Eagle Ford Basin | November 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 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- 71 (-)
Total Rigs in Texas- 366 (
-8)
Total Rigs in United States- 776 (
+7)
Total U.S. Rigs 34% YTD
Eagle Ford Permitting Data
Permits Approved – 121
Eagle Ford Top Producer
Top Producer- EOG Resources
–
Basin Highlights
Marathon Oil has announced an agreement to purchase Ensign Natural Resources’ Eagle Ford assets. These 130,000 net acreage are in the gassier, condensate-rich window of the Eagle Ford. The acreage produces a net of 22,000 bbl/d of oil and 67,000 boe/d. Marathon estimates that there are around 600 PUDs in the new acreage, which extends the company’s inventory by six years at current drilling rates. Marathon also expressed that there might be value in recompleting some of the 700 existing wells on the acreage, most of which were completed before 2015.
Is the Eagle Ford Shale Play Getting a Second Wind?
The Eagle Ford has seen a relatively large wave of M&A activity throughout 2022. With the combination of Penn Virginia and Lonestar Resources to form Ranger Oil, Devon’s acquisition of Validus Energy, Silver Bow’s offer to acquire Sundance Energy’s Eagle Ford assets for $354 million, and now Marathon Oil’s purchase of Ensign Natural Resources. Much of this is likely driven by natural gas commodity prices which have been the highest in a decade. The Permian, despite tremendous volumes of associated gas, has considerable takeaway issues whereas the Eagle Ford has a more built-out gathering network relative to its gas production.
Top Operators By Permit Approvals
| Rank | Company | Permits Approved |
| 1 | EOG Resources | 20 |
| 2 (Tied) | Ensign Natural Resources | 10 |
| 2 (Tied) | Trinity Operating | 10 |
| 4 | Devon | 9 |
| 5 (Tied) | Chesapeake | 8 |
| 5 (Tied) | Marathon Oil | 8 |
Top Operators by Production
| Rank | Company | November Oil Production (MBO) |
| 1 | EOG Resources | 5,406 |
| 2 | ConocoPhillips | 4,486 |
| 3 | Marathon | 3,419 |
| 4 | Chesapeake | 2,546 |
| 5 | Devon Energy | 2,080 |
Rig Count
Texas Oil Production
Texas Gas Production
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