Eagle Ford News Pulse June 2022

Posted: July 19, 2022

Eagle Ford Basin | June 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- 69 (-)
Total Rigs in Texas- 365 (+9)
Total Rigs in United States- 756 (+16)
Total U.S. Rigs 56% YTD

Eagle Ford Permitting Data

Permits Approved – 123

Eagle Ford Top Producers

Top BOE Producer- Burlington (ConocoPhillips)

Basin Highlights

Laredo Energy VI Hungry to Sell

According to those with knowledge of the matter, the owners of Laredo Energy VI LP, a gas driller with a focus on the Eagle Ford Shale in South Texas, are thinking about selling the business for up to $1 billion. Just north of the Mexican border, in an area of the Eagle Ford known as the dry gas window, Laredo leases 70,000 acres. The main output of the wells there is unprocessed natural gas, with little to no liquid hydrocarbons. According to the persons, who asked not to be identified because they lacked official permission to talk publicly, the company is collaborating with an adviser to conduct an auction process for the assets and has made its data room available to interested suitors.

Ranger Eager to Acquire

The borrowing base for Ranger Oil Corporation’s revolving credit facility has been raised by 20% to $875 million. The $400 million elective commitment made by Ranger to the plant is still in effect. This is the second increase that has been announced this year, bringing the total up to over 45%. Darrin Henke, President and CEO said, “Ranger sits in an enviable position today with a strong capital structure, deep inventory of high-return opportunities, significant free cash flow and ample liquidity to execute our business plan through-cycle. This combination was recognized by our banking syndicate partners, as well as S&P Global with their upgrade on our Company credit rating to ‘B’/stable outlook. Due to expected acceleration in second half production and growing free cash flow, we elected to keep our credit facility commitment at $400 million. Ranger’s increased borrowing base provides meaningful scale and financial flexibility as we continue to evaluate accretive consolidation opportunities to add to our core Eagle Ford position.”

Operators with Most Permits

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

Top BOE Production By Operator

RankCompanyMMBOE Production (Feb/22)
1 Burlington (ConocoPhillips)11.6
3Rockcliff Energy10.6
4XTO Energy9.0
Hyperlinks to available Q2 2021 Reports

Rig Count

Texas Oil Production

Texas Gas Production

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