Eagle Ford News Pulse October 2021

Posted: November 24, 2021

Eagle Ford Basin | October 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- 40 (+3)
Total Rigs in Texas- 254 (+11)
Total Rigs in United States- 550 (+22)
Total U.S. Rigs 83% YTD

Eagle Ford Permitting Data

Permits Approved – 92

Eagle Ford Top Producers

Top BOE Producer- EOG

Basin Highlights

Cheniere secures Corpus Christi expansion support from Glencore

The US producer has reached a deal with Glencore. On a free on-board (FOB) basis, the trader will take about 0.8 million tonnes of LNG from Cheniere Marketing per year. Glencore’s contract will begin in April 2023 and will last for 13 years. It will pay a fixed liquefaction fee plus a price indexed to Henry Hub. Up to seven mid-scale LNG trains with a total nominal capacity of 10 million tonnes per year would be used in the new LNG project. ENN Natural Gas and Cheniere signed a sale and purchase agreement earlier this month. ENN LNG will accept 0.9 million tonnes per year for 13 years, likewise on a FOB basis. This contract will begin in July 2022.

U.S. oil producer Sundance Energy explores asset sale

According to marketing documents obtained by Reuters, Sundance Energy, a U.S. oil and gas producer that emerged from bankruptcy protection in April, is offering around 38,800 acres in the Eagle Ford shale area in South Texas. The dramatic rise in oil and natural gas prices this year has prompted hundreds of large and small energy corporations to list their properties for sale. Last month, U.S. crude was selling at over $81 a barrel, up 68 percent year to date. With eight new wells coming online this quarter, Sundance’s Eagle Ford assets could generate about 12,000 barrels of oil and gas per day, according to the paper. According to one source familiar with the situation, the assets might bring between $450 million and $650 million.

SilverBow Resources to Acquire Oil & Gas Assets in Eagle Ford

SilverBow Resources Inc., a Texas-based energy business, has agreed to pay almost $75 million for oil and gas properties in the Eagle Ford. The company’s stock rose 8.3 percent to settle at $31.90. In South Texas, SilverBow is involved in oil and gas exploration, development, and production in the Eagle Ford Shale and Austin Chalk. In the oil window of Lavaca, DeWitt, McMullen, and La Salle counties, the purchase contains 17,000 total net acres. In May, 111 PDP wells produced around 2,500 barrels of oil equivalent per day from the assets. SilverBow’s oil production projection for 2021 will be increased by 30% as a result of the purchase.

Operators with Most Permits

2Ensign Operating12
3Ranger Oil9
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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