Eagle Ford Crude Production Rose 60% in June From Prior YearDan Murtaugh
Oil production in Texas’s Eagle Ford shale formation rose 60 percent in June from the same month the year before.
The nine fields that make up the majority of Eagle Ford yielded 617,884 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 386,763 barrels daily in June 2012.
May output was revised to 625,833 barrels a day from the preliminary report of 581,923, the commission said. Production totals typically increase in subsequent months as the state receives revised, corrected or late reports.
Growing production from Eagle Ford is helping fuel a renaissance in Texas crude. The state produced a total of 2.53 million barrels a day in May, the highest monthly level since April 1982, according to the Energy Information Administration, the statistical arm of the Energy Department. The EIA hasn’t released June 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 $100.25 a barrel Aug. 21, compared with the settlement prices of $103.85 for West Texas Intermediate and $109.81 for Brent.