Eagle Ford Shale in the United States of America (USA) – Oil and Gas Shale Market Analysis and Outlook to 2021

The Eagle Ford shale experienced one of the most drastic drops in rig count due to the Covid-19 pandemic and related crisis. The rig count in this play peaked at 81 rigs in February 2020 before dropping to as low as 10 rigs at present. This has resulted in a sharp decline in total production from 2.55 million barrels of oil equivalent per day (mmboed) in March 2020 to 2.02 mmboed in October 2020.

With oil futures averaging US$41.98 per barrel (bbl) for the first half of 2021, GlobalData forecasts that there may not be an uptick in oil activity in the Eagle Ford over the short term. The short-term outlook for crude oil remains uncertain due to the rising level of COVID-19 cases that will dampen economic activity, as well as the higher than average global oil inventory that will restrict the upward pressure on oil price. On the other hand, natural gas futures for the first half of 2021 average US$2.95 per thousand cubic feet (mcf), which could spark some natural gas production activity in the Eagle Ford and Austin Chalk formations.

Scope

The report analyzes the crude oil and natural gas appraisal and production activities in Eagle Ford shale play in the US. The scope of the report includes:

Comprehensive analysis of crude oil and natural gas historical production and short term outlook of Eagle Ford shale play during 2019-2021

Detailed information on impact of COVID-19 pandemic on well development, permits and deals in this play

In-depth information on net acreage, operational performance and financial standings of major operators in the Eagle Ford shale play

Analysis of top companies’ future plans and cost trends in 2020

Up-to-date information on associated infrastructure and major mergers and acquisitions In the Eagle Ford shale play between 2018 and 2020

Reasons to buy

Develop business strategies with the help of specific insights into the Eagle Ford shale play in the US

Plan your strategies based on economic viability and expected developments in the Eagle Ford shale play

Keep yourself informed with the latest M&A activity in this shale play

Identify opportunities and challenges in Eagle Ford shale

Table of Contents

1. Overview 6

1.1 Eagle Ford Shale, Recent Developments and Trends 6

2. Eagle Ford Shale, Introduction 8

2.1 Eagle Ford Shale, Formation Overview 8

3. Eagle Ford Shale, Production and Activity Overview 9

3.1 Eagle Ford Shale, Production Analysis, 2017-2019 9

3.2 Eagle Ford Shale, COVID-19 Impact on Production 12

3.3 Eagle Ford Shale, Production Outlook, 2020-2021 13

3.4 Eagle Ford Shale, Drilling Activity 14

3.5 Well profile 17

4. Eagle Ford Shale, Competitive Benchmarking 20

4.1 Eagle Ford Shale, Major Companies with Prominent Presence, 2020 20

4.2 Eagle Ford Shale, Major Companies’ Financial Standings 22

4.3 Eagle Ford Shale, Operational Performance of Leading Operators 23

4.4 Eagle Ford Shale, Completion Parameters, 2020 25

4.5 Eagle Ford Shale, Future Plans by Major Companies 27

4.6 Eagle Ford Shale, Cost Trends, 2020 29

5. Eagle Ford Shale, Analysis of Bankrupt Companies 30

5.1 Chesapeake Energy Corp 30

5.2 Freedom Oil and Gas Inc 32

6. Eagle Ford Shale, Associated Infrastructure 34

6.1 Pipelines 34

7. Mergers and Acquisition Activity in the Eagle Ford Shale, 2018-2020 37

7.1 Overview of M&A Activity 37

7.2 Major Acquisitions 37

8. Eagle Ford Shale, Analysis of Major Companies 41

8.1 EOG Resources Inc 41

8.2 ConocoPhillips 41

8.3 Chesapeake Energy Corp. 41

8.4 Marathon Oil Corporation 42

8.5 Mesquite Energy, Inc. 42

8.6 SM Energy Company 42

8.7 Devon Energy Corporation 42

8.8 Murphy Oil Corporation 43

8.9 CNOOC Limited 43

8.10 Ovintiv Inc 43

8.11 SilverBow Resources Inc 43

8.12 Korea National Oil Corporation 44

8.13 EP Energy Corporation 44

8.14 Baytex Energy Corp. 44

8.15 Penn Virginia Corporation 44

8.16 Repsol SA 45

8.17 Tokyo Gas Co. Ltd. 45

8.18 Lonestar Resources US Inc. 45

9. Appendix 46

9.1 Abbreviations 46

9.2 Methodology 46

9.3 Contact Us 47

List of Tables

Table 1: Eagle Ford Shale, Crude oil and natural gas production, 2017-2019 9

Table 2: Eagle Ford Shale, Net Acreage by Company, 2020 20

Table 3: Eagle Ford Shale, Reserves and Production by Major Companies, October 2020 21

Table 4: Eagle Ford Shale, Financial Standings of Major Companies, Q3 2020 23

Table 5: Eagle Ford Shale, Operational Performance of Leading Operators, 2020 24

Table 6: Eagle Ford Shale, Planned Capital Expenditure by Major Companies, 2020 (US$ million) 28

Table 7: Chesapeake Energy, Eagle Ford Shale, Key Financial Parameters, 2020 30

Table 8: Chesapeake Energy, Eagle Ford Shale, Key Operational Parameters, 2020 31

Table 9: Chesapeake Energy, Eagle Ford Shale, Key Economics, 2020 31

Table 10: Freedom Oil and Gas, Eagle Ford Shale, Key Operational Parameters, 2020 32

Table 11: Freedom Oil and Gas, Eagle Ford Shale, Key Economics, 2020 33

Table 12: Eagle Ford Shale, Major Active, Planned and Announced Pipelines 35

Table 13: Eagle Ford Shale, Major Deals by Oil and Gas Companies, 2018-2020 38

List of Figures

Figure 1: Total Production Across Major Shale Plays, mboed, 2019-2021 6

Figure 2: Spot Price Forecast, WTI and Henry Hub, 2020-2021 7

Figure 3: Eagle Ford Shale, Crude Oil and Condensate Production by County (mbd), 2017-2019 10

Figure 4: Eagle Ford Shale, Natural Gas Production by County, mmcfd, 2017-2019 11

Figure 5: Eagle Ford Shale, COVID-19 Impact on Production, 2020 12

Figure 6: Eagle Ford Shale, Production Outlook, 2020-2021 13

Figure 7: Eagle Ford Shale, Number of Well Permits by County, January 2019 to October 2020 15

Figure 8: Eagle Ford Shale, Number of Well Permits by Key Operators, January 2019 to October 2020 16

Figure 9: Eagle Ford Shale, Well Profile for Crude Oil Production 17

Figure 10: Eagle Ford Shale, Well Profile for Natural Gas Production 18

Figure 11: Eagle Ford Shale, Quartile Distribution of EUR (mmboe) 19

Figure 12: Eagle Ford Shale, Proppant Mass (million lbs) vs Lateral Length (ft) 25

Figure 13: Eagle Ford Shale, Average Peak Crude Production vs Lateral Length (ft) Quartile 26

Figure 14: Eagle Ford Shale, Peak Crude Production vs Lateral Length, 2020 26

Figure 15: Eagle Ford Shale, Crude Oil EUR vs Lateral Length, 2020 27

Figure 16: Eagle Ford Shale, Major Companies by Well Costs (US$ mil), 2020 29

Figure 17: Eagle Ford Shale, Active Oil and Gas Pipelines by Capacity 34

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