Eagle Ford News Pulse November 2021

Posted: December 22, 2021

Eagle Ford Basin | November 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

Active Drilling Rigs in Basin- 44 (+4)
Total Rigs in Texas- 272 (+18)
Total Rigs in United States- 569 (+19)
Total U.S. Rigs 76% YTD

Eagle Ford Permitting Data

Permits Approved – 111

Eagle Ford Top Producers

Top BOE Producer- EOG

Basin Highlights

Chesapeake Completes $2.2 Billion Acquisition of Haynesville Producer Vine Energy

Chesapeake Energy Corp. finalized its acquisition of Vine Energy Inc. on Nov. 1, becoming the the top producer in the Haynesville Shale. Chesapeake had earlier announced the purchase of Vine in August for $2.2 billion in a “zero premium” transaction. Chesapeake’s Haynesville exposure was expected to expand to 348,000 net acres, with pro forma second-quarter net production of 1.58 Bcf/d.

Southwestern Acquires Another Private Haynesville Producer in $1.85 Billion Deal

Southwestern Energy Co., based in Spring, Texas, has acquired another private Haynesville producer as it continues to increase its position in the shale gas play, increasing exposure to the LNG corridor and growing demand centers along the US Gulf Coast. Southwestern has agreed to buy GEP Haynesville LLC for $1.85 billion in cash and equity. GEP is a joint venture between GeoSouthern Energy, an E&P founded by billionaire oilman George Bishop, and Blackstone Inc.’s financing arm. It is the third largest private Haynesville operator.

Crescent Pass Energy Adds 60,000 Net Acres to Growing East Texas Position

Crescent Pass Energy LLC has completed an acquisition of operated and nonoperated properties in East Texas, marking the privately held E&P company’s second major acquisition in the region in the last two months. Crescent Pass CEO Tyler Fenley said in a press release that “this acquisition is an exciting milestone for us as it marks our second significant growth transaction in fewer than two months.” The buyer and terms of the purchase were not disclosed, but Crescent Pass said it has spent more than $100 million on acquisitions so far in 2021, “with substantial remaining equity capital reserved for future opportunities” according to a press release.

Operators with Most Permits

1Lewis Energy20
3Marathon Oil9
3 EOG7
Hyperlinks to available Q1 2021 Reports

Top BOE Production By Operator

RankCompanyMMBOE Production (8/21)
1 EOG58.0
3 Marathon Oil29.3
4 Devon19.8
5Chesapeake Energy10.7
Hyperlinks to available Q2 2021 Reports

Rig Count

Texas Oil Production

Texas Gas Production

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