Eagle Ford Shale

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%.…

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…

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…

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…

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…

Devon Energy Corp. is planning to focus a majority of its capital on the Permian Basin’s Delaware sub-basin this year, management said Wednesday. Oklahoma City-based Devon, a leading Lower 48 independent, operates primarily in the Permian Delaware, Anadarko, Williston and Powder River basins, along with the Eagle Ford Shale. Devon has set a 2023 capital…

Chesapeake Energy Corp. has reached a deal to sell its Upper Eagle Ford Shale assets in East Texas to WildFire Energy LLC for $1.425 billion. The sale includes 377,000 net acres and 1,350 wells across Chesapeake’s Brazos Valley operating area. The company absorbed the assets after acquiring WildHorse Resource Development Corp. in a $4 billion…

Milestone Environmental Services LLC has expanded its energy waste sequestration and cleanup efforts in the northern Delaware formation of the Permian Basin, with the opening of its first New Mexico-based liquid oilfield waste facility.  “American oil and gas is critical to powering the nation and the world, and Milestone is committed to cleaning up energy…

U.S. oil and gas permitting fell for the second month in a row in November, but it continues on track for a year-end high, according to Evercore ISI. The domestic permit count declined by 7% month/month (m/m) last month, down by 245. The pullback came after October slumped by 16% from September.  Still, the permit…