Eagle Ford News Pulse November 2022

Posted: December 15, 2022

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 Nearly Doubling Eagle Ford Position with $3B Acquisition of Natural Gas, Condensate-Rich Assets

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

1EOG Resources20
2 (Tied)Ensign Natural Resources10
2 (Tied)Trinity Operating10
5 (Tied)Chesapeake8
5 (Tied)Marathon Oil8

Top Operators by Production

RankCompanyNovember Oil Production (MBO)
1 EOG Resources5,406
5Devon Energy2,080

Rig Count

Texas Oil Production

Texas Gas Production

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