Eagle Ford News Pulse – March 2020

Eagle Ford Basin | March 2020

Field Overview

The current WTI price is $25.88/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- 57
Total Rigs in Texas- 338
Total Rigs in United States- 664
Total U.S. Rigs down 35.2% YTD

Eagle Ford Top Producers

Top Gas Producer- XTO
Top Oil Producer- EOG


Financial & Economic Updates

Epic Crude Oil Pipeline Enters Service, Connecting Permian, Eagle Ford Supply With Gulf Coast Demand

  • Epic Crude Holdings LP said Wednesday that its 30-inch diameter Epic Crude Oil Pipeline, which connects West and South Texas supply with Gulf Coast demand, has entered service.

Article Link


State Highlights

Schlumberger Cuts Executive Salaries, Workforce

  • Schlumberger will implement salary reductions and job cuts, which is in line with its plans that include a reduction in capital spending.
  • Executives will take a voluntary 20% base salary reduction, starting 1 April, and worldwide support personnel will adopt unspecified “modified schedules” that reduce salaries.
  • A company spokesperson also said its North American business will accelerate a restructuring that includes job cuts and furloughs over the next couple of months.
  • Schlumberger had said it would cut capital spending by 30% from its 2019 level as it looks to reduce staff and compensation in response to the COVID-19 and its impact across the industry.

Article Link

Lonestar signs Eagle Ford agreement for longer laterals, HBPs

  • Lonestar Resources isn’t going at the Eagle Ford shale alone this year. The independent exploration and production company has signed a joint development agreement in Gonzales County, Texas, with another producer. The agreement will cover the development of an area of mutual interest spanning nearly 15,000 acres.
  • Through the agreement, Lonestar will operate a minimum of 3 to 4 Eagle Ford Shale wells annually on behalf of the two companies through 2022 that are intended to hold-by-production (“HBP”) approximately 6,000 gross acres within the AMI. The agreement gives Lonestar’s partner the option to participate in each well with a 50 percent working interest or to participate via a carried working interest that ranges from approximately 9 percent to 17 percent, depending on location.

Article Link


Top Gas Producers

RankCompanyProduction
(MMscf / Month)
1XTO33,273
2Lewis Petroleum18,214
3EOG14,977
4BP14,449
5Rockcliff14,061

Top Oil Producers

RankCompanyProduction
(STB/Month)
1EOG6,745,562
2Chesapeake3,693,142
3Marathon3,642,613
4Burlington3,411,023
5Devon1,470,544

Refining


Texas Gas Production


Texas Oil Production


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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
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