Eagle Ford’s May Oil Production Rose 58% From Previous YearDan Murtaugh
Oil production in Texas’s Eagle Ford shale formation rose 58 percent in May from the prior year.
The nine fields that make up the majority of Eagle Ford yielded 581,923 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 368,770 barrels daily in May 2012.
February output was revised to 574,032 barrels a day from the preliminary report of 530,689, 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 a total of 2.45 million barrels a day in April, the highest monthly level since April 1985, according to the Energy Information Administration, the statistical arm of the Energy Department. The EIA hasn’t released May 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 $104.50 a barrel June 18, compared with the settlement prices of $108.04 for West Texas Intermediate and $108.70 for Brent.