Eagle Ford News Pulse March 2023

Posted: April 20, 2023

Eagle Ford Basin | March 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 the United States- 748 (-1)
Total U.S. Rigs 7.8% YTD

Eagle Ford Permitting Data

Permits Approved – 191

Eagle Ford Top Producer

Top Producer- EOG Resources

Basin Highlights

Canada’s Baytex Adding Eagle Ford Heft in $2.5B Ranger Oil Acquisition

Canadian oil and gas firm Baytex Energy Corp has agreed to purchase Ranger Oil Corp for $2.5B. Baytex has identified 741 net undrilled locations, giving them an additional inventory life of 12-15 years. The new acreage lies largely in Gonzales and Lavaca Counties, northeast of the existing Baytex acreage found mostly in Karnes County. With the heritage Baytex and Ranger assets, Baytex expects to produce 155,000-160,000 boe/d at the close of the sale. 75% of this production is oil, while the remaining 25% is NGL and natural gas.

Frenzy of Eagle Ford M&A Continues as E&Ps Enter, Expand or Exit

A flurry of Eagle Ford M&A activity has taken place in recent months, with Chesapeake continuing the piecemeal sale of its oilier Eagle Ford assets, UK-based INEOS arrival into the basin, Canada’s Baytex Energy’s purchase of similarly-sized Ranger Oil, and Spanish Repsol’s purchase of Japanese INPEX’s assets. In the later part of 2022, we observed Marathon Oil’s purchase of Ensign Natural Resources’ Eagle Ford assets, Devon’s purchase of Validus Energy, and dozens of smaller acreage swaps and small-cap acreage purchases.

Carrier Energy Partners II Sells Eagle Ford Assets

Carrier Energy Partners II has recently sold its non-operated working interest position in Karnes County for $145 million to an undisclosed buyer in an all-cash deal. This deal is the latest of three sales, the others in 2017 and 2019, and marks the full divestiture of Carrier Energy’s position in South Texas. The firm was founded in 2013 with equity funding from RIverstone Holdings, an investment firm that focuses on the energy sector.

Top Operators By Permit Approvals

3Magnolia O&G14

Top Operators by Production

RankCompanyMarch Oil Production (MBO)

Rig Count

Texas Oil Production

Texas Gas Production

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