Eagle Ford Shale

Devon Finds Permian Delaware Tops Targets in ‘Every Flavor of Commodity Price’ 

Devon Finds Permian Delaware Tops Targets in ‘Every Flavor of Commodity Price’ 

Devon Energy Corp. has a bundle of opportunities from which to choose when it allocates its capital in the Lower 48, but it has always come down to the price of natural gas and oil, a top executive said this week. COO Clay Gaspar, speaking with analysts during the first quarter 2023 conference call, explained…

May 10, 2023
Chesapeake Won’t Cut More Activity as Management Expects Stronger Natural Gas Prices in 2024

Chesapeake Won’t Cut More Activity as Management Expects Stronger Natural Gas Prices in 2024

Despite a steep drop in natural gas prices since the beginning of the year, Chesapeake Energy Corp. has no plans for now to cut activity further in 2023 as management sees an opportunity to be better positioned for a rebound in 2024.  “We believe our financial flexibility is a competitive strength, and we intend to…

May 3, 2023
Mitsui Snaps Up Gassy Eagle Ford Hawkville Leasehold, Touts LNG Export Potential

Mitsui Snaps Up Gassy Eagle Ford Hawkville Leasehold, Touts LNG Export Potential

Japan’s Mitsui & Co. Ltd. has added an upstream foothold in the Eagle Ford Shale of South Texas, with plans to serve LNG export demand, as well as low-carbon ammonia and methanol production on the Gulf Coast. The Tokyo-based conglomerate said Thursday it has completed the acquisition of a roughly 92% working interest in an…

April 24, 2023
Lower 48 Oil and Natural Gas Permitting Rises, but Not Everywhere

Lower 48 Oil and Natural Gas Permitting Rises, but Not Everywhere

Nearly 3,000 permits were issued in February to explore for U.S. oil and gas, a slight increase from January but down nearly 9% from a year ago, according to state and federal data. Evercore ISI, which tracks oil and gas permitting data, said 2,929 permits gained approval in February, up by 211 or 8% from…

March 21, 2023
SilverBow Pivoting to Oil Drilling as South Texas Natural Gas Prices Cool Off

SilverBow Pivoting to Oil Drilling as South Texas Natural Gas Prices Cool Off

SilverBow Resources Inc. is shifting its near-term focus from natural gas to oil-directed drilling amid a stronger pricing outlook for the latter, according to CEO Sean Woolverton. Woolverton hosted a conference call to discuss fourth-quarter and full-year 2022 earnings for Houston-based SilverBow, which operates exclusively in the Eagle Ford Shale and Austin Chalk formations of…

March 8, 2023
EOG Resources Trumpets Optimistic Outlook For Natural Gas, Oil Volumes

EOG Resources Trumpets Optimistic Outlook For Natural Gas, Oil Volumes

EOG Resources Inc., a multi-basin exploration and production firm, said its strong fourth quarter and full-year 2022 results were powered by robust natural gas and oil demand, price spikes and steady production activity. For the year, EOG said, the natural gas prices it fetched jumped 49% from a year earlier, while crude prices increased 42%.…

March 2, 2023
Canada’s Baytex Adding Eagle Ford Heft in $2.5B Ranger Oil Acquisition

Canada’s Baytex Adding Eagle Ford Heft in $2.5B Ranger Oil Acquisition

Calgary’s Baytex Energy Corp. has agreed to acquire Eagle Ford Shale pure-play Ranger Oil Corp. in a cash, stock and debt deal valued at about $2.5 billion. The merger, slated to close by the end of June, would see Baytex acquire 741 net undrilled locations with inventory life of 12-15 years, management said. These include…

March 1, 2023
Marathon Oil Eyeing Flat Output, Increased LNG Price Exposure After Strong 2022

Marathon Oil Eyeing Flat Output, Increased LNG Price Exposure After Strong 2022

Marathon Oil Corp. is aiming to hold its Lower 48 natural gas and oil production flat in 2023, and ditch Henry Hub for global price indexing at its Equatorial Guinea LNG (EGLNG) business in 2024, according to management. CEO Lee Tillman hosted a conference call to discuss the Houston-based company’s fourth quarter and full-year 2022…

February 23, 2023
Chesapeake Decreases Drilling Activity, Seeks to Complete Eagle Ford Shale Exit

Chesapeake Decreases Drilling Activity, Seeks to Complete Eagle Ford Shale Exit

Amid natural gas prices that have slumped below $2.00/MMBtu at a number of pricing hubs across the country, Chesapeake Energy Corp. is lowering its exploration and production activity in the Marcellus and Haynesville shale plays while also looking to complete an exit from the Eagle Ford Shale in 2023. “As we plan our initial capital…

February 22, 2023
Magnolia Looking at ‘Moderate’ Growth in Eagle Ford, Austin Chalk Assets

Magnolia Looking at ‘Moderate’ Growth in Eagle Ford, Austin Chalk Assets

Magnolia Oil and Gas Corp. plans to continue operating a two-rig program in South Texas this year and is aiming to boost production by around 10%, executives said in an earnings call. Executives said oilfield service prices were coming down, but there was a lag in the process. CFO Brian Corales said, “frankly, given where…

February 16, 2023