Eagle Ford News Pulse February 2022

Posted: March 22, 2022

Eagle Ford Basin | February 2022

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- 54 (+4)
Total Rigs in Texas- 284 (+311)
Total Rigs in United States- 650 (+40)
Total U.S. Rigs 62% YTD

Eagle Ford Permitting Data

Permits Approved – 123

Eagle Ford Top Producers

Top BOE Producer- Pioneer


Basin Highlights

Targa to Sell Gulf Coast Express Pipeline Stake for $857 Million

The Gulf Coast Express Pipeline is partially owned by a variety of companies, one of those was Targa Resources Corp. who recently sold their 25% equity interest for $857 million. This will help offset the cost of Targa’s recent purchase of $925 million worth of assets from Stonepeak Partners LP. The Gulf Coast Express Pipeline transports natural gas from the Permian basin to export facilities along the Gulf Coast and is partially owned by Kinder Morgan Inc., Altus Midstream and DCP Midstream. The buyer in the recent Targa deal is still undisclosed. 

Flaring Of Gas Falls Off In Permian And Bakken – And Why That’s Good News.

Nearly all of the U.S.’s major shale basins contribute to emissions via flaring or venting natural gas, with the exception of the Marcellus which captures nearly 100% of produced gas. Flaring and venting account for a loss of $1.5 million per day at the current prices. Not only that but they cause significant environmental damage, hence the recent crackdown by governments to reduce and eliminate venting and flaring. The Permian and Eagle Ford basins in Texas are primarily oil basins and therefore flare more associated gas. These basins also have old infrastructure that is responsible for extra leakage. 

Magnolia Plans to Stay the Course in Eagle Ford, Austin Chalk

Magnolia Oil and Gas Corp. will continue the success it had last year with its two rig system where one rig drills development wells and the other primarily appraisal wells. Operations will continue in both the Giddings and in Karnes counties. Magnolia CEO Steve Chazen expects an 8-9% production growth rate in the Eagle Ford basin this year using the two rig system. The company is currently refining their well spacing plan in hopes of squeezing out some savings to help combat the rising costs of inflation. 


Operators with Most Permits

RankCompanyPermits
Approved
1EOG12
2TEP Barnett10
2Validus NRG8
3Recoil Resources6
4Burlington (ConocoPhillips)5
Hyperlinks to available Q1 2021 Reports

Top BOE Production By Operator

RankCompanyMMBOE Production (1/22)
1 Pioneer88.6
2COG Operating27.6
3Apache Corp. 22.9
4XTO Energy18.8
5Laredo Petroleum17.6
Hyperlinks to available Q2 2021 Reports

Rig Count


Texas Oil Production


Texas Gas Production


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


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

Related Tags: Eagleford | News Pulse | texas

Send Us a Message

Rare Petro Logo

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!