Eagle Ford Basin | October 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- 370 (
+5)
Total Rigs in United States- 784 (+15)
Total U.S. Rigs 38% YTD
Eagle Ford Permitting Data
Permits Approved – 20
Eagle Ford Top Producer
Top Producer- EOG Resources
–
Basin Highlights
SilverBow Bolts on South Texas Package to Expand Eagle Ford, Austin Chalk Opportunities
SilverBow Resources Inc. acquired an additional $87 million of operated acreage and incremental working interest in previously-operated areas in De Witt and Gonzales Counties in South Texas. These acreage positions are in the condensate and volatile oil windows of the Eagle Ford and Austin Chalk. SilverBow adds 5,500 net acres to their South Texas position after adding 7,500 acres last month. The newest acquisition increases their daily production by 1,100 boe/d.
Chesapeake Energy Trims Workforce Ahead of Oil Properties Sale
Chesapeake Energy reduced staff headcount at their Oklahoma City campus by about 40 persons in October in preparation for the sale of their South Texas asset. Chesapeake is focused on divesting from their Eagle Ford position, their last remaining oily asset in their portfolio, as they strive to become the investment of choice for those looking to bet on natural gas. This reduction lessens company headcount by 3%. The current headcount at Chesapeake is around 1,200 in total. Chesapeake shares are up 40% YTD, largely on the back of higher gas prices.
Top Operators By Permit Approvals
| Rank | Company | Permits Approved |
| 1 | EOG Resources | 20 |
| 2 | Repsol | 16 |
| 3 (Tied) | Arrow S Energy | 9 |
| 3 (Tied) | Ensign Natural Resources | 9 |
| 3 (Tied) | Troubadour Operating | 9 |
| 5 (Tied) | Verdun Oil Company | 10 |
Top Operators by Production
| Rank | Company | September Oil Production (MBO) |
| 1 | EOG Resources | 5,187 |
| 2 | ConocoPhillips | 4,321 |
| 3 | Marathon | 3,289 |
| 4 | Chesapeake | 2,449 |
| 5 | Devon Energy | 1,881 |
Rig Count
Texas Oil Production
Texas Gas Production
Click above to subscribe to the RARE
PETRO Podcast Network or visit
www.rarepetro.com/podcasts
The information contained in this newsletter is provided by RARE
PETRO Engineering, PLLC via the following sources unless otherwise
noted:
www.eia.gov
www.drillinginfo.com
www.bhge.com
RARE Petro Analytics