Eagle Ford Shale

Management at Magnolia Oil and Gas Corp. said sticking to the South Texas-focused independent’s game plan resulted in an exceptional second quarter. CEO Steve Chazen said Magnolia, in its fourth year as a publicly held exploration and production (E&P) company, operates on a tried-and-true business model. “We have consistently executed our strategy, which prioritizes disciplined…

EOG Resources Inc.’s recent performance and long-term prospects for natural gas growth are inspiring more exposure to high commodity prices and an ongoing emphasis on low costs and high returns, management said.  CEO Ezra Yacob told investors during a second quarter conference call the firm’s performance during the first half of the year “proves that…

Lower 48 giant Devon Energy Corp. is becoming even larger after agreeing to buy Eagle Ford Shale pure-play Validus Energy for $1.8 billion. The transaction, set for completion by the end of September, would add 42,000 net acres that are adjacent to Devon’s existing leasehold in South Texas. Validus today is producing 35,000 boe/d, 70%…

Chesapeake Energy Corp. will exit the Eagle Ford Shale in a shift away from oil in favor of its natural gas assets in Louisiana and Pennsylvania as it looks to simplify its operations, management said Wednesday.  The company plans to drop from five to six rigs in the Eagle Ford by the end of August…

With activity climbing in Texas, the U.S. rig count surged nine units higher to 767 for the week ended Friday (July 29), according to the latest tally from oilfield services provider Baker Hughes Co. (BKR). Oil-directed drilling increased by six rigs domestically, with two natural gas-directed rigs and one miscellaneous unit also added for the…

Lower 48 midstream giant Howard Energy Partners (HEP), through joint venture Dos Caminos LLC, plans to double its natural gas gathering, treatment and transport services in Texas to 2 Bcf/d as it eyes opportunities for LNG and Mexico exports.  The expansion, planned in the Austin Chalk formation and Eagle Ford Shale in South Texas, would…

June is usually a strong month for U.S. oil and gas permitting, but activity overall dipped for the second month in a row, according to an analysis by Evercore ISI. The investment firm each month compiles a rundown of permitting activity in the United States using state and federal data. According to Evercore, June saw…

The U.S. rig count increased four units to 756 during the week ended Friday (July 15) as increased activity on land offset a decline in the Gulf of Mexico (GOM), according to the latest figures from Baker Hughes Co. (BKR). Gains in the United States for the week included two oil-directed rigs and two miscellaneous…

The U.S. oil and gas drilling rig count is steadily rising, but permitting activity is a bit more wobbly, as the Lower 48 recorded a double-digit monthly dip in May. According to data compiled by Evercore ISI using state and federal information, Lower 48 permitting plunged by 17% in May, month/month (m/m). The Permian Basin…