Eagle Ford Basin | April 2020
The current WTI price is $15.50/bbl. 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- 35
Total Rigs in Texas- 231
Total Rigs in United States- 465
Total U.S. Rigs down 51.9% YTD
Eagle Ford Top Producers
Top Gas Producer- XTO
Top Oil Producer- EOG
Financial & Economic Updates
Halliburton closes 2 locations in Texas, lays off 240 in Oklahoma
- Houston oilfield service giant Halliburton closed two service centers in Texas and laid off another 240 employees in Oklahoma as record low oil prices continue to cut demand for the company’s products and services.
- In response to reduced customer activity, the company is closing its Elmendorf facility off Loop 1604 in San Antonio and relocating operations to various field camps throughout the Eagle Ford Shale of South Texas.
- The company is also closing its East Texas service center in Kilgore and relocating operations to its field office in Bossier City, Louisiana to better serve Haynesville Shale customers in both states.
- Layoff numbers at the two Texas locations were not immediately available but a public filing with the Oklahoma Office of Workforce Development shows that Halliburton laid off 240 employees at a service center in Duncan, Oklahoma on Tuesday. The company previously laid off 350 employees from the same location three weeks earlier
Gravity Announces Extensive Crude and Oil Based Mud Storage Capacity
- Gravity, a leading water and energy infrastructure company backed by affiliates of Clearlake Capital Group, L.P. (“Clearlake”), announced today that it is offering its inventory of crude oil storage tanks to operators in the Permian, Haynesville, and Eagle Ford. Gravity, one of the largest providers of mobile fluid containment in the U.S., has ample supply available for immediate delivery.
- “In this unprecedented environment, we would like to help operators in any way we can,” said Mike Sledge, Vice President of Sales at Gravity. “We have successfully navigated distressed markets before, and we are committed to leveraging our best-in-class safety record and our fleet of tanks to help operators navigate this challenging market. In addition to giving customers the same level of service and responsiveness as before the crisis began, in the past weeks, we have set more than 1,000 tanks to address operators’ immediate storage needs and we are ready to dispatch more than 4,000 tanks as quickly as needed.”
Empire Petroleum Snags Eagle Ford Assets
- Tulsa, Oklahoma-based Empire Petroleum Corp. has acquired producing oil and gas assets and related midstream assets in Houston, Madison, and Leon Counties in Texas through its subsidiary, Empire Texas LLC. The assets were acquired from Pardus Oil & Gas LLC and Pardus Oil & Gas Operating GP LLC.
- The assets are comprised of 139 gross oil and gas wells with multiple stacked-pay formations in north east Eagle Ford and include 30,397 net acres of leasehold, of which 18,000 net acres comprise the Ft. Trinidad Field. The properties are characterized by 91% working interest and 83% net revenue interest and have been recently producing over 400 BOEPD primarily from the Woodbine, Buda, Georgetown, and Edwards formations. Empire Texas will operate the wells.
Top Gas Producers
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Top Oil Producers
Texas Gas Production
Texas Oil Production
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