Eagle Ford News Pulse March 2021

Eagle Ford Basin | March 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 March)

Active Drilling Rigs in Basin- 31
Total Rigs in Texas- 205
Total Rigs in United States- 417
Total U.S. Rigs down 43% YTD

State Permitting Data (End of March)

Permits Approved – 165
Permits Waiting Approval- 14

Eagle Ford Top Producers

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


Basin Highlights

Ovintiv to Divest Eagle Ford Assets

Ovintiv Inc., the shale oil producer recently pressed by an activist investor to cut its debt load, agreed to sell drilling rights in South Texas to Validus Energy for $880 million. The price tag is less than one-third of the $3.1 billion Ovintiv paid Freeport-McMoRan Copper & Gold Inc. in 2014 to acquire the assets in the Eagle Ford, one of the two busiest shale fields in the Lone Star State. The decline in value of the assets highlights the challenges faced by the shale industry over the intervening years. Oil and gas prices have slumped in that time and many companies, including Ovintiv, have struggled to generate sustainable free cash flow and returns for their shareholders.

Article Link

Federal data shows monthly gas production dipped in Eagle Ford

When the recent winter storm caused a record-breaking streak of freezing weather in Texas, natural gas production in the Eagle Ford Shale decreased to its lowest monthly level since April 2013, resulting in 343 million fewer cubic-feet per day of natural gas production.

Article Link


Operators with Most Permits (March)

RankCompanyPermits
Approved
1EOG23
2Marathon11
2Burlington11
2Marathon11
5Hillcorp10
Hyperlinks to available Q4 2020 Reports

Top BOE Production By Operator (2021 cum)

RankCompany
1XTO
2EOG
3Chesapeake
4Burlington
5Marathon
Hyperlinks to available Q4 2020 Reports

Rig Count


Texas Oil Production


Texas Gas Production


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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

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