Eagle Ford News Pulse July 2023

Posted: September 1, 2023

Eagle Ford Basin | July 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- 55 (-4)
Total Rigs in Texas- 322 (-7)

Total Rigs in the United States- 664 (-10)
Total U.S. Rigs 12.4% YTD

Eagle Ford Top Producer

Top Producer- EOG Resources

Basin Highlights

Callon Wraps Up Delaware Bolt-On, Eagle Ford Exit

On July 3, Callon Petroleum Co. completed the previously announced acquisition of Percussion Petroleum Operating II LLC in the Delaware Basin and left the Eagle Ford by selling the company to Ridgemar Energy Operating LLC. The A&D was estimated to be worth $1.13 billion all together. The Delaware assets of the Percussion were acquired by Callon for a total consideration of $249 million in cash and roughly 6.3 million shares of Callon common stock. In the Eagle Ford, Callon sold to Ridgemar, which is backed by Carnelian Energy Capital Management LP, for $551 million in cash. The transactions have an effective date of Jan. 1, 2023, according to a press release issued by the company on July 5. Post-closing changes are still possible. “The bolt-on Percussion transaction improves our Delaware inventory depth and also lowers our cost structure,” Joe Gatto said, president and CEO of Callon.

Flyover Event Spies Eagle Ford Flares in South Texas

An investigation published by the environmental charity found that oil companies in Texas squandered $1.7 billion worth of natural gas in this way in 2019, accounting for approximately 12 percent of the gas used in the state that year. The goal of the Environmental Defense Fund’s (EDF) recent research and flyover event was to demonstrate how much gas that contributes to global warming is flared and released into the atmosphere. The EDF targets oil corporations who regularly burn off gas instead of using or selling it. Because natural gas prices are frequently too low to support new pipelines or other means of conveying surplus gas, which is discharged as a byproduct when operators extract oil from the earth, this technique became widespread in Texas.

Top Operators By Permit Approvals

2Marathon Oil8
3Trinity Operating7

Top Operators by Production

RankCompanyMonthly Oil Production (MBO)
5Verdun Oil Company1,836

Rig Count

Texas Oil Production

Texas Gas Production

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