Eagle Ford News Pulse May 2022

Posted: June 30, 2022

Eagle Ford Basin | May 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- 56 (+6)
Total Rigs in Texas- 357 (+11)
Total Rigs in United States- 753 (+25)
Total U.S. Rigs 60% YTD

Eagle Ford Permitting Data

Permits Approved – 123

Eagle Ford Top Producers

Top BOE Producer- Burlington (ConocoPhillips)

Basin Highlights

Japanese Company Investing $500M into the Eagle Ford

The investments will be made in the tight oil assets that have already been bought, as well as those that will be acquired later in 2022, over a three-year period from 2022 to 2024. Production from the tight oil assets is expected to begin in the middle of this year, according to the company. Japex entered the tight oil development sector in the United States in 2012, when it purchased development shares in the Eagle Ford formation in Middle McCowen, Texas. In addition to investing in the development of the acquired interests, the company obtained more interests in the same formation in 2013. In a press statement, Japexr said: “During this time period, Japex has accumulated the knowledge of the tight oil development business.”

Ranger to Continue its Impressive Growth

Ranger Oil Corporation stated today that it has signed separate agreements to purchase three “bolt-on” oil producing properties in the Eagle Ford shale that are adjacent to Ranger’s existing assets for a total acquisition price of approximately $64 million in cash, subject to customary adjustments. The acquisitions are expected to add to the Company’s deep, high-quality portfolio of well locations while also generating significant near-term operating benefits. Ranger’s leverage ratio should continue to improve as a result of increased cash flow. Subject to usual closing conditions, the transactions are expected to close early in the third quarter.

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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