Updates
May 29, 2013: Article at SeekingAlpha with more depth, background.
The big picture here is that EOG and COP pump roughly 50% of the total production from the fastest growing and arguably the most economical shale play in the US: the Eagle Ford. More importantly, a recent EOG slide shows that while the Bakken's rate of production growth appears to be slowing, Eagle Ford production growth is still on an upward trajectory.[Wait until water becomes an issue. Smile.]
Original Post
5:33 PM Oil production in Texas’ Eagle Ford shale formation rose 77% Y/Y in March, yielding more than 529K bbl/day and posting a record. The number could still go higher; February output was revised to 511K bbl/day from the preliminary report of 471K. EOG Resources is the largest Eagle Ford leaseholder, with 639K net acres, followed by Chesapeake and Apache.CLR in the Bakken:
- ~ 1.1 million net acres
- 1Q13: net Bakken production: 76,900 boepd; gross >100,000 boepd
My original post had an additional comment which was incorrect; an alert reader caught it; see comments. That incorrect statistic has been removed. A big "thank you" to the reader for catching that.
Total Eagle Ford production was 530k, not just EOG correct?
ReplyDeleteYou are correct. Thank you. I thought I had to have made a mistake on the original post. My eyes are going bad (not true). I have no excuse. My apologies. I will correct the post.
ReplyDelete