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.
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.
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.
Top Gas Producers
| Rank | Company | Production (MMscf / Month) |
| 1 | XTO | 33,273 |
| 2 | Lewis Petroleum | 18,214 |
| 3 | EOG | 14,977 |
| 4 | BP | 14,449 |
| 5 | Rockcliff | 14,061 |
Top Oil Producers
| Rank | Company | Production (STB/Month) |
| 1 | EOG | 6,745,562 |
| 2 | Chesapeake | 3,693,142 |
| 3 | Marathon | 3,642,613 |
| 4 | Burlington | 3,411,023 |
| 5 | Devon | 1,470,544 |
Refining
Texas Gas Production
Texas Oil Production
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www.eia.gov
www.drillinginfo.com
www.bhge.com
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