Eagle Ford News Pulse February 2021

Eagle Ford Basin | February 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 (End of February)

Active Drilling Rigs in Basin- 29
Total Rigs in Texas- 197
Total Rigs in United States- 402
Total U.S. Rigs down 49% YTD

Eagle Ford Top Producers

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


Basin Highlights

Eagle Ford Drops More than the Permian

Oil permitting fell 10% from December to January, but majors in Texas are putting up rigs at a 6 month high. The Permian and Eagle Ford were responsible for 52% of the total permit count. For the whole basins, the Permian reported a 12% loss on the month, with the Eagle Ford posting bigger losses at 35%. The decline in Texas was primarily driven by independent companies as majors rose to a high of 47. The Eagle Ford decline was driven in large measure by Marathon Oil Corp. and ConocoPhillips, whose permit totals plummeted by 32 and 21, respectively, or 72% and 73%.

Article Link

Chesapeake Coming Back into the Eagle Ford

2020 was certainly a difficult year for many, but it was especially tough on Chesapeake. Fortunately, they have finally emerged from chapter 11 bankruptcy. Chesapeake found itself threatened in the late 2010s because they had predicted natural gas would be the energy of the future, and 80% of their production portfolio reflected this fact. Unfortunately, gas field discoveries like the Haynesville and further development of the Permian put them in a bad financial place and they had to spend lots to add liquid crude properties to their portfolio. Now, the company’s focus will return to focusing on gas as the future looks much more promising as they center 85% of their efforts in the Permian, but they also plan to keep a rig always running in the Eagle Ford. Rather than just natural gas, Chesapeake hopes to center most of its efforts on LNG to export to the rest of the world.

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 Q4 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 Q4 2020 Reports

Rig Count


Texas Oil Production


Texas Gas Production


Rare Petro Podcast

Click above to subscribe to the RARE
PETRO Podcast Network or visit
www.rarepetro.com/newspulse


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

Categories

Send Us a Message

1224 Washington Ave,
Suite 10
Golden, CO 80401

(720) 772-7371

contactus@rarepetro.com

Rare Petro Logo

Subscribe!

Oil & Gas News Pulse

Newsletter

You have Successfully Subscribed!