Eagle Ford News Pulse May 2023

Posted: June 25, 2023

Eagle Ford Basin | May 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- 60 (+1)
Total Rigs in Texas- 345 (-12)

Total Rigs in the United States- 682 (-32)
Total U.S. Rigs 10.4% YTD

Eagle Ford Permitting Data

Permits Approved – 136

Eagle Ford Top Producer

Top Producer- EOG Resources

Basin Highlights

Callon Signs Double Deal to Buy Assets in Permian, Quits Eagle Ford

Callon Petroleum Company has signed a deal to purchase Permian producer Percussion Petroleum Operating II in a cash and stock deal valued at $475 million. This comes with 18,000 net acres and 70 drilling locations. The existing production from this acreage is 14,100 boed. Concurrently, Callon signed a deal with Ridgemar Energy Operating to sell its Eagle Ford acreage for $655 million (all cash). This deal includes 52,000 net acres with 16,300 boed. Both production streams are about 70% oil on an energy basis.

INEOS Completes Major $1.4 Billion Acquisition of US Onshore Oil and Gas Assets

UK-based INEOS completed the previously-announced $1.4 billion acquisition of Chesapeake’s assets in South Texas. This is one of several transactions in the slow divestiture of Chesapeak’s South Texas assets, a strategic decision they are pursuing in order to pare down on oily assets to focus on gassier assets (something of a move back towards the earlier Chesapeake strategy of the 2000s and early 2010s which may have contributed to its financial woes in the 20-teens and bankruptcy in 2020).

Crescent Energy Announces Accretive Eagle Ford Bolt-On; Acquires Operated Interest in Existing Non-Operated Areas

Crescent Energy Company announced that it will acquire operations rights and increased working interest in its existing Western Eagle Ford assets. These properties are currently operated by Mesquite Energy, whose interests are being turned over to Crescent Energy for $600 million in cash. The deal is set to close in Q3 of 2023. The target zones in this area are the Upper Eagle Ford and the Austin Chalk.

Top Operators By Permit Approvals


Top Operators by Production

RankCompanyMonthly Oil Production (MBO)
5Verdun Oil Company1,745

Rig Count

Texas Oil Production

Texas Gas Production

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