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.
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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.
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.
Operators with Most Permits (March)
| Rank | Company | Permits Approved |
| 1 | EOG | 23 |
| 2 | Marathon | 11 |
| 2 | Burlington | 11 |
| 2 | Marathon | 11 |
| 5 | Hillcorp | 10 |
Top BOE Production By Operator (2021 cum)
| Rank | Company |
| 1 | XTO |
| 2 | EOG |
| 3 | Chesapeake |
| 4 | Burlington |
| 5 | Marathon |
Rig Count
Texas Oil Production
Texas Gas Production
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PETRO Engineering, PLLC via the following sources unless otherwise
noted:
www.eia.gov
www.drillinginfo.com
www.bhge.com
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