn Virginia has proposed an all-stock acquisition of Lonestar Resources. There are distressed companies with a lot of debt, such as Lonestar, that are nonetheless smart buys. Unless present commodity prices stayed stable for a while, Lonestar would struggle to service its debt. Penn Virginia has a solid block of land, whereas Lonestar has a lot of scattered land. The little parcels of land aren’t worth nearly as much as the solid Penn Virginia block. Penn Virginia’s one “bolt-on” acquisition, visible in the corner of the area, is extremely valuable (and unlikely to be valuable to anyone else).

Article Link

Operators with Most Permits (June)

1Lewis Energy13
Hyperlinks to available Q1 2021 Reports

Top BOE Production By Operator

RankCompanyMMBOE Production (6/21)
1 Conocophillips24.431
2Marathon Oil12.529
4 Devon7.648
5Penn Virginia3.045
Hyperlinks to available Q2 2021 Reports

Rig Count

Texas Oil Production

Texas Gas Production

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