Eagle Ford Output Rises 54% to More Than 530,000 Barrels a DayDan Murtaugh
Oil production in Texas’s Eagle Ford shale formation rose 54 percent in April from the previous year.
The nine fields that make up the majority of Eagle Ford yielded 530,689 barrels of crude a day, according to preliminary data released by the Texas Railroad Commission, which oversees oil and gas drilling in the state. The fields produced 345,702 barrels daily in April 2012.
February output was revised to 561,554 barrels a day from the preliminary report of 529,874, the commission said. Production totals typically increase in subsequent months as the state receives revised, corrected or late reports.
Growing production out of Eagle Ford is helping fuel a renaissance in Texas crude. The state produced 2.37 million barrels a day in March, the highest monthly level since February 1986, according to the Energy Information Administration, the statistical arm of the Energy Department. The EIA hasn’t released March production data for the state.
EOG Resources Inc. is the largest leaseholder in the Eagle Ford play, with 639,000 net acres. Chesapeake Energy Corp. is next with 485,000, according to data compiled by Bloomberg.
Plains Marketing LP’s posted price for Eagle Ford light oil was $94.75 a barrel yesterday, compared with the settlement prices of $98.24 for West Texas Intermediate and $106.12 for Brent.