Eagle Ford News Pulse October 2022

Posted: December 7, 2022

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

1EOG Resources20
3 (Tied)Arrow S Energy9
3 (Tied)Ensign Natural Resources9
3 (Tied)Troubadour Operating9
5 (Tied)Verdun Oil Company10

Top Operators by Production

RankCompanySeptember Oil Production (MBO)
1 EOG Resources5,187
5Devon Energy1,881

Rig Count

Texas Oil Production

Texas Gas Production

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