Eagleford News Pulse – December 2019

Posted: February 28, 2020

Eagleford Basin | December 2019

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- 67
Total Rigs in Texas- 396
Total Rigs in United States- 781
Total U.S. Rigs down 27% YTD

State Top Producers

Top Gas Producer- EOG
Top Oil Producer- EOG

Financial & Economic Updates

Equinor Faces Additional Lawsuits Over Eagle Ford Shale Royalty Fraud

  • The Provost Umphrey Law Firm has filed a series of individual lawsuits in Harris County, Texas, charging that Norwegian energy company, Equinor, and related oil and gas entities have systematically short-changed royalty owners in the Eagle Ford Shale. The Beaumont-based law firm is representing more than 200 royalty owners who accuse Equinor, formerly known as Statoil, of manipulating numbers and engaging in questionable accounting practices.

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State Highlights

Apache closing San Antonio office, cutting nearly 300 jobs

  • Apache Corp. is closing its San Antonio office and eliminating more than 270 jobs as part of a reorganization designed to cut costs. The Houston-based company confirmed Thursday it is reducing its global workforce by up to 15 percent — roughly 500 jobs — as part of a broader restructuring that was announced late last year. The job cuts include those eliminated through attrition, and at least some of the San Antonio jobs will transfer to Houston or other field offices, an Apache spokesman said.
  • The closing of the San Antonio office is part of the reorganization plan to save an extra$150 million per year. In addition, Apache aims to slash 2020 capital spending by up to 20 percent — a cutback of $250 million to $500 million. Apache most recently reported a larger-than-expected $170 million loss for the third quarter.

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Eagle Ford shale set for new water gathering system

  • EVX Midstream Partners LLC has initiated Phase II construction on its water gathering systems in the Eagle Ford Basin. Additionally, EVX announced it has completed a significant contractual extension with one of the Eagle Ford Basins dominant producers.
  • Herb Chambers, CEO of EVX said, “Phase II captures significant volume previously disposed of at competitor SWDs and represents a strategic pipeline expansion to our existing gathering systems providing EVX approximately 500 miles of gathering lines. The contract revision gives our largest customer capacity throughout the entire basin, allows for basin wide recycling opportunities, and it gives EVX the exclusive opportunity to gather their volumes for the remainder of the 10-year term,” he said, adding that the company now serves several producers in the basin and have executed long-term contracts totaling almost 1,000,000 acres of dedicated acreage.
  • EVX’s water assets include 26 SWDs, 82 truck bays and more than 600,000 bwpd of permitted disposal capacity. The company also owns and operates two major crude oil gathering systems, including the Maverick Crude facility and the Hacksaw Crude facility.

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Top Gas Producers

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Top Oil Producers

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Texas Gas Production

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