Eagleford Basin | January 2020
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- 70
Total Rigs in Texas- 395
Total Rigs in United States- 790
Total U.S. Rigs down 24% YTD
State Top Producers
Top Gas Producer- EOG
Top Oil Producer- EOG
Financial & Economic Updates
Chesapeake Energy Reports Progress on Debt Reduction
- Chesapeake Energy Corp. said Wednesday it is making progress on debt reduction measures nearly three months after warning that low commodity prices could push the company into bankruptcy.
- The company said $300 million of debt will mature this year, and it is working to regain compliance following a delisting notice from the New York Stock Exchange. In December, Chesapeake was given six months to increase the share price above $1.00. The company said last month it would regain compliance with listing standards by executing a 2020 operating program that includes a 30% year/year cut in capital expenditures, asset sales and possibly a reverse stock split, which would require shareholder approval at the next annual meeting in May.
Burleson Co. officials awaiting autopsy results after deadly oil well blowout
- On Jan. 29, an oil well site in Burleson County operated by Chesapeake Energy blew out, killing one contractor and injuring three others.
- One individual is still receiving treatment while the other two injured have died.
- Officials in Burleson County are confirming the identify of one of the contractors killed in a deadly oil well blowout. Judge James Baldwin confirmed with KBTX Wednesday that the first victim was Windell Beddingfield of Tyler.
- Officials also say autopsy results are pending for all three victims. The county says they still do not have the names of the two others who died after the incident.
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 oil and gas producer had a difficult 2019 as its stock value plunged more than 50 percent from fall 2018 through a recent December low. But Apache’s stock has taken a big turn up this week with the discovery of oil off the coast of Suriname in South America.
- Apache said the San Antonio closing and the 272 job cuts will be finalized in early March, according to a letter filed with the Texas Workforce Commission. 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.
Top Gas Producers
(MMscf / Month)
Top Oil Producers
Texas Gas Production
Texas Oil Production
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