Eagle Ford News Pulse February 2023

Posted: March 5, 2023

Eagle Ford Basin | February 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- 68(-3)
Total Rigs in Texas- 366 (-4)

Total Rigs in United States- 746 (-14)
Total U.S. Rigs 13% YTD

Eagle Ford Permitting Data

Permits Approved – 96

Eagle Ford Top Producer

Top Producer- EOG Resources

Basin Highlights

Japan’s Inpex Sells US Eagle Ford Shale Oil Project to Repsol

Japanese Inpex has sold its Eagle Ford asset to the Spanish Repsol firm. Inpex, with holdings in many of the world’s major oil and gas provinces, made the move to focus on other areas, especially the LNG market upon which Japan depends for natural gas. Most of the acreage being conveyed to Repsol is in the oily window of the Eagle Ford in Karnes County.

Chemical Maker INEOS Makes U.S. Shale Bet with $1.4 bln Chesapeake Deal

Entering the upstream oil and gas industry, chemical maker INEOS has agreed to purchase part of the old Chesapeake asset in South Texas. INEOS, which uses natural gas as an important feedstock in its core chemical business, wants to ink the deal in order to vertically integrate gas supply and to act as a cushion against supply disruptions like the present war in Ukraine. The asset includes 172,000 net acres and existing production of 36,000 boe/d. This will be the last of the old Chesapeake acreage block in South Texas to be sold off as the company once again refocuses on natural gas plays. 

Baytex to Acquire Eagle Ford Operator Ranger Oil

Baytex has agreed to pay $2.5 billion for Ranger Oil Corporation, a publicly-traded oil and gas company with assets in the Eagle Ford Shale. This adds 741 drilling locations to Baytex’ Eagle Ford position, extending their drilling inventory by 12 to 15 years at current drilling rates. Ranger Oil Corporation produces about 68,000 boe/d and will add 162,000 net acres in the Eagle Ford oil window to Baytex’ inventory.

Top Operators By Permit Approvals

5Magnolia O&G6

Top Operators by Production

RankCompanyNovember Oil Production (MBO)
1 EOG Resources5,482
5Devon Energy1,785

Rig Count

Texas Oil Production

Texas Gas Production

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