January 18, 2023 – Reuters
Oil production picking up in second-largest U.S. shale field
By Stephanie Kelly
NEW YORK, Jan 18 (Reuters) - Oil production in South Texas, home of the second largest U.S. shale field, is expected to rise as much as 4% this year, as higher prices spur more drilling and as U.S. crude exports set new records…
Read the full article here: https://www.reuters.com/business/energy/oil-production-picking-up-second-largest-us-shale-field-2023-01-18/
…"Over the past few months, oil and gas production in South Texas have been showing new signs of life," Housley Carr, an analyst at RBN Energy, said in a report.
The number of rigs drilling for oil in the Eagle Ford rose to 69 in the week to Jan. 13, the highest since March 2019, up from 43 a year-ago, according to the latest data from Baker Hughes.
Devon Energy Corp closed on a $1.8 billion deal in September that doubled its presence and will increase the proportion of oil from its wells in the Eagle Ford to 60% from 49%, RBN Energy said.
Producer SilverBow Resources Inc last year agreed to acquire holdings from Sundance Energy and SandPoint Operating that raised its Eagle Ford acreage by some 60,000 net acres, RBN Energy noted.